Delivering a New Build Development - A Property Developers Guide
Posted by The Landsite on 2nd March 2023 -
In this simple guide we highlight six key factors all property developers should factor in for any property development project.
- Market Demand: Research the market and assess the demand for the proposed development ie. type, size, and location of the property.
- Site Selection: Choosing the right site is crucial for the success of any development project. Developers should consider the site's accessibility, proximity to amenities, zoning restrictions, and the availability of utilities.
- Feasibility Study: A feasibility study is an essential step in any development project. It should include an analysis of the project's financial viability, a cost-benefit analysis, and an assessment of the potential risks and challenges.
- Legal and Regulatory Requirements: Developers need to comply with local planning and building regulations, obtain all necessary permits, and ensure that the development project meets all legal requirements.
- Insurance and Build Warranty Requirements: Ensure the necessary insurance is in place for the construction site. A structural warranty covers the cost of repairs for structural defects that occur within a specific period after completion, typically 10 years. This provides peace of mind for potential buyers and can increase the value of the property. The Landsite insurance and build warranty channel lists out recommended build warranty brokers and specialists, guides and information to help with commercial and residential new build development projects.
- Financing: Developers need to secure the most suitable property financing for the project before starting any construction work. Developers should explore different funding options and assess the risks and costs associated with each option. This will help to ensure that the project stays within budget and is completed on time. Source property development finance specialists on The Landsite.
By taking these factors into account before construction begins, developers and self builders can ensure that the project is completed on time, within budget, and to the satisfaction of all stakeholders.
Related articles:
Considering Buying Land? How to do it Successfully
Brownfield Land - The Property Developers Dream or Nightmare?
Project Insurance and Build Warranty Requirements for Property Developers
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