Yasmine Dehimi
Property development is simply the process of “developing” buildings or land into a higher use value, hence the name. It’s a multi-faceted pursuit which can encompass; buying land and building property on it, renovating and improving a property, and converting a property from one use to another.
In essence, a developer adds value to a property. But, how should we interpret this value? Can we measure it? In what ways can interior design contribute to the value of a property?
Monetary Value
This one is big and ultimately accounts for the price in which the combination of all other aspects of ‘value’ total. Basic economic principles teach us that when something is more valuable, it is more demanded. Higher demand results in a higher price. This notion of demand-pull inflation has a lot to contribute to the value of a property.
Interior design is essentially all about creating beautiful and functional living spaces for occupants to enjoy, whilst improving safety, wellbeing and overall standards of living.
In some cases, the location of a property might result in a decrease in value. Undesirable locations, for reasons such as lack of amenities, high crime rates and few travel options; can often be mitigated by interior design. This allows the monetary value of the property to balance out.
Societal Value
With monetary value at the forefront of a developers pursuits, the value contributed to society is not to be scoffed at. Societal value accounts for the positive externalities and indirect ways the interior design of a space, contributes to the wellbeing of society.
It is in the developers best interest to make appropriate advancements to the wellbeing of society as a whole. Not only can this lend itself to enhanced reputation of the property developer but it also contributes to the collective societal effort of improving the community.
The aesthetic value added by the interior designer helps to enhance the lives of those who spend time in the space. Research shows that spaces that please both the eye and the mind, can help productivity and improve energy levels. Allowing for a more effective society on the whole.
Safety Value
Often public spaces will be designed with safety in mind. This is an essential aspect for property development as liability for any accidents may end up on the shoulders of the developer.
High on the interior designer’s list of priorities, is the safety of the users of the space. This involves considering all the potential users of the space and how they will use it. Different strategies will be used for different age groups and activities.
A specialist interior designer will take care of most safety elements, meaning the property developer doesn’t have to.
Reputational Value
There are both direct and indirect ways by which interior design has the capacity to add value to the property developers reputation, ergo portfolio. Indirectly, the developer will often be credited for the enhanced wellbeing of those residing in buildings and spaces that have been designed with wellbeing in mind.
Both societal value and safety value that emerges from good interior design will indirectly trickle-down and add value to the property developer or development company’s reputation.
The ways by which interior design can directly influence the reputation of the developer is by using design expertise to evoke a specific sales response. For example, interior design allows the property developer to make their portfolio and development projects to stand out, and in turn get speedy sales or leases.
By staying committed to one specific interior designer or design firm, all projects within a developers portfolio will have a distinct stylistic mark that ties them together. Whether a developer wants to be known for their sleek-design properties or developing a line of eco-friendly properties; they should express this to their interior designer.
