With more people than ever looking for affordable and functional homes in Melbourne, there’s never been a better time to invest in a multi-unit development project.
Of course, not just any multi-unit design will generate a profitable return on investment, and you’ll need to be across all the tricks of the trade to ensure your project is designed and built for success.
At RODA, we’ve spent years honing our ability to design and build profitable multi-unit development projects across Melbourne. Keep reading to discover our top tips for maximising return on a multi-unit development.
Understand the market
First things first – it’s essential that you have a thorough understanding of the market and what your potential development can offer tenants or buyers. Ask yourself:
- Who is your target market?
- What are your audiences needs and goals?
- How can you achieve a timeless development?
- What unique features will your development offer?
By answering these questions, you’ll be able to create a targeted design that suits your market and give yourself the best chance at a substantial return on investment.
Choose Design + Build
If you’re hoping to keep costs as low as possible, while still creating a development that entices prospective buyers, we recommend a Design + Build service. Simply put, Design + Build is when both the design and construction of your projects is completed under one roof. Rather than consult an architect and builder separately, you engage one party to manage the entire process.
Often Design + Build contractors will have existing relationships with building designers, architects, subcontractors, trades and suppliers and will be able to offer you the best deal possible. You’ll also have peace of mind knowing your build team have worked together before and will do their best to save you time, money and stress.
Keep it simple
A complex design may pique interest and offer something different, but it can be far more costly than a more timeless design that prioritises functionality and comfort. A complex design may also take longer to build, meaning that your build costs will increase and you’ll have to wait longer before you can rent or sell your new units.
Remember, a simple design that fits in with the rest of the street is more likely to age well and continue providing a return for many years to come.
Are you ready to start building a profitable multi-unit development project in Melbourne? Get in touch with the expert team at RODA today.
