New Year New Direction Into Property Development

 


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Firstly plan what you want rather than want you don't want. By knowing what you want you can make steps to achieve it. And remember to check that your goal really is achievable.

Property development is popular and achievable for many. It can be done whilst you keep your day job and if you're hardy it can be done whilst you live in the same property. You can set a budget to suit your income and you should quite accurately be able to forecast costs and expected profit.

You can choose the level of development you want to do. Full scale renovation of a cosy thatched cottage or a lick of paint to a modern house, or midway between the two: new bathroom, new kitchen and redecoration.

To find your property to develop you can use sites such as http://www.renovatealerts.com. This website continually searches the internet for properties in need of updating or renovating. Every few days they send subscribers an email containing links to new properties that come on the market in their allocated area. All the UK is covered and subscription is only £10 or £20 monthly. There is no minimum or maximum price for a property so all properties are included.

Start by knowing your budget, both for purchase price and work. Once you have found your property, budget for the work that you want to do. Be careful to know your limits and hire in tradesmen as necessary. Stick to a time plan so that you again can keep to budget (especially in view of any mortgage repayments for the property). If you are developing for profit then keep the redecoration colours neutral, modern and plain so that the property will appeal to a large market. Be careful not to get personal with a development property - your own unique personal taste is likely to be more expensive than neutral choices and is likely to appeal to fewer buyers.

Assuming you achieve your goal in developing your first property there will always be more properties in need of developing. With the housing market expected to remain strong in 2007 it could well be a good time to take the plunge.

Susy Copus is a property commentator and has written for the UK Property Search Engine, http://www.wheresmyproperty.com , http://www.renovatealerts.com who specialise in finding property to renovate and http://www.propertymoneymaker.co.uk .

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