Steps To Successful Property Development
Posted on January 11, 2013 by Katherine Stott
While each project is different, property development usually follows a common path in terms of process. Every luxury condo you’ve looked at or lived in more than likely came into being by following a standard measure of steps. If you’ve bought off plan or are looking to invest in property that is yet to be developed, you can get an idea of what to expect from the process.
With most general projects, you’ll find that the property development company follows steps that look much like this:
• Prior to purchase – seeking out the perfect position, whether it be an old block that will be refurbished, or a prime piece of land in an idyllic setting
• Concept stage – the ideas get rolling in this phase. The property development team will pull creative resources to come up with the best and most attractive ways to maximize on the space, while remaining within budget
• Purchase – the buying of the perfect piece of land or building
• Town planning – drawing up of plans that are in accordance with zoning and town planning recommendations
• Working, drawing and documentation – this step involves receipt of the planning permit, getting architects and engineers involved and obtaining a building permit
• Pre-construction – this step has the property development team finding the best deals and quotes for the job at hand
• Construction – this one is pretty self-explanatory
• Completion – this is the part that everyone is waiting for!
Of course there is no perfect project that works according to plan, so there can often be changes along the way. This is the general guide that would be followed in an ideal world, but some measure of flexibility should be allowed for.
Have a look at some of the finished products as developed by Extell Development. If you can visualize each step in the creation of these beautiful luxury condos, you can appreciate the effort that has gone into each corner.
Steps courtesy of: propertyupdate.com.au
Image courtesy of: web.stagram.com