The development of real estate is an excellent investment opportunity for those seeking a high rate of return. It carries a greater degree of risk than other investments, but the potential returns are substantial!
Parkes and Forbes continue to expand and grow and currently, there is land available for development. If the proper investments are made, those investments have the potential to be lucrative. The quickest and easiest way to generate revenue is to add a granny apartment or a simple extension to the property.
Before making a decision, those contemplating a career in real estate development must carefully weigh the risks and benefits. If you want to find a site with the potential to earn you money, the first step is to learn how to purchase the property with the greatest potential; you will want to ensure a high return on investment.
There are numerous factors to consider.
Before investing, it is essential to conduct research and comprehend the market. You can ensure that the properties you develop will appeal to the local market by researching the type of housing that is selling or is needed in the region.
There are a variety of possible construction types, including single- or two-story options, duplex or dual occupancy, granny flats, home offices, and accessible housing designs, among others. Are the listed options applicable to the website you are currently viewing?
Consider centrally located and easily accessible locations. You will be able to charge higher rents or prices due to the increased likelihood of attracting tenants or buyers in these areas. Additionally, it is advisable to seek out properties that are close to schools, hospitals, and shopping centres.
On a large lot or property, it may be possible to obtain approval for a second dwelling or even the demolition and reconstruction of your current residence. For the construction, perhaps the existing property could be subdivided. Adding an extension brings in additional revenue for small families.
You must develop a solid plan for the intended use of the property. Will you build and sell? Or build and lease?
The cost of construction is also crucial; if the site is too expensive to develop, for instance, due to costly site works, the project may not be worth the time, money, and effort invested. Who will you hire to complete the project? How long will it be before this contractor begins construction?
Does your project have bank or financial institution approval? What types of financing are available for the homes? What is the potential return on investment when all costs are considered?
If this property does not sell or rent, could you and your family live there?
Consult with the local council to determine the required approvals and wait times for such a development.
You may incur a financial loss if the project does not go as planned or if the market fluctuates unpredictably.
There are numerous regulations associated with real estate development, and if they are not adhered to precisely, you could face legal issues.
Do you believe that real estate development is feasible for you in light of the aforementioned factors? It can be a highly profitable endeavour, and we believe it is worthwhile if undertaken at the appropriate time and location.
On our website, you will find a wide selection of house plans, such as those for granny flats, duplex designs, dual occupancy homes, home office designs, single-level homes, and two-story homes. A location such as Parks and Forbes provides an incredible opportunity to grow your revenue when you purchase either a granny flat or a straightforward extension to the existing home. The value increases with each passing year, and is bound to grow big!
Integrity New Homes also provides an excellent selection of standard Designer Inclusions from reputable companies such as Bunnings, Reece Plumbing, Laminex, James Hardie, BnD Doors, and PGH Bricks, among others.
If you are looking to start your investment journey, we specialize in assisting you to plan, design, and create the investment that best meets your needs and budget.