The Importance and Advantages Property Development

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.