You really need to do some research especially in this economic climate if you are new to London property refurbishment and are looking to make money either by selling or renting.
It is very important to consider the location as noted through several studies especially when you are new in this field. About the house marketing in the area you are thinking of buying, you need to have a good idea.
As you should have a good idea of what the areas are being developed and if there is a need for rented accommodation in the area, buying locally might be a wise thing to do. You will also need to do some research if you are unsure of what is happening in your area.
For getting an idea about the refurbished property, you need to ask your local estate agent, even read the papers or generally ask around. Find out where the property is located and check the properties in that area for instance if there is a university in the town and you are planning on renting out the development. You also need to look into the local transport and the facilities.
By knowing where the upcoming areas are in the town is a great way to get ahead of everyone else. There are areas where the lots of local government money are being spent as many towns have regeneration areas. You need to be wary of what the real estate agent says and this is a useful tip here.
The agents might be hungry for sale so they may describe an area as up and coming when in reality that might not be the case and this is something you need to remember. What are the types of property they have sold and for how much are questions you need to be clear of.
You also need to follow your business plan and remember to keep your business heads on is something that also needs to be remembered. A property that is not going to get you the best return is on which you can easily fall for.
It does not mean that it will be the right type of property to develop either on sell or rent just because you like the property. You should stick to the list that you have grabbed and what you require through it.
All that you require now is to find the right builder to do the development once you have chosen the right property. So, it is important to find the right building company as this could make or break your development.
You will be acting as your own contractor which means that you will have to prepare all the required permits relating to the project by hiring a building that will only provide you with skilled labor. If you have the time to do the research that is required this is fine.
If not done correctly, coordinating the architect, designers, electrician plumber etc could be a right ordeal.