For established developers, projects can be a mixture of pleasure and pain. Either way, issues are bound to arise since there are so many moving parts on a project. But with careful planning and professional legal advice, there’s no reason your next project can’t be a success.
The benefits of completing a successful property development
There are many benefits to redeveloping and overhauling properties. One of the most important benefits is that it can help improve the value of your property. This can attract new tenants, increase rental prices, and improve the overall appearance of your property. Projects can also help create jobs in the construction industry and other related industries. One of the best benefits is perhaps improving the quality of life for residents in the area.
What to consider before redeveloping a property
There are three things to first consider before redeveloping a property:
- The location of the property. It’s important to redevelop a property in an area with potential for growth.
- The zoning of the property. You’ll need to make sure the zoning allows for the type of redevelopment you’re planning.
- The cost of the redevelopment. This includes the cost of demolition, construction, and any other costs associated with the redevelopment.
How to assess the condition of a property for redevelopment
This step includes inspecting the structure, foundation, and any other features of the property. You’ll also need to assess the condition of the surrounding area. This includes looking at the condition of the streets, sidewalks, and any other local infrastructure. A building inspector or council rep can help you here.
Tips for budgeting and planning your redevelopment project
Setting a figure for the demolition, construction, and any other costs associated with the redevelopment is key. You will also need to create a timeline for the redevelopment project. This should include a schedule for the demolition, construction, and other milestones in the project.
Have a clear vision for your project
Having lots of clarity and purpose means you should have a clear idea of what you want the redeveloped property to look like. You should also have a clear idea of the type of tenants you want to attract. A clear long-term view will help you plan and execute your redevelopment project successfully and galvanize you during the tough times.
Manage contractors and other professionals
It’s important to actively manage contractors and other professionals during the redevelopment process. This includes creating a schedule for the work, setting milestones, and paying invoices on time.
You will also need to communicate with the contractor or professional regularly. This includes updates on the progress of the work, changes to the schedule, and any other information that’s important.
Know where to start and getting the right advice
Getting your new project off to a good start is paramount. That’s why our team at Lakis & Knight offer a free initial consultation for all new and established property developers. We can apply our deep understanding of property law to map out your obligations as a developer, work out exactly where you need to focus and ensure you get the results you seek.
We offer free consultations so you can find the right solution for your business. Get in touch with us today to get started.
