5 ways to reduce risk on your project
Before clients embark on a project, the most common question is – What is the risk? This is the fundamental underpinning of the project as it dictates your budget, the scope of work, and the viability of the project. Here are our top 5 ways to reduce the risk on your project – and how to commence your project with the greatest chance of success.
The first task is to define your budget for the project, as this will dictate everything – your plot budget, construction budget and the scale of the project. This is one of the first questions we ask when you make an enquiry, as it will allow us to provide you with advice on how realistic it is to achieve your aspirations. It is helpful to start at your overall maximum budget and work backwards. If this is dictated by selling your existing property, then obtain your property valuation and take it from there. Next you need to decide what your aspirations are for the project, and create an initial wish listwhich will outline the scale of the property e.g how many bedrooms, if you want a home office, gym, swimming pool etc. Once you know how much money you want to spend, it is important to assess how achievable this is against the scale of the project. To calculate this, we use the wish list accommodation and calculate the current costper square foot which can vary significantly depending on if you are working with an existing property, constructing a new-build, and your chosen specification.
Next you need to find a suitable plot which is in your desired location, within your plot budget, and which can achieve your project aspirations. Typically you can pay between £100-500k for a site with planning permission already in place, depending on plot size and location. A new scheme can be submitted if the approved design doesn’tmeet your requirements, with a higher probability of planning success. These plots are understandably much lower risk as they already have an established approval, however this comes at a cost. If your budget will not stretch to purchasing a site with approval, you either need to reduce the scale of the project or purchase a site without planning permission. Plots which are the cheapest, have the highest risk for example a green field site, outside the settlement boundary, may cost between £10-15k per acre. It is therefore highly important to assess the viability of the site and if planning can be achieved for your desired project. At ZMA we offer a site appraisal or feasibility service which can assess how your aspirations can be achieved and the strategy of how to achieve it. This can be completed prior to purchasing the site, or to assess the viability of your project.
You are embarking on possibly the largest project you will ever complete and spending a significant amount of money. Therefore, you should feel safe in the knowledge that you have the best possible solution for the site, and you have been provided the correct guidance, strategy and support to achieve your desired outcome. It is therefore paramount that you appoint suitably qualified experts to get you where you need to be, and ideally work with the same team through to the end of the project for consistency. When a site has a number of planning and physical constraints, it will require a more involved planning process, and additional specialist consultants. Whilst these sites can be more complex, they are not impossible, and with the correct team of professionals – amazing results can be achieved, creating highly unique properties.
Understanding the site constraints is fundamental to assessing the viability and risk of a project. There are various levels of understanding the site which occur at different stages throughout the project, providing numerous opportunities to identify any issues which would impact the project. Prior to our appointment we undertake initial site research to provide advice on what can be achieved, including the planning history, planning policy, and physical site conditions. Stage 1 of our appointment undertakes a detailed site analysis – this is required regardless of the scale of project or appointment level. Prior to planning submission, a number of surveys are undertaken which can include assessing the ground conditions, services, and ecology. Prior to the completion of the construction drawings packages, further surveys are undertaken which will dictate the foundation design, civils, and drainage design.
One of the key themes of the previous 4 points is based on surrounding yourself with the correct team of experts to guide you successfully through your project. At ZMA we are your lead consultant, we design and manage the scheme from the start, we act as your planning consultant managing the full planning process, we co-ordinate the required information at each stage including the other consultants, and we also manage the tender process, project manage the construction phase, and administer the building contract. You need to select a lead consultant who understand what you want to achieve, who you can trust to guide you through your project journey, and has a proven track record with what you want to achieve.
5 ways to reduce risk on your project
Before clients embark on a project, the most common question is – What is the risk? This is the fundamental underpinning of the project as it dictates your budget, the scope of work, and the viability of the project. Here are our top 5 ways to reduce the risk on your project – and how to commence your project with the greatest chance of success.
The first task is to define your budget for the project, as this will dictate everything – your plot budget, construction budget and the scale of the project. This is one of the first questions we ask when you make an enquiry, as it will allow us to provide you with advice on how realistic it is to achieve your aspirations. It is helpful to start at your overall maximum budget and work backwards. If this is dictated by selling your existing property, then obtain your property valuation and take it from there. Next you need to decide what your aspirations are for the project, and create an initial wish listwhich will outline the scale of the property e.g how many bedrooms, if you want a home office, gym, swimming pool etc. Once you know how much money you want to spend, it is important to assess how achievable this is against the scale of the project. To calculate this, we use the wish list accommodation and calculate the current costper square foot which can vary significantly depending on if you are working with an existing property, constructing a new-build, and your chosen specification.
Next you need to find a suitable plot which is in your desired location, within your plot budget, and which can achieve your project aspirations. Typically you can pay between £100-500k for a site with planning permission already in place, depending on plot size and location. A new scheme can be submitted if the approved design doesn’tmeet your requirements, with a higher probability of planning success. These plots are understandably much lower risk as they already have an established approval, however this comes at a cost. If your budget will not stretch to purchasing a site with approval, you either need to reduce the scale of the project or purchase a site without planning permission. Plots which are the cheapest, have the highest risk for example a green field site, outside the settlement boundary, may cost between £10-15k per acre. It is therefore highly important to assess the viability of the site and if planning can be achieved for your desired project. At ZMA we offer a site appraisal or feasibility service which can assess how your aspirations can be achieved and the strategy of how to achieve it. This can be completed prior to purchasing the site, or to assess the viability of your project.
You are embarking on possibly the largest project you will ever complete and spending a significant amount of money. Therefore, you should feel safe in the knowledge that you have the best possible solution for the site, and you have been provided the correct guidance, strategy and support to achieve your desired outcome. It is therefore paramount that you appoint suitably qualified experts to get you where you need to be, and ideally work with the same team through to the end of the project for consistency. When a site has a number of planning and physical constraints, it will require a more involved planning process, and additional specialist consultants. Whilst these sites can be more complex, they are not impossible, and with the correct team of professionals – amazing results can be achieved, creating highly unique properties.
Understanding the site constraints is fundamental to assessing the viability and risk of a project. There are various levels of understanding the site which occur at different stages throughout the project, providing numerous opportunities to identify any issues which would impact the project. Prior to our appointment we undertake initial site research to provide advice on what can be achieved, including the planning history, planning policy, and physical site conditions. Stage 1 of our appointment undertakes a detailed site analysis – this is required regardless of the scale of project or appointment level. Prior to planning submission, a number of surveys are undertaken which can include assessing the ground conditions, services, and ecology. Prior to the completion of the construction drawings packages, further surveys are undertaken which will dictate the foundation design, civils, and drainage design.
One of the key themes of the previous 4 points is based on surrounding yourself with the correct team of experts to guide you successfully through your project. At ZMA we are your lead consultant, we design and manage the scheme from the start, we act as your planning consultant managing the full planning process, we co-ordinate the required information at each stage including the other consultants, and we also manage the tender process, project manage the construction phase, and administer the building contract. You need to select a lead consultant who understand what you want to achieve, who you can trust to guide you through your project journey, and has a proven track record with what you want to achieve.
