Chandelier Lighting and Improving Your Home Interior Design

Many homeowners are very elaborate about their home interior design. They devote a great deal of effort in designing and decorating their homes as a way to enhance their home’s ambiance and appeal.In this way they can win the admiration of their guests for their home with no trouble, which is a big thing for any homeowner. Furthermore, family members and other household members can also take pleasure from staying inside their good looking homes.

A home interior design should have all the essentials to look great and striking enough.Many homeowners are paying more attention to their home furnishings and decorations as their way of improving their home interior design. However, a home interior design that is fully furnished and well-decorated is not complete without the presence of other elements including proper lighting. A complete home interior design must not only be relegated to the choice of furniture and other decorations to go with them. For a complete and remarkable home interior design, homeowners must also pay attention to the ability of lighting fixtures in making their homes look more impressive and appealing.

Many home interior design experts are claiming that lighting fixtures play a vital role in a home interior design. A certain portion of the house will lose its value when it is poorly lighted. No matter how intricate or creative the design of a room is, it would not have any value if it does not have an appealing lighting fixture to complement it. Whereas, appropriate amount of lighting from an impressive lighting fixture can enhance the appearance of certain portion of a house.

One of the best choices for a lighting fixture for our home is the modern chandelier. Chandelier lighting since it was first used has been one of the most beautiful lighting fixtures of all time. Chandeliers provide a distinctive appeal and beauty that no other lighting fixture can match. Chandelier lighting is naturally capable of transforming a certain place into a more stylish and elegant looking one.

The modern chandelier is now a common lighting fixture in mansions, hotel lobbies, and palaces; places that people find expensive and luxurious. As a result, chandelier lighting is usually identified with wealth and elegance. This is the ultimate reason why chandeliers are perfect for our home. We can transform our homes into a place that can promote a wealthy and glamorous environment that can surely win the admiration of our guests for our homes and have them nod in approval.

Chandeliers are widely available in the market in varying designs and styles including wrought iron chandeliers. Purchasing a chandelier for our home is easy. These popular lighting fixtures are available at many online furniture shops. As homeowners, it is our responsibility to choose the certain style and design of the chandelier that can be appropriate to our home interior design.

Real Estate Development – How to Choose a Site With Great Development Potential!

We can’t tell you the number of times we’ve seen inexperienced property developers rush in and buy a development site because it looks like a great opportunity, only to find themselves struggling, and regretting their decision, further down the track.

We believe that it’s essential to perform proper due diligence and a thorough site evaluation before making an irreversible commitment to acquire a site, preferably using a checklist.

When we’re satisfied we’re able to develop a site and we’re happy with our initial ‘back of envelope’ calculations, we don’t immediately acquire the site. Instead, we come up with an initial concept. This is where we do some rough sketch layouts (we may even come up with a number of different options), using the Local Authority Planning Codes and Policies.

In most situations, depending on the local authority planning codes, the area of the proposed building will be based on the land remaining after allowing for required boundary setbacks, car parking and maneuvering and open garden landscaped space.

This, together with the preferred unit size (determined through our initial Marketing Research) will indicate the number of units that can be accommodated on the site. To get the maximum benefit out of a site, a competent and experienced architect should be engaged to create these initial concepts.

As we haven’t gained control of the site yet, we can still back out of the deal. We prefer to quickly prepare schematic drawings to determine the true potential of a particular site. Because if we don’t, we’re just gambling with usually very high stakes.

As soon as the concept drawings are finished, we fine-tune our ‘number crunching’ by undertaking a proper financial feasibility study. The purpose of a feasibility study is to establish whether a project is a viable proposition or not.

If the concept doesn’t pan out, we consider the time and effort we’ve put in to be our “insurance premium”, which has just saved us possibly tens or even hundreds of thousands of dollars, and untold stress, by helping us to avoid a problem site.

We use “Feastudy” property development feasibility software that allows us to work backwards to evaluate what the land is worth to us with development approval – this is called the Residual Land Value. This number is very important in calculating what we would be willing to pay to acquire the property.

We use Worst Case scenarios to do our calculations, which means we are conservative in the values that we input. We include anticipated time scales, all costs including consultants and construction costs, as well as likely end sale values, our minimum profit margin, plus a contingency allowance (depending on circumstances especially site conditions).

It is critical that this feasibility calculation is performed correctly.

If we try to develop a site which is not actually feasible, we are setting ourselves up for stress, disappointment, and possibly even large financial losses.

The feasibility study is also invaluable when putting together a JV or Loan Application Proposal as mortgage lenders or other investors can instantly see whether our project will be successful and the level of risk involved.

A lender will only fund a project which can be demonstrated to be financially feasible – however, if we are funding the development ourselves, we need to be just as certain that the numbers stack up.

So many newbie real estate developers miss out the detailed feasibility step, and the really sad result is that they end up suffering, emotionally and financially, and often give up on real estate development completely because they conclude that it “doesn’t work”.

We know that it does work. But only when the detailed feasibility study says it will work. Anything else is simply guesswork and high-stakes gambling. You may get lucky, but the reality is, you could also end up losing your shirt.

The 4 Principles of Securing Real Estate Development Finance

Unless you’re one of a very privileged group of people and you do not need to seek Real Estate development finance, getting the cash you need is probably one of the most influential aspects of whether your real estate venture will succeed. That said, even if you don’t need to borrow money for a development, it usually makes business sense to borrow at least some of the cost anyway (that point is for a different article!).

Make no mistake, like all investment – real estate involves an element of risk to a lesser or greater degree. And like all businesses, risk should be managed. However, it could be said that ‘risk’ allows profit (or loss) to be made. If a real estate Investor or Developer has no appetite for risk, they may as well stuff their mattress with cash rather than putting it into Property. If there were no risk involved, wouldn’t everyone be a Property Speculator?

So it could be said that Risk is nothing to be intimidated by, but that it should be monitored so you don’t lose the shirt off your back (and with property, it’s possible to lose an awful lot of money in a short space of time if ridiculous mistakes are made). A philosophical attitude to this is quite important, because the truth of the current situation is that banks would really prefer the customer to shoulder as much of the business and project risk as possible. Let’s face it banks are in a powerful position, they have the money that the Developer wants…they call the shots. If you haven’t got the nerve to take on the risk, the bank will lend the money to another Developer who is prepared to take the risk.

I personally don’t think that this is a bad situation. It could be argued that the current/recent financial crisis who due in part, to excessive lending to people who should have been subject to greater scrutiny.

The 4 (very) basic rules to consider before approaching banks for Real Estate Development funding are:

1. Make sure you have access to people with experience! It is often said “never invest in anything you don’t truly understand”, if you are a novice Developer you should not be attempting to learn everything my your mistakes….they will be too costly. Speak to people with experience. The bank will insist upon you having good and regular access to appropriate professionals such as Architects, Structural Engineers, Realtors/Estate Agents or Building Surveyors.

2. Don’t expect to borrow too much against the project! As a general rule, a bank will expect you to put up at least 25% of the combined total of initial project purchase and build/development costs. You should also include a contingency fund of around 5-10% of the total build cost figure. It’s also a good idea to have enough working capital to be able to fund the initial stages of the individual build stages just until the bank releases funds in a staged-payment arrangement.

3. Don’t use a Limited Liability Company when you are starting out! The primary purpose of a LLC is to limit the personal risk of the company owner(s), this is not what the banks want to see. They will want to ‘facility’ to pursue you to recoup losses if it all goes wrong. This may sound dramatic, however I am talking worst-case-scenario! In reality, banks would far rather work with you to sort out problems than immediately enforcing their agreement covenants.

4. The CV of the individual Developer. When you begin to establish a good track-record in property development, the banks will tend to be far less nervous about lending you money. It’s never a good idea to take on a huge project that the banks knows will challenge you. It’s far better to gain experience by carrying out light work (such as modernisation and redecoration) rather looking for a substantial rebuilding project as one of your first attempts. ‘Easing yourself’ into the field of Property Development is the way all very successful professional developers have done it. It’s not a way of life that should be entered into on a whim; if a Developer gets in ‘above their head’, they are far less likely to continue in the field. Completing a Real Estate development is a very satisfying thing, it’s much more sensible to complete several ‘quick refurbishments’ than jumping straight into a substantial project requiring specialist structural work.

To conclude, banks are willing to lend at the moment. they have simply become more scrupulous with who they lend to. If you have prepared yourself properly to begin your venture (and you’re creditworthy), then you will find that the banks are far more likely to accommodate your requirements for Property Development Finance.