Everything You Need To Know About Residential Development

Residential development plans are never brainstormed, created, or approved in a vacuum. Property owners, residents, city officials, and residential developers are all involved in this process, which can take months or years to finalize.

Your company must know what you are doing and how to get started to finalize a residential development project. Only one in every 50 single-family unit projects that request a permit is granted one — and being granted the building permit is sometimes the easy part. Only about 50% of single-family unit homes commence construction a month after permit issuance.

So, to help you get started, we break down what you need to know about residential development initiatives below.

A residential development project is a real estate development process where new living spaces are brainstormed, designed, and constructed in private and public areas that update and improve a neighborhood's existing aesthetics and facades.

Residential development projects involve creating site plans, schematics, blueprints, construction plans, and conceptual layouts that are then used in the construction of infrastructure and dwellings for an individual or entire family.

A residential development project is a long-term investment for everyone involved. Construction companies and land developers usually get feedback and suggestions from the contractors and homeowners who will live on those properties.

Forward-thinking residential developers design site plans and layouts that are new, fresh, aesthetically pleasing, and challenge traditional aesthetic standards without sacrificing function.

Always hire the right site plan developers for your projects. Take the time to look over, reconsider, and redesign an aspect of the project, if necessary. The residential development project will take years to finish and will be home to countless families and individuals over decades.

Remember: the residential development project you initiate will bear your company's name on it. Make sure any construction project you approve meets your high standards.

Residential development site plans, layouts, and schematics should be of efficient design and be void of as many empty spaces as possible. Open spaces serve no utility function, act as aesthetic blight, and limit the amount of profitable construction that can be built.

Consider limiting the number of unnecessary intersections in your residential development site plan too. Doing so can cut down on the number of corner lots which cost more money to build, sell at relatively lower prices than other houses, and are usually the last to sell because they are not aesthetically pleasing or popular with potential homeowners. Aspire to have subdivision lots facing both sides of the street to cut down or eliminate empty corner lots where no house faces the street.

Long before construction begins on a residential development project, your company should be technically sure if such a project can be legally undertaken.

Will you be able to source enough capital to start and finish the project? Will you have geographic studies conducted to determine what kinds of rocks and minerals are present on the land? Will the building materials you source conflict with constructing on the existing terrain? You should understand the terrain and how your company may have to compensate before construction starts.

It is never good to assume when it comes to business transactions. There may be houses, lots, or portions of land on the property where you plan to build your residential development project that could be owned by other entities.

Your company will need to conduct local property record searches to ensure that no person or business entity owns land or property on your future build site.

Residential development contracts are not won or awarded in a vacuum. You will need to market your services to construction companies, city councils, or property owners to win lucrative construction projects.

You will also need to impress the residents. Your company may have to create the proposals and marketing materials that will be used to market high-scale residential development projects to existing and potential future residents.

Millions of building permits are issued every year in the United States. However, it takes a lot for a professional residential development firm to get approved for one.

To get a building permit, your company must prove that your construction professionals are competent, know how to build, learn how to install plumbing and electrical systems, and understand how to build relative to local city codes.

Do you need assistance with a residential development project? The professionals at My Site Plan have over 20 years of experience developing site plans and conceptual layouts for construction projects. Contact them today.