Property Development: 7 Steps To Level Up Your Real Estate Game

Do you own a large property that you believe may be improved to generate a great deal of money, but don't know how to proceed? Are you approaching retirement and want to downsize while maximising the value of your current residence? Property development may be the solution for you.

There's a lot more to buying, upgrading and selling property than meets the eye when it comes to the development of the property. From pre-purchase and concept to completion, most successful property developers follow a process that includes several common steps.

1. Know your why
   Begin by examining the reasons for your desire to develop real estate. Is it better to sell for a quick profit or to build a property that will generate rental income and capital growth? Before you begin, you should be aware of some of the benefits and drawbacks of development sites for sale. Some of the benefits include the ability to make a lot of money if you buy correctly and save money, as well as the opportunity to express your own creativity on a property.
   
   
   However, market downturns, stringent regulations and unexpected costs are all risks you must consider. Another factor to consider is how time-consuming onsite projects and property management can be.
   
   
2. Acquire the land
   One of the most important steps in the development process is acquisition. It's generally believed that the purchase stage secures 70% of your earnings range. Land is perhaps the only element that cannot change during the development process. You can alter the design, the builder or the sales strategies, but you can't change the location and orientation of a site.Price is also crucial, but in a healthy market, the price is usually established by competition, leaving little possibility for price negotiation.
   
   
   Getting the correct guidance during the acquisition process can help you grasp the site's potential and limitations so you know exactly what you're getting into. A thorough due diligence investigation for residential development sites for sale usually results in fewer unpleasant shocks down the road.
   
   
3. Town planning
   So, you've acquired your property — congratulations! The first step is accomplished. The next step is to hire a land surveyor to do a re-establishment survey as well as features and levels survey. This is a crucial step that must take place before any design or drafting can begin. This is something that everybody starting out in the development of land for sale should undertake.
   
   
   When your design and application are complete, you will contact the local council's planning department. The length of the wait will depend on the local council. They will, however, respond to you, usually with a Request for Further Information (RFI).
   
   
   Prepare your response by getting all of your ducks in a row. This will ensure that the project is completed on schedule.
   
   
4. Drawings
   After you have a planning permit, we move to the technical side of things - getting designs ready for construction. Many drafting companies can help you with this phase. We believe that getting the interior design done right is the most crucial phase during the drawing stage. Bathroom layout design, floor finishes and lighting design are vital aspects of drawing completion that cannot be easily changed once construction begins.
   
   
5. Quotation
   It's not as easy as simply comparing costs! What items are included and what not? What is the experience level of the builders? What is the nature of their work? Who will be the main point of contact? Is it easy for you to communicate with them? Do they have any references?
   
   
   Keep in mind that you'll be stuck with them for at least a year. You require someone with whom you can collaborate. It is necessary to understand the difference between excellent and bad builders, and we hope you won't have to teach them the hard way.
   
   
6. Construction
   Construction can be both exciting and terrifying. Most people will hire a builder to complete the project. When you have a building permit, you can let the builder begin work. When paying for construction as it progresses through the project, the builder will demand payment for finished work. Paying the builder can be tricky because if you pay for construction beforehand, the project may not be completed. Have a contract in place, which will detail all essential processes and allow payments to be delivered to the builder in phases as the project progresses.
   
   
7. Rent or sell
   You must decide whether to sell or rent your property now that it has been developed. The answer to this question will depend on how you want to make a profit, and it is normally decided early in your business strategy, not towards the end of the project.
   
   
   Development of sites for sale can be successful, but it has a lot of moving elements. As a property developer, you must be skilled in order to minimise project risks and maximise profits.