With high rise and residential buildings springing up from every corner of the country, it is easy to assume that property development is an easy task. However, nothing could be further from the truth. Continue reading this article to get a comprehensive understanding of the property development process.
Most developments begin at the subdivision stage. Subdivision raises the price of land since smaller parcels are usually in high demand compared to large plots. Besides, it helps developers control the risks associated with real estate developments. For instance, they can sell one parcel to raise capital or leverage it to secure a bank loan if they run out of funds. Subdivision is complex since the property owner must meet the local council's subdivision requirements. For example, the plots must meet a specified size. Additionally, the subdivision must have a stormwater drainage system and access to essential amenities such as power and water. Usually, subdivisions are conducted by licenced land surveyors.
Finding Suitable Contractors
It would be disappointing if your preferred contractor could not complete the project due to mismanagement of funds or lack of technical expertise. Therefore, conduct thorough assessments to ensure the contractor you hire is suitable for your project. Examine their reputation, check their human resources, financial stability, insurance coverage, licencing, accreditation and access to high-quality plant equipment. You should also hire a lawyer to review the terms of engagement. It is a sure way to protect your interests and investment if the contractor cannot complete the project on time.
Permits are a critical aspect of the Australian construction sector. Typically, construction permits are issued by the local council or independent building surveyors accredited by the local council. You will need permits to certify the blueprints and to allow you to put up the building. Permits are proof that the construction work meets the standards set by the building code. You risk prosecution if you decide to put up a building without securing the required permits. Besides, you might be compelled to pull down the building.
Accidents can delay your construction project. Additionally, they could cast a bad image on the development, thus preventing potential buyers from buying or leasing units. The construction team conducts site inspections to identify risks to personnel and plant equipment. They include open manholes, utility lines, neighbouring buildings, weak soils and trees. The team then develops strategies to overcome these risks. For example, they could ask utility companies to move or disconnect water and power lines during the project's duration. They also develop safety protocols to prevent and reduce the impact of accidents. For example, the team develops equipment inspection protocols, provides protective gear to employees and barricades the site.
For more information on property development, contact a professional near you.
Hello, my name is Carl and this is my construction and contractor blog. I do not work in the construction business but last year, my wife and I had a lot of work carried out on our summer home which is located on the Gold Coast. Winter storms had damaged the roof and a couple of seabirds had made a nest in there. The place was a real mess but thankfully the contractors did a great job of repairing the roof and fixing up the damage to the loft space. I learn a lot during the repairs so I decided to start a new blog. Enjoy!