10 Top Tips For A Smooth Property Developing or Buy to Let Experience
Whether you are buying a property to develop and sell, or getting into ‘buy-to-let’ there are a lot of things to think about before you need to instruct your Conveyancing Solicitor.
As a developer or investor of residential property you goal will be to make a profit in the end.
Your conveyancing solicitor will look after the legal and technical side of the purchase but you should also ensure you’ve done your homework first.
As Conveyancing experts with years and years of experience we’ve compiled a list of things we think you should consider before you even start looking at properties.
1) Plan plan plan. Make a budget, investigate areas to buy in, get finance, do your paperwork, get planning permission beforehand, find a builder/plumber/architect and target your ideal buyer – Students? Professional? A family? Work it all out before you commence the project to save time and make things streamlined.
2) Make sure you buy in the right area. Think about transport links, if the property in on a main road, up and coming areas, schools, amenities etc. It could all make the difference when it comes to selling.
3)Don’t borrow more money than you can afford. Be realistic about the cost. Calculate all costs beforehand, don’t get pressured into borrowing more money, shop around for good deals and try to stick to your budget.
4) Don’t get over charged by your builder. You will need a good builder to ensure a good build. Get some references and check out their previous work. But sign a fixed price quote before the work starts, then they can’t spring unexpected bills on you.
5) Don’t scrimp on quality. Spending a little bit more on better quality fixtures and fittings means they will look better and last longer. In the long run it will be worth the expenditure.
6) However don’t go overboard either. Don’t fall for marble or crystal fittings. Aim for clean and fresh.
7) When it comes to decorating make it a blank slate. If you are selling the property the new owners will redecorate to their tastes. So just use neutral colours that will appeal to all. Avoid your own specific tastes.
8) Think carefully about what would add value to the property. Would the property benefit from a garage or an extra reception room? A bigger kitchen or more garden? Loft space or loft conversion?
9) Don’t cram in too many bedrooms. There should be a balance of bedrooms and living space. More bedrooms does not equal more value. Also bedrooms should be of an adequate size to allow wardrobes, chests of drawers etc to fit in nicely.
10) Use a project manager. Whether you do it yourself or hire a professional, it can make things run smoothly. You will need to be pro-active, able to put your foot down and be aggressive when necessary and keep everyone working to schedule.
We wish you well with your endeavour and did we mention you may need to budget for the legal expenses of your purchase as well.
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