Property development is an exciting sector to get involved with, however funding and managing a project can be difficult to navigate. We have covered all of the tips that you need to finish with a successful project! Please contact us for more advice.
These tips will help to put you in the right path regarding development finance and overall costs of the project.
Conduct thorough research
You must do research beforehand to ensure you understand all aspects of the development. A common mistake that people make is buying property in the wrong location.
If you have done your research and asked all of the questions that you need to know, you will have a more accurate idea of what to expect and the potential that the build has. You will be far less likely to have problems down the line. View more information from AJE Property.
If you aren’t sure whether or not you need planning permissio, please find your nearest trading office. Click here.
Gaining planning permission is vital throughout the entire development process. You should determine whether or not your changes for the property will require permission and this can easily be found out by contacting the local council.
You may also need insurance for your employees if hiring any. Find out more.
How are you going to fund the development?
There are various ways of financing your development costs. Often solutions will e flexible and should work to different build schedules and repayment abilities. Bridging finance is a short-term option that is most commonly required by developers – this will aim to cover the cost of purchase and build costs.