If you’re new to the property development world, there are a few things to make sure you’re aware of to avoid costly mistakes. If you manage to get property development right, there is a great deal of opportunity for success. To be best prepared, do plenty of your own research and find out about some of the essentials. We will list some of these below so keep reading to learn more.
Choosing the Right Location
When choosing the plot of land you are going to build on, make sure you factor in the location. The houses you build can be of outstanding quality and look great, but this doesn’t matter if they aren’t located in the right kind of area. You need to consider aspects such as transport links, local amenities such as shops, schools, and workplaces, and whether there is a high demand for housing in the area.
Locating a development near a link such as a motorway or a train station means you can increase the scope of prospective buyers. This is especially true if there are links to bigger cities such as London and Manchester, as people may commute for work for more affordable housing in a different area.
Designing the Right Housing
As well as the location, you should consider if the kind of housing you’re designing fits the market you’re attempting to appeal to. Think about the age range of your market and what they want to see in the new builds they buy. Do plenty of research into how the local area’s demographics look and use this to tailor the housing you design with your architects.
If you’re building near transport links for city commuters, think about how you can design housing to suit their needs to help draw in potential buyers.
Finding Trustworthy and High-Quality Builders
Finding the right builders that are trustworthy, reputable, and will carry out the work to a high standard is one of the most important aspects of developing property. Carry out plenty of research into the builders you’re considering and try and find other property developers who have used them before.
A good reputation and plenty of building history are some of the most positive signs for any builder. Make time to go and view previous work carried out by them and inspect the quality of the builds.
A good builder should have extensive knowledge of what it takes to build a high-quality home and should be able to give their opinion on how property design can be improved. They should be able to be as cost-effective as possible without compromising the quality and safety of the build. They should also have a good knowledge of health and safety on-site and have high levels of supervision over their team.
Getting a Building Warranty
Having a building warranty in place for your developments means buyers and developers are protected from the cost of some structural issues that may arise from new builds or several years after the build. With a building warranty, you also get an inspection of the buildings and site and a report on the findings. Buildsafe offers 10-year warranties on new build developments and can be taken out even if you’ve already started your building project.
Understanding What Is Needed in the Market
When designing the layout, structure, and size of the properties you’ll be building, you should design them around what you think will appeal to the market you’re selling to. If there is demand in the local area or your target market for certain types of housing or design features, build around that. This includes practical elements such as the number of bedrooms, bathrooms, garden space, and parking. It is also true for more aesthetic aspects of the housing such as the frontage of the build and landscaping features.
Make sure to include options for add-on features as some buyers won’t want to arrange things such as decorating or landscaping themselves. Consider offering upgrades such as kitchen designs, hard flooring, or carpeting, and you could even offer furniture packages.
Building Contacts in the Property Market
If you’re stepping into the property world, then try and build up your contacts with other developers or property investors that can give you a wealth of experience and expertise in the subject. Take opportunities for networking and getting to know other developers with a range of experience.
Experiences property developers will be able to give you years’ worth of knowledge and intuition for property, whilst people newer to development like yourself will be able to share in your journey and be a form of moral support. You will also be able to use this network to help you find builders and contractors to carry out work when you need it. Also, try to include energy-saving features to benefit both the buyers and the environment whilst adding an additional selling point.