Steps in Real Estate Developing Construction
Do you have plans on going into real estate development? Usually, you have the option to buy existing real estate properties and renovate them right away. After renovating, you can put it up for rent or sale on the real estate market. However, some wouldn’t push through looking for existing properties and instead would construct real estate properties.
Real estate development is never an easy job for anyone. You need to consider many elements to ensure everything goes as planned, like hiring civil engineers, site planners, environmental consultants, architects, etc. If you plan on pushing through with real estate developing construction, you need to do extensive studying.
1st Phase: Project Site Selection and Assessment
The first phase during real estate construction is to choose to look for potential properties that can meet your requirements. You can use several sources of information to find one within the area right away. It would be best if you kept an eye out for critical factors when choosing the perfect site, including:
- Visibility
- Traffic flow
- Property expanse
- Zoning limitations
- Demographics
- Nearby competitors
- Nearby potential tenants
The ones mentioned are one of many factors you need to include during the site selection. Use them to your advantage to help you build real estate properties on the perfect site location.
2nd Phase: Project Research and Assessment
The second phase of real estate construction is to conduct extensive research, which includes learning the legal requirements and knowing the advantages and disadvantages of the transaction. Your developers need to examine zoning restrictions and other potential encroachments on the property.
They need to take care of every legal requirement and verify everything before the construction goes underway. You wouldn’t want the construction to stop all of a sudden because lawyers arrived with a notice that you have violated several rules and regulations. It would be best to educate yourself with laws in your state that involve your real estate construction.
You need to have the best lawyers and attorneys with you at all times so that you can ask them questions about anything legal-related. They can even give you legal advice from time to time to help you avoid any issues that could put the entire construction underwater.
3rd Phase: Utilizing Site Investigation Reports
You need to gather data about your site to learn if there are significant issues you need to know. That would be the perfect time to use the SIR (Site Investigation Reports). It’s a collection of data and questions about your site. The report will also contain the different improvements you need to make to pass the requirements.
The goal of the collected data is to provide enough information to you and your construction team about the problems that you need to fix. You shouldn’t take even the tiny issues lightly because a time may arrive when the issues could jeopardize the entire real estate construction. Your developers can take a look at the data and use it to their advantage. Knowing that your site is in top condition and has all requirements met can achieve a feasible and profitable project.
4th Phase: Hiring Reliable Engineers, Architects, and Other Crucial Team Members
You can never start without professional civil engineers and architects in construction. Their role is crucial to the construction, and they also ensure the most feasible development plans and processes that they will put in place. When you have the best civil engineers and architects by your side, you should expect nothing but the best to come out of the project.
Besides the engineers and architects, you also need other vital members to go smoothly, such as landscape artists, plumbers, electricians, structural engineers, and mechanical engineers. Each of them has an important role.
5th Phase: Conducting a Community Outreach
You can never call your real estate construction a success without proper advertisement. You can do that by conducting community outreach to nearby tenants that need newer real estate properties. Your goal is to keep everyone around your site informed about the ongoing construction and that you need buyers and occupants. You can even include the benefits of living in the real estate, showing a computer render of the entire site, and everything else to entice them.
Anyone can do real estate construction when they know the ins and outs of everything. As long as you don’t forget the steps above, you should have no issues finishing the construction project.
