Property development in Perth attracts a wide range of investors, whether they are looking to build a new house for their family or develop land for other end users. Successful development is all about planning and having a viable vision about how the new house will be used once it is built. Having a game plan early in the process is vital. Careful financial and project planning is needed to keep costs under control and avoid delays.
Understanding what is financially viable is the first important consideration for any property developer. Whether building a new house for yourself or another occupant, a developer must ensure that their project will be financially sustainable throughout the construction phase. They must also have sufficient financing, either from personal savings or with help from loans. The Government of Western Australia also offers a range of grants for new homebuilders. When developing a budget, all costs must be included, from professional fees to labour and material costs. Budgets should also include furnishings and any applicable duty or taxes.
How a property developer spends money can mean the difference between a financial loss and sales that exceed expectations. Whether a developer decides to spend or not, they must consider what will appeal to potential tenants or buyers. The new house should be desirable while still being economical and reasonably priced for the location. For owner-builders or individuals looking to build their own house, the property should be designed to meet realistic needs and ensure the full enjoyment of the home once it is finished. If developing a property for other users, controlling costs and not spending on extras that tenants or buyers might not need can help increase your profit margin.
Choosing a site can be a daunting task. There are countless considerations that must be taken into account when picking a site that is financially viable and conducive with the developer's vision. Before looking at potential sites, a property developer should define their goals. By doing so, developers can then look at land with an eye at the end product in order to successfully match the vision with a specific area of Perth.
When selecting a site, considerations should be given to its proximity to amenities that future occupants will find attractive and useful. For example, the site should be relatively close to shopping districts, recreational facilities and parks, schools and child car facilities, hospitals and doctor's offices, and other amenities. As Perth continues to grow, having access to transportation links is one of the most important considerations when developing a property in the city or its growing suburbs. It should also be relatively easy to link the new house with utilities such as water, sewer, electricity and gas connections.
Once a site has been selected, the design of the home should be catered to its location. For example, building a new house in Scarborough or Doubleview will mean a much more luxurious product when compared to areas such as Balga and Nollamara. Land title restrictions may also affect the design of the house, including what materials can be used. When developing plans, novice developers should work with a qualified builder and architect. Experienced builders often have their own design department that will access the site and create a design that works for the specific location.
Understanding a potential site will inform the budget and design for a new development. Property developers should invest in a contour site survey and engineers report in order to get an accurate picture of what building a new house will cost. Studying the site will give developers invaluable information on how to plan for the project, including any site works such as the removal of trees or the need for retaining walls. Developers should also contact the City of Perth to understand applicable planning restrictions, proposed works and zoning changes, and past use of the site that can affect the development. Investing some money upfront in carefully studying a potential site and planning for the project will help developers save money in the long run and reduce the likelihood of problems arising.
A successful development often depends on clearly defined plan. The plan should outline the vision for the development, including blueprints and details on materials, design elements, fixtures and furnishings. Success also develops on partners. Working with professionals that provide sound advice is important for any property developer, whether they need legal advice on contracts or input on design ideas from an architect. Developers should always ensure that the people they work with are qualified and registered. For example, builders should be registered with the Register of Builders, which is available from the Department of Commerce and the Building Commission.
This is where a project designer manager can save you time which in turn saves you money. A project designer manager will ensure that the project plan is faultless and that the contractors are professional and working together in a timely fashion so there are no costly mistakes, mishaps or delays. If you need a highly experienced Project Design Manager contact Kris Aird at Designer Homes Perth for a no obligation consultation.