This article provides an overview of property development as a career path, offering insights on entering the field, working in it, required skills, and available career options.
It highlights the potential rewards and opportunities that come with property development for those who are dedicated and possess the necessary skills.
Landmark Estates is one of the experienced companies that is dealing with both residential and commercial properties and can help you in the development of any commercial property, rural property, new house development, new build apartments or country homes.
What is property development?
Property development involves the acquisition and enhancement of buildings and land for financial gain.
This encompasses activities like:
- Constructing new residential properties
- Renovating existing buildings for different purposes
- Improving commercial structures.
Some developers collaborate with the public sector to develop social housing projects as well.
Are you interested in getting into Property Development in the UK for the first time? You can then adopt the following strategy.
1. Purchasing a home to renovate, either for sale or rental
New property developers typically start with distressed residential properties, capitalizing on their home-buying and renovation experience.
Beginners should target a minimum 20% profit margin for fix-and-flip projects and be prepared to walk away from unprofitable deals. Purchase price control is crucial, as sale prices are influenced by market dynamics.
2. Purchasing real estate to turn from business to residential
Commercial property includes structures used for business purposes, like offices and factories.
Converting vacant commercial properties into residential spaces is favoured by governments, facing fewer planning permission challenges in 2019.
These conversions allow developers to create more residential units due to the size of the buildings.
3. Adding a second house or business space to your property
With sufficient space, adding another property or commercial space on your land is possible.
Subdividing typically does not significantly diminish your existing home’s value, especially if you have a larger-than-average garden, roughly three times the size of your home.
4. Acquire land with the intention of constructing a new building on it
A vacant plot ideal for apartments or executive homes is the coveted goal for every developer, promising substantial profits.
However, it is an ambitious undertaking for a first-time developer and involves higher risks for both the developer and the lender.
5. Buy land, secure permits, sell to another developer
This strategy is characterized by its daring approach, offering the possibility of substantial rewards in exchange for a notable level of risk.
The substantial capital gains that may be realized result from developers’ persistent pursuit of acquiring a portfolio of properties with approved planning permissions for future construction.
To sum up, a career in property development presents an extensive array of options for those with an interest in the field.
Whether your focus is on acquiring and revamping properties, converting commercial spaces into residential units, or embarking on new construction projects, there are numerous avenues to investigate and pursue.
By acquiring the necessary skills and knowledge, aspiring developers can tap into the potential rewards and financial gains of the property development industry.
