Real Estate Development – How to Choose a Site With Great Development Potential!

We can’t tell you the number of times we’ve seen inexperienced property developers rush in and buy a development site because it looks like a great opportunity, only to find themselves struggling, and regretting their decision, further down the track.

We believe that it’s essential to perform proper due diligence and a thorough site evaluation before making an irreversible commitment to acquire a site, preferably using a checklist.

When we’re satisfied we’re able to develop a site and we’re happy with our initial ‘back of envelope’ calculations, we don’t immediately acquire the site. Instead, we come up with an initial concept. This is where we do some rough sketch layouts (we may even come up with a number of different options), using the Local Authority Planning Codes and Policies.

In most situations, depending on the local authority planning codes, the area of the proposed building will be based on the land remaining after allowing for required boundary setbacks, car parking and maneuvering and open garden landscaped space.

This, together with the preferred unit size (determined through our initial Marketing Research) will indicate the number of units that can be accommodated on the site. To get the maximum benefit out of a site, a competent and experienced architect should be engaged to create these initial concepts.

As we haven’t gained control of the site yet, we can still back out of the deal. We prefer to quickly prepare schematic drawings to determine the true potential of a particular site. Because if we don’t, we’re just gambling with usually very high stakes.

As soon as the concept drawings are finished, we fine-tune our ‘number crunching’ by undertaking a proper financial feasibility study. The purpose of a feasibility study is to establish whether a project is a viable proposition or not.

If the concept doesn’t pan out, we consider the time and effort we’ve put in to be our “insurance premium”, which has just saved us possibly tens or even hundreds of thousands of dollars, and untold stress, by helping us to avoid a problem site.

We use “Feastudy” property development feasibility software that allows us to work backwards to evaluate what the land is worth to us with development approval – this is called the Residual Land Value. This number is very important in calculating what we would be willing to pay to acquire the property.

We use Worst Case scenarios to do our calculations, which means we are conservative in the values that we input. We include anticipated time scales, all costs including consultants and construction costs, as well as likely end sale values, our minimum profit margin, plus a contingency allowance (depending on circumstances especially site conditions).

It is critical that this feasibility calculation is performed correctly.

If we try to develop a site which is not actually feasible, we are setting ourselves up for stress, disappointment, and possibly even large financial losses.

The feasibility study is also invaluable when putting together a JV or Loan Application Proposal as mortgage lenders or other investors can instantly see whether our project will be successful and the level of risk involved.

A lender will only fund a project which can be demonstrated to be financially feasible – however, if we are funding the development ourselves, we need to be just as certain that the numbers stack up.

So many newbie real estate developers miss out the detailed feasibility step, and the really sad result is that they end up suffering, emotionally and financially, and often give up on real estate development completely because they conclude that it “doesn’t work”.

We know that it does work. But only when the detailed feasibility study says it will work. Anything else is simply guesswork and high-stakes gambling. You may get lucky, but the reality is, you could also end up losing your shirt.

Chandelier Lighting and Improving Your Home Interior Design

Many homeowners are very elaborate about their home interior design. They devote a great deal of effort in designing and decorating their homes as a way to enhance their home’s ambiance and appeal.In this way they can win the admiration of their guests for their home with no trouble, which is a big thing for any homeowner. Furthermore, family members and other household members can also take pleasure from staying inside their good looking homes.

A home interior design should have all the essentials to look great and striking enough.Many homeowners are paying more attention to their home furnishings and decorations as their way of improving their home interior design. However, a home interior design that is fully furnished and well-decorated is not complete without the presence of other elements including proper lighting. A complete home interior design must not only be relegated to the choice of furniture and other decorations to go with them. For a complete and remarkable home interior design, homeowners must also pay attention to the ability of lighting fixtures in making their homes look more impressive and appealing.

Many home interior design experts are claiming that lighting fixtures play a vital role in a home interior design. A certain portion of the house will lose its value when it is poorly lighted. No matter how intricate or creative the design of a room is, it would not have any value if it does not have an appealing lighting fixture to complement it. Whereas, appropriate amount of lighting from an impressive lighting fixture can enhance the appearance of certain portion of a house.

One of the best choices for a lighting fixture for our home is the modern chandelier. Chandelier lighting since it was first used has been one of the most beautiful lighting fixtures of all time. Chandeliers provide a distinctive appeal and beauty that no other lighting fixture can match. Chandelier lighting is naturally capable of transforming a certain place into a more stylish and elegant looking one.

The modern chandelier is now a common lighting fixture in mansions, hotel lobbies, and palaces; places that people find expensive and luxurious. As a result, chandelier lighting is usually identified with wealth and elegance. This is the ultimate reason why chandeliers are perfect for our home. We can transform our homes into a place that can promote a wealthy and glamorous environment that can surely win the admiration of our guests for our homes and have them nod in approval.

Chandeliers are widely available in the market in varying designs and styles including wrought iron chandeliers. Purchasing a chandelier for our home is easy. These popular lighting fixtures are available at many online furniture shops. As homeowners, it is our responsibility to choose the certain style and design of the chandelier that can be appropriate to our home interior design.

Perfect Curtains For Stunning Home Interior Design

Windows may be one of the most important parts of home interior design. On the other hand, it can also break the design for your room. Decorating it with the great curtain will be a stunning additional decor for your home design.

In order to make your interior design look elegant and stylish, there are some steps you have to do dealing with windows. You could maximize the living space by using the right curtain choice and also the right window treatments for displaying and enhancing the look of your interior design. One of the right options of curtain you can choose for maximizing the lighting is the sheer curtains. They allow the air and the light to filter in so that they can also keep the circulation in your room better.

The next thing to do is to create a consistent and fluid window treatment home decor. You have to choose window fabrics and upholstery which is able to blend easily to your interior design. Choose the fabric with the soft texture so that it is able to create the inviting window areas. Visualizing the mood and the design of your room, you could accentuate the accessories and furniture in it as well.

Make a window treatment which is able to give off the vibe and enhance the welcoming and inviting home environment. You could use the elegant and simple patterns. On the other hand, if you have bold and patterned furnishing, you are recommended to choose the window treatment with neutral design.

Instead of covering windows, you can also use the fabrics and also the window treatment for wall hangings. It would be an alternative accessory for you. In addition, you could also use the curtain fabrics along with ribbons to create the stunning wall coverings and tapestries. It would be the great additional style and look to your living space.