Property Development– if you’re new to the game you need to have a clear and concise plan of action to make sure that you don’t go bust in the process. For many of us, property renovation is a lucrative career which to the average homeowner – seems easy; but it’s not actually that simple.
In order to survive in the property development world, you need to follow this step-by-step plan, taking care to spend as little as possible (harder than you think).
Research, Research, Research
If you are serious about forging a career in property development you need to be prepared to immerse yourself in the property market. You need to know which locations are up and coming so that you can grab a bargain property before it’s in demand, and you need to know your prices to ensure that you don’t pay over the odds.
Once you know the type of location you want, the next step is to play the waiting game. You don’t want to choose a property which is in considerable disrepair, especially if it’s your first project. For your first project you want a nice property which is structurally sound from top to bottom, but is dated in terms of its interior design. You will find that even when you think it’s a quick makeover, problems will inevitable arise. Think about replacing the kitchen and bathroom, maybe the layout needs a bit of work? But remember, don’t bite off more than you can chew.
Make Friends With the Right People
If you currently work in the building trade, this won’t apply because you’ll probably already be friends with plumbers, electricians and plasterers. If not, you need to start making friends quickly because it’s vital that you seek their advice before committing to a purchase.
Get your builders, electricians and plumbers in to check the place out – their advice is free and because they are experienced they are likely to spot a problem a mile off. If they say it’s bad, don’t touch it with a barge pole, but if they don’t see any potential problems besides the aesthetics, the next step is to call in a surveyor to assess the condition of the building.
Budget Wisely & Plan Your Finances
Before you start any work, it’s always a good idea to get quotes for the cost of building work. Most tradesmen are more than happy to give a quote free of charge. The more quotes you get, the better you can plan your finances.
Try and work out what it will cost you to renovate the property, taking care to budget for a contingency of around 15% of the total cost of the work you plan on doing. Once you have done this, the next step is to write up an agreement with your builders, electricians, plumbers and anyone else who will be helping you on this project. In this JCT agreement you can outline the cost of the work to be undertaken, the agreed deadline for the work to be completed by, the working hours and the terms of payment. All very important factors.
Project Management
The main purpose of a project manager is to ensure that everything runs to plan and to the specification you require. This is a lot harder than it may sound, and requires someone who is confident, good at communicating with a strong understanding of the trade. In other words they know a good job from a bad one.
If you think you can do this yourself, then great but you need to be prepared to work all hours, live in a building site and sound any concerns which you may have without causing friction on site.
Hopefully these tips have helped you get a brief overview of what you should expect when it comes to planning your own property development project. If, on the other hand you are an experienced pro, why don’t you share your words of wisdom below.
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