Property Development Feasibility Software
Property Development Feasibility – Choosing the Right Software
A development feasibility is a process prior to development approval that assesses profit margins, expenses and costs of a potential development. It helps you to gauge the opportunity for your development, to determine any risks or to ensure confidence in your investment. The process can help you make the right decision with your potential development, but how do you make sure it reflects your opportunity well?
How do I determine development feasibility?
Of course, it makes sense to want to know the potential of an investment before you lock in the time and energy, but there’s a lot of factors that need to be considered to create a fairly accurate feasibility report. Fortunately, development feasibility software is available to help you get a comprehensive assessment of the opportunity your investment has. Software tools can help you look at acquisition costs, fees and potential profit gains, all within minutes of you filling in the details of your development.
What factors does the software assess?
Feasibility software should give you a comprehensive resource with data from anything and everything that could impact cost or income. A few of these factors include:
Feasibility software will lay out any data around your neighbourhood including demographic, transport and shopping accessibility, neighbouring properties and whether you may be developing on a heritage listing.
Building & Development costs
You will be able see any potential building and development costs that come with the area, including heritage listings and any council approvals required.
Development approval and council consent can add up before you’ve even begun your development. A feasibility report will show you any approval and consent fees that will prop up. This includes any land taxes or stamp duties required.
If your property will have tenants or businesses renting out spaces, feasibility software assesses average rental prices of similar surrounding properties and gives you insights on what income you can make from it.
If instead you are looking to sell after development, software should show you what you expect to gain on selling, making it easier for you to compare the rent versus sell argument.
Overall, a feasibility software should be able to show you an overall profit margin that will help you best consider next steps in your investment. It should also give you the flexibility to add or remove any filters, and essentially try your investment before you buy.
Choosing the right software
There are plenty of software out there that offers you insights into potential investments, but there’s a few things you should consider when subscribing to any development software:
- Development insights from trusted providers and resources
- Clear, data driven visualisation
- Multiple data layers with clear resources
- Ability to conceptualise buildings in advance
Ultimately, no one wants to be filtering through multiple software platforms to get a clear feasibility report, so your final consideration when finding software is: does it give you a completed, holistic report? The fewer tools you have to juggle, the less time you spend making a smart decision on your development.
Archistar combines unique data visualisation, highly unique insights and innovative design generation to help property developers and investors make confident decisions. Our user-friendly software provides you with clear visualisations of your potential location. You can easily filter preferences and look at extensive insights from Australia’s most trusted providers. The best part? Our innovative software lets you map out potential building designs, so you can be even more confident in your investment.
Gain insights from some of the world’s leading property experts, industry leading partners and innovative thought leaders. Get started with an Archistar subscription today. If you want to find out more, reach out to the team.