Taking your first step into property development in Brisbane can certainly seem daunting, but it doesn’t need to be.
Lack of experience is one of the greatest risks in property development, but there are easy ways to mitigate that risk and the first is speaking to people who have done it all before. There’s nothing like experience when it comes to property development.
The smart first step is to develop a plan. We need to answer a number of questions and help you build a strategy. There are many factors to consider, but a few key areas to consider are: where are you looking to invest, how well do you know the suburb and the services including schools, public transport and potential for growth?
When you have developed a shortlist, you need to have monitored the area so that you have a strong indication of value. These key areas need to be considered upfront, as you move into the second phase there are whole new considerations to tackle.
When it comes to the build, one of the things that you need to carefully manage are the construction costs. All this comes down to selecting a builder that you feel comfortable with who has a proven track record and a sound agreement so you know where you stand.
When it comes to the construction, there are many variables that can shift and change both the delivery date and the potential cost. These are matters best discussed before they become a problem. Material shortage, bad weather, disputes, delay by labor and environmental factors can all compound to create headaches, so it is important to have an agreement that considers these scenarios.
It’s the experience that makes all the difference when it comes to property development. No matter if this is your first project or you’re simply looking to streamline your next build, the team at Red & Co are ready to guide you through your development.