I found this great video on www.bizzibox.com this morning. Sarah Beeny talks about how to find a property to develop. It’s a quick 3 minute video with some useful information. The salient points were:
Choosing a location – make sure you know the area as there could be a difference between one side of the street to the other. You’ll only know this if you know the area.
How would you compromise between size and location – this all comes down to your target market. Focus on the end user and what their requirements might be. If they’re a couple with a young family then size is probably more important, but if they’re a couple without children then close proximity to bars is better.
How to add value to a property – this should be instinctive when you first see the property, but ultimately its about adding square footage.
How do you work out your potential profit - try to obtain a realistic value in todays market and then work backwards from that. I’ve seen a lot of people on Property Snakes and Ladders who don’t take this into account and let their heart rule their heads! They often seem to lose out and not take on board Sarah’s advice.
Take a look at this quick interview with Sarah Beeny below: