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Guide to starting in property development at the bottom
The rise in property prices mean it’s the ideal time to start on the property developer ladder. If you have capital to invest and harbour dreams of becoming a property developer there is no time like the present.
Opportunities for affordable investment and development are available, banks are lending again and if you’re taking the first step you have little to lose and much to gain. Talking to property finance experts can help.
Find the right property
The right property should offer you a steady income if you intend to enter the rental market, as well as capital gains. Ten years ago property developers could bank on rising property prices, now there is growth but less certainty. Some areas and property types are more likely to increase in value – find out about them!
Research your market
Technology is a godsend – market research can be done anywhere and will put you in a stronger negotiating position. Educate yourself in market trends: monitor prices in areas where you are considering buying. Remember, if you can find out why it’s being sold, do – it can educate your offer.
Discover ways to increase value
Distressed properties are available and if you are prepared to develop a property, and have the budget, these can quickly increase in value. Remember that adding square footage to a property is the easiest way to increase market value so look for properties with potential. That said relatively simple modernisation can make the property more attractive for both rental and resale – remember to keep your target market, as well as your budget, in mind when you’re choosing fixtures and fittings.
Get the work done well
Connect with good tradespeople – they are invaluable and understanding costs before you buy is a smart approach. If you plan to do any work yourself make sure you know your tartan paint from your long stand, paying a professional could save you valuable time and money!
Make a Plan
Last but not least – have a plan. Decide what suits you and your needs: buy-to-let can offer a long term strategy but your capital will be tied up, or buy and sell which offers returns sooner but carries greater risk.
If you’d like to learn more about our investment service or any of Cairn’s other services please visit our website, e-mail us, or call us on: 0141 270 7863. You can also get in touch with us through Facebook, Twitter, and LinkedIn where our staff will be happy to answer any questions you may have.