Property Development Explained
What makes a good property developer?
A good property developer will always make money on the development that they're doing, so a good property developer needs to make sure that they're finding the right property in the right location, that they're not overdeveloping the property, and that when they do come to put it on the market, they do actually make some money.
What do I need to do before developing a property?
Before you develop a property, you need to make sure that you're buying the right property to develop, in the right location. But more important still is making sure you've got the right tradespeople to develop the property for you, and not to do too much of the work yourself.
What's the best way to look for a property?
The best way to look for a property is to get to the property before it goes onto the open market. And the best way to do that is to build really good relationships with your local estate agents and let them know what you're looking for in a property. Let the estate agents know the type of property that would meet your requirements, and they will be able to call you as soon as they have an idea that something is coming on the market.
How time consuming is being a property developer?
You should never underestimate the amount of time it is going to take to develop a property. A lot of people try to develop a property part-time and it really is going to be a full-time job if you are going to complete it quickly and make some margin on that developed property.
