Property development is a serious business and not for the faint-hearted. If it's done correctly buying and selling property can be fulfilling, exciting and lucrative. If you're preparing to tread this path, ensure you have a clear picture of your potential buyer. In marketing terms this is your target audience. This enables you to renovate the property in a manner sure to attract the buyers you want.
After you've identified a piece of real estate, explore similar properties for an idea of the amount you'll need to invest. Also note their sale prices; this will help you decide if the renovated unit you've chosen will return a profit when sold.
Don't forget to add 20% to your budget as a contingency to cover unforeseen costs. Select intelligent designs and make a list of refurbishments you can do yourself, bearing in mind the time and commitment required.
You're now ready to hire an architect and a builder. Take your time choosing both as the quality of the finished product and making a swift sale at a good price hinges on hiring an experienced architect with an eye for design and planning laws, and a reliable builder who will not only maintain close communication with your architect but has a reputation for completing projects on time and within the budget.
London has plenty of properties for sale which are ripe for redevelopment so selecting one or a few is easy and for any advice on investment properties with development potential or a glimpse into our property development offering, drop by our local offices.
Working with a reliable builder is key to getting the job finished on time and within budget, and if you can project manage the renovations yourself, this will save you money and will help decisions to be made quickly.