Property development can be a worthwhile undertaking, houses are in constant demand and prices are rising so there are definitely opportunities for profit to be made. There are a lot of variables which add to the success of a development project, such as location and type of property, so it is important to do your research before getting started. Try a reliable letting agent in Sudbury, for expert local knowledge.
Victorian houses offer fantastic property development opportunities because of their iconic features. If you are able to purchase a Victorian house, it is essential that you keep or restore the highly desirable period features, such as sash windows and stone columns. Keeping statement fireplaces and tiles inside the house, perhaps with a modern twist, adds to the appeal for many potential buyers. It is a good idea to ensure that the interior is bright and well ventilated. Victorian houses can often be dark inside which is one feature that is not so attractive. Victorian houses usually have a small garden which should be easy to maintain. The only risk is potential problems due to the age of the property, such as structural issues. These issues can be costly but, with the right research undertaken, are avoidable.
This seems obvious but larger properties offer several opportunities for property developers. One option for developing large houses is to convert them into flats. Once the property has been divided into flats, each unit can be rented or sold which generates more income for the developer. The ideal property is one which receives a good amount of sunlight. A high quality finish inside and a welcoming exterior will add value to any property.
Alternatively, large houses could simply be renovated into a highly sought after family home. A property with a garden is always a good investment as this is a high priority for many people when buying a new home. How much work is required will depend on the condition of the property when it is purchased, so this is something to consider when buying a property for development.
Smaller, City Houses
Whether a smaller house near the city will be the best opportunity depends on your location. If you live somewhere with excellent transport links or in a city, there is usually a high demand for one or two bedroom houses. Commuters or first time buyers tend to prefer a smaller property to get them started on the property ladder. Houses which can provide off-street parking are ideal. Undertaking a property development project in a smaller house will usually take less time as there are fewer rooms to renovate. For this reason, smaller houses are ideal for someone who is working on their first property development project, or who has a limited amount of time and resources to commit. If finished to a high standard, the property is not likely to be on the market for long due to the increasing demand.