Before you part with your hard-earned money and embark upon any type of property developing project, here are a few ‘need to knows’ to take into account when considering a prospective development.

‘Location, Location, Location’:

An obvious point of interest for any property developer is the location of where the development will be. Found the perfect spot or dis-used building that is ‘perfect’ for a new project? Think again about where it resides. If a plot is situated within a ‘high crime’ area or has ‘poor education’ connections, it isn’t going to be a desirable location for first time buyers or younger families you may wish to target. Careful consideration about the location of a property or piece of land will enable you to decipher if the risk is worth the reward.

‘Keep your friends close’:

This is business and ‘all is fair’. Keep a close eye on where your ‘competitors’ interest lies and what other investors are looking at. If the ‘big fish’ are looking at projects involving eco-products, for example, they may know something you don’t and it’s worth delving slightly into their affairs to ascertain if you are missing out on a huge investment in the market.

‘Be careful of the ‘company’ you keep’:

Who you employ to carry out your projects is imperative. Cutting corners with a cheaper labour force will only acquire issues further down the line, costing you money and draining your projects time-frame. By investing in professional and diligent contractors, not only do you ensure your project runs smoothly, you also add reputability to your property portfolio which will be invaluable for future investments.

‘Slow and steady wins the race’:

In an ideal world, we would turn-around projects in a couple of days. Depending upon what type of development you have, you need to be realistic about how long the project will take. If you have projects that require a lot of installations or demolition, it will delay your completion date but don’t be tempted to ‘cut corners’ as this will only add more time to your projects completion. Don’t feel pushed into making promises that are unrealistic to maintain a buyer’s interest.

‘Spend a penny’:

In researching other properties around your chosen development area, you can decipher what they are lacking that you can add to your project; giving it more selling points and adding value to your development. If properties within the area don’t have garages, parking or driveways, for example; these types of additions to your project can add considerable value and interest into your development. It’s worth spending a little more; after all, ‘you have to speculate to accumulate’.

‘Failing to plan is planning to fail’:

Probably the most important on the list, planning your budget. It’s really easy for development budgets to run over. As the project unfolds, ideas start to flow and things you hadn’t considered before begin to actualise; whether it’s a fancy bath tub or an unexpected issue; ensure you have allowed for such things in your initial budget should things run over. By accounting for some of the unexpected, you should be able to maintain your initial budget without running up thousands of pounds in extra costs.

Keep in mind these points when considering or investing in a development project and you should see success. Good luck!