How Poverty Development Works - Essay Example

Any developer who gets trapped into the basic snare either never did sufficient study and/or never understands how the procedure of development operates and what affects the profit and loss aspects. The ultimate aim of this context is to examine different sectors that entail property development. It also looks at different property development people and their overall duties in the field of development (Stephanie, 2000). The paper also examines the responsibilities of developers and the risks they face in the field of development.

Different Development Sectors Property development contains several sectors and fields that have different specific professional developers. The first and foremost development sector or field is the financial sectors. There is no doubt that development needs 100% funding process to accomplish it (Loretta, et al., 2010). The resolving factor is actually tackled by the way the funding process is structured. The funding process contains three main tiers which include high street Banks, Off High street banking and High Net worth Organizations (Friedman, 1999).

Another important sector is the planning, which involves the entire process of developing the best structure and procedure to develop a property. This process is vital because it determines the outcome of the development. It is where realistic budgets are developed and followed to the fullest. Another sector is the design and costing which is the overall determination of how the entire structure would look like. The people behind this work are the architects who come up with different beautiful designs (Adler, 2000).

The Process The process of development involves a range of observations on and illustrations of, the development procedure. This makes the process to be simple and can be compared to any other industrial production procedure that encompasses the blending of a range of inputs to attain an output or product. In the property development case, the product is modification of the way land is used and/or a new or adjusted building in a process that blends land, finance, labor and materials (Matteo, 2009).

Nevertheless, unlike industrial production, property development is complicated thus occurs over a substantial period. The outcome of development is exclusive, either in terms of its location and/or physical characteristics. Besides, no other procedure functions under such steady public attention. The process of development is divided into different categories namely; initiation stage, evaluation stage, acquisition, design and costing, permissions, commitment, implementation and lastly let/manage/dispose stage.

Since the process of property development is not essentially a sequential activity, the stages in the process sometimes overlap or repeat (Ley, 2004). List of Developers and their Roles and Responsibilities Developers normally function majorly as either traders or investors. Several small companies have to carry out business through selling the properties they develop since they do not have sufficient capital resources to keep their accomplished schemes. Several public quoted development firms well known, as merchant developers prefer to trade developments to take advantage of increasing rents and values (Christopher, 2000).

The first group of developers is the trader-developers who main function is to develop properties and sale them since they do