Real Estate development can be an exciting - and profitable - venture. One of the factors that stop many people from undertaking a development project is a lack of knowledge of the development process. Here are some of the steps suggested by Todd Hill a real estate entrepreneur, in the process, based on his experiences in a small townhouse development project.

One of the first steps is to have the land assessed for suitability for a dwelling. In our case we have an existing dwelling and were hoping to build a three bedroom, two storey properties on the same block of land as the existing dwelling. Secondly, it is beneficial to conduct a study into two storey properties in the immediate vicinity as local councils would be a lot more favorable if our proposed home was appropriate with the qualities of the local area. As a result and a great thing to consider were, there are various two storey properties in the same street and close by streets. This study may involve looking around in the local area, either in person or online and should also involve talking to the local authority or council town planning section simply to obtain their view on the proposed real estate development.

Once the initial land is assessed and local council consulted then it is time to get some preliminary 'concept sketches' made by a draftsperson or an architect. The draftsperson we were dealing with had at first advised that our block was suitable for a single bedroom unit perfectly or a very small two bedroom unit, however, was eager to attempt to go after a three bedroom home as this was more suitable for the location of this property.

Another important step is to conduct a feasibility study into the potential profitability of the project. In this case, the feasibility study indicated that the three bedroom home, from an immediate potential profit position, would definitely be superior.

If possible, a formal 'pre-planning' permit meeting with the local council town planning section to check over the blueprints is a valuable experience. This conference is free of charge and can be extremely useful at gauging whether or not there would be any resistance to the proposed project.

In our case, this meeting went pretty well, with the local council providing sound advice on strategies that would assist in the smooth progression of the constructing permit. This sort of advice is well worth considering, particularly as the project is a real estate investment.

So what about the next steps from here? The next thing, for us is to obtain the complete development plans for the official lodging of the planning permit to ruling body, which is the local council.

Todd Hill is a real estate entrepreneur that has over two decades of experience in the industry. His expertise is building, remodeling and selling residential real estate. With a background in marketing and real estate development, Todd knows exactly how to bring those high-end finishes to every FLIP. Todd is highly experienced at evaluating and acquiring properties, navigating difficult entitlement and permitting processes, managing infrastructure and project construction as well as directing all marketing and sales programs.

Contact him at [email protected] or call him 913-927-0595.

For more details, please visit here: http://www.thillhomes.com/