As legal experts in real estate and construction law, Getler, Gomes & Sutton PC knows the significance of understanding the property development process. The process can be both exciting and overwhelming if the proper steps to get started are not taken. Before jumping into property development, it is important to do your research about the industry and what it entails.. By studying property development in further detail, you will not only feel more confident upon beginning but will understand the various legal requirements within real estate.
Find A Location
When first beginning the process for property development, it is crucial to find a location that makes sense for your goals and budget. When looking for a location, it is important to be patient and not commit to something without doing thorough research beforehand. For example, is the property big enough for your property goals? Does the location or property have any unique requirements within the building process? Being thorough in your initial search can reduce the possibility of running into unexpected setbacks.
Determine Finances
While many people have money saved when first starting out, it is common to look for investors to support the project to its completion. It is important to secure enough funding to complete the project, as it can be difficult to cover the cost of the entire project as the developer. There are a few options when looking for an investment, whether through individuals or a business loan. Determine what option makes the most sense for your goals, so you can create a compelling pitch to prospective investors.
Create A Realistic Timeline
Before beginning the property development process, it is important to put together a detailed, realistic timeline for the project. When creating the timeline, include specific details about the phases of the project, and what needs to be completed within each phase. This will help you get a better idea of how much time should be allocated and what types of contract work the project will require.
While these are the major steps in preparing for property development, it is important to be as thorough as possible at every step. In doing so, this can help you to complete a successful real estate project!