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What is property development?
Property Development includes the activities and processes of a wide range from buying land to constructing and creating facilities.
The property development is defined as the continuous reconfiguration of the constructed environment to fulfill the needs of society.
Advantages of property development
There are many benefits of property development, which are as follows-
- Comparatively high return on investment.
- More stable investment.
- More leverage on investment with maximum return.
- The time of investment matters.
Disadvantages of property development
There are some disadvantages of property development as well, which are as follows-
- No instant access to money and requires patience.
- Lengthy process.
- Unexpected issues and setbacks may occur.
- Always a risk of loss.
Who to consult for discovering options in property development?
As per the nature of the property, an individual can depend upon any of the following members –
- Real estate agents
- Project marketing specialists
- Finance strategists- to get help in developing finance.
- Landscape architects
- Project managers
- Accountants – for getting help in setting up the right ownership structures.
- Building contractors
- Town planners and Urban designers
- Construction managers
- Lawyers – for help regarding all the contracts.
- Town planners and Urban designers
- Quantity Surveyors
- Property strategists – to offer a more disciplined and predictable approach.
- Architects, designers
- Engineers
- Development managers
What can be property development strategies?
There can be n number of strategies to get into property development; some of them are as follows –
- To buy a residential property. Selling or renting out the property after proper renovation.
- To build commercial properties like societies.
- To buy a second home in your area.
- To buy land to develop it or build a house.
- To buy a commercial property to convert it into a residential area.
How to start property development with no money?
There are some ways to start property development, even if you have no money at hand right now. Here are some tricks –
- Releasing bond from the home or property.
- Go for a joint venture.
- Buying and renovating an undervalued property.
- Offer additional security to the lender.
- Buy a property with a short period of the lease.
These are the things one should keep in mind before getting into property development.
