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Successful Property Development Tips

Feb 21, 2008
A successful property development requires a substantial research of the area where you propose to buy a property. The type of the property you are investing and the target market are equally important for the project's success.

At first it is advisable to establish good contacts with the local agents dealing in property. Discussion with them can gain you the primary knowledge required to start the development. Some important factors should be noted about the research you are doing for the purchase of property.

One of the factors that have prime importance in property development is the social demography. The ageing population and a decreased divorce rate have a considerable effect on the requirement of homes. It is important to note that main factor of rise of price in housing is due to the shortage of houses available for purchase.

The low finance rates and unemployment have also added to the difficulties of getting homes. Before you buy the property it is better to understand the local economy. The figures from the planning department can tell you about the number of homes that are built. The area should be familiar to you, don't go too far. It is also a good idea to ponder over the locality. Check whether your ideas are fitting to the market. The quality and the location have a considerable effect on the value of the property. The current fashion also plays an important role in deciding the value of the property. The needs of families are a good neighbourhood, transport, parking, safe environment, and basic amenities in close proximity. People look for space, lower maintenance cost and a good design in a house.

The success mantra for a property development is buying a property at low cost and selling at a high price. With a tactical approach you can resell the bought property for good profit. If you are careful enough you can minimize the risk of loss. It is worthwhile to note some points before you proceed with a deal.

A decorative renovation can raise the price of the property. It does not need a big investment or architects to do some minor improvements. If you buy a house and then turn it into apartments it could be beneficial but involves some investment. It may fetch a good profit but one should be careful enough about not involving ones funds in such overhaul.

Sometimes converting apartments into a single house also works well. In such renovations the consent of the relevant authorities is needed. If you are converting a commercial structure into a residential structure the consent for 'change of use' is needed. Before purchase of the property, make sure that such 'use of change' is possible.

You can discuss the matter of planning issues with the planning officer prior to purchase. The architectural possibilities and regulations should also be explored before the renovation. You may need help of some professional team for conversion. The team typically includes a surveyor, an architect, an engineer, an estate agent. The surveyor helps you to decide the cost of the property. Architect is needed for design and management of the project. A structural solution needs expertise of a good engineer and to sell the property assistance of an estate agent is required.
About the Author
Parmdeep Vadesha is a property investment expert and founder of the largest community of property entrepreneurs on the web who buy below market value properties from distressed homeowners facing repossession, divorce and bankruptcy. He writes a monthly newsletter for 70,000 property investors worldwide - http://www.Property-System.com
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