Buying Land For Development Requires Careful Planning and Execution
By Colm Dillon
From the desk of Colm Dillon …
Author
“Residential Development Made Easy
Hello Colm here ..
For your development project to be successful every element must be planned carefully.
Buying land for development is just one intergal part of that planning process however it tends to be the focus of most start-up developers.
Before starting the process of selecting and buying land for development, you need to decide who or what legal entity is going to buy the land. For instance is it going to be in your personal name, in you and your partner s names or a company name.
Answering that question is important because you need decide who or what entity is going to borrow the money to purchase of the land,
but also borrow the money for the total development.
Each individual s personal circumstances are different. Add to that the different States or Countries in which we live, and and you can see that they are many permutations to be determined before you can answer that question.
These decisions are fundamental to your work as a developer. After all we are developing to make money and setting up your structure correctly ensures that the money you make is tax advantageous.
My best advise is to investigate and engage a good property accountant, a good property lawyer and a good property finance broker.
Notice I have bolded the word property against these three
professionals. Please understand that in any profession, there is the need to specialize.
I mean you would not get the best advice from a lawyer who mainly did family law, now would you. What s the answer? Before appointing anybody … interview them … after all you are about to base your future on their advise.
Have your personal and or company financial details clearly set out and in particular have your wealth plan defined so you can brief each of these professionals.
Don t do you thinking in front of them. It wastes time is unprofessional and costs you money. The better the quality of your preparation … the better the brief you will leave with them.
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Please - please - please if your best friend or Aunt Mary s next door neighbour is a lawyer, accountant, broker - don t engage them! Or if you want to go in that direction, interview them and ensure they have the correct property background.
Residential Development Made Easy goes into more detail as to how you proceed with these professionals and determine which entity actually buys the land
.
