Brought to you by Taylor Fordyce Solicitors:
If you’re looking for a career change, one industry that many people turn to is property development. It’s considered by many to be extremely lucrative to those who can do it successfully, and there are plenty of opportunities, even during some otherwise unstable periods in other sectors. If you’re ready to make the leap to property development, here are some of the steps you should take.
Let or Sell?
One of the first questions you need to ask yourself is whether you’re going to buy properties to fix up and sell or retain them and find tenants. Both routes have their own advantages and disadvantages, and it’s important that you do your research to decide if they’re the right paths for you.
It’s generally accepted that buy-to-let is more long-term with the potential to become the bulk of your earnings whereas selling is short-term and a great way to build up your credit. You could even do a mix of the two depending on the market you find yourself in.
Find the Right Solicitor
There are a number of conveyancing solicitors in Winchester who can help you. Choose one who you think will work well with you and approach them with a proposal that they work with you for all your property acquisitions.
Having one solicitor on your side will speed up all conveyancing processes as they get to know you better and know how you like to operate. Furthermore, they’ll be able to help you ensure that you are staying within the law at all times.
Do Your Research
One of the most important factors in being a property developer is your ability to do your research. Buying a house or flat in the wrong area at the wrong time could result in a property nobody wants – either as a buyer or a renter – which leaves you with a poor investment.
Heading to an auction is a great way to pick up a property on the cheaper side. However, you need to make sure that it’s a worthwhile property or you have the finances to make it fit for habitation once more. Never miss out on the opportunity for a viewing.
Make a Plan
Property development is a business at the end of the day. Even if you have no business background, you still need to familiarize yourself with the aspects of running one.
Write a business plan to give you some structure in running the company and make sure you stick to it as best as you can. If you know someone who has some business experience, have them look over your plan and advise you on how to make it better. Any mentors you can get will help you find your feet in no time.
The property development industry offers plenty of exciting opportunities to those who are ready to get involved. Just remember to take your time and think through decisions; don’t buy a property just because it’s cheap!