| Property Development Sam Bains 10 Development Rules |
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1. Sam shares her golden rules of property development
Planning a property development but don't know where to start? Sam Bains has 10 golden rules that apply to any project - follow these fundamentals to prevent yourself taking a big financial hit. |
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2. Rule one: don't pay over the odds
Buy at the right price. Spotting a bargain that can make you some money is a real skill - pay too much and you're immediately at a disadvantage |
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3. Rule two: get your budget right
Work out a realistic budget, not forgetting the cost of buying and selling, and borrowing costs. A common mistake is to overlook some items on the big list of costs and fees associated with developing. |
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4. Rule three: be realistic about how long it will take
Setting a realistic schedule will help you avoid the mistakes we've seen all too often .. It's not unusual for developers are overly optimistic with their scheduling. Allow contingency money in case unforeseen problems stretch your schedule, and think on your feet to minimise any overrun. |
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5. Rule four: set an attainable sale price
Be realistic about how much you can sell for - you can dream, but if you want to actually sell you need to do so for an amount someone is prepared to pay. Amateur developers have often invested blood, sweat and tears into a development, and this can on occasion lead to them expecting an inflated price from a would-be buyer. Coupled with a falling market, this can lead to a serious squeeze on any profit.
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