How To Maximize Your Return On Your New Construction Development
Bringing a new construction condominium or apartment building to market is a significant undertaking, and it is important to ensure that your building design is up to par in order to attract buyers, renters, or investors. At CHARLESGATE, we've advised our clients on their new construction developments before a shovel even hits the ground. We work with clients to identify parcels of land for sale, during the entitlement phase, straight through construction completion. Our experience provides our clients with valuable insights and recommendations to help improve the overall design and functionality of their buildings, resulting in a more successful and profitable project.
Here are a few of the ways we bring value to our clients before the first sale or lease ever takes place:
Identify potential issues: We've helped clients identify potential issues or areas for improvement in their design that may not have been considered. This could include issues related to functionality, accessibility, or energy efficiency, among others. In one recent project, a client presented a roof deck design that failed to capitalize on the spectacular views from the rooftop itself, essentially landlocking the private decks. With a quick redesign, the property now features private rooftop terraces that commanded a premium given the skyline views and ample space.
Maximize value: Nobody knows what today's buyers and renters demand better than us. We have real-time insights into what fixtures, finishes, and features move the needle in today's market. This includes things like private dog runs and dog parks, high-functioning recycling and trash programs, and functional amenities like package rooms and bike storage. These types of real-time adjustments to building design can only be made during the early phases of a project. By getting involved early, we help our clients differentiate their properties and command higher prices or rental rates.
Enhance functionality: Is there anything worse than a floor plan design that just does not make sense and sits vacant for months and months because buyers simply can't see themselves living in it? Or an over-the-top amenity that's fun the first time you use it but sits unused most days of the year? In partnering with our clients from the initial design development of the property, we make sure they avoid pitfalls like this. We help them build properties that fit the lifestyle and needs of today's buyers and renters.
But the real power in our client partnerships lies in our specific experience in the market or submarket they're building in. What works in downtown Boston may not be a match for the surrounding cities and towns. We're familiar with the nuances of each neighborhood which makes a big difference. It’s like the old adage goes, champagne taste on a beer budget. It doesn’t serve you if you outfit a building with top-of-the-line finishes if the market you’re building in has no interest in, or budget to invest in.
The clients that benefit most from working with us are the ones who utilize our full scope of services. They bring us into the project during design and development and from there we're able to better educate our team on the full background of the property. We know why key decisions were made and the nuances of the building that can get forgotten as construction progresses. In turn, our team is now better equipped to sell the product to the market. They're much better equipped to showcase the unique value proposition of the building. They go beyond the surface level details and know the entire backstory of the building which helps bring it to life for the target market.
When it comes to new construction apartment and condominium developments, you want to set yourself apart from the competition to generate a faster return on your investment. Why not give yourself an advantage by investing in a partner who can help you reach that goal? Get to know more about our process by clicking the button below.