3 Common Mistakes All First-Time Property Developers Make
As the UK economy appears to be doing better than it has for the last 5 years, now could be a good time to become a property developer. Although the market is currently going strong, that doesn’t mean that you can relax and take it easy, as there’s always a chance of making a loss – particularly if you’re a first time property developer. With that being the case, here are some of the most common mistakes that all first-time property developers make.
1 – You Only Want to Property Develop At the Weekend
Property development is a full time – or near full time – role. That means that simply putting in a few hours at the weekend isn’t likely to be enough of a time investment to make a serious amount of difference to the property you’ve purchased, ultimately turning into a lacklustre sale. If you need to keep your job while you develop your first few houses (the usual situation), you’d benefit from going to your new property after work each day and at least one of your weekend days; that way you’ll be putting everything into your investment.
2 – You Like This Decorative Style So They Must Be Right
One of the most crucial stages of property development is updating the style of your chosen property to be more sellable. This is called “staging†the property. Staging is essential if you want your house viewings to go successfully, as a well-staged home will let perspective buyers picture their own décor and furniture in the property. However, if you decorate your home with too much of your own personal style, you might put people off.
3 – You Need to Sell As Quickly As Possible
A large myth surrounding property development is that you always need to sell as quickly as you can. The logic behind this is that while you’re sitting on your property, you’re wasting your time and money. However, the problems start when you begin to take into consideration the state of the housing market. If property sales are significantly lower than the average price, why sell when there’s a likely chance that waiting 2 extra weeks could potentially make you a serious amount of money? If you really do need to sell with speed, a company like Harry Rose Homes can help.
So there you have it: 3 common mistakes that most first-time property developers make. Hopefully, you’ll now avoid them.