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5 Things You Need to Do When Developing Your Own Investment Property

>> Dec 25, 2011

When it comes to property investment many are choosing today to put on their developer’s hat and build their own investment property. Developing your own investment property means you can create a smartly designed house that can achieve maximum profits!

However, when it comes to developing your own investment property there are a lot of things you have to do and be aware of. You have to follow the property market like a hawk and secure a high growth suburb to develop in. You have to establish budgets and architectural plans. You also have to contend with contractors and the local council.

Below we shall cover five of the essential things you need to do when deciding to build, renovate and develop your own investment property.

1. Get Current Property Market Advice

Before you make any purchase decision, get in touch with property market analysts and real estate professionals that specialise in investment properties. You want to find out the current property market trends and what the best places to buy into are. They can also provide advice on what kinds of properties are doing well.

You want to make sure you are buying into a high growth area and are going to build (or renovate) a financially viable kind of property.

2. Speak to a Financial Adviser and Create a Budget

You also need to contact a financial advisor and learn the most efficient way of financing your property investment venture. They will have the necessary experience and tools (such as real estate development software) to help you organise a rock solid budget.

Financial advisers can help explain what the best kind of loan for you is and the most efficient way to make loan repayments. They can also help by budgeting for the property’s construction or renovation costs and the eventual maintenance costs.

It’s important that you have a sound budget and to not financially overstretch yourself.

3. Develop a Building Plan

When deciding to develop your own investment property, you need to decide whether it’s more beneficial to renovate or just demolish and rebuild the house.

If the property you have bought is relatively new, or has some interesting features, it may be more practical to renovate. However, it may be more cost effective and profitable in the long run to just demolish the entire thing and start from scratch.

When building, or doing a major renovation, it’s a good idea to get an architect on board and have them help draw up any building plans. You want to make sure all your plans and ideas are structurally sound and viable.

4. Contact the Local Council

After having drawn up the building plans, it’s essential that you get in touch with the local council. Your plans need to be reviewed by the council, who will then make sure that they are not in breach of any council regulations, concerning the construction of property.

The council will also send out council building inspectors at regular stages in the construction process. The building inspectors will make sure that what you’re building coincides with the construction plans. These inspectors will also have to sign off on each stage of construction to say that it corresponds with council regulations.

5. Hire Experienced Contractors

When it comes to constructing your investment property and installing things, like plumbing and electrical work, it’s always important that you engage with experienced contract workers.

When looking at contract worker, such as builders, floorers, electricians and plumbers, make sure that you get a couple of quotes, so you can compare prices and find out what their previous experience is.

Also, when enlisting in contract work, always regularly check on the work that is being done and that it is in accordance to your plans. Catching problems in their early stages makes them a lot easier and cheaper to fix.

2 komentar:

Anonymous December 26, 2011 at 8:36 AM  

Please link exchange

kimmy December 26, 2011 at 10:47 AM  

whoah! i think I really need to do these things on the list.. :)

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