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A Few Little Tips On Developing Your Site
So you have identified the opportunities for a development and have taken the plunge by winning the bid. Now it is time to really get and work and start looking at your project from a builder’s angle. Put that vision of you swimming in a pool of $100 notes aside for the time being. You need to pay attention to the construction of your building as any mistakes can take a huge chunk off your budget just to rectify. And let’s not forget negligence on your part can compromise the safety of your residents. Your ultimate objective is to understand the amount of sellable space you can squeeze out while controlling costs, while adhering to all the regulations and safety standards.
The opportunity to buy land for development comes from 2 ways. Either the authorities or the people who own them invites a bidding from interested buyers, or you approach the owners of a space you are interested in out of the blue. To have a good idea of the scope of development you can go ahead with, you have to consult the local authorities regarding requirements on zoning. You need their help determining what is allowed and the proper process to go through to get your proposals approved.
You would probably count your lucky stars if the land is generally flat as that will allow you much more freedom on what you can do. You can also build for highest amount of space for every square meter on a flat land. But that will come with a different set of issues to mull over. Because water drainage can be problematic. Many people will not realise how destructive water can be to a property until they see it for themselves. Heavy downpours with temporary water ponding is just the appetizer. It can mutate into a fully fledged hygiene and health hazard when water collects permanently. Real estate insurance will not help you much.
And if you are building on a land that is sloped, you challenge will then be to create the maximum density you can. On top of that, you will have to engage the services of a different set of experts to get advice from. You might then have to hire land surveyors to measure the possibility of landslides and soil erosion that will disturb your property. Which leads to the extra foundational structures you have to build to prevent catastrophes from happening.
An important aspect to give special attention to is whether you are doing someone else’s job for them. For example, the city planners may recommend that you build a road through your development so as to alleviate the traffic problems in the area. Doing that will not only cost you more money, it will affect the number of apartments you can build. If you are as fresh as a flower, you might think that this is a requirement rather than a request. With the proper experts in your corner providing invaluable advice, you might find out that you are under no obligation to build that road.
Another party that new developers do not think about until later is the utility company. You need to work out job requirements, schedules, fees for hook up services, etc. Even though they are providing something that you cannot do without, do not think for a moment that terms are non-negotiable.
If you had unknowingly landed a site with conservation parameters, you could have landed yourself into a tighter construction scope that you first thought. These situations arise when the site has some form of historical or architectural significance. You are supposed to know this information before even taking up the project. If you somehow got into such a rookie mistake, you will be looking at an extended period of time before you start building as experts conduct studies and contingency plans.
Remember that the 2 most important aspect for your project is the land condition, and the zoning. If they fall into your favour, you are going to find that you can quickly and easily push through your plans. And if you run into problems on one of both aspects, you are looking at extended constructions works and extra costs.