Designing and developing a successful residential development can be costly, time consuming, and difficult if the right strategies and procedures aren't implemented or taken into consideration.
There are three core factors that Hub Architects believes a company needs to consider when designing and developing a great housing scheme. These three core factors can be described as: Price, Product & Location
The three core factors when developing a urban housing estate:
1. Price
The design and destination of your residential housing estate can only bring you so much success. It is crucial that the right research is done in order to determine the best price for your product, based on the current economical stand-point of the country.
The price in which you set can also determine how fast you sell or let the units out. Time plays a crucial factor in making profit out of a development, for markets and inflation varies over a certain period of time. If a housing scheme takes too long to sell, the developer could potentially lose money over the long run.
The price also needs to be well balanced in terms of both the buyer and seller feel like they got a good deal. The developer needs to be able to cover costs, as well as be profitable after selling a certain amount of units. The buyer should feel like home and he/she should not feel financially burdened by the purchase based on the value they got out.
2. Product
It is important that the product designed for the residential development can satisfy the market and potential clients. It is important that the standards of your housing scheme is at least matches that of your nearby competition. It is however highly recommended that you out do your nearby competitors in terms of facilities and design to the buy selling edge.
The more features and facilities you offer in your development, the more likely you will attract attention to your urban estate due to having a great all-round product. It is important that the architecture and architectural style used is pleasing in terms of display, accessibility and usability.
3. Location
The destination where you decide to develop your housing scheme is crucial to the success of your development. The ideal location should be near other facilities and places that prospective buyers may be interested in. This may include places like shopping centres, public transport, schools and gyms.
One should also consider the region in which the development is placed. Ideally it is important to avoid areas that do not have proper servitudes and other necessary infrastructure like sewage, water and roadworks; as this may affect the costs of development, and or sales of units.
The site's geology also plays a huge factor to the success of the estate. Costs can increase drastically if the quality of the soil and ground is not up to standard to withhold the site's structures. The amount of resources that may be needed to prepare the ground may not be worth it, as engineers and other consultants may be needed to put in more hours to solving the foundation level, before even looking at the actual structures.
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