1. Development Process
A piece of land can give many different impressions to various people. If four people look at the same piece of property, they may see four different images for development. One person might see a golf course while another developer might see a prime site for shopping mall. A third investor could conjure up an idea for a town house development while the fourth person might see a wonderful opportunity for office park. Some parcel of land cries out for a particular treatment, others are more versatile and stimulate creative minds. Every piece of property is unique in some way. Successful developers learn to find the highest and best use of land.
Planning on paper is a sure way of making a project more likely to succeed. Many developers find the planning stage to be one of the most enjoyable aspects of developing land. Many factors must be assessed as a plan is made for a development. Before a project goes into production there will usually be a plan that has been created by experts. After working on a plan that deals with existing features, the developer has to create a plan for the development. For example, if you are building a residential subdivision, what house style will you allow in the development? Are you going to have a play area throughout the development for children? Good developers ask themselves hundreds of questions during the planning of the development.
Selecting Viable Projects
Selecting viable projects for development comes naturally to some developers. The process can be as simple as a gut feeling, but actually with so little to base a decision on is risky. Most investors and developers require extensive documentation on property before a purchase offer is made. Once a developer begins searching for land, there is a good chance that the developer will have so many parcels to choose from that confusion will run rampant. If there are a number of real estate brokers submitting properties for review, developers can fall even further behind in their decision-making roles.
There is no particular rule that dictates how a buying decision must be made. Some investors do operate almost entirely on guts feelings. Most investors have some type of system that they utilize to evaluate various properties. A few investors have strict guidelines that they will not stray from the in the selection of real estate.
The first step to take to choosing viable projects is to resist the hard sells that some real estate brokers will throw at you. Some real estate agents have a flair for making a mundane property sound fantastic. With some salesmanship, these agents can talk a lot people into buying almost anything. It is better to miss a good deal than to buy into a bad deal.
Objective of the development
A wide range of specialist knowledge is needed to collect and analyse all the data relevant to land evaluation. The work is best undertaken by a multidisciplinary team that includes social and economic expertise as well as biophysical scientists. Ideally, such a team should work together throughout the study so that each member can influence the others with his or her special knowledge and viewpoint. The reliability of a land evaluation can be no greater than that of the data on which it is based. Ideally, fresh data should be obtained to answer all questions raised by the study, although time and expense usually prevent this being done as thoroughly as is possible. The one really important requirement is that the reliability of each data source is checked. Any shortcomings that are not subsequently made good should be highlighted in the evaluation report.
The definition of objectives is a critical step in the evaluation procedure. It largely determines how elaborate the study must be, how long it will take and how much it will cost. It also ensures that the investigations set off in the right direction, with a good chance of...
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