Property development can be a complex and risky business. To understand the complexities and minimise the risk, developers should seek out the skills, guidance and knowledge of property development lawyers who are experts in this field of law.
Property development is a multi-faceted business involving different individuals and entities, subject to legal and regulatory requirements and underpinned by financial obligations and implications. Without the right skills, knowledge, guidance or planning, developers can fall foul of the sky. These are business transactions that include
a business that includes transactions that range from renovating and leasing existing properties to the purchase of vacant land, all for the purpose of developing and selling on.
Property development, also called real estate development, is the process of developing buildings or land into a higher use value.
It’s a multi-faceted business which can encompass any of the following:
- Buying land and building property on it;
- Renovating, extending or improving property;
- Converting property from one use type to another.
The advantage development offers in comparison to other avenues of preserving and generating wealth in property, such as property investment, is the potential for substantially higher returns.
However, where profit and a return can be made, risk always follows. Property development is no exception.
Many people will tell you that property development is complex and risky. Indeed, without the right knowledge, skills or planning it can be and as a result, developers often seek to reduce risk in as many ways as possible.