Property Development
Property
development, which can also be referred to as real estate development, is the
practice of improving or developing a piece of property for later sale at a
higher cost than the initial purchasing cost. Property development might thus
cover instances when a company or individual buys raw land, with no buildings
on it at all, and then builds some construction on it. Real estate development
might also refer to an instance in which an individual might purchase a
building, and then renovate that building fully, improving it significantly,
before attempting to resell it. Real estate development and property
development are often specifically kept separate from pure construction, as
they involve the entirety of the practice, including obtaining property
development finance for property developing.
Property development finance involves obtaining money from some source in order
to finance the property developing process. Real estate development is not
cheap, and it often costs more money than any individual, or even a company,
might have. This means that obtaining property development finance is often an
important component of property developing. Property development finance can
often come in the form of a loan from a bank, with an interest rate on the
loan. Property development finance might also sometimes take the form of
receiving financing from a significant corporation, although similarly, such a
loan might come with an interest rate to ensure that the loaning company would
make some profit in the deal.
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