Everything You Need to Know About the Property Development Process
JMK Property Investment approaches the property development process with you in mind. We are in the business of developing relationships first. Our comprehensive management services give peace of mind and offer solutions to your management needs.
As a family-owned and operated business in Miami-Dade County, we manage more than 75 properties and specialize in Community Associations, Single Families, Apartment Buildings, and Commercial Properties.
We know plenty about the investment properties in Miami Beach, and we want to help you be as successful as you can be. With our experience, we will prove to you there is no better partner in the business than JMK Property Investment.
The first step in property development is getting comfortable with being uncomfortable. Initially, we will have lots of conversations about your goals, vision for the project, specific needs, and your budget. Your choice in a property development team is so essential that this initial consultation is FREE. Our relationship must be professional, comfortable, and transparent. This means we want you to have a no-stress opportunity to ask us all the essential questions.
If you decide JMK Property Investment is a good fit for you, we stand ready to help you through this entire process. We are here for as much – or as little – as you need us.
- Secure Financing
Before you start any project, it’s best to establish how much you can borrow to begin. You must have finance pre-approval before you get started. You need to be able to set realistic goals and understand any project limitations from the very beginning.
- Secure Site
Before you purchase land, you must understand the strict guidelines that councils have included in their town planning. There are numerous building codes to wade through and restrictions to consider.
We cannot overstress the importance of real estate acquisition. Site selection is critical.
- Understand the Risk
Just because you CAN develop on a piece of property doesn’t mean it’s financially responsible. It’s a good idea for you to complete a comprehensive property development study to determine exactly what the pros and cons are to ensuring profit.
- Enlist a town planner
Town planners offer feedback during the design process, write the development application, and handle council requests, objections, and cases in the appeals court (if necessary).
- Enlist an architect
Creative designers of project
Knowledgeable about town planning
Prepare detailed working drawings
Administrate the building contract
Work with engineers
- Enlist a builder
Be sure to request a copy of insurance certificates
Ask them to provide evidence they can handle the job you’re proposing
Agree on a contract that outlines price and payment arrangements, scope of project, communication expectations, and responsibilities of each party
Contracts should also include what happens should there be a dispute.
Clearly state that work should be done to specifications, drawings, and calculations that comply with building regulations.
- Plan for delay
Expect the unexpected. It always happens. Typically, construction can last between 6 – 12 months; however, you should expect weather disruptions and other holdups that are entirely out of your control.
- Prepare site
Site prep is a critical part of getting your property ready for construction. You’ll need to at least finalize location details, determine access to the site, and plan for drainage. This step, if done well, is the first determiner of success and has the potential to save both time and money.
- Manage construction
You’ll likely need a project manager to handle the nitty-gritty details of managing the construction. There will be constant questions, budget issues and negotiations, consultation on construction strategies, and communication issues.
- Sell or maintain
It’s finished. Are you going to sell your development or keep it? How do you know what to do? If you sell, you’ll likely make a profit right away, but are you being short-sighted?
- Turn development into investment.
If you decide to keep your development and cultivate a long-term investment, how do you start making money? What kind of team do you need to ensure a return on the investment you’ve made? How do you start?
- Make Your Money
If you have decided to hold on to your property, you benefit from
Higher rental yields
Better financing options, with refinancing based on market value
Strong capital growth
Property Development with JMK Property Investment
Property development may feel like an energizing challenge, or you may feel overwhelmed and anxious. At JMK Property Investment, our years of experience allow us to provide you exceptional service based on our expertise, open lines of communication, accessibility, and reliability. In addition, we are also licensed General Contractors in Miami, which means we can help with all property updates, new construction, or remodeling needs.
JMK Property Investment can be as involved as you need us to be. We take pride in the Miami-Dade community area. We have also established a reputation in this community. Let us share what we know to do our best for you. We will use all our experience to help you achieve your goals.
We want to generate maximum returns from your assets. Let JMK Property Investment get to work for you! Get in touch with us today to schedule a FREE consultation to walk through your needs, the scope of your goals, and your budget.