Nowadays when people consider leaping into the property market as a career, they think of sourcing a property from an estate agents or auction to then renovate and sell. Alternatively, they think of applying for a buy-to-let mortgage so they can secure a property and then let it out to some tenants each month. However, no-one acknowledges the opportunity of building your own property. Now, obviously this is more long-term thinking and is more suited to those who are inspired by building their own property, patient and has sufficient funds in their bank account.
For those who desire to get a property created; many doors open in terms of location, look and feel of the property and return of investment further down the line should you wish to sell. Below are the top 5 tips to take note of before starting….
- Planning permission
There are certain legal requirements that you should be aware of before just purchasing land and getting to work. You should have lengthy discussions with the local council to make sure you have permission to build on the land, and the style of build is appropriate for the area. Once it has approved, then you can start to get excited.
- Finding a designer
Before you start a build, you’ll have a good idea of what your perfect property looks like in your mind. So, it is crucial that you scour the market, do your research and secure a designer that you can build a good relationship with, as its them who will turn your dreams into reality via multiple drawings. You need to find a designer that takes everything you say on board and produces something special.
- Designing the property
Of course, you should design the property exactly how you want it to appear, providing the drawings are approved by the local council. But, there are some things that you should determine your choices, such as your budget, the area or landscape, the amount of land you have, being environmentally friendly and security. Nevertheless, if you account for all of those factions, you are completely entitled to get excited and develop a special property.
- Finding a contractor
Once all the designs have been drawn up, you are 100 percent happy with them and you get the green light from the local council, then it’s time to search the market for reputable and respected contractors to take it from drawings to reality. Ideally, you’ll want one company to look after the whole build; dealing with aspects such as the electrics, structure of your property, plumbing, flooring etc. Before hiring a contractor, build a genuine relationship with them to ensure the build goes swimmingly and to your exact plans.
- Knowledge of the area
Assuming you don’t want the property to live in yourself, you’ll want to build up a good understanding of the local area; its estate agents, average house prices, city center are some of the main ones. But, if you’ve built your property on land in a great location close to local train stations and amenities, and you price it right, you shouldn’t have too much of a hard time generating money from it.