Top tips for property development

1. Top TipsforProperty Development

2. If you love selling and buying property, you can try your hands at property development. However, before you take the plunge, you should know about some effective tips to achieve success in the world of property development.So, here are the top tips that can help:

3. Top TipsforProperty Development

4. Research is the key

5. Whether you are buying/selling a new property or refurbishing/renovating it, you should do your homework well with respect to researching the locality, nearby amenities (markets/hospitals/banks/schools etc), ease of transportation, availability of green spaces, crime statistics etc, as they will help you scout properties that give you the best chance of financial success. Research is the key

6. Plan well

7. Based on your research, you can modify/develop the property to attract your target clientele. For instance, a home for a young professional can do well with a wet room instead of a standard bathroom. Plan well

8. Set a budget and stick to it

9. Based on your research, you should have a property development budget and stick to it. Rather than going overboard with fancy accessories and fittings that would cost you a lot to install and won’t be paid for by your target clientele, you should opt for affordable and practical designs that are easily marketable and would be financially feasible. It’s also prudent to have a contingency fund for about 20% on top of your budget to deal with unforeseen expenses. Set a budget and stick to it

10. Lastly, you should manage the entire process well, either on your own or by hiring property development experts.