As a start, what does it mean? Property development means purchasing a property, developing it through renovations, and then selling it on for a profit or renting it out to tenants. Often, developers will look for cheaper properties so they can be improved through new furnishings, repairs, or maintenance.
Is it a good plan? Well, it certainly can be, and in theory the barriers to entry are low as there is no qualification or training needed to launch a project. All you need is to find the right project, which can be through own research and maybe a little bit of luck.
What’s the downside? Well, it can be costly, and if you do not have the required funds, acquiring finance to develop properties may be the only way to achieve it. There are diverse types of loans to finance your project such as secured or unsecured loans, bridging loans, residential, commercial, or buy-to-let mortgages. As with all investments, it has it risks, and to secure finance through lenders, developers need to be able to put their case to lenders.
The UK has always been an attractive market to those looking to grow wealth by developing properties, and many people have made it their primary business. Property development is still a solid long-term investment route, and ASC is available to help you take advantage of this opportunity.
We don’t work for the banks; we work for you, and we are able to help secure finance for your property development or other projects. Contact your local ASC office today to find out more.