Have you ever considered a leap into the world of property development?
Property development is seemingly lucrative if you get it right, but as we all know from those famous property developers on TV, the prospect of going over budget and your initial time frame is highly likely, which could possibly diminish your end profit considerably.
You also need to consider having your grand ideas financed and backed by a trusting lender – for information on how to invest in property development, click the link. There’s a lot to consider, however, if you love the idea of buying and selling property and enjoy the prospect of getting involved in renovations and home design, then property development could be right up your street.
Read on for 4 tips for aspiring property developers.
Check out the market and seek advice
Before you buy a property, it’s always a good idea to conduct a little research into what kind of buyers there in the area, e.g. Student houses, families, retired people etc. Once you have established a buyers profile then you can create a property with them in mind, potentially making your property easier to sell. Speak with local estate agents and do plenty of online research before you commit to a property.
Set a realistic budget
Any experienced property developer will tell you, that purchasing a property with the intention of selling it for profit, is somewhat different to buying a property to live in yourself, and when you set your budget this is something you need to keep in mind. While it’s important to gauge what buyers in the area want, you need to get the balance just right. Renovating a property and blowing your budget on fancy tiles, expensive carpet and other items to your taste which you then include in the sale price, may put buyers off. A modest, straightforward and modern renovation is much more likely to sell, and it will keep your budget in check.
Call in the experts
A bit of painting is one thing, but rewiring the downstairs? Not likely! Utilising your own skills is great during a renovation as you can save money. However, it’s just as important to recognise when you need an expert. A job that hasn’t been done properly will only end up costing you more in the long run! Before you hire anyone, do plenty of research and get as many quotes as you can.
Make the property irresistible
Believe it or not, it’s perfectly viable to make a property look classy and stylish on a budget. Don’t be afraid to fill rooms with good quality second hand items. If you opt for clean, neutral colours, it allows potential buyers to picture their own take on the property, rather than being scared off by loud, vibrant patterns or colour schemes.
It’s also important to remember the impact that the outside of your property can have too. By boosting your property’s kerb appeal you make potential buyers desperate to see what else the property has to offer! So, a clean driveway, quality windows and doors, good paving and simple maintenance will help, as will keeping gardens clean and tidy.