Finding development opportunities for property may appear tricky at first, but there are various methods that are extremely helpful to get you started. Taking the time to look for development opportunities is the difference between a successful property development project and one which results in a smaller profit or worse. Luckily there are plenty of development opportunities for property in Australia. With just a bit of time and patience, you can find them and reap the rewards of your clever foresight. With or without experience in the property development industry, there is always something to be learnt and potential to develop your career and grow your profit margin.
Find the Right Spot
When we think of finding development opportunities for property, the first thought is finding the right property. It’s a pretty accurate assumption. Not to say that finding the right spot is easy, though. Australian property development legislation is amongst the strictest in the world, so there are quite a few boxes to tick before forging ahead.
Consider the following:
How is the land or property zoned?
If it isn’t correctly zoned for your intended project, you will run into roadblocks, and you may even have to halt the entire project. Zoning is based on careful town planning to ensure that land is used as effectively and efficiently as possible to meet the needs of the residents.
Are there any site restrictions?
The local council takes zoning further and lays our restrictions such as the type of residential or commercial property you can build, what height you can build to, how many people you can accommodate, how much parking your property must have, and more.
Is this site prone to naturally occurring hazards?
Some sites are vacant or cost less for a reason, which you would need to consider when designing the building and applying for finance. Fire and flood risk-prone areas require additional consideration and may cost more to develop in order to ensure the safety of the occupants.
What is right for the local property market?
Each town and suburb have their own quirks, which can be both charming and restrictive. The local property market's inclinations are one of these quirks; whether people want to live in freestanding homes or apartments, and whether they typically buy or rent property will inform the final stage of your development process. With this in mind, you will decide whether renting or selling your finished development is the best course of action.
How To Follow Through
The perfect development opportunity for property may go to waste if you don’t follow through. The project itself still has a way to go before you can cash that cheque.
Don’t skip a beat:
- Write a business plan and keep updating it as you go.
- Conduct thorough a feasibility study and costing to inform your profit margin and expected return on investment.
- Make sure you manage the project strictly and efficiently to avoid wasting time and money.
- Hire industry professionals to assist you in areas where you may lack experience.
Now is the time to pounce on all those outstanding development opportunities for property. The property development industry is a rewarding one to be in; whether you are embarking on your first or 100th project, you won’t look back!
