Three Fundamental tips you should consider
A Booming Industry
Property development can be a highly lucrative and a viable career path for anyone. Housing construction can enable you to reap high profits, however with property development booming, you should ensure your investment pays off.
“There were over 160,000 registered plans to build new homes for 2017, the highest number since the 2007 financial crisis.”
First-time property developers can be overwhelmed with overseeing a property development project, however with our guide; we can help provide you with the guidance you need.
Our Property Developer Guide
1) Research the Area
No matter where you’re looking to build, there’s always land for you to snap up. But researching the area for your potential investment is a must. There are various sites such as Zoopla that can give you a fantastic insight into key factors such as average property price and comparison to UK averages.
“Study transport links, schools, activities in the town centre. All these factors weigh into the property value.”
Research recent trends of an area and potential developments happening in the future. Croydon represents a fantastic development opportunity because of the rejuvenation plans of the town centre.
2) Finance Carefully
Securing finance can be relatively easy for property development. Banks and private financial groups offer various packages in providing you with the funding needed to get your project underway.
“Investment from other parties can help release more funds needed elsewhere in the project.”
Financial groups is certainly a good solution in securing funding quickly whilst offering rates that aren’t extortionate. There are numerous financing options for you, but make sure you ask questions and are fully aware of whatever agreement you sign.
3) Plan the Project
We cannot underestimate how important organisation and planning is during each stage of property development. First-time property developers need to ensure that there is a plan outlining the timescale, costs and designs of the properties.
Extensive planning can really help you remain on top of things and provides you with a detailed overlook in your project. Property development is a large investment, but if planned for properly, profits are there to be made.