Property Development
Discussion
I would like to get some advise from any developers on here, I currently own my own business doing what I have know since leaving school, The business is doing very well and for sure the more time I spend on the business will generally result in more sales / profits etc so maybe my time is best spend there.
However for some reason I have it in my mind that my calling is property development and this is the area where I will make some very good money, I do have some funds behind me and can raise capital which I would think is part of the battle already done.
I developed a property about 4 years ago and in 6 months turned in a 15 K profit which was over a 20% return, this was while I was employed elsewhere and time was short, This should have given me real encouragement to do more but I couldnt help feel that I fell lucky and didnt do a great job.
I would like advise on where to focus my options, I am not so confident to buy a run down properity and make it good as I always wonder if im paying over the odds to start with, I am thinking of buying a small plot of land and building a 3 or 4 bed detached house, in theory would a new build almost guarantee me making a fair return or is a better option going for a small development of 3 - 4 houses thus having the trades on site in one go and lowering the actual cost of each build unit.
However for some reason I have it in my mind that my calling is property development and this is the area where I will make some very good money, I do have some funds behind me and can raise capital which I would think is part of the battle already done.
I developed a property about 4 years ago and in 6 months turned in a 15 K profit which was over a 20% return, this was while I was employed elsewhere and time was short, This should have given me real encouragement to do more but I couldnt help feel that I fell lucky and didnt do a great job.
I would like advise on where to focus my options, I am not so confident to buy a run down properity and make it good as I always wonder if im paying over the odds to start with, I am thinking of buying a small plot of land and building a 3 or 4 bed detached house, in theory would a new build almost guarantee me making a fair return or is a better option going for a small development of 3 - 4 houses thus having the trades on site in one go and lowering the actual cost of each build unit.
Personally I would keep out of property development particularly at the moment. Yes a lot of money can be made, but a lot can be lost as well! Many successful property developers have lost everything at least once in their careers!
There is a lot of competition to buy development sites, and the only real way to do it is to identify a site which is currently part of someones garden. Buy the house, live it, whilst developing in the garden. However other full time developers are also looking to do this!
There is a lot of competition to buy development sites, and the only real way to do it is to identify a site which is currently part of someones garden. Buy the house, live it, whilst developing in the garden. However other full time developers are also looking to do this!
Hi
Im in the same position as the person posting this thread. Looking to invest some money into it. Either in development or buy to let.
Currently come accross a property that has has a large garden that leads on to a main raid where there are properties further down the road on the same side. How would one go about finding out if planning permission can be granted? prefebly before i purchase the property!.
Any advice would be great.
Thanks
Amar
Im in the same position as the person posting this thread. Looking to invest some money into it. Either in development or buy to let.
Currently come accross a property that has has a large garden that leads on to a main raid where there are properties further down the road on the same side. How would one go about finding out if planning permission can be granted? prefebly before i purchase the property!.
Any advice would be great.
Thanks
Amar
Amar, you wont know for sure until you submit planning and the planning dept have made a decsision. However, I often get provisional drawings/site plan made up then request a site meeting with a planning officer (or go to their offices and have a chat) and they will give you an opinion as to whether your proposal would be allowed. At the very least phone them and ask the question giving type of proposal and location.
Remember, one planning officer may give you some advice/opinion, but following submission another officer may have other views
Just had a meeting for a development in East London last week. We want 7 floors (to match the surrounding building heights), our architect proposed 14 floors (
) and the planning officer has proposed 10 floors 
Just need to get it past his boss now
Remember, one planning officer may give you some advice/opinion, but following submission another officer may have other views
Just had a meeting for a development in East London last week. We want 7 floors (to match the surrounding building heights), our architect proposed 14 floors (
) and the planning officer has proposed 10 floors Just need to get it past his boss now
amar1 said:
prefebly before i purchase the property!.
Amar
Are you aware that you can actually make a planning application on property that you dont wown? Obviously the downside is the owner could decide not to sell to you and do the build themselves, or charge you (a lot) more money as the site would have planning granted. You could always roll the dice and agree a 6moth/1 year 'lock-out' agreement with the owner, for a fee (£5k?£10k? non refundable) to allow you to go for planning and stop him selling it out from under you.Amar
Most councils store downloadable PDFs of all past planning requests and whether they were rejected or granted on their websites. Have a quick look through these to see if anything similar has been granted in the same area. If so then it sets a precident and should allow yours to go through.
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