Avoid the most common mistakes made by amaturers

Remember property developing isn’t like cooking a recipe from a Jamie Oliver book. Its much, much more important and difficult and if you get it wrong it potentially could leave you broke for the rest of you’re life or bankrupt! Dabble in this game at you’re peril.

Everyone seems to think they are property developers these days just because their house has went up in value with the rising market, my advice get real! Property developing means adding value, developing value not sitting back and waiting for the market to rise and there are so many pitfalls;

Don’t pay over the odds and think you will make it back in the long run, remember you make you’re money when you buy not when you sell. Always protect the downside, that means in a worst case scenario can you still come out with the shirt on you’re back, if not stay away. Someone once said to me ‘You never regret the deals that you don’t do’ and they are right because there is always another better deal just around the corner, so never be in a rush to buy. ‘Buy at haste repent at leisure’ and in property if you get it wrong it becomes a headache and money pit that can last for years! Also Be careful of buying anything with structural issues, HAC, Asbestos.

Always be sure of the area you are buying in especially noisy neighbours, they can ruin a sale. Make sure legals are ok, are there any restrictive covenants, is the garden included?