Today’s post comes courtesy of one of our readers. If you’ve ever considered property development, check out Geneva’s tips!

Property Development: Tips on How to Get into the Game

Apartment buildings, vacation homes, security complexes, and shopping centers are popping up everywhere. Have you ever wondered who the catalysts behind these developments are? Ever thought that you could take on the challenge of developing a property?

Aspiring property developers are looking for easy and simple instructions to make their dreams come true. With this easy-to-follow guide, you can dabble in property development too.

Benefits of Property Development

When you plan and budget correctly you can save a lot of money by developing instead of purchasing an existing property. After saving a lot of money through development costs, you can end up making huge profits and rental returns. Owning and developing a property gives you different tax benefits.

In the end, you will have paid wholesale prices while selling and renting at great profit margins.

Learn more about the pros and cons of property development in the UK here: https://www.money.co.uk/guides/what-are-the-pros-and-cons-of-property-development.htm

What Do I Need to Become a Property Developer?

Rome wasn’t built in a day; property development requires a lot of patience and perseverance. Building different facilities can take months of planning and even longer for the execution. You are investing in a long-term plan that will pay out eventually. Before you start making profits, you need to remind yourself that you are going to have to deal with unforeseen issues and costs.

Starting a huge project without having actual practical experience, isn’t the best choice. Start small and work your way to bigger projects. Never stop reading and learning about town and city planning, construction processes, property markets, and real estate. Ensure that you stay in the loop.

Here are a few things you can do to help you during your process:

Get in Touch

Don’t fool yourself by thinking you can organize this massive project alone. Depending on the intricacy of the task at hand you should incorporate the assistance and guidance of the following sectors: architects, accountants, engineers, town and urban planners, construction companies, landscape engineers, quantity surveyors, and building contractors.

These individuals will help you with the execution of the project. Each of them has a unique skill that you will need. From drawing up plans to local council development applications. Pick your contractors very carefully. If you plan on staying in the property development game for some time, you should start building relationships with these contractors for future reference.

The most important contractor on the team will be your property strategist. You are going to need an experienced expert to research, negotiate, and set up a complete investment return strategy.

Secure Funding

It’s no secret that taking on a big project and hiring many different contractors will cost you a lot of money. Firstly, you need to calculate how much of your own money you are willing to input into the project. This will leave you with the question of how much you are going to have to borrow at which interests rates.

After this calculation you need to consult your property strategist, knowing when you will start making a profit if any. It’s important to know that the project will eventually be beneficial to your bank account. It’s all about risk and reward.  Low risk with high reward rather than high risk with low reward.

If you are in need of funding from banks, make sure you are pre-approved before starting. Another option would be to consider using a private investor.

Click here to learn about ways you can fund your property development project.

Know What and Where to Build?

If you don’t already have a property type in mind. It will be good to consult with town planners to help you assess the demand for certain things in the area. Consider things like size, number of units, any restrictions, and whether there’s a demand for what you want to offer.

It’s of paramount importance that you choose the location of your new property very carefully. Buy a piece of property in a developing area that will be advantageous in the long-term. Make sure you pick a prime location.

Having a vision and a drive to succeed will give you the endurance to reach your end goal. When you’ve got all the above things in order you can start the process.