James Rice Explains the Steps in Property Development

The Steps in Property Development

As you can imagine, a property developer such as James Rice Urban Construct follows a logical sequence in every project undertaken. The progress from idea to reality is not at all difficult to follow. The steps vary slightly but you can expect to follow this pattern:

James Rice - Steps in Property Development

1. Pre-Purchase

At this stage, developers look for a piece of land with a potential for development. Knowing the limits is needed here. A team of professionals should be consulted including a solicitor, an architect, a real estate agent and a town planner on the plan's feasibility. You do not want to buy a dud of course.

2. Conceptualization

Once the site is found, what is there to do with it? For this, you want to come up with a plan on how to develop it. Being aware of the local council's policy on property development serves developers right. Knowing what the market wants is also a good thing and this is where a good design plays its part.

3. Purchase

The land is bought at a price that allows for profit. In case of financing, you want to get a lender who is willing to fund your project at the best possible deal.

4. Town Planning and Development Approval

An architect drafts plans that conform to regulations that govern property development. A surveyor and town planner are involved at this point. It may take as much as eight months to get approval.

5. Documentation

When approval comes, a building permit is secured by the architect and the engineer with working drawings. This could take up to three months says James Rice Adelaide.

6. Pre-Construction

Quotes from builders are obtained to determine the best deal possible. The project does not proceed until bank approval for the loan is secured.

7. Construction

Once the permit comes, you can start your project which involves paying the builder progressively at each stage.

8. Completion

When the property goes up, there is nothing more to do than to decide what to do with it. It may either be leased or sold depending upon your earlier plans says James Rice.

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