Are you thinking about developing property in New Zealand? If so, it’s important to be aware of the process involved. In this blog post we’ll take you through the six steps of the property development process. By being informed, you can know exactly what to expect!
- Feasibility Study
The first step in any property development project is to commission a feasibility study. This study assesses the potential of a project, helping you decide whether or not to proceed. It takes into account factors such as zoning, land use, planning restrictions, and market demand.
- Project Planning
The next step in property development is to start planning in detail. This involves putting together a team of experts (architects, engineers, surveyors, etc.), obtaining necessary permits and approvals, and finalising your budget.
- Construction
This is when the project really starts to take shape. This is where your buildings or homes will be built according to the plans you’ve so meticulously made. Depending on the project’s size and scope, construction can take anywhere from a few months to several years.
- Marketing and Sales
Once construction is finished, it’s time to start marketing and selling. This stage involves creating marketing materials (e.g. a website, brochures, and flyers), setting up an office or showroom, and appointing agents to sell on your behalf.
- Settlement
Settlement is when the sale of a property is finalised and the buyer pays for it in full. This usually happens roughly three months after you have accepted an offer.
- Post-Completion
There are a few final tasks that need to be taken care of before the project can be considered complete. These include arranging for any warranties or maintenance contracts to be put in place, paying off any outstanding debts, and transferring ownership of any common areas (e.g. car parks and gardens) to the relevant body (e.g. a body corporate).
Developing property can be a complex and time-consuming process, but it can also be an incredibly rewarding experience. Especially when you know what to expect. We hope that this blog post has given you a better understanding of what’s involved so that you can make informed decisions about your next project!
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