The Property Development Team
How do I make sure my contractors aren't ripping me off?
A really good way of making sure that the contractors for your property development aren't ripping you off is to make sure you research other developments to compare prices against. Be sure to work out the cost of any additions or extras and calculate what you are paying the contractors on a daily rate. Getting it all stated in your contract with the property development team will save you lots of heartache later, and help prevent them ripping you off.
How can I find a good builder?
The best way of finding a good builder for your property development team is through recommendation - asking friends and family to find out who's been good, and who's not been so good at developing a property. Failing that, you could try the Federation of Master Builders. They have a whole list of people. However, the best way of actually checking builders out is to get referrals from previous clients by actually speaking to them, ringing them up and asking, "I understand that this particular builder has done some property development for you - how satisfied were you with the work that was done?" You must follow through on the referrals builders provide for you.
Whose advice should I seek when I'm planning to convert a property?
There's a number of people that you need to seek advice from before you start with any redevelopment project on your property. First of all, I'd suggest that you engage a building surveyor. They will help you determine the scope of the conversion works that you have in mind and give you a rough idea of the costs you should be looking to pay. An architect will help you with the plans, and get you through the planning process of your property development, so seek their advice quite early on in the process as well. A building engineer will help you with the structural considerations for the whole of the project, and make sure that you're meeting all the building regulations. And, obviously, the estate agent: his advice needs to be sought quite early on to find out what value he would place on the property once the developments are actually completed. That will help you work out if the property development is going to be viable. You also need to get tradesmen and builders in to give you actual quotes and the time frame in which the conversion work can actually be carried out. Get advice from all these people, and your project will be much more successful than if you were to not get this property team them involved at all.
How can I maintain good relationships with everyone I work with on my property?
The best way to maintain good relationships with your property development team on a project is to make sure everybody knows what they are expected to do. You can do that by making sure you've got a good development team for your property's project that work well immediately and communicate efficiently. Having a project manager in place will certainly help maintain good relationships over the course of a property development project.
How can I make my estate agent tell me about good investments first?
You need to let as many estate agents in your area know what you are trying to achieve in your property development project. Let them know that you are an investor, a serious property developer. Having your finance in place, in principle, will go a long way to convincing the estate agent that you're not just wasting their time. Give them a clear brief of what you're actually looking for in your property development project, and let the estate agent have the details of your solicitor as well, which means that you'll be able to proceed with the property very quickly once it becomes available. That way, the estate agents should inform you early on of good buys for your property development.
