How to profit from property development

5 questions to ask a development specialist
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Don’t be afraid to ask the tough questions.

If you’re about to embark on your first build as a property investor you might have reached the ‘audition stage’, talking to a number of development specialists about your plans.

A team that not only answers the tough questions, but also gives you answers to questions you didn’t even know you needed to ask!

You don’t have to be a seasoned developer to make money from property, but you do need to have the right team on board if you want to maximise your chances.

It’s especially important if you’re looking to develop in your backyard, or want to demolish an existing house to make way for two or more new properties.

Or maybe you want to explore property investment opportunities under the NDIS (National Disability Insurance Scheme), which is encouraging private investment in new accessible and affordable housing.

Or maybe you’re looking at investment opportunities in new estates where you can start to build a property portfolio, or you’re on the look-out for a one-off opportunity on a narrow lot in an infill location close to the city.

If you’re selecting a development specialist to look after your project, here are the top 5 questions we think you should be asking:

1: Will you look at the block I want to develop?

Meeting on site will give you much more information than simply relying on Google Maps. You’ll get immediate feedback about the potential, as well as any challenges. Soil conditions, sewer location, fencing and retaining, for example, can all have a bearing on the cost of your project. At Plunkett Homes you can take advantage of our free 1-hour on-site consultation, at a time that is convenient to you. No strings or obligation attached!

2. Do you offer a free project assessment?

At the end of the day, you want to make a profit. A free, no obligation project assessment can help you answer this crucial question before you start tearing up your backyard or shelling out money on a block. This initial assessment should include R-Code zoning calculations and cost predictions, giving you an idea of how many properties you might get on the block and how much the build costs are likely to be. It should also take into account the location of the block and the type of purchaser or renter you are likely to be designing for. While the market will ultimately dictate the sale or rental price, a feasibility assessment will provide solid figures so you can gauge what the short, medium and long-term potential of your project might be.

3. Can you provide a turnkey solution?

By opting for a ‘full package’ solution, every aspect of your build, right down to the washing line and letter box, will be included in your contract. This makes it easier to budget and the homes will be handed over to you ready for immediate sale or rent. Full package solutions can save time and money – both crucial to investors.

4. Can I talk to some of your past clients?

If the builder has clients they have worked with time and time again, you can be pretty sure they know what they’re doing and have the runs on the board to prove it. Getting to chat to past clients provides valuable insights into the way a builder works and how they get the job done.

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