Property development Bournemouth is the process of acquiring land, adding value to it by having some building erected on it and then selling it for some profits. Conducting the whole process right can be a daunting task; however, most people often see new builds Bournemouth and think that they got there rather fast. So what to do while choosing a property site? The instructions are given below:
Step 1. Finding the Site
This step applies to those who do not yet have a land to develop buildings. This is one of the most challenging processes in the property development Bournemouth cycle. Here, you will have to look for a land or property that is viable, meaning that it should be able to give you back some returns. Most people look for information on sites in daily newspapers or on the internet.
Step 2. Analysing the Site
Here is where you determine whether the site is good for developing or not. You will thus need to factor in the kind of economic activities going on in the chosen area. As stated in the onset, people are seeing new builds Bournemouth popping up at different places. You will not only see but ask yourself what kind of property is this? Is it a rental building or commercial building? It will not make sense for you to have a commercial building in a predominantly residential site.
Step 3. Checking Feasibility of the Project
After fulfilling the above, you will be required to do a feasibility test to determine whether your property development dream is achievable or not. You will thus need to consider and calculate council costs, construction costs as well as the costs of drawing up the whole architectural plan. Here, architects will prove to be very valuable in providing you with rough estimates as well as with guiding you on what is required and expected of the development you would like to have in the property. Do not forget the sale costs here, as this is where your profits lie.
Step 4. Finances
Here is where you get the money for constructing or developing the property you have. You may find that you do not have enough money for this, and may require to get help from financial institutions. They may look at the profit margin that the property you wish to develop will bring, and then decide whether to finance you or not. At most, banks look for a profit margin of about 20%. Those new buildings that are in Bournemouth are quite expensive to pop up.
Step 5. Planning Permission
You will need planning permission from relevant authorities for you to be able to build something on the property, or even change the use of that land or building. This will vary depending on the country you belong. It is therefore good to check whether you will need authorisation or not.
Step 6. Construction
This is the most exciting part where your dreams get shaped into reality. Here you will require the services of a very good architect or property developer, who is very familiar with your chosen area of development. This step is also what will either make or break your dream. Strive to work with property developers who are renowned for working in your chosen area of property development.
Step 7. Sale
You now start reaping benefits from your hard work. You will need the services of either a real estate agent or a marketer who will link your product with interested customers.
The above mentioned steps given in the life cycle of property development Bournemouth (http://www.mountbankdevelopmentsltd.co.uk/) will help people to gain an insight on how those new builds Bournemouth (http://www.mountbankdevelopmentsltd.co.uk/new-builds) have got there, as well as know the importance of working with good property developers and architects