REAL ESTATE DEVELOPMENT
Updated: Dec 8, 2019
What is it?
Real estate is tangible Property made up of land as well as anything on it including buildings, animals as well as natural resources.
Real estate development also known as property development refers to activities that lead to the enhancement or improvement of a land or building.
Real estate development is synonymous to Land development. Land Development is the alteration of the landscape or shape of a land surface in a number of ways which include:
Changing landforms from its natural state for purposes of farming or housing.
Sub dividing real estate into lots typically for the purpose of building.
Real estate development or changing its purpose.
Persons involved in real estate development are called real estate developers. Real estate development often requires much capital which can mostly only be raised by corporate bodies and associations due to the complex processes and partners involved in most developmental projects. However, individuals can still carryout small real estate developmental activities.
What activities are involved?
Real estate developers involve themselves in a variety of activities ranging from simple renovations to complete construction of New layouts and communities. Some of these activities are:
· Purchase of existing structures
· Renovations on existing structures
· Re-lease of renovated structures
· Purchase of undeveloped lands
· Sub division of lands
· Resale or lease of developed lands
· Constructions on land
· Sale or lease of properties
Developers convert these activities thereby converting ideas drawn on paper into properties and more over bring in return on such investments. Real estate developers orchestrate the development process of a property from the beginning to the end. That is, buy lands (also referred to as speculative development), finance real estate deals, construct properties and most often lease or sell.
This often requires the developer to plan, obtain permits and carryout the project to completion. However, small developers may partner with other agencies to better ensure the realization of complex projects.
Real estate development projects may include:
Land reclamation processes
Construction of individual homes
Construction of public and private structures such as school, hospitals, libraries and museums
Town planning, diversions, drainage.
Development of new layouts
Construction of facilities such as stadiums, playgrounds
Construction of social structures such as retirement homes, orphanages
Which Groups of Persons are involved?
The conception and realization of a real estate developer project often involves the participation of many other practitioners in diverse fields of expertise. This too will depend on the complexity or significance of such a project. An average project may require the services of the following professionals:
· Civil engineers
· Market consultants
· Environmental consultants and soil engineers
· Lending Banks
· And maybe more
The entire team of Legacy Ltd welcomes you to our website, cameroonlegacyhousingandrealestate.com, where Real Estate is the talk of the Day.
On our weekly blog posts, we will be handling prominent and pertinent issues on Real Estate such as:
Types of Lands
How to Evaluate and Price a Real Estate Property
Safeguarding properties and titles
Handling property taxes
Acquiring Land Certificates
Laws on Real Estate
Construction on Real Estate properties
Legal requirements on Constructions
Planning for Construction
Cost Estimates and Realizations
Renovations and Maintenance
And a lot more.
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