Buying and developing a property can be an exciting and rewarding project. Watching a home take shape under your own guidance and ideas is an attractive prospect for many potential renovators. And at a time when new buyers are beginning to enter into the market, this could be a great opportunity to try your hand at property development.
But before you get started with the actual renovation work it’s wise to consider a few things to ensure your first project runs as smoothly as it can.
Cover yourself
Developing your first property can be a massive project and unfortunately this means certain things could go wrong – even after the work is done for the day! First thing’s first then, before put your hard hat on there’s the matter of insurance to consider.
As no one will be living at the property while you renovate, it’s likely the house will spend a great deal of time unoccupied. It could be wise for new developers to consider home insurance for unoccupied buildings, just in case something happens when you’re not there.
After all, the last thing you want to be paying for is bills to fix criminal or weather damage.
Budget
How much do you have to work with? Checking you have the finances to achieve your target before you start is very important. Once you know how much you can spend you can then start to design your development plan.
Planning
It is essential that you know what you’re going to do with the property before you start doing it. A detailed plan can help developers avoid costly mistakes. Even small details like which fixtures you are using should be decided before hand.
Who’s doing the work?
In order to help with your planning and budgeting its a good idea to decide beforehand who is going to do the work.
Many new developers will want to get their hands dirty and tackle some of the work themselves. As it’s your first project it can be difficult to relinquish the renovation to contractors.
However, it is important to consider your capabilities when it comes to actual building work. In terms of both safety and quality, sometimes it’s better to get a professional in to do the work. This is particularly true for skilled jobs such as gas, electric and work on the boiler.
Through a careful design plan you can always factor in the jobs that you know you can handle yourself. This way you can save some money while safely having a go yourself.
Property planning
Make sure you have the planning permission to carry out your vision. This should always be done before you start the project. Having to stop halfway through due to a breach in planning could lead to excessive costs and time wasted.
By checking in with your local authority you can find out if any permission is required for your proposed plan.
Identify your target market
By deciding who your potential market is beforehand you can incorporate relevant features into the build. For example, if student accommodation is your aim you may wish to include more bedrooms in the property. If you are target demographic is young families you may wish to include extended communal or dining areas.