That’s why our Developments by Impression team can guide you through every stage of the development process.
We’ve create a list of a few key points to keep in mind when looking for a property development site:
When the economy is doing well, it can sometimes seem like people are willing to pay ridiculous prices for the right location. Even though there may be lower demand, a buyer will come along and scoop up that sale. That is one of the reasons why timing is everything. Most of the time it is actually easier to develop a house in those expensive suburbs successfully. Just make sure you are buying in a lull and not when the market is at its peak. Also consider which direction you block is facing to take advantage of natural light.
The ground that you are building on also needs to be considered. If you are on a slope this may mean that you will need to build up which could add extra costs. Sometimes existing dirt, soil and rubble may need to be removed. This may also include trees, asbestos and other items that may cost you a lot to remove.
Width and Depth
If you would like to build more than one house on the property, it may be tempting to get a deep lot. However, this may mean that you will have to run the sewer, electricity, gas and water from the front to the back. Remember a long driveway can become a quite expensive feature.
No one wants to be ripped off and everyone wants to see the biggest return on their investment. That is why it is imperative that you do not pay too much for the site. Make sure that you know and understand the market, this includes having an understanding of the larger economic picture.
Did you know that a standard development project has a two to four year lifespan? If you want to be a triumphant developer, staying up to date with economics gives you a greater chance at making an educated analysis of where the market is going in the next couple of years.
Ready to turn your property development idea into reality? Get in touch with one of our expert consultants to get started today.