If you’re going to get into the business of property investment as a career or a primary method of making money, then property development is going to be one of the core strategies that you rely on. You’re going to need to bring market savvy and a mind for research if you want to succeed but, even then, you’re not going to do it alone.
To do it right, you need to start making some partnerships.
Getting the lay of the land
Finding the right land and property to develop, recognising the costs of any project you’re about to take on, and finding the biggest profit margin is going to be key to your success. As such, you’re going to need the help of both land surveyors like Merrett Survey as well as property surveyors to help you see the real value of what you’re working with, as well as giving you rough estimates of the costs you’re likely to see while fixing any standing issues.
The team to make it a reality
You need the team of builders to get you through the process of planning and completing any projects and remodels, of course. Choosing the right team like NFC Homes isn’t just about proximity, but about what kind of work they have experience in and how able you are to acquire them for multiple projects. Check the credentials and the past work of any team you’re considering, making sure that they have worked with the kind of property you’re investing in so that you can rest assured they bring the necessary skills.
Preparing the scene
You don’t always need a team of structural engineers like Femto Engineering, but if your surveyor finds and highlights that the soil isn’t going to support the home itself, then you’re going to need them on hand to offer the best solutions to change that. There are plenty of ways to build stronger foundations for buildings. This will affect the overall costs of the project so it needs to be measured against the overall profitability. However, it is necessary to work this into the budget as you cannot build any project without the right foundations.
Getting help with the red tape
Property law can be very complex and it can hold up projects that might otherwise seem like they should be going ahead without any problems. This includes not just property disputes but things like planning permissions and other complex red tape you have to cut your way through. Some construction teams might have the experience they can offer in applying for planning permissions and the like but it’s a good idea to have a team that’s versed in property law ready to help and keep your hands free.
Bear in mind, you can’t rely entirely on your friends in property development. You are still going to be the one making the big calls, finding the right spots on the marketing and deciding where and when to invest. Still, without the kind of help above, you could find trouble taking the steps you need towards profit.