10 Things I Know About...Developing Real Estate
10 Things I Know About...Developing Real Estate
By Ted Gowdy
Gowdy is a principal at the Gowdy Group LLC of Southborough. He has more than 16 years of real estate construction experience. He can be reached at ted@gowdygroup.com.
10. Location, location, location
Locations hold their prices in bad times and have better appreciation in good times. Don’t just rely on a good town. The neighborhood, access, zoning and topograghy all matter.
9. People Are Key
Any broker can help you buy or sell a property. But only the best are true experts on their community and their market knowledge is worth paying for.
8. Wants & Needs
Do you want ultra-modern, French country, or post and beam? Large or small? Only the best or budget-constrained? The answer to these basic questions drives who you hire, not the other way around.
7. Find The Right Architect
The architect may design the finest beach houses that always make the magazines, but if you want a mountain lodge he’s not the architect for you (see #8).
6. Conceptualization
The concept plan is the “foundation” for all the design that follows. Do not proceed further until it’s right.
5. Plan Details
A contractor always carries enough contingency money in his bid to deal with ambiguities in the plans. Less ambiguity means less contingency and a better price for you.
4. Three’s Perfect!
Get three or more bids. With construction slow, more builders want to bid your project. And they will sharpen their pencil if they know they are competing against others.
3. Check References
Checking past project owners will tell you about a contractor’s quality and their timeliness.
2. Check Work
Each construction project is unique and no contractor is perfect. Honest mistakes will be made. Hire your own expert to catch mistakes before they become problems.
1. Funds Withheld
Don’t be pressured to pay too much upfront. When times are tough, the almighty dollar is the surest way to get somebody back to finish the project.
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