Define Your Real Estate Goals Tasks for Success

Define Your Vision and Goals for Building Your Property Task Page

Below is a detailed, step-by-step expansion of Step 1: Define Your Vision and Goals for building a home or commercial property. If you are leaning towards commercial then maybe check out our Step by Step Real Estate Investor section for plenty of Step by Step guides!

Step 1: Define Your Vision and Goals

Determine the Purpose and Scope

Clearly define the purpose of your property, whether residential or commercial, to align your goals with your plans.

For **Residential**: Decide between **Primary Residence**, **Vacation Home**, or **Rental Property**
For **Commercial**: Determine if you’re building for **Leasing Space**, **Own Business Operation**, or **Development for Resale**

Why It Matters: Defining the purpose and scope helps you create a focused plan and manage resources efficiently, preventing unnecessary complications later.

Tip: **Research similar properties** in the area to gauge the feasibility of your vision.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Practical Tips for Defining the Scope

Use these tips to refine your vision and make sure your project is both realistic and marketable.

**Future-Proofing**: Consider long-term flexibility, like **universal design elements** that will help with resale or rental value later
**Market Research**: Check local listings to see how quickly properties like yours are selling or leasing

Why It Matters: Future-proofing and market research ensure that your investment remains valuable and aligned with demand.

Tip: Talk to local **real estate agents** or investors for feedback on your plans.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Assess Your Financial Capacity

Determine how much you can afford for land acquisition, construction, and all associated costs.

Ensure you have enough **savings** or access to **financing** for the down payment or construction costs
Consider **grants** or **investor contributions** if you qualify for green building credits or tax breaks

Why It Matters: Knowing your financial limits early will help you avoid overextending yourself and ensure the project remains viable.

Tip: Work with a **financial advisor** to get a clear picture of what you can afford.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Factor in All Costs

Consider all potential costs, from land acquisition to post-construction expenses, to ensure a realistic budget.

Account for **land acquisition costs** and any **site preparation** (e.g., grading, utilities)
Factor in **design fees** for architects, engineers, and other design professionals
Include costs for **permits**, **zoning changes**, and other administrative expenses
Set aside **contingency funds** (10-20% above initial construction costs) for unexpected issues

Why It Matters: A comprehensive budget helps you avoid surprises and ensures that all necessary expenses are covered.

Tip: Work with a **quantity surveyor** to get an itemized cost breakdown from contractors.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Identify Key Home Requirements

Specify your home’s size, layout, and additional features based on your personal needs and budget.

Define the **square footage** and number of **rooms** (e.g., bedrooms, bathrooms, home office)
Choose an **architectural style** (e.g., modern, traditional) and consider HOA restrictions
Decide on **special features** (e.g., smart home, solar panels, energy-efficient appliances)

Why It Matters: Identifying your home’s key features helps you stay focused on your priorities and align with your budget.

Tip: Look into **universal design features** that will ensure long-term value and ease of future upgrades.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Identify Key Commercial Property Requirements

Specify the commercial space requirements, including property type and tenant needs.

Determine the **property type** (e.g., office, retail, industrial) and any specific design needs
Understand **tenant needs** (e.g., office building requires multiple bathrooms, restaurants need kitchens)
Verify **zoning** and **building codes** to ensure your design complies with local regulations

Why It Matters: Identifying commercial property needs early ensures that your design meets zoning requirements and is marketable to tenants.

Tip: Consult with a **local architect** to ensure your commercial property complies with local codes and offers the functionality needed for tenants.

Notes Box with Persistence

Contact Information (E.G. People involved with Task)

Write a Clear Project Statement

Create a detailed statement for your project to clarify your vision and goals for the building.

For **Residential**: Define size, style, must-have rooms/features, and potential for future expansions
For **Commercial**: Outline desired square footage, number of tenants, and any specialized requirements (e.g., kitchen for a restaurant)

Why It Matters: A clear project statement ensures that all stakeholders (contractors, architects, lenders) are aligned with your vision and goals.

Tip: Consult with an **architect** to review your project statement and ensure it’s feasible.

Notes Box with Persistence