4 Essential Factors For A Successful Property Development Project
If you are considering undertaking property development, Brisbane offers some great opportunities, but it is highly important to obtain accurate and informed research to minimise risk and maximise financial returns. Property developing is not automatically successful but with careful thought and planning the returns can be substantial.
Over the past 10 years for property developers, Brisbane has been a lucrative market. In fact property development in general has been the wealth creation strategy of choice for thousands of Australians. First time investors have been attracted to the property market which has seen spectacular increases in asset value in a relatively short time, especially in capital cities.
To make a start however, your research needs to be market specific. There are huge differences between retail, industrial, multiunit residential and other market segments, and all of these have widely varying rental and sales returns. The location and size of the project will also affect the likely returns and only professional and expert analysis can satisfy the requirements of an astute investor or developer.
Secondly, after completing this initial analysis the developer will need to undertake more detailed research of the costs involved. These costs will include design fees, charges led bid by local authorities as well as funding charges. Funding charges will depend upon the lender chosen for the project and the interest rate charged will be determined by the class of properties used to secure the loan. Both commercial rates and home loan rates could be charged and will be determined on a case-by-case basis.
Valuations of both the land and an estimate of the completed development will be required for funding purposes and the cost of these will vary according to the nature of the project.
Third, building costs will be established by using a registered quantity surveyor who will take into account every aspect of the project. Many first-time developers who do not obtain a clear and complete picture of all costs involved can find themselves coming unstuck at vital stages during construction. The failure to provide for these unforeseen contingencies could result in a premature collapse of the project.
In addition to this, savvy developers have a clear understanding of the timeframe involved from acquisition of the land through the design and development phase to approval and final completion. It is only with this knowledge that a cash flow projection can be produced to ensure adequate financial cover for the project.
Fourth, every astute developer obtains a town planning assessment to ensure that the proposed use of the land falls within council approval guidelines.
By engaging professionals at every stage of the process, a property developer heightens the likelihood of a successful project.
During the halcyon times of a property boom it is easy to overlook the importance of a professional approach to property development. In those days, early mistakes in the project were able to be recouped by a greater than expected return at the end. In a more restrained economic environment however, a more considered and carefully calculated approach is required.
There are great opportunities for property developers and home builders in Brisbane and, even though we are now experiencing a more sedate market, good returns can still be expected if your project is carefully and professionally planned.
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