Tips for First Time Property Developers

Buying and developing a property could be a very interesting project. We have a lot of people calling us up asking advice on a renovation for investment purposes. Property development is a great fun, but before buying the property and starting an actual renovation, it is important to take a few things into consideration, which will help your project to run smoothly and according to the plan. 

Insurance
Always remember to cover yourself. Refurbishment of the property is not a quick process and different things can go wrong easily. It could be anything from unexpected structural issues to the time spent on getting a Licence of Alternation from a Freeholder.
As your property is being empty during the renovation process you might consider Home Insurance for the Landlords and unoccupied buildings, just in case something happens when you are not there.


Budget
Plan you budget very carefully. Never buy a first available property in the market. Try to do your own research by checking and comparing other property prices in the same area, do not forget to check prices for sold properties. It will give you a better understanding of current property values. You will have a more clear idea if the property you were planning to buy responds to those values or if it could be easily modified and improved to achieve the standards.

Planning
It is very important to know what are you going to do with the property before you start any building works. A detailed existing and proposed plans will help to avoid some costly mistakes. You should calculate the cost of all furniture, fittings, equipment and materials before starting the work. Plan, plan and plan again. Organisation is the key in property development.

Planning permission
Do not forget to contact you local authority in order to check if you require a planning permission for the building works you are proposing. This should always be done before you start the project. Having to stop halfway through due to a breach in planning could lead to excessive costs and time wasted.

Identify the target market
Decide who your potential tenant or buyer would be and try to adopt the interior of the property for their needs. If property is going to be rented out, try to keep your interior colour scheme quite neutral, so it could suit everyone.