This is the correct way to start the construction process of a Multifamily Building.
Do you have the idea of building an apartment building, either to be sold or leased or to be acquired by your family and you want to know where to start?
First Step… The Most Important: Review The Numbers
Do not get excited about designs or the desire to start construction
Before thinking about designs and construction, even before going out to buy a lot, you must start on the right foot, making sure that it will be a good deal.
You must know what you are going to get into… Review the numbers to know how good a business it will be and how this Real Estate development works.
For that, you have to start by developing a Physical-Financial Model of the Project that will allow you to make an evaluation or feasibility by reviewing all the space and cost variables that your Building may have.
The results of this model and the cost information that you will obtain constitute a very solid base to know what the profitability of the project will be and continue more securely forward in your process.
How Do I Make That Financial Model Of My Multi-Family Building?
You can do this first step yourself, easily and for free with my online Physical-Financial Model.
Normally you would need to consult an expert in the field of construction and in the field of real estate developments to help you shape your idea and make the calculations of costs that you would incur to know what the return or profitability will be.
On this occasion you will not need to consult any expert, because I designed and put at your disposal HERE an online model that you can access for free to obtain this information.
How To Use This Tool
1- Below you will find a questionnaire where you will enter information about your ideas… how you want the building.
2- In less than 48 hours I will send the results to your WhatsApp, that is, what spaces will your building have and what will be its costs.
3- You CAN REPEAT this exercise AS MANY TIMES YOU WANT with different configurations of the building.
What Will Be The Next Steps?
Now yes, to get the lot and design.
From there, you must continue refining the details of the project such as the exact construction area of each floor and the complete Architectural Designs, which will depend on the soil study, the regulations of the Land Management Plan for the area and other factors. .
When entering these more advanced stages, it is advisable that you look for a suitable Architect, with comprehensive experience and knowledge in various areas to guide the entire process and coordinate the different specialists that will be involved (engineering, budgets, financing strategies, marketing, etc. ).
There is Real Estate company That provides Sea View Facing Apartments in Chennai. You can visit their website https://altisville.com.
Do not try to save by not using these professionals and starting without designs or hiring the cheapest professional.
The Cost Overruns That You Will Incur Due To Errors During Construction Will Cost You Up To 30% Or 40%… And Even More.
THIS IS THE SMARTEST
The Fees Of ALL These Specialists Will Cost You Around 8% Of The Value Of The Project, But If You Have Good Designs, You Will Avoid Construction Errors And Cost Overruns.
Also check: real estate agents earning | Estimation Of A Construction Project