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The key stages of a development project

key stages of project

There are 5 key stages of a project that you should be aware of

If you approach a project with these in mind you will have more chance of a successful outcome. Doing this has several benefits. Firstly you will make sure that you havent missed any options. Secondly, once work begins all the key people involved will understand how the project has evolved from the start

Feasibility study

This is where you present your idea to the people who you have chosen to deliver your project. Typically these would be the Architect/Designer/Consultant you have engaged. However it’s important to have the right team involved when you are discussing this . This is where ideas are discussed and rough sketches are made. Also options can be discussed and changes made to the original design

Outline Design/Planning

Once you have assessed the feasibility of your project, drawings will be submitted with a Planning application,  or notice given to the Council under permitted development rights. Also it will indicate the design, what kind of materials you will be using and the scope/size of the project

Building Control

You are legally obliged to inform Building control of certain activities and if that is the case this is the stage where you will submit detailed drawings for their approval. Planning drawings only show an outline of your intended project. Building control drawings will be more detailed and will have technical details included

Tender Stage

Once you have received approval from Building Control this is the stage where you will be able to send tender documents to contractors for them to give you prices to do the work. These documents should contain as much information as possible. You should include things like the scope of works, the materials you want used , the standard of finish, a specification document and a full set of drawings. This will allow them to accurately price for the job. Once prices have been received and accepted these drawings will become the contract set. These are the drawings that the project will be completed to. These are sometimes called the Construction drawings. Make sure that as the project progresses you are using the right drawings

The Construction Phase

This is where it all comes together. If you have got the preceeding steps right you should be on your way to completing a successful project. As a result you will be glad that you spent time preparing properly

If you need any help planning a project please contact us. We will be happy to talk to you about The 5 key stages of a project. We offer a wide range of services for any project regardless of size

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Common causes of refurbishment project delays

project delays

It is often said that something will always go wrong on a project. That is not necessarily true

An experienced team with a well thought out project plan should be able to overcome most issues and still deliver the project on time

However for numerous reasons many projects suffer delays. It would take too long to go into all the reasons

Lack of planning

The preconstruction stage is where the project is planned. This is where you will make or break the project before you even start. Get it right here and it should be plain sailing. Fail to complete this stage properly and it will be an uphill battle from day one. Many projects are doomed to failure at this stage because of lack of attention to detail

Lack of experience

Far too many people try their hand at property developing and refurbishment with no experience. They watch TV programmes, join Facebook groups, watch Youtube videos and think it looks easy. They think they can make a small fortune in property with no experience. If it was that easy tradesmen and Construction Professionals would do the same. They wouldn’t bother spending years at college and University. The only thing that is easy is the chance to lose a lot of money very quickly

Not calculating costs correctly

When you are calculating costs on a refurb project nothing should be arbitrary.

Inexperienced people guess at labour and material costs.

Or they try and use the square metre method. This is a very inaccurate and amateur method.

When calculating costs you need to have your figures as accurate as possible.

You cant just hope for the best

Property development is a business and should be treated like any other one. No other business owner would just take a guess at their operating and staff costs and hope to make a profit

Not having the right team

There is no such thing as a standard refurb project

You need to look at each one individually and decide which team members the project needs

Don’t waste money on team members you don’t need and don’t expect someone to fill a role they are not qualified or experienced in

Accidents on site

The construction industry is one of the most dangerous in the UK

Serious accidents and deaths happen all the time

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Interest Rates increase for the 12th time

interest rates

The 2 million people on a variable rate will probably already have had triumphant messages from their bank. For example, a 25 year repayment mortgage for £300,000 will go up by circa £90 a month.

I’m in the middle of selling a flat, my lovely fix came to an end 2 months ago and I’m on the “Scr3w You Loyal Customer” ‘special’ variable rate until completion happens. It took my bank 29 minutes after the announcement to text me with a “ha ha you’re gonna pay us more” message yesterday.

If you have a fixed rate, it’s worth checking when this is coming to an end. If it’s over the next 12 months, then just check what your repayments might go up next year.

I checked a big bank’s rates today. On a £500,000 property, with a mortgage of £400,000, a 2 year fix now is 3.4% which is £1,980 a month on a repayment basis.

There are loads of mortgage calculators online – it’s worth just having a look so you know what’s coming down the line.

A key message as always is that LOYALTY DOESN’T PAY with most financial services providers so always shop around and see if there are better alternatives.