Developing property has recently become very popular, and it is not difficult to see why.
Over the last few years, property prices have been rocketing, and it looks obvious that you can make a killing if you invest in bricks and mortar. Renovating a house can be creative, as well as excellent exercise, and certainly beats sitting in an office for the whole day. It does not need any qualifications either. No application forms, no gruelling interviews, just using imagination and muscle power, with a big payout at the end – it seems the ideal way to go.
There are no overheads in terms of office space, and you can work when it suits you, such as evenings or weekends if you are hanging on to the day job as a safety net.
There are a number of things to bear in mind though, such as the area, the purchasing price (which determines the profit), and the fact that you will have to work extra hard for a fast turnaround.
You can do your own research on the internet, in the press and through estate agents, to work out demand in that area. If your idea is to buy a big house cheaply and renovate it for letting out to students, you will obviously want it to be near a college.
The other thing is not to go over your budget, because the housing market is subject to fluctuation, so it might be you yourself who will be looking for somewhere to live if it goes against you and you have overreached yourself.