Yes, Life As A Property Developer Seems Romantic, And Probably Better Than The Daily Slog You Currently Face At Work

Category: Finance, Real Estate.

If you re like most people, you ll have had the dream at one of two key times.

Or you ve been watching one of the very popular TV property shows, where a couple of amateurs have blown their budget, made a series of basic mistakes, yet still made a small fortune. Either you have just sold your own property and made a small fortune, despite the fact you did very little work on the property when you owned it. Yes, life as a property developer seems romantic, and probably better than the daily slog you currently face at work. Where else would you be asked to invest tens of thousands of pounds into a project, dedicate months of hard work and only then find out if you had made a profit. Yet there can be few occupations as risky as being a property developer. Even running your own business isn t that risky, as you can measure your profitability along the way.

The money you made on the sale of your last house may have come from the growth of the housing market while you owned it. The reality is that it s quite hard to make it as a full- time property developer. That s not something you can rely on as your main source of income. So before you jack in your job and start scouring local estate agents windows for suitable houses to do up, here are a few things to think about. And as a property developer you are reliant on being able to turn enough of a profit from a property to cover your living expenses for a few months, plus help to fund your next purchase. First off- are you really suited to this? That s why we like going to work and getting a regular salary.

Many of us are risk averse. It makes it easier to live your life knowing you have that monthly income. And the financial risks are higher. Being a property developer means the end of regular income( unless you decide to rent your properties out, anyway) . If you can t sell a property you ve just finished, that s not only going to stop you feeding your family, but will make it hard for you to move onto the next project. Still sure you want to go ahead? This is not an insurmountable problem, but an issue you should consider before making the leap.

Then the next thing is to look at the marketplace you are going to develop for. Are there a lot of commuters wanting a well connected area or a virtually new property? Look around your local area and try to work out where the greatest demand for property lies. Wealthy executives demanding four bedroomed detached houses? Retired people who want low maintenance bungalows within walking distance of shops? Families wanting lots of space for very little money?

Find the demand and develop for it. If you want to create the perfect home, then do it in your own. Try not to get hung up on the developer s dream. Keep your developing as a business. You should be prepared to do as many unskilled labouring jobs in your projects as you can. Once you ve done your targeting, it s time to do some hard work.

In fact, to be a successful property developer you should be prepared to learn how to do the things you currently can t. Just remember to get qualified people in for the skilled work. It s a key attribute that will help you maximise your profits. And the final part is to do whatever it takes to get a quick sale at the right price. Still like the sound of being a property developer? It s the goal you ve been working towards all along. Then good luck, and enjoy your new life!

For further information please visit our website at http: //www. propertytoday. co. uk or ring us on 01733 42717