Developing a property requires a series of processes. It will involve careful planning and a lot of money too. Due to the cost and effort that comes with this entire thing, you have to be familiar with the most important things especially when you are just getting started with property development. Here is a list to help you with.
Research about it
Some people starting with property development will even take the effort to enrol in a course just to be able to learn more about it. Others will simply read about it through any information available to them. There are also those who will also try their luck to speak to property developers. All these methods are acceptable and if you feel like it, you can combine one with the other too. Browse through magazines or books and gain inspiration from thoughts of people who have once been involved in property development.
Expound further about talking to property developers
This has been mentioned previously but if you want to stick to this part of researching, it pays to know some things to remember in this process. Remember that the reason behind why you are talking to property developers is because you want to speed up the process by which you can learn more about property development. You may find it hard to approach these experts especially because it is your first time but you can use certain forums to be able to do that.
Ask yourself – “Where should I build?”
Right after you have gained more knowledge about property development, it is about time you start spotting the right place where you can buy land and eventually develop that property to your liking. Some of you may want to become trendsetters but when you are new to this entire thing, it will be safest to choose developing in locations where others chose to build their homes just recently. If you were living in the suburb, you can try micro-location next. Together with this, you have to consider its proximity to a nice street, to shops, schools and public transport.
Learn about local council rules
Even if you will not be directly involved with the property development per se, it will be wise to be familiar with rules and regulations set by your local council. The reason why you should go through this is the fact that this will help you when seeking your Development Approval. Do not forget about zoning regulations too. Remember that a document containing such rules may vary from one local council to the other. Do not be surprised if these documents are quite lengthy.
Know your financing options
Property development is totally different from buying a house. This project is quite big and with that, it follows that interest rate on the money you will borrow for financing it will be higher than the usual home loan. In Australia also, you have to take note that the amount of money you can borrow is equivalent to only 70% of the total cost of the land added to 70% of the expected construction cost.
If you want to learn more about property development in Perth and how it can be successfully accomplished, feel free to contact us. We can help you get started with your project.