Property development is big bucks which is why so many people are beginning to join the market and start their new venture.
Here’s our guide to becoming a successful property developer and earning large sums of money in London.
Before starting out, it is necessary to have a plan of action ready, including your short-term and long-term goals.
Normally short-term goals include developing a property for a quick sale. Long-term is usually generating an income from rent and capital growth.
Buy-to-let or buy-to-sell. Two very different things and can be the difference in how much money you make. Click here to see the best/worst places in the UK for buy-to-let properties.
Think about your finances
It is extremely difficult to become a property developer with little or no money. To find out how much money is needed for the project to be successful, you must think about how long it’ll take, how extensive the project is and what other costs are involved.
An auction is one of the best ways of finding property at an extremely discounted price. However, most auction houses require funds within 28 days. Look for specialist auction lenders or a company that can offer bridging finance allowing you to reach the funds fast. Find out more here.
Develop the property for the ideal target buyer
It is easy to get ahead of yourself and come up with these crazy ideas of how you may want the property. However, it is important that you remember what the target market is after. Remember it’s not your home, it’s a business.