|
For the novice, the necessary activities in the real estate development process can be extremely difficult and time-consuming . Success depends upon experience, knowledge of what is required, how the system works, and good relationships with those involved in the process. The twelve basic phases of the development process are:
| |
- Feasibility evaluation
- Site selection and acquisition
- Due diligence
- Preliminary design
- Pre-development
- Final design
|
7. Pre-construction 8. Preliminary financing 9. Construction 10. Final financing 11. Post-construction 12. Occupancy |
Each phase has specific important tasks and documentation that must be completed for the process to go smoothly. For example, during the due diligence phase, the developer must consider zoning, value, building requirements, environmental issues, soils analysis, title issues, survey issues, special improvement districts, entitlements, easements, rights-of-way, power, water, sewer, covenants, conditions & restrictions, and other municipal issues, such as fire, life, safety, traffic, and disability access. Neglecting any of these factors may result in costly time-delays or even worse, failure to build the project. The other phases similarly have multiple considerations. Anyone who has not gone through the process a number of times will likely be unaware of the pitfalls that can frustrate or endanger the project’s success.
Overland Development has been through these processes numerous times and has encountered many of the issues that can delay a project. Our experience is invaluable and can save a client thousands of dollars and avoid costly delays. |