If you’re interested in transforming raw land into new homes, apartments, condominiums or other residential properties, there are a few things you need to know before you get started. Then, you can make the best decision for your investment strategy!
Whether you’re building an affordable sceneca residence development, multi-family apartment complex, dormitory housing, or a senior living community, developing residential real estate requires imagination, experience and a never-give-up attitude.
Design
Whether developing residential real estate or commercial, design is critical. The development should fit the land’s natural shape and form, and may include amenities that help increase livability. It’s important to avoid focusing on streets and roads early in the process, as this is often a time-consuming task that can be delayed until later stages of the project. Having a strong team with a clear outline of roles and responsibilities can also help keep the project on track.
Finance
Finance is a big part of any project, but residential land development can be especially challenging when it comes to finding the right financing option for your unique situation. It’s important to take into consideration how extensive your project is, what you need to fund it, and how long it will take. Also, you’ll want to find the best lender who can help you meet your goals in a timely manner and within budget. The key is to get the right type of loan for your needs – we can help you identify this with our team’s vast experience in Asset Based Lending & Property Development.
Contact us now to discuss your financial options. Our expert team will be happy to assist you with any questions or concerns you may have!
Marketing
If you’re going to be a successful residential development company, you need to develop a comprehensive real estate marketing plan. This plan will encompass the design, planning, legal, financial and physical aspects of your development project. It will also need to consider the current housing market and demographics in your area. This will help you determine what kinds of units to develop and how to market them to potential buyers.
You will need to work with several professionals throughout the development process. Make sure to hire people who are a good fit for your company, communication style, and business goals. You should also outline roles and responsibilities for each individual on your team. This will ensure you stay on track to complete your project on time and on budget. In addition, you should be aware of any impact fees that may be imposed on your project by the local government.