Property Development

[Smitho3]

Hola,

Does anybody here develop properties for a living/Sideline? I am thinking of taking this up as a sideline venture and after watching people stress out over it like it’s the end of the world on these property programs on TV I was wondering, is it really all that stressful? Is the money as good as it appears to be if you use your noggin?

I will have the opportunity to buy into a new build development and walk away with 35-60k gross profit this year. Should I just use that as a deposit on buying a family home or should I invest and borrow money to get into development.

Please share your experiences good or bad.

Cheers

Lee

 

[Smitho3]

It's not the best time at the moment.

What do you mean buy into a new build development?

I won’t be in a position to do this for at least a year yet and I won’t be touching the market until things stabilise so there’s no rush really. The in-laws have a large garden with rear on road access. We have just drawn up the plans to build a two bedroom bungalow and I will be financing it.

 

[Smitho3]

It will most definitely sell as there is a shortage of bungalow availability in the area. Recent sales have gone through remarkably quickly and for far greater than we hope to achieve, so anything else is a bonus! As far as problems go i will be putting in a fixed amount and the rest will be made up by the in-laws. Any problems will be dealt with by them. The shell will be built by a contract builder (who we are acquainted with) and the remainder of the work completed by my father in-law and brother in-law (owners of a property Maintenance company). We are at the planning stage at the moment so until the planning application has been approved we wont be doing anything.