What’s your Christmas wish? For some people, it’s to leave the 9 to 5 work day behind and become a property developer.
The key to achieving your wish is to build an expert team around you who will help you learn the ropes and pass on their wisdom.
Learn how to manage a project with a property coach.
Keeping those plates spinning can be quite the task. So, it’s best to learn from people who have been there and done that.
There are several experienced property coaches in South Wales and the South West who will take you through the steps every project has – from purchasing a plot or a house to renovate and creating plans with an architect to building a team of reliable trades people, securing finance, and getting the project signed off by the planning department.
Look for a coach who has completed all kinds of projects – from straightforward refurbishments to large-scale developments – and who has in-depth knowledge of the property market in South Wales and the South West.
Learn about the stages of property funding with an independent finance expert.
Development finance comes in different stages as the project begins and the building becomes mortgageable.
To begin, you may need development finance or bridging finance. The trick is knowing which stage to refinance to a mortgage – to get a better rate of interest.
Talk to independent property finance experts about the best way forward for your specific projects. They aren’t tied to specific lenders so can source the deal which is the right fit for you.
They are also a great source of experience and advice.
Develop excellent relationships with a lead contractor.
Every project will need a lead contractor who can act as your on-site project manager, dealing with sub-contractors such as electricians, plumbers, plasterers, and tilers.
Word of mouth recommendation is probably the best way to find contractors who are reliable, efficient, and who understand he needs of property developers.
Find a pro-active estate agent.
You’ll need an agent who will actively market your property for rent or sale, someone who has a good knowledge of the local area in South Wales and the South West, and who tracks the moves in the market.
Look at how quickly they sell properties and how close to the asking price they get.
Get the right insurance for your projects with an experienced insurance broker.
Working with an insurance broker who has access to all the market and experience in helping property developers get the right fit for their developments could help you save thousands of pounds on your developments.
If you’re developing to rent, you’ll need to get cover for:
- Property owner’s liability
- Loss of rent
- Damage by tenants
- Legal cover for landlords
- Loss recovery
- Home emergency response
- The bricks and mortar of your properties
If you’re developing to sell, you’ll need to ensure your insurance covers you for periods when the property is empty, the fixtures and fittings and any furniture you use to stage the property for would-be buyers.
Need independent advice on the best insurance cover for your property portfolio? Call our Severn Bay experts on 02920 470375. See more about our services for property developers here.