Property developers are responsible for the constantly evolving environment that we live in and the gradual adaptation of both rural and urban areas over time. We have put together the following guide to help you understand exactly what property development is, as well as how it works and which type of people are involved in the process.
What is Property Development?
Property development is the process of developing and renovating buildings or land and then selling them at a higher value to make a profit. This can include anything from apartments and homes to offices and hotels. The development process involves many stages, with a range of professionals needed to aid the progress at each stage:
- Pre-purchase: assembling the team needed and securing the finance and development site.
- Contracts and purchasing: drawing up the contract and purchasing the property.
- Development approval: obtaining planning permits and securing the development approval.
- Drawings and documentation: hiring an architect to work with the engineers and design the development.
- Pre-construction: researching and hiring a project manager and builder, agree on a contract.
- Construction: managing the construction, taking into account unexpected delays.
- Competition: deciding whether or not to sell the property for profit or keep it as an investment.
Property developers such as Bruckland Developments add value to either the land or the building they are developing, allowing them to later raise the profit from such developments. However, it does not come without risk. It cannot always be guaranteed that the property or land will be worth more after investment, with some projects resulting in a loss or break-even.
Residential and Commercial Property Development
There are two key types of property: residential and commercial. The main difference between these is the customers, with residential property usually occupied by tenants and commercial properties concerning businesses.
Residential properties include homes, townhouses, and apartments. Commercial property is used for non-residential activities such as hotels, office spaces, retail shops, industrial buildings, and public facilities.
How does property development work?
There are numerous ways that the value of the property or land can be increased:
- Loft or basement conversion
- Superior interior design
- New garden features such as a swimming pool
- Luxury amenities such as a home cinema or home gym
- Double glazed windows
- Increasing the parking space
- New electrics and plumbing
- Making the house more energy efficient
- Kitchen or bathroom refurbishment
- The latest appliances and technological features
What people are involved in property development?
Different people are involved in the property development process at different stages, as their skills and expertise are essential for successful completion. These skills include people with an in-depth understanding of the rules and regulations for the project to meet the necessary legal and safety standards.
- Architect
- Solicitor
- Accountant
- Planning consultant
- Quantity surveyor
- Contractor
- Builders
- Project manager
- Interior and exterior designers
If you are looking to buy property, Bruckland Developments has a range of bespoke development projects for your consideration. Contact us for more information.
