Apartment house plans have been cropping up in many areas within urban areas the world over. Some of the most interesting projects that architects carry to in the course of their work includes design and supervision of construction of apartment houses. While they can seem repetitive at first glance, a study of the most competitive units in the market reveals trends that one is able harness to create good apartments.
Planning for construction of apartment house plans
One of the major interests that each developer interested in building apartments house plans wants is to maximize their profits. This means that they are interested in creating a good building project drawing premium returns, while ensuring they are built at the most competitive economical rates possible. Various factors may influence this, including consultancy fees, cost of land, building approvals, cost of construction materials and cost of financing among others. These costs of conceiving, designing and putting up a property is called its development cost. The development cost is the sum total of all the costs incurred in the process of putting up a property.
What makes successful apartment house plans?
From the eyes of a developer, success in creating apartment house plans is realized by having units with the greatest return per square foot of property. When all the factors mentioned above have been weighed together, the project needs to yield positive returns that will outstrip its cost input.
In addition, the returns that are being received by the project once it is in operation need to outstrip its cost input in terms of capital expenditure as well as recurrent expenditure within a given period of time, i.e. the apartment house plans so constructed must be able to be viable. This viability is proven by having the apartments being able to generate sufficient revenue to outstrip the cost of building and operating it over time. Generally it should be able to pay itself back within a period of 8 to 10 years for it to be considered highly commercially viable.
Meeting the needs of buyers of apartment house plans
Among the activities that developers of apartment house plans seek to undertake is construction and sale of apartment house plans. One of the things that is required for this kind of project to be successful is for the apartment house plans so constructed need to be done in great quality in order for sufficient interest in them to be generated within the market.
This is because within the market by the time someone is interested in spending on a major capital expense such as in the purchase of a home, they are interested in finding the very best deal that they can get for their money. Buyers of apartment house plans will be interested in the best property they can get qualitatively and quantitatively.
Qualitatively in the fact that the apartment house plan units that are being purchased must have the best quality affordable at that price. This means that once a developer has decided to target a certain market segment for the purchase of their property, they should seek to ensure that they offer quality that is in tandem with what that market segment requires.
For example if the unit is a medium cost housing scheme, one may be able to offer generic finishes such as ceramic floor tiles, pvc floor tiling, and relatively simple plastered and painted wall finishes to match. However if in contrast the units are targeted for high income earners, the choice of finishes becomes more exotic to appeal to this crowd. Finishes that may be selected in such a case includes specialized glazed ceramics and porcelain, actual timber board finishes or high density fibreboard factory produced finishes, and plenty of designer detailing.
The apartment house plans units also require to be quantitatively the best that one can obtain for a given unit. What this means is that the size of the units being constructed must be as large as can be constructed for a given amount of money. Many buyers would be more attracted to larger more spacious units than smaller more cramped ones. Plinth area is a major parameter when dealing with the purchase of apartment house plans. Generally units having larger plinth areas will offer larger room sizes, and more rooms. These are likely to attract more attention from buyers interested in purchasing homes for themselves.
Apartment house plans still remain as a viable option
Therefore as a developer looking at creating a viable business investment through real estate, constructing apartment house plans, both for sale and for rental can be a great venture to launch into. Smart alternatives to consider for creating apartments range from 1 bedroom units to four bedroom units, depending on the space available on your land, or the area in question you wish to develop. As long as you are able to read your target market well and give them the best option they can afford at the least cost to yourself, you can be able to create a viable business venture.
While it is okay to be speculative at times, a balance needs to be sought by developers when dealing with constructing and letting apartment house plans. Being able to carry out projects of highest quality with least development cost yet bringing in high returns requires smart planning in design and construction of apartment house plans.