Property development – in whatever form you choose – is a great way of making your money work a lot harder for you. And, in this guide, we’re going to explore several of the best reasons why. Get your property development business right, like the property development professional Lincoln Frost did, and it could be a gold mine. Let’s take a look at some of the main advantages.
It’s a little bit of you
Whether you are buying an old home to renovate and sell on, or buying a plot of land to develop, everything you achieve will be influenced by you. So, the next time you drive past somewhere that you bought, created and sold, that’s not a bad thing to remember. You did that. Life isn’t exactly packed full of those moments unless you are successful in a particular field. But property development? If you have the money, anyone can do it.
Be your own boss
Perhaps you have worked hard for years under someone, and seen many promotion opportunities pass you by. Often by people you think can’t do the job as well as you can. Well, by starting out in property development, you can be your own boss, and manage your projects. And don’t think it isn’t a skill – because it is. You will need to manage a budget well, and be an excellent organizer. You will also need to be able to relate to and communicate with all kinds of people. Architects and local councilors, to builders and tradespeople- you'll deal with them all.
It’s easier than you think
If you have money, you don’t need to have any particular talent to succeed with property development. You can just pay people to do it for you, and there are plenty of companies out there that can help. Find an area, and get a surveyor to check the land over for you. Check Cochran surveying services for a few ideas of what you can expect. Next, hire an architect – they will go over what you can create within your budget. And then it’s just a case of hiring some builders to make your house or development. OK, so this is purely the absolute basics – but if your budget is up to it, you can see how easy it is.
You can make a lot of money
First of all, we should point out that there are no guarantees. If you make a mistake or don’t plan things well (or hire the wrong help), it could cost you. But – in most cases, property and land make money back. And if you hit the sweet spot, it can be highly lucrative. It’s your costs that will end up eating your profits – in far many more cases than your eventual selling price. So, if you have a good eye for a bargain and know how to haggle on everything, there’s a good chance of making your initial investment back. And a lot more, besides.
Of course, there is a lot more to property development than this – but you can make it as simple as you want. Even if you were to buy an empty plot of land and then have planning permission passed through, it would instantly make that land a lot more profitable. There’s a very good reason wealthy people invest in land and property – so do you think you have what it takes to join them?
