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Construction & Building

The 5 Steps to Commercial Real Estate Development

Commercial building construction is a massive endeavor. The result needs to be fully functional, safe, appealing and, on top of all, legal. These factors will determine how successful your business is. To ensure its success, you need to follow the basic steps of commercial real estate development.

1. Hiring a qualified services team

You don’t just need builders, but also designers. The team must include an architect, as well as a draftsman, check more at drafting services Melbourne. The latter’s job is broader and includes circuitry plus mechanical design. Drafters tend to have different areas of expertize – make sure you hire one that suits the project. Search for commercial building drafters and find out the materials they best work with.

2. Surveying the area

Nothing can be implemented unless the chosen area has been surveyed. If you have a location in mind, get your contractors and construction project management in Melbourne to see if it’s a feasible choice and whether it can suit the chosen design or not. The process involved measuring the available space. It’s also a good idea to come in contact with people living in the area or with business owners. They might tell you about accessibility and other important aspects, or whether there are issues or not.

3. Drawing the building plan

As expected, the designing process is essential. Let the design team start its work once the measurements are done. This is the correct order of the tasks. The initial plan can be revised as many times as needed. At this stage, it’s also important to contact the local authorities and find out all the legal requirements, like building codes etc. Start the work only when the plan is complete.

4. Estimate the building costs

This may be hard to do early on because you never know all that’s needed. In any case, have the building team audit the cost of the commercial building in the making and have this include not only the materials, but also the tools, energy and time required. The estimated cost has to match your available budget. If it doesn’t, you have the option to send the plans back to the design team and have these revised until it’s all within the given budget.

5. Beginning the construction

Revise everything and get the needed approvals. Then, contact your build team and have them start the construction.

Make sure you know exactly what kind of commercial premises you want to build. Offices, warehouses, retail centers and so on are all very different. Each category has certain standard developments and the team you hire needs to be aware of these. To secure the financing, consider a business loan, private investors or investment companies. It’s also possible to combine these.