Understanding The Property Development Process

  • coming up with the idea
  • refining it
  • testing its feasibility
  • negotiating contracts
  • making a formal commitment
  • constructing the project
  • completing the project and finally
  • managing the new project

echo adrotate_group(52);1. Why?

2. Pre Purchase stage

  1. Understand in which entity you will purchase your property. Will it be in your own name, in a company, a trust or maybe you’ll be involved in a joint venture? Obviously you’ll need your accountant’s input to help you decide.
  2. You should also have a finance pre approval in place so that you understand your limits, as well as having the reassurance that you can complete the project and retain some or all of the units on completion.
  3. You should also have a team of consultants organised who can advise you as to the project’s viability. If you hire a development manager they will coordinate the whole process or you’ll need to engage a solicitor, an architect, a surveyor, a town planner, an engineer and an estate agent to advise honestly on end values and marketability.

3. Concept stage

Next comes some number crunching in a feasibility program

3. Purchase

4. Town planning / Development Approval

5. Working Drawing and documentation

6. Pre Construction

7. Construction

8. Completion

In conclusion:

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Michael Yardney is a #1 bestselling author & a leading expert in the psychology of success and wealth creation Sharing stories on Success, Property & Money

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Michael Yardney

Michael Yardney

Michael Yardney is a #1 bestselling author & a leading expert in the psychology of success and wealth creation Sharing stories on Success, Property & Money

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