Last Updated on Mar 22, 2023 by James W
You’ve got land; now it’s time to develop it! It’s pretty exciting; you’re finally going to build that amazing home, condo, or commercial property right from scratch to your exact specifications! With so many choices and options, it’s easy to get confused.
Not to worry. This guide will help you get started on what key factors to consider before beginning construction.
The first thing you want to consider when developing your property is budget. You have to set a budget and stick to it. But that’s not all.
There are also project timelines, materials, labor, and risk assessment, among others. While planning a new development project, you want to have estimates on everything involved before embarking on the actual construction. That involves determining the costs, risks, constructability, scope, schedule, and lots more.
It’s best to build a property that meets current standards and needs. That’s because you may want to sell it in the near future, and it would attract only a handful of buyers if it isn’t up to present expectations.
So even though it’s your dream home, no matter how personalized you want it to be, consider that you may need to sell it someday.
Most importantly, ensure that what you spend developing the property doesn’t exceed the estimated resale value. To determine the resale value, you may need a real estate professional.
Think about square footage, number of rooms, room layout, kitchen, and yard size (or premises), among others. How will these parts be designed? The rule of thumb is to go for a classic, timeless design that will remain appealing for years to come. Fine, you can add personal flair; but remember that you may need a buyer someday.
Important: never compromise functionality for aesthetics.
Are you looking to use advanced security systems in the new property? Then start planning towards it while developing your landed property. If you are going to use smart door locks, built-in speakers, and automation, you want to factor that into the construction project management now. Although security systems won’t influence how you build, you will have to consider them before construction is complete.
There’s no better time to think about an energy-efficient home than at the beginning of construction. While planning your development project, consider what energy-saving appliances you want to leverage. For example, if you’re looking to use a geothermal heat pump instead of a furnace, it’s more cost-effective to install it during construction.
Also, consider whether you will use solar panels and energy-efficient kitchen appliances. These things can factor into the design layout of your property. For example, you may want to use sunlight to your advantage. Using double-paned windows can also help with energy savings.
Be mindful of how much storage you’ll need in the property before beginning construction. Think about where it will be required. Of course, it’s better to have more than enough space (you can find a use for the extra space later) than too little.
Finally, make sure storage areas are easily accessible and not too high up.
Let’s face it; you don’t have to know everything. In most cases, you would have to rely on construction management experts to ensure no mistakes are made. Do a proper risk assessment; ensure you dot all I’s and cross all T’s before laying any brick.