Making residential real estate an avenue of profits is a risky venture that’s well worth its rewards, yet should not be approached casually. Anyone taking an inattentive approach risks failure – which in this sport could cost a great deal of money. People who invest the time learning the strategies, applying their knowledge to each situation they encounter and learning from any mistakes as they go are usually the winners in this game.
Hoi Hup Realty and Sunway were formed in Singapore in 1983, The Continuum offering real estate development expertise across a range of real estate businesses. Over the past four years they have actively purchased land through government land sales as well as exercise en bloc deals.
Hoi Hup Realty have completed numerous developments prior to The Continuum Condo. These projects include The Continuum Showflat, Waterford Residence, Sophia Hills at Mount Sophia, Whitley Residences and soon-to-be Terra Hill at Pasir Panjang.
Here is a compilation of property development tips to assist in improving your development management abilities.
Understand Site Orientation
Site orientation can often go underappreciated; yet it plays a key role in optimizing results. Buyers have become more sophisticated about understanding how the orientation of their homes should look like and this could spell big trouble if your home is facing in an undesirable direction, for instance if your living area faces south and is frequently shaded; not appealing for potential buyers!
Master Site Identification
Your first task in creating the ideal website will be creating a list of elements that constitute it. Every development should coincide with this ideal, without being biased by emotion; otherwise it would only lead to wrong decisions being made; why spend so much time and energy deciding what your property looks like when in reality you will end up demolishing parts of it anyway!
Trust only the numbers and facts. Each time we undertake a project for one of our customers, we typically dismiss at least twelve potential sites before finding the ideal site.
Learn all There is to Know About Development Finance
There are a range of financing options for property development available to you, from banks and third-party private lenders to brokers. Each has its own set of advantages and disadvantages that you should research carefully; don’t just rely on advice from third parties but be able to fully comprehend and challenge any advice offered to you.
There is much at stake when investing, and not all advice from financial experts should be trusted as right.
Consider a Professional Project Manager
Although residential real estate development can be completed on your own, the risks involved are extremely high and should only be attempted with guidance from a development manager. By making mistakes without their expertise you could find yourself deep in debt.
Experience is an asset when selecting a management company to represent their community of town planners, house builders, surveyors, and stakeholders who make up an effective plan.
Block dimensions
Your block’s dimensions have an enormous influence over every project you undertake. By “block dimensions,” we mean frontage and depth (length wide by length). These measurements will have an enormous influence over what can be accomplished on your block – they could mean the difference between making progress toward your goal or reaching a breaking point or loss.
Encumbrances
An encumbrance can be difficult to define in home development projects. Any impediments to construction such as overhanging trees, easements or power poles that impede work could constitute encumbrances that need to be worked around or overcome altogether may become major encumberances that necessitate delays resulting from failed attempts at meeting these obstructions may present massive costs due to delays while you devise strategies to work around or work around them.
Block Gradient Matters
Similar to encumbrances, block gradient is another environmental consideration you must keep in mind during planning. The slope or fall of your land has many implications on various aspects – including excavation requirements and building requirements such as retaining walls. If necessary, installing pumps may also be required to move stormwater legally until its legal disposal point.
Consider Essential Services
Building a house requires the essential services, including water, electricity and sewerage – these three are often considered essential services by those building houses. When planning the construction process it is crucial that all these essentials are considered prioritized as otherwise you could incur hundreds of thousands in expenses in unexpected ways.
As we often witness, this scenario plays out. If your sewer line is located on the opposite end of the road, and unaccounted for, then money will slip out from under you – an aspect of property development which cannot be overlooked.
Stay Cool
When considering home improvement tips, emotions must always be kept in check. Emotions do not mix well with residential development, as seen with Robocop. What really matters are numbers and projections; if your feasibility calculations turn out wrong due to your liking of an old house near by then your plans have likely already come undone.
Passion is great and keeps us going all night for our projects, but you must strike a balance.