The Process - Where do I start
Careful Planning will go a long way to ensuring the success of your development
1. Budget – Work out how much you think or hope you can afford to spend, before you start spending. Have a talk to the local real estate for the areas you are looking at and try to get a gauge of what the sale or rental prices will be for your proposed development once complete
2. Planning – Draw up basic plans for the project. You will need to show these when you are seeking financing and development approvals. There are a number of factors to consider when planning a development:
- Find out your property’s zoning, so you know what you can and cannot to do with your property
Check if your property has any environmental restrictions attached that may impact on the feasibility your developemt
- DCP (Demolition Control Precinct) or character code areas may have strict requirements on changes to the existing property as well as the street scape for your development
- Heritage listsings. This can have detailed requirements for how, what and what materials can be used in any restoration works if part of your development
- Overland water flow, Access Easements and various other items can impact on the feasibility of your development
- Check what plans will be required and at what stage these plans will be required, detailed construction plans won't be required til you are ready for construction
- If you are looking at purchasing ensure you do your due dilligence prior to committing to purchase any proposed development site
3. Finances – go to the bank to discuss any loans, try to get pre approval prior to taking any further steps. Be aware that this is likley to be a commercial loan and doesn't follow the same steps as a personal home loan. Some requirement may apply for example
- Engaging a Quantity Surveyor to administer the project
- Pre sales of some units or townhouses
- Higher interest rates as well as the method and timing of calculating the interest may apply as well. Be sure you read all the details and get the best advice you can for this very important aspect
4. Development Application & Approval – Applications can be made through your local council. An application is necessary to change the use of land, subdivide, to carry out building, landscaping, plumbing or drainage, operational works and more. Be sure you fill out the forms correctly, providing accurate and up to date information. Your application must meet certain criteria, if it does not meet this criteria, assessment cannot start. This process can be managed for you by a Town Planner.
5. Building Certification - Once you have Development Approval you will still need to obtain Building Approval prior to commecing work on your project. This is where your development will be checked against the relevant building framework to ensure it complies with council requirements. This will be completed by a Private building Certifier and you will need a completed set of detailed plans prior to completing this process. The certifier will play a major role in your building development and it is a good idea to discuss the requirements early in the piece.
6. Council Fees - As part of the development assessment process some charges and fees will become payable. These will vary from small assessment fees to larger infrastructure fees, be sure you are aware of all the necessary fees prior to committing to your project. You can request a Prelodgement Meeting with a council representative to discuss your projects requirements
LEAP Quality Homes & Constructions can help with any or all of these steps,
Contact Us on 1300 00 LEAP (5327).
All the information provided on this site is the opinion of the writer only and relevant professional advice should be sought prior to making any financial decisions