10 Myths about Development: Busted
Property development can often seem daunting to those not involved in the field. There are very few people that truly understand the ins and outs of development, and, because of this, there are many myths and misconceptions that can scare off the average person.
In order to truly understand development, you first need recognize its greatest myths…
“YOU DON’T NEED A TEAM TO DEVELOP PROPERTY” From start to finish, development requires a vast array of skillsets which can rarely be obtained by one individual person. From architectural design, financing, and legal skills, to physically building structures, high level development almost always requires a team of experts in their respective fields.
“PROPERTY DEVELOPMENT HAS BEEN PUT ON HOLD DURING THE GLOBAL COVID-19 PANDEMIC” Many developers, with safety in mind, are realizing the opportunity this tough economic time has presented. Developers are pushing forward on thousands of projects nationwide with new, social distancing friendly, features.
“DEVELOPMENT COMES WITH NO RISK” Like any investment, development will always come with its fair share of risk. Fortunately, with proper budgeting, efficient work, and high level project management, this risk can be controlled.
“GOVERNMENT ‘RED-TAPE’ MAKES IT IMPOSSIBLE TO DEVELOP PROPERTY” Local governments can be very enthusiastic about projects if given a great project plan. Developers who can earn and maintain a strong relationship with community leaders are often rewarded with easier access to government approvals and permits.
“DEVELOPING PROPERTY IS INCREDIBLY EXPENSIVE AND NOT WORTH THE COST” With a tight but realistic budget, which includes input from every piece of the development team, development costs can easily be kept under control.
“ARCHITECTS, ENGINEERS, AND CONSTRUCTION WORKERS ARE CONSTANTLY AT ODDS” The trope that leaders from these professions can never get along has often been proven to be false. More often than not, the leaders from each field are more than willing to collaborate and compromise as they are all eager to successfully finish the project.
“FINANCING DEVELOPMENT IS BORDERLINE IMPOSSIBLE” In the modern era, many developers are introducing investor equity to reduce the financed dollars required for a given project. Beyond this, tax credits and other public sources are often available to help developers complete their financing. Financing can be difficult, but is still not impossible.”
“ARCHITECTS DON’T UNDERSTAND REAL-WORLD SITE EVALUATION” Modern architects have become incredibly reasonable and understanding in regards to the complications which arise at any given development site. Architects are almost always willing to adapt and adjust their plans to accommodate changes or issues at the site.
“CONSTRUCTION COMPLICATIONS ALWAYS COST TONS OF TIME AND MONEY” Construction companies are aware of the stereotype that complications almost always happen and almost always cost the client serious time and money. Construction companies are now more prepared than ever to quickly, working with architects and engineers, recognize alternative plans and courses of action in order to prevent long-term, costly construction delays.
“PROPERTY DEVELOPMENT IS FOR LARGE COMPANIES ONLY” There are thousands of small property developers who understand local communities and use this knowledge to successfully develop small property.
At VIP, our integrated team can handle every step of development, leading to seamless planning and execution. Our architects, engineers, and construction teams are all under one roof, which means collaboration and communication come naturally to us. This means less time arguing about designs and planning, and more time developing.
ABOUT VIP STRUCTURES
As a fully integrated design-build firm, we specialize in architecture, engineering, construction, and development to help organizations with building needs all across Upstate New York. Visit us on the web at www.vipstructures.com or contact us on the sidebar by filling out our short form fill. Subscribe to our blog to get the latest news about what is happening in the A/E/C/D world.