Real estate development is a complex process. There are many factors to consider, from the property’s location to the zoning requirements for that area.
If you’re planning on building a new commercial space or house, it’s essential to make sure you do your research before construction begins. Most people focus on aesthetics, but you should consider other factors before building any new property. Here are some things you need to prepare so you can have an easier time with the project:
Research the neighborhood, including amenities and nearby schools
When researching the neighborhood for your new property, it’s vital to consider all available amenities. This includes things like grocery stores, schools, and parks. It’s also important to consider the zoning requirements for that area. Ensure you know what kind of building is allowed and whether you will need any special permits.
Check the necessary permits that you need
To build a new property, you need to get a permit from the local government. This can vary depending on the location and type of property you’re building. Make sure you research what permits you need and start the application process early. This will help ensure that there are no delays in construction.
For example, you may need a permit for the foundation, framing, and roof if you’re building a house. If you’re creating a commercial space, you may need a permit for the structure, electrical, and HVAC.
Furthermore, you may need additional health and safety permits. Look into the necessary health and safety tests, such as for electrical systems and air and water quality. For example, depending on your area, you may need radon testing for home inspections to ensure that the gas is at a safe level. This keeps tenants and residents safe.
Get a good contractor
It’s critical to get a good contractor when building a new property. A good contractor will have the experience and knowledge to help you navigate the complex real estate development process. They will also be able to help you stay on schedule and within budget.
When looking for a contractor, it’s vital to interview several candidates. Ask them about their experience in real estate development, as well as their past projects. You should also ask for references from past clients.
Make sure you get a written contract from the contractor before construction begins. This will protect both you and the contractor in case of any disputes. The contract should include a detailed timeline for the project and the agreed-upon price.
Hire an architect or designer to help you with your plans
It’s important to hire an architect or designer to help you plan before construction begins. An architect will help you plan the layout of the building or home and make sure it is safe and functional for your needs. They can also help make sure that your property complies with zoning requirements.
Furthermore, an architect can help you stay within budget and keep your structural plans up-to-date. For example, they may find that changing the orientation of the building will cut costs on heating and cooling systems.
A designer can help you with the aesthetic aspects of your project, such as color schemes and materials for construction. They can also help you choose furniture and accessories that will fit the style of your property.
Secure money for the project before starting construction
It’s important to have sufficient funds for the project before starting construction. This means that you should have your down payment and contingency money to cover any arising expenses. Compute everything you need beforehand.
You’ll also need funds for the materials required to build the property. For example, you need to account for building supplies like lumber and cement when building a house. Meanwhile, you may need materials like pipes, wires, or insulation when building a commercial space.
Additionally, you should pay your contractor when they deliver the materials to avoid delays in the project.
Do quality inspection during the whole process
You should do quality inspections throughout the construction process. Always ask for a quality inspection before and after work is completed to ensure high quality and ensure you’re getting what you paid for. This way, if there’s something wrong, you can fix it before it becomes too costly.
The inspector will need to take an accurate inventory of the materials used in the project and make sure they match what was ordered. The inspector should also check that all the pieces fit together and are installed correctly.
They can also test the materials to make sure they meet safety standards. For example, they may check that the electrical wiring is up to code.
Be prepared to build
There are many things to consider before building a new property. Whether you’re looking for someone to help plan the layout of your home or office space, design its aesthetic details, secure funding, or quality inspect throughout the process, it pays to do your research before laying down a single brick.