The property development process usually follows a distinct set of corresponding steps that all property developers need to follow to obtain the best possible outcome, but the process is hardly completely linear. It would be wise for the developer to stay flexible and have the ability to solve problems and always think on their feet since plans can go awry at any moment. It is common for the process to vary a little from project to project. However, essentially, all property developments have to go through some common stages as listed below.
This is the first step and it involves searching for land or an established house site. The site should have sufficient potential for refurbishing the existing property or obtaining development approval to build multiple dwellings. At this stage, it is important to have your finance already in place or have an understanding of your capacity to borrow. This will help you set out your limits and know exactly what you should look out for.
You may also need to enlist experts to offer help and ensure the project is viable. The expert can be a development manager or individually; an architect, a solicitor, a surveyor, an estate agent and a town planner. These individuals can offer honest assessments of end values and the marketability of the completed products.
Once you have found a potential site, you need to create a concept. This involves what you can put on the site, the size, the number of units and considering the restrictions that are there among other things. Before ascertaining what can be constructed on the site, you first have to the development and planning policies of the local council. You need to also scale the market demand in the area you choose as well as analyse the neighbourhood character in details. If you find the development financially viable, then you can go for it.
This stage involves purchasing the land at the price that will enable you to make useful commercial profits which regards the project as viable.
In this stage, your architect will be needed to draw up the plans that go inline with the applicable state planning codes and the development guidelines of the local council.
Working, drawing and documentation
After receiving the permit to proceed with development from your local authority, your engineer and architect will need to document your working drawings. The purpose of this is that the documentation will be part of the instructions to the builder on what is to be built. The documentation will also need to be submitted for a Construction Certificate or a building permit.
During this stage, you will need to acquire quotes from the prospective builders and a bank approval for a loan to fund the development.
Once you finally get to the site to set up your project, you will need to pay the builder progressively after completing each stage of the contraction. You will use drawdowns from the bank loan when paying. As this process goes on, you should obtain the subdivision approval from your local council.
Once the project is completed, you either lease or sell. You will need a certificate of occupancy or the relevant titles for this purpose.
If you are looking for Hampshire based property developers, contact our experts at Exbury Homes to implement the process above and turn your land into the home of your dreams.