Property development – your ‘getting started’ questions answered.
You are 3 degrees away from a more connected life. By that I mean, getting started in property development could well be the answer to more connection to your health, your relationships, your family, time to travel and explore and the financial freedom to do so.
Many busy professionals, enjoying the peak of their career often feel very connected to their work however their personal life can become out of balance. I’ve written about this in the last couple of articles whether it be in relation to your health, happiness or time or financial freedom. Today I want to answer some of the common questions I hear from those who are interested in property development and want to diversify their wealth however they are not sure where to start and what’s involved in the process.
The reality is, property development is very complex and detailed requiring a lot of experience to master all the components that result in a successful district attorney (DA) approval through to a profitable end product. However, when you are working with an experienced builder and property developer, the process is surprisingly simple and easy.
“Organised, efficient, accurate and timely – these four words sum up every experience I’ve had with Rob. We have worked with Zegna on multiple successful projects and consistently seen them delivered on time and on budget. Feasibility studies for projects are precise and transparent, and critically are bank user friendly which value adds to any proposed finance application.
His vast experience as a builder and developer has lent him the ability to package projects to the finest details and provide the right information to the client and other stakeholders, making the experience a smooth and enjoyable one for all concerned.”
Dean English – Finance Broker/Director (Launch Finance)
A lot of people think starting their property development journey is ‘too hard basket’ – ‘I’m already stressed’ – ‘I have no time’. When you look into the facts, there are often a small number of people who own a large portion of property in your area.
They had to start somewhere.
Here is a list of the common questions I get asked by those wanting to get started in property development; note: these answers are based on the Zegna model of ‘Design & Construct’ which is a unique system we have developed as both a property developer and builder.
How much time will it take out of my day?
The whole idea of property development is to give you more time, not take away time from your day. The income you can generate through property development often leads to the freedom to work less hours and have more time.
We manage the entire process which includes initial meetings to get to know each other, discuss the project and understand your goals. Once the project is up and running, the time commitment you can expect is a weekly phone call to bring you up to date on progress or a 15 minute meeting on site to see, feel and touch the development.
Do I need previous experience?
Absolutely not, this is our expertise. We will first talk to you about what type of project might be right for your circumstance and if it’s a good fit, we guide you every step of the way from land selection, feasibility study and design through to council approval, construct and the finished product.
Do I need to manage a team?
We do that for you, we are the project manager and builder acting on your behalf and in your best interest. We have an expert team, trained in our processes so you don’t need to source and review the capability of various consultants and sub-contractors.
How long does it take?
The standard turnaround time from council approval when build commences, is approximately 18 months however it all depends on the size of the project.
Can I afford to do this?
I complete every feasibility study myself and very rarely receive any variations from lenders, I’ll know from a quick conversation what your options are presently and in the future.
How much money will I make?
This all depends on the size of the project and the area it is being developed in, we specialise in boutique, multi-apartment developments as they have proven to be the best project type for generating wealth.
Is it worth doing?
The question is – what is time and financial freedom worth to you?
How risky is this?
There is always an element of risk involved however our experience has enabled us to put together a very process-driven, accurate and timely system to keep risk to a minimum. For this reason, our clients often continue on from their first venture to develop multiple projects with us.
I already make a great income, why would I do this?
It really depends on the plan you have for your life and how you want to make your income. Are you happy solely trading time for money? Or would you like to explore generating wealth through property development as an addition in a way that leverages your time? Property development requires capital to get started however when managed by us, it does not require you to put many hours in to manage the project yourself.
I already have everything (do you?) why would I do this?
Do you have the time freedom you want? Do you want to travel more? Retire earlier? Spend more time with your family and loved ones? Property development creates another income source that doesn’t physically require you to show up.
Why start property development now? (at my age???)
YES!! At any age! If you have the means to explore property development, it is a great opportunity to create time and financial freedom and give back to YOU and your family.
I hope this is helpful for you – I’m always open to having a chat to help steer you in the direction of what might work well for whatever stage you are at in the process. At Zegna, our experience has enabled us to create a proven system for property development resulting in a smooth, enjoyable and profitable experience for our clients.
Remember, we all start somewhere.