Property development has always been an ambition or dream for many people, especially after watching shows like ‘Homes under the Hammer’ on TV. It does however take a lot of dedication and hard work for it to happen successfully. What do you need to get started?
What are the issues stopping people from getting into property?
Many people have dreamed about buying a property to decorate and fix up to put on the market, but only a few take that big leap onto the property development ladder. But why is that?
Firstly, it’s an expensive task. You might be able to spot a project property on the market for cheap, but that usually means there’s a lot of work to be done.
If you’re not sure what you’re doing and need additional help, the bills start to add up. Especially if you don’t know what you’re doing, try it anyway, and then need to start the process all over again with a professional.
Another issue could be that once someone has decided to refurbish and decorate the property it just isn’t selling. This could be due to the location that the property is in, the price being too high against other similar properties on the market, or the decoration could be not to anyone’s taste but the designer.
What should you consider?
Before you purchase a property to develop, you should consider how much work that property might take and whether you are able to commit to it. Someone who hasn’t got much time around work and other commitments shouldn’t buy a house that is going to take lots of work to be sellable, as this could end up taking months, if not years, to be finished and ready for the market.
You should also plan a list of all the tools that you will require for the job, as well as carefully researching the best makes and models to use. If you’re planning on living in, renting out, or selling your property, you’ll want to ensure that all tools and equipment used are to the highest standard and will reliably support the structure of the building.
Think about who else will be working on the property with you. Will you be working alone? Do you have the right safety equipment? Do you need entertainment to keep you going through the laborious tasks?
If you’re working on a property solo or are tackling the upper levels whilst your business partner(s) work downstairs, the days become quite long if you don’t have anything to keep you going. You’ll be able to get the job done much quicker if you have music to listen to or an audio book to have read to you whilst you work. A site radio is a sturdy and robust solution that provides you with news and music whilst you work without having to compromise the safety of your mobile or home speaker system.
Also make sure that you don’t overwork yourself. It’s good to be productive and tackle as much as you can in one day but having regular rest days and knowing when to stop is also key. If you become overworked this could lead to an injury which might put you out of work for longer, or you might become frustrated with the job at hand and end up rushing it – a huge mistake when it comes to property developing.