Real estate has developed into one of the most profitable
business. Real estate consists of buying, selling, renting and developing land
for residential or commercial purposes. Property
development comprises of wide range of activities which includes buying
land and buildings and then renovating the property so that its selling price
is higher than when the properties were bought.
Property development can
bring handsome financial profits and rewards if done correctly. The development
offers a way to add more value to existing property and bring more convenience
to the person and his or her family. There are multiple functions of property development which includes
·
Purchasing land and constructing a house or
building on it
·
Renovating or remodeling existing property
·
Reconfiguration of the property according to
customer’s needs and wishes
Property development involves
the use of contractors who are experts in designing and developing renovation
plans. The developers work with dozen different people which includes
architects, engineers and contractors. The most important question before
buying the property is whether the development will be viable and bring
financial gains or not. The numerous steps in property development are
·
Selecting ideal property based on its location
and market value
·
Making right assessments about what sort
construction is needed
·
Making a feasibility report which includes
concept of the project, site and market analysis, environmental guidelines,
planning and construction
·
Purchasing the property that will result in
financial profit
·
The architect will plan the design according to
building regulations
·
The architect plans are approved and documented
·
Quotes are obtained from builders and financing
is done
·
Construction phase starts which last for seven
to ten months
There are two things which can be done once the construction
is completed, first; selling the newly built property to get profit and second;
holding onto the property as an investment.
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