Many architects dream of standing in their finished building, but struggle to see a future once they have accomplished this goal in their career.
A number of architects move to property development in this case. Here’s why.
To benefit from their own design
Architects spend most of their career designing buildings and properties for their clients but very rarely receive the benefits of their design, other than the pride in seeing their project come to life, which of course is enough, but some architects want more from their designs.
By becoming a property developer, not only can an architect enjoy the unique features of their design but they can also enjoy the benefits of the profit made, should they choose to sell it on.
Through being both the architect and the developer of a property, both a dream home and major property investment can be created if the property is in a prime location.
To save on Services
A great deal of money can be saved if the role of the architect and developer is combined into a single job. With one person completing the design, plan and execution of the property, there is no need to spend on filling these additional roles.
It is also likely that as an architect, they would have contacts within these various industries, so should they need any help, they have the potential to get this at a reduced rate.
This also means that the money saved in this area can be spent elsewhere on the project such as investing more in unique parts of the design.
Generally speaking, architects earn a substantial amount on each job, and the same goes for property developers with the potential to make a lot more than expected relying on the ever-changing property market.
Therefore combining the two roles can, therefore, generate a great deal of wealth, attracting architects to becoming property developers.
Whilst many architects who become property developers can finance their own projects, development finance is available. Find out more about the lending process from development finance lenders here.
To avoid difficulties
When the development of a property goes has issues, the architect has to be called in to help come up with a solution the improve or change the situation.
If the role is combined into one, the project will likely run smoother with fewer problems occurring and should there be any, they can be quickly, easily and cost-effectively, rectified as the architect is on-site at all times.
To know the ins and outs of the process
One of the key roles of an architect is to know the process of planning permission in property developments, which property developers are often unaware of.
This, therefore, means that time will be saved and wasted money on mistakes caused planning permission is avoided as the combined role or architect and developer means they have knowledge on each part of the process, from planning to execution.
If you are an architect thinking about making the leap into property development, what’s holding you back? It’s the natural next step and can be extremely beneficial.
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