When it comes to property development and projects, there are so many considerations and variables that come into play.
Some of which include the typical 5W’s
Who, What, When, Where and Why.
For example;
1. Who?
– Who will need to be involved in this project?
2. What?
– What is it you’re buying?
– What are you hoping to achieve?
– What is your property development track record and experience?
3. When?
– When will the DA (development application) be approved? Or if it has been approved, will it be contested?
– When is the project expected to begin and finish?
4. Where?
– Where are you looking to buy?
5. Why?
– Why are you developing and how will what you’re doing be different?
Although the questions seem very basic, it’s the depth of context to the answers that will determine the projects feasibility and profitability when the project is complete.
Let’s break it down even further.
Who – Experienced professionals must be involved with the project to ensure it runs according to time, process and budget to allow for profitability.
What – The finished product must be better than what you started with.
When – The scheduled timeline for completion of the project.
Where – The market and demographic of the area must want what it is you’re developing.
Why – Once the project is complete, people must want to buy what you’re selling.
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
