Professionals a Property Developer Must Have
You have property development in mind and you think you can go the whole distance single-handedly. Think again! It is clearly a team work and unless you have professionals to partner you at each stage, you are likely to falter sooner or later. Even if you succeed, the results will be far from positive. And who are these professionals I am talking about? Let us take a look.
Your property lawyer can take you through the legal mess that a construction contract can be. He can understand the zoning restrictions, the height and storey structure better than anyone. A must have in your ‘advisor’ kitty! There are tonnes of pre-construction inspections that need to be carried out and only this guy can comprehend the legal merit behind them.
Tax expert and accountant
An accountant is just so handy because he tells a property developer exactly where he can save money and just what kind of expense is tax-deductible. As an example, your accountant can help you claim the capital works deduction (which surprisingly only 40% investors claimed for the fiscal 2011-12.)
Fetching development finance might not be as easy a job as it sounds. Individual borrowers may think it is easy to borrow when you are a development firm but then it is not. The reason is simple: the credentials of a development firm may be better than an individual but at the same time the bank’s liability is also far greater and hence procuring development finance can be a tough job unless you have your financial broker with you.
A local architect can be the best bet for a property developer. For one, he reads the council requirements like the back of his hands and two; he knows the construction style best suited to a particular neighbourhood- the angle of sun and its slant on the windows for example.
Working in proximity of your builder is crucial. He is the guy who can get you information on the best land releases; the ones which are more open to subdivision and dual occupancy. He can also save you bundles of construction costs.
These are professionals with a sound and competent mind. They can guard you clinically from all sides so that your development goals see the light of the day, more often than not.
Who are part of your property development team?