How the Humaidi Family Kuwait Efforts Inform Real Estate at Large
If you’re interested in real estate development it may be the case that you’ve sought out resources on the topic only to be overwhelmed by the body of knowledge required to enter the field. In such a situation it can be helpful to learn some basic skills by first looking at those who have been successful in the industry. To help with this, we’ve taken a look at the Humaidi Family Kuwait efforts. The family’s efforts in their home country help to showcase how, with a solid foundation of core principles, individuals and organizations can achieve success in real estate development.
Humaidi Family Kuwait Location Efforts
Let’s first look at one of the most enduring phrases in the field of real estate development — location, location, location. While this phrase may be overused to the point of being a cliche, there’s a reason it has lasted so long in the popular consciousness. In short, it’s largely true. If you’re unfamiliar with the phrase, it’s basically a nod to the idea that location can often trump all other considerations when contemplating a potential purchase. This can be true because, while other portions of a property can be changed, a location cannot. The area where development is located is a constraint that will endure throughout the length of the investment.
Because of this, the Humaidi Family Kuwait efforts have often prioritized finding a great location over other aspects of a development. Areas in existing tourist locations can often be a focus here. Areas that have access to desirable natural amenities are also often at the top of the list. Whatever the location-specific item you may be prioritizing, it can be a chief concern throughout the development process. We call that out here to note that this concept may very well account for a bulk of your decision-making during your real estate endeavors.
Another hallmark of the family’s real estate efforts has been the appropriate consideration of scale in whatever they do. Some developments are naturally predisposed to be small-scale affairs. This might be a small plot of land along a lake or a constrained plot in an urban center. Other developments might be predisposed to be much larger in scope, perhaps a sprawling estate that is under consideration to be turned into a resort. Whatever the natural predisposition of the land, incorporating that into your development efforts from the start can be of key importance.
Now, this is not to say that the scope of the land needs to be the final say on what can be accomplished during a development effort. For instance, the aforementioned small urban plot could potentially hold either a small single-family house or a much larger multi-level apartment complex. This illustrates the extent to which a real estate professional has options when they develop out a piece of property. That said, consideration of scale at the start of a project can at least help to keep expectations realistic and help to provide a way forward as the project unfurls.
Humaidi Family Kuwait Efforts Focus on Vision
Another important consideration we can take away from the Humaidi Family in Kuwait is their ability to develop an overarching vision for a piece of real estate before they formally start a project. This vision can serve as a guide throughout every aspect of the project and can help keep the development on track if any stumbling blocks are encountered. While this process may not be top of mind for every novice developer, many of whom are antsy to get started on a project as soon as possible, taking time at the start of a project to build out your vision can be critical.
In practice, this can entail a brainstorming process where you seek out properties of similar size and scope to the one you are purchasing. You may want to examine how the developers of those plots have worked to build out the space. Look for the things you like about how the developer completed the project as well as the things you don’t like. With these takeaways in mind, you can come back to your own space and develop it out in a more intentional and directed fashion.
Expect the Unexpected
It would be largely impossible for us to create an all-encompassing guide in this space on how to build a thriving real estate development. So, in lieu of that, let’s touch on one final evergreen idea in the field. No matter how much planning and experience you may have going into a project, unexpected events will occur. These events may be small or large but they can almost be guaranteed to throw off some of your carefully constructed idea of how a project will progress.
When such an event occurs, try taking it all in stride and reacting to it as best you can. There’s almost always a solution to even seemingly dire occurrences and, with a bit of ingenuity, you may find that unexpected roadblocks can force you to innovate in new and interesting ways. If you can go into a development project open to this concept, you may find that you have an easier time navigating the twists and turns it may inevitably take.
Starting off in real estate development can be a tricky proposition. Plans can be difficult to build out and, even after they are built, they can be upended on short notice. To help prepare you for the ups and downs of the field, we’ve looked at the Humaidi Family Kuwait efforts in development. The manner in which the family develops with intentionality and direction can be a helpful example of successful development in practice. Consider using the above overview to inform your own efforts as you progress forward in the field.