A noobs guide to property development
Stepping into property development is not something that you should do lightly. It can be a way for you to make extra money or run a full-time business and secure assets that will help you in the future. However, if you get it wrong, it could spell disaster for your plans. You shouldn’t rush into property development, and it’s important to do plenty of research before deciding to take the leap. You need to know that it’s the right choice for you, and how you are going to fulfil your goals. Before getting into property development, make sure that you understand the importance of the following things.
Writing a Business Plan
Being a property developer should be treated like any other business. It’s not just something to do on the side and not take seriously. Before you make any serious moves, you should write a business plan that outlines what you want to do and how you’re going to do it. One of the things you will need to think about is what type of property you want to invest in, as well as whether you want to sell or rent the properties that you obtain.
Looking for the Right Property
Finding the right property is obviously one of the most important steps. You will need to know how to find property that helps you to meet your goals. Which locations are in demand for the type of buyer or tenant that you want to target? What types of property have the potential to help you make the most profit? You need to ensure that the property is fit for purpose, and you might not want to do a lot of work to make it habitable.
Choosing the Right Design
Whether demolishing properties to rebuild them, adding loft extensions or just replacing the kitchen and bathroom, choosing the right design is an important part of the process. You might work with an architect and a builder to decide on a design that works for your property. These experts can give you the advice that you need to make the right decisions.
Getting Planning Permission
Getting planning permission for major changes to a property is one of the most important steps when developing a property. However, not all construction requires planning permission. Many home extensions do not require permission, especially with the recent changes that have allowed for larger extensions. When you do need to seek planning permission, it helps to have experts on your side who can help you to navigate the application.
How to Find a Builder
Finding the right builder is one of the most important parts of successful property development. If you can form a good relationship with a builder, they can help you with multiple projects. When you’re looking for a builder, be sure to take a look at their previous work and the services that they can offer you. Remember to check that they are fully insured and look for a builder that offers free quotations.
Create a plan before you decide to get into property development so that you can be sure you’re prepared to reach for your goals.