| Do you love buying and selling property, and are | | | | taste. High-spec kitchens and bathrooms might look |
| prepared to get your hands dirty? Then property | | | | great but they will take an enormous chunk out of |
| developing could be for you. Read our top tips to find | | | | your budget and your target market won't pay extra |
| out. | | | | for something they don't need like a coffee machine or |
| Property developing can be a lucrative business if the | | | | limestone tiles. An affordable and practical design will |
| project is planned thoroughly, but never stretch your | | | | be much more marketable and less likely to cost as |
| finances and never underestimate the cost of a | | | | much to install. Add a 20% contingency on top of your |
| project. Read our top tips to help you on your way to | | | | budget for unforeseen costs. |
| becoming a successful property developer: | | | | Find reliable tradesmen |
| Investigate the market before you buy | | | | Be realistic with your own skills and call in the |
| Get to the know the sorts of buyers looking for | | | | professionals for jobs you can't tackle. A bodged job |
| property in your area. It's wise to develop a property | | | | will only end up costing you more in the long term. |
| with the profile of a potential buyer in mind. Look online | | | | Working with a reliable builder is key to getting the job |
| for a low-down on the local area, schools, crime | | | | finished on time and within budget, and if you can |
| statistics and average incomes. There would be no | | | | project manage the renovations yourself, this will save |
| point developing a high-spec bachelor pad in a | | | | you money and will help decisions to be made quickly. |
| neighbourhood that's popular with young families as | | | | Get quotes from builders to get the best price and try |
| you would be limiting your market considerably. | | | | and see samples of their work to save so you know |
| Will the property make a good investment | | | | what level to expect. |
| Look at other properties for sale in the area and see | | | | Draw up a realistic time line of the work involved and |
| what newly renovated homes that are similar to yours | | | | try to stick to it as much as possible. |
| are selling for. This will indicate if there is an investment | | | | Make your property irresistible to buyers |
| to be made after the house has been finished. This will | | | | Curb appeal is vitally important to get the buyer |
| also indicate roughly how much you have to, or don't | | | | immediately interested, so clear rubbish and create a |
| have, spend on the renovations work itself. | | | | welcoming entrance. Dress each room with borrowed, |
| Set yourself a budget and stick to it | | | | hired or good second hand furniture so that the buyer |
| Developing a property is different to buying something | | | | can easily visualise how each space is used. Keep |
| that you will be living in, and it's important not to make | | | | schemes fresh and neutral, and don't go over board |
| design decisions that are based on your style and | | | | on design features as this may scare off buyers. |