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How to Know If a Property Is Worth Developing

A property can look attractive and still present construction challenges. SBC is an Owner’s Representative and development advisor helping property owners, investors, and developers evaluate feasibility, budgets, approvals, project teams, and construction decisions for the owner.

Start With Feasibility

Before committing capital, review site conditions, approvals, scope, costs, financing, and schedule. In Florida, the Florida Building Code governs the design, construction, alteration, repair, and demolition of covered buildings, while permits and inspections are handled through the applicable local authority.

The Florida Building Commission identifies the 8th Edition 2023 Florida Building Code as effective December 31, 2023. Confirm local requirements with the building department and professionals.

Why Owners Need Project Representation

Complex projects involve architects, engineers, contractors, vendors, lenders, and inspectors. Without an Owner’s Representative, the owner may have to coordinate competing priorities, including:

  • Construction costs, budgets, allowances, and changes
    • Schedules, milestones, procurement, and decisions
    • Design reviews and construction questions
    • Quality expectations
    • Risks that can become expensive problems

An Owner’s Representative provides guidance, coordination, reporting, and accountability for the owner. SBC describes its role as owner side oversight across planning, budgeting, permitting, procurement, construction, and final delivery.

What Owners Should Do Before Building

Owners can improve by:

  • Defining goals, quality expectations, and priorities early
    • Establishing a realistic budget, contingency, and timeline
    • Selecting qualified architects, engineers, and contractors
    • Reviewing contracts, proposals, and scopes
    • Tracking progress and costs
    • Establishing communication
    • Planning for delays

Florida law generally requires persons engaging in contracting to be certified or registered, subject to statutory exemptions. Owners should verify credentials with the Florida Department of Business and Professional Regulation and confirm that each contractor’s license covers the work being performed.

The Owner’s Representative Through Every Stage

SBC supports owners through:

  • Pre construction planning and feasibility review
    • Budget and cost management
    • Contractor and consultant coordination
    • Schedule and milestone tracking
    • Quality reviews
    • Risk management and solutions
    • Final inspections and closeout

The Owner’s Representative and construction roles should remain distinct. Owner representation advocates for the client, while construction management or contracting addresses execution. SBC states construction services are separately scoped when offered.

Practical Examples

Example: Preventing a costly mistake: Early review reveals that a desired scope needs additional design work and approvals. Identifying this before contractor pricing can reduce unrealistic bids and later changes.

Example: Better planning: An owner comparing renovation with rebuilding can review existing conditions, scope, budget, permitting, schedule, and constructability before choosing.

Example: Resolving a challenge: If material procurement threatens a milestone, an Owner’s Representative can coordinate the designer, contractor, vendor, and owner to evaluate alternatives and document the decision.

These are illustrative examples, not documented SBC results.

Why Choose SBC?

SBC represents owners across luxury residential, commercial, hospitality, and development projects. Services include Owner’s Representation, construction consulting, project management, residential construction, commercial construction, and remodeling.

SBC provides financing support and connects clients with financing resources. Its financing page describes construction, renovation, bridge, and fix and flip financing. Terms depend on the program and borrower qualification.

Explore SBC’s Owner’s Representation services, construction services, financing options, and project experience.

Summary

A property is worth developing after its risks, costs, constraints, and opportunities are examined. An experienced Owner’s Representative helps owners make informed decisions, coordinate professionals, monitor budgets and schedules, address risks early, and protect the investment throughout.

Related Resources

At SBC, we specialize in turning your luxury vision into reality. From bespoke designs to premium finishes, our expert team is dedicated to delivering exceptional craftsmanship and unmatched quality in every project. Don’t settle for ordinary when your dream home deserves extraordinary care.

For consultations or to start building your dream today, contact us at SBC I Expert Construction Services!