By Alan Turner (auth.)

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18 Building Procurement Disposal At the completion of building, the plann ing, management, estimation and construction on the project will all have become reality. The building has been designed and built and it should be occupied either by the owner for whom it was designed or by a tenant. The building may then be sold or very often it may have been sold already before building completion by its developer, by its original owner, or whoever. At this stage of the development process, once the building has been completed, it physically becomes the property asset, the property investment that was planned and it can be sold, mortgaged, used as a security and so on probably several times throughout its life.

The results from market research may heavily influence the building procurement process as, for instance, when a developer waits for the appropriate moment and then, after seemingly inordinate delays, wants to commence building quickly with apparent undue haste and undue concern for the working methods, procedures and desires of his building professionals and contractors. (b) Financial evaluation Development appraisal usually employs one or more of three methods for the financial evaluation involved, once market research has established a need for development.

The building may then be sold or very often it may have been sold already before building completion by its developer, by its original owner, or whoever. At this stage of the development process, once the building has been completed, it physically becomes the property asset, the property investment that was planned and it can be sold, mortgaged, used as a security and so on probably several times throughout its life. Maintenance The building will need to be maintained during its life. This will be carried out by its owner, by its tenant or by a comb ination of the two either directly or by the use of property agents/maintenance companies.

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