The real estate development process begins with a definition of what the project will be. The definition will determine what the developer must do to get the job done. The definition will include everything from Architects to Consulting firms, to Valuation experts and Government regulation. The goal of the project is to create a property that users will enjoy.
Architects
Architects are a critical component in the success of real estate development projects. Their designs not only provide aesthetic value to a property, but also serve a vital function for the development company. Increasing scale of real estate development projects is a factor that has complicated the role of architects.
Consulting firms
Whether you are looking to develop a mixed-use apartment complex or a luxury hotel, real estate consultants can provide invaluable insight into the real estate industry. Some focus on strategic planning and analysis, while others focus on marketing and market research. They can help you decide what types of units to build, and they can even provide feasibility analysis reports. These professionals can also help you establish a brand and target market.
Valuation experts
Valuation experts have a variety of roles in real estate development. They can help determine the Bill Bhangal value of a property for a variety of purposes, including buying, selling, and financing. These professionals can also assist in litigation, which may require an opinion on the value of a property.
Government regulation
The first major interaction between a developer and the government occurs when a developer applies for zoning approval. Regulatory costs can include fees to government agencies and requirements for traffic studies, environmental impact studies, and archeological studies. On average, regulatory costs account for 6.6% of a lot’s price, or 1.6% of the final house’s price.
Ground up development
Ground up real estate development has several distinct advantages. This type of development allows for maximum flexibility and allows developers to customize a project to meet end-user needs. Whether the end-user is an owner, or a tenant, ground up developments provide the greatest degree of customization. Additionally, ground up developments are more sustainable because they use the latest technologies and materials. These advancements can help to create buildings with lower maintenance costs and increased value. For example, solar energy can be used to power buildings and window panels are often used to maximize natural light and save on electricity costs.
Renovation of existing property
Renovation of existing property is a great way to save money while still making the most out of your investment. By utilizing existing property in real estate development, you can get more bang for your buck and still attract buyers and renters. Renovations that offer high ROI include updating the kitchen and bathroom, updating the flooring, and increasing curb appeal. Using on-demand construction companies such as Kiavi and Freemodel is also a great option.