The most successful property developers thrive because they are adept at identifying opportunities for property development. It’s both a fine science and an art. Profitable property depends not only on an intimate knowledge of the law and council planning, but also the town or city you want to develop in. Each area has its own quirks, and so does each site. With a strategy in mind, you can manage all the potential pitfalls and still come out on top. This is how you can identify opportunities for property development.
Choose Your Property Type
Some developers specialise in a particular type of property development. Be it commercial, retail, industrial, residential, or other types of developments, this is always a good place to start. It’s easier to narrow down your search for the right site or piece of land when you have something in mind.
If you’re the type of property developer who prefers to start by finding a good site and figuring the rest out along the way, you may find more opportunity for profit; but the process is likely to be less straight forward. Knowing the type of property you want to develop is an excellent way to streamline the process and get started faster.
How To Find Property Development Opportunities
If you specialise in a particular type of property development or you have an idea in mind, you’ve already cut out plenty of variables. Your project will start once you have narrowed down the city you want to develop in. From here, you will begin to search the suburbs, or commercial or industrial areas. These areas will have specific zoning regulations which you have to stick to. Beyond how an area is zoned, there will always be more specific considerations, such as whether the property is a heritage site, a flood zone, or at risk of being affected by bushfires.
Will They Allow Me To Build the Building I Want?
This is a tricky one; your ideal property development opportunity also hinges on how you can maximise the land. You may not be able to develop the exact type of housing you want or the type of business you had in mind. Often commercial property has stringent parameters: you may not be allowed to build a petrol station, but you may be allowed to build a small shop. Another consideration, which is vital in residential areas, is land size and maximum building height. You must do your homework to be sure that you’re on the right track.
How To Maximise Your Profit
Opportunity results in profit. To maximise your profit, you must make sure that the finished development is better and more useful than you found it. If you cannot maximise the property by subdividing or building more housing units, it may be best to look for another property. Bear in mind that properties are sometimes rezoned, so if you spot an opportunity which no one else has noticed, don’t hesitate to act. It may be the difference between building a four-unit housing complex and a six-unit housing complex.
Finding the perfect property development opportunity takes a lot of work; you can start by getting your hands on a local scheme map. But scheme maps can be out of date. Using the Archistar platform you can quickly and easily find the best opportunities. Archistar offers regularly updated and detailed scheme maps amongst its many other features, simplifying your property development process.