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FIRSTLY, LET’S DEFINE what Due Diligence really means. And then, you need to understand when you should actually consider an in-depth Due Diligence study. [Read more…]
Buying Off The Plan: Developer and Sales Team Communication
25 March, 2014 by Leave a Comment
WHEN INVESTORS or owner occupiers purchase off the plan, they can often feel left in the dark throughout the construction process.
Clearly, it is important to keep your buyers informed, updated and as happy as possible… because the reputation of the Builder and Developer is what people remember.
At the same time, the project team can (and should) assist in providing some of the communication. [Read more…]
The Importance of Having As-Built Drawings for your Commercial Properties
26 February, 2014 by 1 Comment
WHENEVER YOU EMBARK on any form of construction work in an existing building, you’re first request from the Design Team should be for As-Built Drawings — for review, and to form the basis of the design process.
More importantly, the availability and compilation of As-Built documents (after a project is complete) should form part of your due diligence process at the completion of project.
Because, this provides the full scope of work undertaken, and allows for easy assessment of existing buildings — to help eliminate any surprises that may arise down the track, during future alterations. [Read more…]
Different Ways For You To Add More Levels
22 January, 2014 by Leave a Comment
WITH VACANT LAND becoming more and more scarce within close proximity to Australia’s major city centres, it has become increasingly necessary to develop or extend existing properties.
However, as a Commercial property owner, how should you to tackle this dilemma? [Read more…]
Floor Loading Traps: Part 2
11 December, 2013 by Leave a Comment
IN PART 1, you saw how changing the use of a property can affect the loading requirements — and what it can cost you.
Read on to find out who is actually responsible for determining floor loading, Australian Standards, and how to protect yourself. [Read more…]
Beware of Latent Conditions or Undocumented Scopes
13 November, 2013 by Leave a Comment
ARE YOU AWARE of your latent condition or scope of work costs? If you are investing or developing you should have contingency funding set aside for these expenses.
Latent Conditions
Latent conditions can take many forms. You should know what kinds of latent conditions exist so you have a better picture of the possible rectification costs of these issues. [Read more…]
Watch Out for the Hidden “Soft” Project Costs …
16 October, 2013 by Leave a Comment
DEVELOPMENTS generally comprise two types of costs:
- SOFT costs being the Designers, Engineers, Planners, Project Managers, Cost, Planning and Specialist Consultants.
. - HARD costs, which are actual physical building costs, Builder preliminaries and Contingencies.
Both of these costs need to be managed. But there are two specific traps to avoid when reviewing initial planning soft costs — so that your soft costs do not blow the budget later on. [Read more…]
In Construction … What’s Value Engineering?
11 September, 2013 by Leave a Comment
YOU MAY BE AWARE that budget overrun is a common problem for construction projects.
Value engineering is an effective process that assists in managing costs, throughout a project, to meet the budget requirements.
It analyses the requirements of a project, with the aim of satisfying your requirements, as the owner, in the most economical way — from capital outlay to life cycle cost. [Read more…]
How to Find the Right Builder
20 August, 2013 by Leave a Comment
LIKE ALL THINGS, there is a “right” approach and there is a “wrong” approach to finding the perfect builder for your project.
Some developers, investors and building owners fall into the tempting trap of trying to cut costs — by bringing in builders who offer to work for much less, but who may not have the experience needed for that particular project.
These people hope that by reducing initial costs, they can boost their overall profits. Unfortunately this tends to backfire on them, more often than not. [Read more…]
Detect Hazardous Materials BEFORE Demolishing Begins
18 July, 2013 by Leave a Comment
HAZARDOUS MATERIALS are found in a range of locations, forms and types of building structures; plus they are not just limited to Commercial projects. Unfortunately, they are widely spread through residential and public properties as well.
The identification process is the first step for anyone wishing to undertake alterations, demolition or disturbance of materials — which could be potentially harmful to workers, or the general public. And then, you need to quantify the cost of rectification; and what effect that will have upon your intended project.
3 Key Questions to ask … [Read more…]
How to Manage Those Fearsome Project Variations
3 July, 2013 by Leave a Comment
YOU THOUGHT you had negotiated a fixed-price contract for your planned building works, only to find yourself being progressively hit with expensive “Variations” as the construction phase progressed.
So, perhaps it is worth exploring how this comes about, in a little more detail.
