The biggest appealing factor to becoming a property developer is that anybody can do it. No qualifications or training is required to get started. You will purchase a house, complete improvements tasks and then sell it on.
If you have a thorough plan in place, you can earn a substantial reward which can help you build a property portfolio.
What is involved?
You will have to purchase a property, develop it through renovation and then selling the property or renting it out to tenants once the project is complete.
Buying property at a cheap price means you can make a huge profit once all improvements have been made.
- Maintenance / redevelopment
- Structural issues
- Fees to external agents
You must have suitable property finance in place in order to purchase the property and pay for the redevelopment. Also, it is important to consider that until you have sold your first property; your money will be tied up, preventing you from expanding.
Contact a private lender and see what options are available to you. An expert in the industry will be able to offer you funding advice and suggest the necessary finance for your project. Click here.
To give yourself the highest rates of success, you must do your research and know everything about the market. This includes:
- £ of other properties in the area
- The target buyer/tenant
- Stamp duty
If you are looking for a cheaper option, purchasing a repossessed property and renovating it could be your best bet.