Property Development Article 3 – Drafting Your Plans

Following on from article 2 Finding the Right Area and Property, the next step in the process is to have your architect draft the official plans and final design. This is a pre requisite for the banks to start reviewing your application for the purchase of the land as well as the construction loan.

Ultimately the majority of the work is on the architect here so this will be a short article. I will highlight some things for you to consider though:

1)      Consider the area and the demographics when thinking about how many bedrooms you are going to incorporate into the design. Check the average family size (google) and adjust accordingly. I have generally found that 4 bedrooms is a good middle ground but be sure to do your research on your specific area.

2)      If this is your first development then have the architect walk you through the plans in detail. In my first project I didn’t realise that the land had slopped towards the back of the property and the architect had put in 6 steps from the back door to the outdoor area. This would have been a terrible design had I not picked up on it. Look at every feature on the plans and don’t be afraid of asking what may feel like a silly question.

3)      Don’t agree to the design on the spot. Ask for a detailed walk through then take the plans home and show them to your family and friends. The aim here is to pick on an unpractical design before it’s too late. The more eyes that run over the plan the better.

4)      Ensure the builder also looks over the plans and gives the tick of approval. Even though there may be nothing wrong with the plans, the builder may not have incorporated a specific element of the design into his estimate. If this happens you will be hit up with a bill during the construction phase. It’s really important to have the builder confirm in writing that the design matches the estimate he/she provided so no hidden costs arise later.

That’s it for this step. It’s really quite personal to you and your project so not much advice I can give here. You’re now ready to submit all your documentation to your mortgage broker to organise the purchase of the land and the construction loan. I won’t write an article for this step as your mortgage broker will explain the whole process to you.

The next article will be the final article talking through the construction and subdivision process.