Developing property in a city like London can be an excellent career, even if it’s not your full-time job. The opportunity of taking something that needs a lot of work and breathing new life into it is worth the effort. Property developers add a tremendous amount of value to the city, helping to revamp rundown buildings that can be eye-sores and otherwise left to fester.
Being a property developer in London is no easy ride. It takes a lot of hard work and dedication, as well as available capital. Most of all, it takes a lot of planning and elbow grease to be successful. That’s why the The Removal & Delivery Company are always happy to pass on any tips to our followers. For those who might be considering property development, here are some handy tips to help you start your journey.
TopTips for Property Developers in London
The phrase that people often use, or overuse, is location, location, location. While it’s true that the site you choose is vitally important, it doesn’t need to be in an exclusive London postcode. If you manage to pick up a bargain in Chelsea, you’d better check it over a thousand times to make sure it’s not a money trap. The property you purchase needs to be sellable, so what’s around it will make the difference.
Transport links are excellent selling points, as are schools that Ofsted rank highly and healthcare facilities. Likewise, the local amenities will attract potential buyers. Ideally, if you choose a location with easily accessible Tube links, several schools, a GP’s surgery and plenty of shops nearby, you’re in with a shout. It’s also an idea to make sure that crime or unemployment aren’t underlying issues.
Buying at auction is a good avenue, but you should also be in touch with estate agents in various parts of London. It’s essential that you undertake your own research for potential properties, as well as via auctions. Cast your net in several directions and give your requirements to an estate agent or two. And make sure you jot down a strategy before and during your venture.
Source quality materials and build a strong team are possibly the critical parts of the puzzle. If you try to get away with cutting corners on materials, you’re playing a risky game. Poor materials have a habit of showing their true colours at the most inopportune moments. It’s also something that will most likely fragment a strong team. Do play with either – your team are the lifeblood of your project, so pay them fairly, give them the right materials, and your development should be a success.
Other Things to Consider When Viewings Properties
One thing that you must check is if any building you’re considering is listed. It’s our advice to avoid them or at least check what changes you can make, before making an offer. Many of these types of properties can’t have drastic changes made. In some, you can’t even make repairs, which would make a development project unfeasible.
What is the current state of the property you’re looking at? Do you really know how much work you have on your hands? Get checks done, or you’re at risk of underestimating your budget. Although a lot of property development jobs are by nature dealing with buildings and sites that need work, sometimes there’s more lurking than you bargain for.
If you have an area of London you’re keen on, do some digging online to get valuations of the houses in that area. There is a lot of information that’s readily available on Google, which includes properties and their selling price. This will help you work out what sort of profit you’re likely to make, which is the name of the game in property development.
Our Ranges of Services Can Assist Property Developers
The Removal and Delivery Company is London’s favourite removals company, and we work with many property developers every month. Our clients need a reliable company with a broad range of services. We don’t cut corners, and we turn up on time, which is crucial for ensuring that deadlines are met. Property developers know the value of consistency and versatility, and at The Removal; and Delivery Company, it’s something we deliver on every job.
Contact us today, and we’ll discuss how we can help your next property development project.