If you have an interest in buying and selling property, lots of ambition and plenty of patience, then property developing could be for you.
As a developer, you will need to commit your time, money, expertise and talents to convert land from its current use into something more appealing. You will need to keep up to date with industry news, the markets, economics, finance, planning permissions and construction processes.
Get it right and property development can be a worthwhile business. Read on for our top tips to help you on your way to becoming a successful property developer:
Build a buyers profile
Learn what buyers are looking for in your area. Always develop a property with the profile of a potential buyer in mind. There are many websites that can help you build a buyers profile, collating information on a local area, schools, crime statistics and average incomes.
Research the investment
Research properties for sale in the area you are looking to invest in. Look at what newly renovated properties are selling for. This will give you a good indication of your potential return on investment and how much you may have to spend on the renovations.
It is important to remember that developing a property is very different to buying something that you will be living in. You must make your design decisions based on your buyers profile and not on your own personal style. Try to create an affordable and practical design for your buyer and allow them to make their own stamp on the property. A simple, clean design with the essential appliances will make your property more marketable and less expensive to complete. TIP – Always remember to add a little extra on top of your budget for any unforeseen costs.
Where possible, try to combine your own skills with professional tradespeople to get your project completed. Mistakes will eat into your budget and delay your building schedule.
Finding reliable builders is key to getting the job finished successfully and if you can project manage the work yourself; this will help decisions to be made quickly and save you money.
Research and ask for quotes from different tradespeople to get the best price and always ask to see a portfolio of their previous work.
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This post was written by Innermedia Ltd