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Yes, in a period of continually falling interest rates and ever increasing prices. It's highly unlikely that this will continue during your proposed venture.My dad spent 25 years project managing new build developments and loves getting involved and helping out. But thanks for your useful comment.
You see, every wannabe developer makes the points you make as they are plain obvious with lots of ‘ifs’. The time you make profit is during the purchase, you have to get it for a price that allows some contingency works and without youThis is a good point. Solicitors dragging things out when it comes to the sale is just about the only thing I hadn't really considered.
I'm aiming for rapid turnarounds on any project developments to try and avoid as much of the costs you mentioned. Also if I can manage to complete the works within 8 weeks maximum then I should be protecting myself against downturns in the market in terms of resale value.
definitely find it hard to make a genuine profit. Unless you have access to that murky world of being able to bypass the estate agents and be able to directly purchase property for BMV, then you will find it next to impossible.
I've been there for nearly twenty years, with the ability to get hands on to cover several trades myself. That is tough enough let alone having no personal experience and coming from a driving background.
I wouldn't recommend you do this considering your mismanagement of your finances , you honestly feel capable of trying to deal with something as complex as property development?
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