Five effective tips for building a career in property development

0
480

If you are looking at which career path you want to take, then property development may be something to consider. Whether you are just completing your A Levels at college or finishing a business course at master’s level, investing in property can be a smart move. If you tread carefully and take your time to build up a portfolio of properties to sell or rent, it can really pay off in the long term.

However, as with everything in life, you do need to know what you are doing before jumping in. This is especially true if you have no experience of the property sector or buying houses. It is also key to remember that there will be challenges along the way to test you. From exceeding your budget on a project to problems with contractors or unforeseen issues with a house you have invested in, there will be times when you need to hold your nerve.

Successful people who have made a career in the property sector understand this and simply work hard to overcome any issues. Property guru Ali Seytanpir shows just what can be done with the right mixture of knowledge and mental resolve. Having built a successful career in property over his working life, he is a great example of what can be achieved with the right approach.

Building your own career in property – what to know

If you are looking for some useful tips on building your own career in property development, then the below are some of the best around:

  • Draw up a plan – as we have already noted, knowledge is certainly power when it comes to property development. With this in mind, you should start by drawing up a detailed investment plan of which UK areas you will invest in, what sort of properties, what your budget is, and how you will find properties to buy. You should also include details on expected returns, how you will get any renovation work done, and whether you plan to sell or rent the property when ready.
  • Location is key – most people already know this, but it is so vital that it needs to be mentioned. Location really is one of the main drivers in a successful development and you need to pay attention to it to have a career in property. As well as identifying regions of the UK to look for properties in, make sure to drill down into specific areas when there. Buying in good areas will help in renting out or selling the house for a decent return when developed.
  • Do your own research – whether you buy through an auction or an estate agent, it can be easy at times to get swept up in the excitement of bidding on a house that looks great on paper. The trouble is that sometimes you get a nasty shock after parting with the money! Before buying any property, you need to research it yourself and ideally view it if possible. This will allow you to pick up on any hidden yet serious issues and avoid making a bad investment.
  • Check out the ceiling price – one important tip when embarking on a career in property is to always think about the maximum rental yield or sale price that similar properties in the area have seen recently. Do this before you buy! This becomes crucial as it will make sure that you do not pay too much for the property and be unable to make the return you have targeted on it. There is no point buying a house to develop for £200,000 if a similar house in the same street sold last week for only £150,000.
  • Get your finances in place – one great tip to make the whole process smoother is to have your finances in place before finding the property you want to develop. Whether this involves a bridging loan or a buy-to-let mortgage from the bank or lending through specialist P2P property platforms, it really is best to have it ready so that you can move when needed. Otherwise, you could miss out on the property altogether.

Get ready for a career in property development

If you are just finishing your A Levels or even a master’s course, you may be looking at a career in property development. This is a viable choice and one that many people have been successful in over the years. Although it does require a sensible approach, hard work and the desire to overcome any challenges along the way, it can also be very rewarding. Hopefully, the above tips have given you some ideas as to how to get started.