Successful Property Developer:

If you are not familiar with the building trade and the various construction processes, it would be wise to employ the services of a builder to oversee your new purchase; otherwise your profit margin may be low. Being a developer has its plus points in the sense that there are no customers to deal with, no deadlines and no bargaining over prices. In order to make a profit, the important points are that there should be a plan and things should be done correctly. Which fixtures and fittings to use, where from the labor will come and how much will be its cost, what is the rate of bank loan, what will be the acceptable property purchase price and what will be the turnaround time for the entire project are some of these points that should be kept in mind. It is also important to work out the budget and stick to it.Questions like What is the worth of the property? After it is done up, how much will it be worth? How much will it cost to do up? At what cost can I sell it for? - should be well thought of before. It will be also helpful to know an local estate agent who will be familiar with the properties in your area. You should know what type of property will be in demand in your area as it will be not worth to create a property that nobody wants.

Make a research about the properties in your area and if you are a beginner it will be advisable to develop locally. By that, you will be having greater knowledge about your area and also you will be close to the builders. If you are a first time developer, you should keep things simple like a two bedroom flat that needs a general renovation. If you are adventurous or have good term with builders you can do with a three bedroom house with the potential for a single storey extension. Remember to keep away from loft conversions as it is difficult to price them because of too many variables. How soon you find a property is luck. It is important to understand building regulations and planning permissions before undertaking a project. Get the planning permission before the project is started or better purchase a property that already has the permission. Try to add uniqueness and value to the property. Make the property attractive to as many people as possible. Don’t over personalize anything, which means use things like fixtures, fittings and colors that will appeal to everyone. If you are designing everything according to your own taste, chances are it will cost more and may not appeal to everyone. Things should be kept clean and neutral. Employ the right people to do the job and to get the right people, check their previous works and get recommendations from family and friends. Organize a stage payment structure that is acceptable to both of you and don’t pay large sums up front. If your budget permits, employ someone like a project manager who will take away some burden from your shoulders. Try to start with small things and gradually build up from there. After finishing a job, make a note of the good and bad points and try to learn from them so that on the next job you will be better equipped to handle things.

Author Bio:-The name Sushil Ansal does not need any introduction in the field of Real estate. Sushil Ansal is an iconic figure of his field and has changed the face of Real Estate in India. The Chairman of Ansal Properties & Infrastructure LTD (Ansal API) is the driving force in establishing the brand Ansal API.Mr.Sushil Ansal has had an illustrious career spanning over 50 years.