Thinking of venturing into the real estate industry? If you're a budding property developer and are hoping to become successful, it is important that you have an overview of the land development process.
Sure, there is a lot of jargon and complex processes that you will need to learn, but understanding the basics is always a good starting point. With that said, here's a basic overview of what the land development process entails.
Many people think that the process of land development begins when they purchase land. Far from it, land acquisition isn't the first step in the development process – ideation is. As the name says, ideation involves coming up with ideas for the project with a clear vision in mind of what the end result should look like.
It is only when you understand what you intend to achieve with the development that you will be able to identify the right land for your project.
2. Purchasing Land
Before purchasing land for your development, you may need to get expert advice on the suitability of the land for your development. Make sure you know the potential and limitations of the property before committing to buying it.
3. Obtaining Planning Permission
You can't commence construction on your land before obtaining planning permission from the local council. Find out what the local building requirements are and then prepare and submit the documentation that meets those requirements.
If your application for planning permission is successful, you will be given the go-ahead to build.
Here, you will need to gather the team that will be responsible for the project. This includes architects, structural engineers, builders, and other construction professionals. The architects and engineers are tasked with creating the working drawings and documentation that will be used by builders.
You will have to negotiate and sign contracts with your builder before construction can begin.
This is where things can get quite overwhelming for you. Expect to have many people and large machines working at your site. Plan for bad weather, delays in deliveries, and the need to obtain approvals at certain stages of the construction process.
Having a dedicated project manager on-site can help to keep you updated on the progress of work while minimising the stress that comes with this stage of the project.
This is the final and most exciting stage of land development. The entire project is inspected to ensure that everything has been done in accordance with the relevant building codes and standards.
If everything has been done according to plan, the property can be put up for sale.
Although the land development process may vary slightly from project to project, all developments usually go through the above-highlighted stages. Talk to the experts if you want to become a great property developer.Share
21 February 2020
Welcome to my blog, my name is Blake and from now on, I will be writing a series of blogs which will deal with the process of finding and working with contractors when constructing a new building. I am not a construction specialist but last summer I gained a lot of experience in this area when I hired a team of 32 contractors to build a holiday home. When hiring contractors, it is important that you understand how to communicate with them and their ways of working. Below are a series of blogs which will help you to find the best contractors.