12th January 2021

4 mistakes made by first-time property developers

4 mistakes made by first-time property developers

Developing property that creates something people want to buy and live in, and that makes the developer a profit, takes a good degree of knowledge and experience. Here we look at some of the common mistakes that first-time property developers can make and ways that they can be avoided.

Mistake 1: Paying too much

Before buying a project, thoroughly analyse the local property market to ensure you’re making a sound choice. Understanding if the property you are considering buying is worth what it’s being marketed at is essential. Find out how much similar properties to the one that you are envisaging creating have sold for in the area, as this will tell you if you’ll be able to make a decent return on your investment. You’ll need comprehensive surveys, plus quotes from trusted builders, in order to have a complete picture of the development costs before committing. Do your homework properly and resist the urge to ‘snap it up’ – it’ll pay off in the long run.

Mistake 2: Underestimating the work required

Knowing precisely what you’re buying is essential – warts and all. An unexpected problem, such as widespread damp, a damaged roof, or electrics that need replacing entirely, could blow your whole budget and you could be left seriously out of pocket. Underestimating the scale of work that’s needed doesn’t just cost money, it costs valuable time when you could have moved on to your next project.

Mistake 3: Skipping the exterior

An excellent kitchen and carefully considered bathrooms are undeniably crucial features of premium properties. But the exterior of a property shouldn’t be overlooked – after all, it’s what gives the home its essential kerb appeal and sets the scene as to what lies ahead. A gravel driveway is generally associated with premium homes and should be part of any exterior design. Ensure it’s a high-quality, hassle-free addition by installing Beauxfort Gravelrings gravel retention system.

Mistake 4: Overspending on luxury finishes and features

While it’s tempting to design a home exactly how you would want it yourself, savvy developers resist this urge. Keep your target market firmly in mind throughout the development process. If it’s a family home you are developing, consider what will be important to them. Rather than blowing the budget on luxuries that don’t add value, top property developers advocate prioritising functionality and quality.

Achieve the perfect gravel driveway with the Beauxfort Gravelrings system. Check out our website www.beauxfort.com for more information about the Beauxfort landscape systems, design inspiration and to request a free sample, or talk to our friendly team about your project by contacting us on 0330 055 2599 or info@beauxfort.com.

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