Are you thinking of earning extra money while enjoying the thing you love doing? Say, for example, buying a house or any property, and renovate or redecorate it to your liking, and then sell it for added profit. Sounds interesting, right? Now, that is called real-estate development.
Today, more and more people want to be property developers despite of the fall in the market. This is because investing in a property and subsequently developing one not only adds value to it, but more so because it adds profit to the entire property developed.
Property development, also called real-estate development, is a multi-layered process by which a certain property is purchased, developed and improved, and sold to others. Development of a property encompasses activities which may range from the renovation of a piece of investment property to the purchase of raw land and the sale of the improved property to prospective investors.
Developers are persons with these creative ideas and put these ideas into paper and make them happen. However, this is in contrast to construction of the building or the property because developers don’t do that. Instead, they will directly purchase the land, raise finances to affirm the transaction, and subsequently hire the most suitable construction companies under bond at a fixed cost to create the project. They create, control and subsequently orchestrate the entire process of development from start to finish.
As a result of this function, developers tend to have the greatest risks in a real-estate development project primarily during renovation processes. Nevertheless, these risks will also potentially yield the greatest returns for the developers.
Indeed, this entire development process is a complicated one. To be able to do this, developers work with various counterparts, including city planners, architects, surveyors, engineers, contractors, leasing agents and inspectors. There are also teams formed which can include companies who do the entire job, or entities that linked with other groups to do specific jobs required for the development.
So, what are you waiting for? Start being your very own property developer today, and experience the joy and thrill of seeing your property become something else that gives you more and more profit.