From start to finish: The property development process
If you have ever invested in a property development, you’ll know exactly how exciting it can be watching each stage of the development process unfold. However, knowing exactly what to expect and when, can certainly help quell any insecurities or second-guessing that comes with making such a big investment. This is only natural, of course, as taking out a bond is a commitment that will stay with you for quite some time. However, with an esteemed property development such as Sitari Country Estate, you’re sure to be kept informed of every step of the process, giving you the peace of mind you need to really enjoy the journey that will end in your dream home coming to life. Take a look at the various stages of property development below so that you can better prepare yourself for what to expect along the way.
Stage 1: Pre-purchase
This happens even before potential sellers become involved. While this may seem like an obvious first step, it is still an integral one. Before building of the properties within an estate can even commence, the property strategists who are in charge of making sure everything goes according to plan, need to source the land on which the property is to be built. This means that even before they have the necessary funding or the go-ahead to start building, they need to make sure that the land they want is available and can support an estate being built on it.
Stage 2: Concept
Once the site has been improved, a concept needs to be developed. Essentially, what this stage involves is figuring out how many homes will be built on the property, how big they will be and whether or not there will be a standard unit available, or a variety of different ones. However, it’s not just as simple as figuring out what you’ll put where – the local council’s rules and regulations also have to be taken into account. For example, buildings in the area may have a height restriction, which could restrict all buildings to being only a certain number of floors.
Stage 3: Purchase
Once the land and concept have been approved, the land itself actually needs to be purchased. However, the property strategists need to ensure that they also make a profit from the homes they sell – something which will directly affect you as a potential homeowner.
Stage 4: Planning
At this stage of the process, it becomes necessary for architects to be involved. They need to draw up the plans according to the rules and regulations of the area, as well as ones that bring the concept to life. Once the plans are drawn up, an application for a permit needs to be submitted.
As soon as these four stages are complete, the property development’s drawings will then need to be documented before going into pre-construction (where quotes will need to be sourced), construction and finally, completion, which is when you will be able to move into your new home. It’s a lengthy process that could take up to 18 months to complete, however, it will all be worth it once you and your loved ones settle down into the house of your dreams.
Image courtesy of Sitari Country Estate