In the world of real estate, condominiums are some of the most popular forms of real estate investments. They are in high demand in most cities, and tend to fetch a lot either when on sale or when rented. When constructing a condominium, it’s ideal to focus on making sure that the structure will be sound, that it will meet local ordnances and that it will be long lasting. There are many other benefits you need to consider to not only adhere to local construction rules, but also for the sake of increasing the income from the property. Some of these include:
During this stage, you come up with the concept of the condominium you want to construct. This depends on a number of factors including the nature of the market you want to attract as well as local ordnances. The nature of the market will determine details such as the design and location of the condominium as well as finer details such as the types of fittings you will want it to have. You can even decide on the look you want the condominium to have in this stage.
It’s important to work with a credible construction sub contractor for this stage. You will have access to technical knowledge that will allow you to make sound decisions. Remember, what you decide to do at this stage may be difficult to undo once the construction process begins. You should be comfortable with the outcome of the decisions you make once this stage is over.
The Review Phase
This is the stage at which the decisions you have made are looked at keenly. The point is to make sure that the concept is not only sound, but is also legal and feasible. The feasibility also extends to how much the project will cost you in the long run.
You will need to get approval from the local councils prior to beginning construction. The only way the approval will go through is if it adheres to the local building ordnances. This is where the design of the house is done according to the local regulations, and then presented for approval. Once again, a sub contractor with experience in design approval and project management would come in handy.
Prior to beginning the construction, you can go through a pre-sales period where the condominium idea is presented to prospective buyers. They can then weigh in on the design and even buy the property before it’s constructed. During this phase, they may request some changes to the design to suit their personal needs. If minor, this is not a major issue. More substantive changes may require the plan be approved by the local councils once again. Typically, condominiums built for sale are usually sold before construction around 80% of the time. This can only happen if the preceding steps have been done correctly.
Once the above is done, groundbreaking can be done and the actual construction can begin. Of course, these steps vary depending on the nature of the construction and the needs of the client.