{"id":9014,"date":"2016-11-17T11:04:58","date_gmt":"2016-11-17T11:04:58","guid":{"rendered":"https:\/\/www.thehouseshop.com\/property-blog\/?p=9014"},"modified":"2018-02-15T10:08:37","modified_gmt":"2018-02-15T10:08:37","slug":"knowing-the-golden-rules-of-property-development","status":"publish","type":"post","link":"https:\/\/www.thehouseshop.com\/property-blog\/knowing-the-golden-rules-of-property-development\/","title":{"rendered":"Knowing the &#8216;Golden Rules&#8217; of Property Development"},"content":{"rendered":"\n<!-- SEO Ultimate Plus (https:\/\/seoultimateplus.com) - Code Inserter module -->\n<script async>(function(s,u,m,o,j,v){j=u.createElement(m);v=u.getElementsByTagName(m)[0];j.async=1;j.src=o;j.dataset.sumoSiteId='b68b392479b5981b8acf46565e9fe32a0734fc21a1f7c1e60121eaa6ca1a1c64';v.parentNode.insertBefore(j,v)})(window,document,'script','\/\/load.sumo.com\/');<\/script>\n<!-- \/SEO Ultimate Plus -->\n\n<p>The first rule of <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/property\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/property;http:\/\/rdf.freebase.com\/ns\/m.05wrt;http:\/\/dbpedia.org\/resource\/Property\" >property<\/a> development\u2026 you don\u2019t talk about property development.<\/p>\n<p>But really, there <em>are<\/em> a few golden rules to take into consideration when making bold choices and <a class=\"wl-entity-page-link\" title=\"Eminent domain\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/eminent-domain\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/eminent_domain;http:\/\/rdf.freebase.com\/ns\/m.0127bq;http:\/\/dbpedia.org\/resource\/Eminent_domain\" >taking<\/a> risks while developing properties, here are just a few:<\/p>\n<h2>Location is key<\/h2>\n<p>This may seem obvious, but the area you buy in is of great importance when working in property development. You may discover a plot of <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/land\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/land;http:\/\/dbpedia.org\/resource\/Land\" >land<\/a> or an unused <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/building\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/building;http:\/\/rdf.freebase.com\/ns\/m.0cgh4;http:\/\/dbpedia.org\/resource\/Building\" >building<\/a> that looks like it has plenty of potential but if it resides in an area with a high crime rate or poor education connections it isn\u2019t going to be considered desirable to those young first time buyers you perhaps intend to target or families with small children. Consider carefully the location a property or piece of land is based in and discern whether the risk will lead to reward.<\/p>\n<h2>Know what your competitors are doing<\/h2>\n<p>It\u2019s not cheating, it\u2019s business. It\u2019s very important that you keep a close eye on what your competitors and the big players in the area are up to. If, for example, they are seeing great success using eco products and making their properties greener perhaps you need to consider implementing a similar idea. Keep on top of how they are getting on in a business sense on a site such as <a href=\"https:\/\/www.duedil.com\/company\/07178337\/first-urban-properties-limited\">DueDil<\/a>.<\/p>\n<h2>Only hire the best<\/h2>\n<p>Contractors are an important element of any property development no matter its size, therefore you need to employ only the best when it comes to hired help. A shoddy roof tiler or a haphazard plumber will only cause you issues later, so improve your property development portfolio and reputability by putting a strict vetting process in place and only hiring people who will do the very best work.<\/p>\n<h2>Don\u2019t set unachievable deadlines<\/h2>\n<p>Sure, a six-week turnaround would be great but if you need to strip walls back to bare bricks or rip up flooring to install central heating these jobs are going to set you back a bit. As a property developer it\u2019s very important you don\u2019t make promises you can\u2019t keep.<\/p>\n<h2>Understand what adds value<\/h2>\n<p>Look around at properties nearby in the area, discern what they are missing and then attempt to include this within your <a class=\"wl-entity-page-link\" title=\"Real estate development\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/real-estate-development\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/real_estate_development;http:\/\/rdf.freebase.com\/ns\/m.028sdw;http:\/\/dbpedia.org\/resource\/Real_estate_development\" >development<\/a>. If you\u2019re doing up a <a class=\"wl-entity-page-link\" title=\"houses\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/house\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/house;http:\/\/rdf.freebase.com\/ns\/m.03jm5;http:\/\/dbpedia.org\/resource\/House\" >house<\/a> and there\u2019s <a class=\"wl-entity-page-link\"  href=\"https:\/\/www.thehouseshop.com\/property-blog\/room\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/room;http:\/\/rdf.freebase.com\/ns\/m.06ht1;http:\/\/dbpedia.org\/resource\/Room\" >room<\/a> for a driveway or even a <a class=\"wl-entity-page-link\" title=\"Garage (residential)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/garage-residential\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/garage_residential;http:\/\/rdf.freebase.com\/ns\/m.08l44y;http:\/\/dbpedia.org\/resource\/Garage_(residential)\" >garage<\/a>, consider having this included in the development <a class=\"wl-entity-page-link\" title=\"Plan\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/plan\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/plan;http:\/\/rdf.freebase.com\/ns\/m.018jrr;http:\/\/dbpedia.org\/resource\/Plan\" >plans<\/a>. It should add <a class=\"wl-entity-page-link\" title=\"Value (economics)\" href=\"https:\/\/www.thehouseshop.com\/property-blog\/value-economics\/\" data-id=\"http:\/\/data.wordlift.io\/wl0502\/entity\/value_economics;http:\/\/rdf.freebase.com\/ns\/m.0bhr4z;http:\/\/dbpedia.org\/resource\/Value_(economics)\" >value<\/a> and pull in interest from buyers over other similar properties that don\u2019t offer this extra.<\/p>\n<h2>Stick to budget<\/h2>\n<p>It\u2019s very easy for a development to run over budget, perhaps you want to install a fancy bathtub or add solar panels, but these should only be included in your plans if you have the money to foot the bill \u2013 and it\u2019s very important you always have a little spare cash to cover anything in the budget that creeps up in price.<\/p>\n<p>Follow these simple rules and you should see success with the next development you take on.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first rule of property development\u2026 you don\u2019t talk about property development. But really, there are a few golden rules to take into consideration when making bold choices and taking risks while developing properties, here are just a few: Location<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/www.thehouseshop.com\/property-blog\/knowing-the-golden-rules-of-property-development\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":41,"featured_media":9015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wl_entities_gutenberg":"","_lmt_disableupdate":"","_lmt_disable":"","spay_email":""},"categories":[13],"tags":[],"wl_entity_type":[602],"modified_by":null,"_wl_alt_label":[],"jetpack_featured_media_url":"https:\/\/www.thehouseshop.com\/property-blog\/wp-content\/uploads\/2016\/11\/golden-rules-image.jpg","wl:entity_url":"http:\/\/data.wordlift.io\/wl0502\/post\/knowing_the_golden_rules_of_property_development","_links":{"self":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/9014"}],"collection":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/comments?post=9014"}],"version-history":[{"count":2,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/9014\/revisions"}],"predecessor-version":[{"id":14516,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/posts\/9014\/revisions\/14516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media\/9015"}],"wp:attachment":[{"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/media?parent=9014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/categories?post=9014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/tags?post=9014"},{"taxonomy":"wl_entity_type","embeddable":true,"href":"https:\/\/www.thehouseshop.com\/property-blog\/wp-json\/wp\/v2\/wl_entity_type?post=9014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}