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Real Estate Development
Real estate development - property development - is the business that includes the purchase of raw land as well as selling, buying, leasing and renovating existing and new buildings. Real estate development may be confused with building and construction, but construction is a part of the real estate development process.
The process of real estate development begins from buying the land, strategizing the development process from the starting to end, financing the deals, build projects or hire builders for the job, renovate and adhere to the limitations of the process. Usually, real estate developers buy a tract of land, determine marketing plans, develop and design the building process, get required legal and public approval, finance it, construct, manage and rent it out or sell.
Types of Real Estate
Types of Real Estate Development
There are seven types of real estate development.
This is a previously used land where commercial facilities or industrial areas can be upgraded. Since there is an existing infrastructure, such developments require less money and time as planning and getting permissions are easy.
Greenfields are underdeveloped lands that are used for landscape design, agriculture or left to develop naturally. This can be an open field like urban or unfenced lots or even restricted lands that no one is allowed to trespass.
Residential developers create this type of projects for living purpose solely. The development of land revolves around several factors to ensure it attracts prospective homeowners and tenants. The factors include correct building materials, security and architecture to suit the needs of people to settle down.
These developments are utilized for manufacturing and production reasons. Lands for industrial development is cheaper and the total budget depends on the site and present market conditions.
These lands or buildings are meant to generate profit from either rental and/or capital income. Commercial developments are normally located in towns and cities due to their high ROI. In this case, the investor or developer owns the buildings and rent it to business owners to make money.
A subdivision is a division of a large piece of land into smaller sections where separate buildings are developed and sold individually. In this type of development, the developers evaluate different factors to make sub-divisions effective for maximizing ROI and success rate as the state of local market, location, permissions and cost of development.
Re-Development and Repositioning
Repositioning and re-development real estate offer a number of benefits that new properties don’t. These developments are different as they reuse the existing or demolished structures to renew them and make profit out of it. It saves construction cost and time.
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