{"id":26351,"date":"2024-09-27T15:00:00","date_gmt":"2024-09-27T05:00:00","guid":{"rendered":"http:\/\/propertyupdate.com.au\/?p=26351"},"modified":"2024-12-14T17:29:07","modified_gmt":"2024-12-14T06:29:07","slug":"10-golden-rules-property-development","status":"publish","type":"post","link":"https:\/\/propertyupdate.com.au\/10-golden-rules-property-development\/","title":{"rendered":"10 Golden Rules of Property Development"},"content":{"rendered":"

I've found that many investors want to get into property development to grow their wealth faster by \"manufacturing\" capital growth and increasing their rental returns.<\/p>\n

While the property development process can be very rewarding, it is not without some pain and considerable risk.<\/p>\n

When all goes well, the results are fantastic, but if things go wrong, they really go wrong.<\/p>\n

\"Construction2\"<\/p>\n

So let\u2019s look at 10 Rules to help make your property development project a success.<\/p>\n

1. Get all your ducks in a row before you start<\/span><\/h2>\n

Before starting down the path of your first (or next) development project, get your finance pre-approved, have your ownership structures set up and have the core of your team of consultants selected.<\/p>\n

2. Understand where you are in the property cycle<\/span><\/h2>\n

As a development project often spans two or more years, understand where you sit in the property cycle and pay attention to the big-picture economic factors that will affect the real estate market.<\/p>\n

You don\u2019t really want to complete your project in the depths of the next property slump- do you?<\/p>\n

3. Do careful pre-purchase due diligence<\/span><\/h2>\n

Don\u2019t believe the selling agent when he tells you the property will make a great development site.

<\/div><\/p>\n

You need to undertake careful areas of due diligence<\/a> including checking the council zoning, as well specific property due diligence - things like checking:<\/p>\n