Property Development For Beginners

If you are contemplating your escape from the rat race

, then property development is one alternative source of income that many plump for. Not only can you expect excellent returns, you also have the pleasure of being your own boss, which is far more rewarding than working for an employer that undervalues your work. However, property development is far from foolproof. Here are some tips to help you along the way.

Understanding planning and building regulations

Never purchase a property before you have planning permission to make the changes you require. Applying for planning permission is a lengthy and rarely straightforward process. The last thing you want is to have all of your money tied up in a property while you wait for the local authority to grant a decision and theres every chance your planning application will be denied. Ideally you should either ensure you will be granted planning permission before commencing the project, or even better, buy a property where permission has already been granted; although this will of course push up the propertys price.

Adding value to the property

The idea is to make the property appeal to as many potential buyers as possible. The clever use of space is an excellent method of doing this. If there are three cramped bedrooms, then consider turning them into two spacious bedrooms. The kitchen is one of the most important rooms in the house, so if it is old and dated, replace it. Alternatively, if it is cramped, is there a way it can be easily extended?

In terms of the fixtures and fittings, you should buy high quality items with a universal appeal. Dont spend a fortune on standout items because there is every chance potential buyers will be put off by them. Also stay away from cheap materials, as they will stick out like a sore thumb.

Appeal to as many buyers as you can

You may think that gold leaf wallpaper and those faux-marble plinths are an incredible idea, but thankfully not everyone shares your taste. When choosing fixtures, fittings and colour schemes, try to choose colours and styles which will appeal to as many potential buyers as possible.

By sticking to the stalwarts of interior design you can increase your propertys appeal, which should result in faster turnaround times so you can get on with your next property.

Know your limits

Its great if you have the knowledge and the skills to be able to complete many of the jobs in the property yourself, but know your limits. If you have no experience of plumbing then dont try to fit the shower yourself -get the professionals in. Ask for recommendations from friends and family and never pay the full whack upfront.

by: Charlie Maine

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