Whether you are managing a buy to let portfolio or looking to become a property developer with buy to sell, property refurbishment is going to be key to your success. Refurbishing your properties will increase their value, make them more attractive to your tenants and decrease what you will have to spend on maintenance. But, you will need to manage your refurbishment costs and know what to avoid.
For today’s article, Edward Sykes from Renovate Alerts has kindly agreed to contribute his thoughts on how to become a property developer. It’s not rocket science, but the phrase “fail to plan and you plan to fail” applies more to development and renovation projects than perhaps any other area in the property investment industry.
Renovation projects, refurbishments, conversions. They are all very appealing as property investments but it’s easy to get caught out if you’re new to the game. Get up to speed below and don’t ignore these five simple aspects to buying an investment property.
Property development is more than just planning, profits and paint.
To become a successful property developer and not just flip the odd property here and there you must have a long term defining goal and aim to bring empty properties back in to use, provide homes for local communities and to ultimately improve the local area.
One of our 7 Golden Rules for property investment is to add value. Often value will be interpreted as renovation and this starts with knowing how to spot the right renovation projects in your area, in a systemised and streamlined way.
With the current property market buzzing with excitement, there’s a lot of talk about buy to let investment booming and prices rocketing.
Over the years ex-council properties and 1930’s style housing have remained a steady bet for the modern buy-to-let investor and property developer.
When it comes to property development, often the focus is very much on simply picking the right area.
The old adage of location…location…location is widely used for a very good reason, but once you have chosen the right area to invest in, what happens next?
Since I started in property back in 2005, I’ve always been fascinated by the wonderful range of different property styles each with their own corresponding history.
Now the property market is showing signs of growth again, property refurbishments are back in vogue, and houses in need of renovation can make an appealing option as your next project…