Dec 15, 2020
Property development is a costly and complicated business that is a lot more in-depth than it might look on television. If you wish to turn a tidy profit then it’s going to mean making the most of your resources and that means cutting costs and increasing profits by any means necessary. Here, we’ll be exploring how you could be doing this without cutting corners and ending up with a substandard build.
DIY - Learn how to do certain jobs yourself and buy your own tools ad hiring tradesmen can be incredibly expensive, not to mention time-consuming when it comes to finding the right people for each job. Good quality power tools are not as expensive as you might think and as long as you are confident and take your time, you should be able to complete several jobs without picking up the phone. Now, we’re not say8ing every job is something you’ll be able to do yourself, but you might surprise yourself with what you’re capable of.
Budget - Stick to your plan and budget. Make sure you plan out everything you need and what your rough budget is. You might be tempted to go over but try to resist that temptation as much as you can. Getting estimates as early as possible is a great way to ensure you stick to your budget
Creativity - Be creative with inexpensive materials. Think about the materials you already have at your disposal or that can be sourced for free and upcycled and do what you can with them. You’d be amazed how good cheap plywood can look as long as you know what you’re doing with it.
Value - Focus on developing the areas which add the most value. The kitchen and living room are generally going to be the ‘showcase’ areas that will add the most value to your home so focus as much of your attention here as possible.
Research - Do your market research when you’re trying to determine how much to spend on each room and what you think the property could eventually be worth. Look at other properties in the area of a similar size to the building you hope to complete and work to that standard.
Go energy-efficient - Installing solar panelling might seem like an extra expense to consider but it will save you a lot of money in the long run if you’re planning on using the property yourself. If you’re selling it on, meanwhile, it will add significantly to the value and could end up being the deciding factor in a sale.
Ultimately, there are hundreds of other little property development tips to consider here like keeping designs clean and simple to save costs and postponing the more elaborate ‘frills’ until later to increase eventual profits. But every build is going to be a different experience so more often than not it’s all about listening to your gut!