If you have an undeveloped piece of land, you could be contemplating developing the property. Although property development is a highly profitable venture, it requires meticulous planning, adequate capital and patience. Below are tips to help you as you develop the unit.
Land Surveying And Subdivision
Hire a surveyor to establish the exact property boundaries. In some cases, you could decide to subdivide the property. The primary benefit of subdivision is that it significantly increases the value of the property. Your lands surveyor will inspect the property and propose a subdivision plan that complies with the subdivision regulations of your local council.
In most cases, you will need to ensure a proper drainage system, install access roads to the new plots, and necessary amenities such as water and power. Your surveyor will take the plan to the lands department for approval. Once approved, each of the plots will have an independent title. You could opt to sell some of the plots to raise funds for your upcoming development.
Property Design And Permits
Once you are sure about the property dimensions, hire an architect to design your commercial or residential building. When hiring an architect, conduct background research to ensure they have the expertise needed to design the building. If possible, go for modern and energy-efficient designs. Adequate lighting, insulation, open living spaces, spacious bathrooms, balconies, and appealing lawns are all features that can increase the functionality of a building and increase its value.
Finding A Contractor
Prior to finding a contractor, you will need formal building approval from the local council. In some cases, a licenced building surveyor can provide this permit. However, they will thoroughly assess the site and the blueprints to ensure that the proposed works comply with the building code. The building surveyor will also play a critical role during the construction process. Ideally, they will supervise the contractor and compel them to adhere to the required standards.
You must be cautious when hiring a contractor for your unit development project. Ideally, your contractor should have the resources needed to complete the project. They include a highly skilled and trained workforce, state-of-the-art plant equipment and excellent financial records. Inform the contractor upfront if you will fund the project through bank finance. Besides, ensure that the contractor has adequate insurance coverage.
Once you complete the development, hire realtors to market the property to potential clients. Timing is a vital factor in any real estate transaction. Therefore, consider selling during the high season when buyers flood the market. Reach out to a professional for more information about property development.
