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First Time Property Developers

Is this the first development you have undertaken? Are you a buy-to-let property investor who is branching out into your first development? Our have you just seized the day and got your first property development project, and you would like some contractors or advice?

Tips for First Time Property Developers

Location - Location is NOT the best area in town; it is NOT the smartest postcode. The best areas attract the top prices which leaves you little room to make a profit. A good location is a property on the outskirts of a good area where in time can become part of a good area. The property needs to be near schools, public transport parks and local amenities. What most people consider the worst location are in fact great for developing and making plenty of profit.

Price - Paying the right prices for the property is where you make your money, NOT from selling it. The more money you can knock off the asking price goes straight in your pocket.

Getting the right seller - You want to find a seller who can give you a good price because they really need to sell. Some people who have gone bankrupt, or moving abroad or going through a divorce will all want to sell quick. The estate agents will be able to tell you who are keen to sell fast. The more desperate a seller is to sell the better deal is there to be had. Have a drive around and look for derelict old house, you can trace the owner through the land registry. Try auctions

Auctions - Buying properties from auctions give you the best deals and fast. You need to set yourself a limit and DONT go over. Once the hammer goes down you will have the keys within a month. If the property didn’t reach the reserve price try and negotiate with the seller afterwards

Research - Make sure you do some research on other properties’ in the area, how much will the searches and fees be, what about the refurbishment? Cost up everything. Property development can be risky business if you don’t do your research and do it right.

Getting the right buyer - You should already know what your target buyers are before any refurbishments were carried out. For example if you’re planning on renting the property out for students then you wouldn’t have spent a fortune on expensive fittings and the like.

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