Real Estate Development
The concept of real estate development, also referred to as ‘property development’ and/or ‘development of building projects’, is one of the important competencies and activity fields of Further.
What is real estate development?
Real estate development never means operating a traditional real estate agency and becoming a broker, it means that development of real estate objects or properties through maintaining, repairing, modifying, refurbishing, and/or renovating, and consequently increase the value of the property to profit from prospective sales.
Who does develop real estate?
Real estate development is a comprehensive and multi-disciplinary work. Even if the property owners and self-builders are able to do that themselves, mainly people who have professional expertise are able to develop a property. Many of developers avoid working with professionals because of they do not want to pay for design and project expenditures. Although there are few successfully completed projects which developed by self-builders, development processes which professionals are not involved in, are majorly being failed: budgets are over, deliveries delay, and the users upset as a result of their avoidance.
Why is real estate development important?
Real estate development is of great importance in terms of both improving the quality of life and increasing the value of real estate. An undeveloped property does not meet today’s requirements, so its quality of life is low, and it provides a lower return in case of leasing or selling. In spite of this, in a developed property, both the quality of life reaches today’s standards and it provides a much higher return in case of renting or selling. Have you ever thought why your property is sold for £100K while your neighbour’s one for £200K? The answer is clear: Most probably, your neighbours have already developed their property. Let us explain it to you by numbers: According to the Office for National Statistics, ONS, while total turnover of construction industry in the entire United Kingdom is £290.9 billion, the share of construction of domestic buildings has £63.7 billion, and the share of development of building projects is £45.4 billion at the end of 2018. However, real estate development is ranked as the 1st in West Midlands. While total turnover of construction industry in West Midlands is £21 billion, the share of construction of domestic buildings has £2.70 billion, and the share of development of building projects is £3.13 billion at the end of 2018 .
What does Further offer?
In this context, real estate development process that begins with to be received design brief from the property owner, includes the following services of Further:
decision-making depending on the budget, design brief, and users’ requirements and expectations,
structural project where necessary,
coordination project of architectural, structural, interior, mechanical, electrical, and plumbing projects,
construction / implementation drawings,
quantity surveying and preparing bill of quantities,
construction / implementation management.