No successful person is successful on their own. Everyone who is successful has mastered the art of finding people with greater knowledge and talent than themselves (their ‘A’ team) and harnessing that to create something great.
Your consultants will help you assess your potential investment; set up the structure for the development; speed up the process of approval and registration (time is money); help you to make the right design decisions to optimise the land space and appeal to the widest audience; and help you to maximise your investment for tax purposes. Basically, this team of experts gives you the best advice to achieve success.
Here are the professionals we recommend you choose carefully and have by your side during each project you undertake:
A town planner may be one of your first points of contact when deciding to develop. A town planner will know what you will be able to build on any block of land you are interested in. They will be able to look into the location, zoning, development approvals in the area and other council resources to give you an idea of what you can build on the land and if your development will be approved by council. A town planner can also provide feedback during the design process. view the plans and give an opinion as to their compliance with State government and local council regulations. By getting involved early in the piece they can save you considerable costs in redrawing of plans and valuable time in assisting the process through the council maze. A town planner can also pre-empt approval issues by addressing council’s expectations right from the start. They can ensure that you lodge all the necessary documentation needed to get it across the line as well as handle and respond to any possible council or third party objections.
Having a legal expert who is familiar with real estate development and the town planning process on your team will save you more than what you pay them. This is key for determining whether your project is financially feasible. Lawyers are responsible for preparing various documents and contracts required during the development process. This includes the legal structure in which development occurs as well as documentation for purchasing the property, financing the property, consultant services, construction, property sales, and leases. Having a professional on your side developing the contracts ensures you are as protected as possible from any financial liabilities.
Your accountant will be integral to ensure you are setting up the correct structure for your development and maximizing your profitability, whilst minimising your tax liabilities. GST, and a distinction between capital and operating expenses are critical issue in financial accounting for developments and your accountant must be experience with making these work to your benefit.
Financing development projects is very different to financing homes or investment properties and you must choose a financier familiar with the development process or find a mortgage broker who understands the development process.
Townhouse & Duplex Builder
The builder is obviously a critical part of the development team. Considering the unique nature of the town planning process it is likely that your particular project has never been built before. Therefore you will need a builder w ho is able to work closely with the rest of your development team and guarantee a smooth and timely build with a fixed price contract. It is best to look at projects they have done and talk to their clients if possible.
Highlife Homes also works closely with their associated draftsperson, engineers, and surveyors. Our draftsperson can help you design a multiplex that appeals to your market, fits your budget and the location of the properties, and help you get that handsome profit margin at the end of your project. A number of engineers may be employed on your development project. Geotechnical or soil engineers do a soil test to establish the site conditions. The structural engineer’s role is to develop a structural design that is functional and cost effective to build and civil engineers may design the drainage systems. Your surveyor will be responsible for preparing you survey plans which are integral for your sales contracts (especially if you are selling off-the-plan) and will assist with the title registration and body corporate process as they may also provide you with your Community Management Statement for your strata title which you will n eed to register the divided land.
Body Corporate Professional
It is important to know the costs associated with your project for body corporate set up and strata title insurance as this will make up part of your development cost (albeit a small part) and will be necessary for you sales contract if your development has any shared areas of property between home owners.
Real Estate Agent
An agent who will be leasing or selling your property should be brought in as an important part of your team early in the project. They should give you feedback on the marketability of your project during the design phase, as well as estimates of sale prices so you can establish the feasibility of the project. You need to find an agent who is active in the area where you are developing and who is experienced in and successful at selling the type of property you plan to build.
The overall success of your project hinges on your ability to delegate various responsibilities to the right team of professionals. At the end of the day, a developer, like a film director, is only as good as the cast and crew that support him.
Don’t be afraid of the potential cost of professional advice because (as long as you choose the right professionals) they will often save you more time and money than they cost you.