Property flipping / property development are ever-present in the fabric of London’s housing market. The allure of buying a run-down building that you can work your magic is a dream job for a lot of people. There are numerous television programs on every day showing some of the examples of successful property development projects.
From humble beginnings and a blank canvas, you might have caught the property development bug. And if you choose the right location and team, it’s possible to create a high-end property. And should it suit you, it can then be put on the market for a profit.
Things to Consider When Choosing a Location in London –
It’s often said that location is everything, and that’s undoubtedly true for house flipping and property development. Many people who purchase properties at auctions don’t always do enough research on suitable locations. They focus on the property and its potential, rather than the location and the potential for a more profitable return on their investment.
Your research criteria for suitable locations will include various selling points. The crucial ones are quality of local amenities, restaurants, pubs and other entertainment. Excellent transport links will sell any property, in addition to healthcare and good schools that are nearby.
There are other selling points that property developers sometimes overlook. Never underestimate outdoor spaces. People gravitate towards areas that offer public parks and green space. Families are a group you should be mindful of and realise that another selling point is activities for children. Make sure there are plenty of them in the area.
Compile information on house sales in the last twelve months to gauge the average selling prices. This will be your baseline for any profits. Remember – the location and its selling points should be your initial focus. Then you can task yourself with finding suitable properties within that area to purchase.
Assemble the Right Team and Only Use Quality Materials –
You’ll have heard the phrase; it’s not what you know but who you know? Well, it applies to many situations for property developing and house flipping. If you’re new to house flipping, you should discuss the ins and outs with as many people as you can in various sectors. You’ll need to speak to builders, tradespeople, interior designers, architects, to name a few.
You will face a choice which may be your most important one. You either hire a time-served supervisor to oversee the project, or you become that person. It’s advisable to use a professional, especially for your first project. And trust them to select their own people. Don’t cut corners – trying to save money on materials will end up costing you in the long-run.
And one point that you must check before your purchase a potential property is inspections. Although you plan on gutting your latest investment, unless you know the full status of the foundations and pipes (electric and water), you might have bought a money trap. While you check for what recent inspections have taken place, also check the building’s status. Listed buildings are a nightmare to renovate and get planning permission for.
Ward Thomas – Our Small Vans for Small Moves Service is Perfect for House Flipping –
Ward Thomas always put a prestige quality to our range of services. We don’t just relocate people and transport their items. The Ward Thomas team plans everything in detail to ensure that everything meets the customer’s requirements. We leave nothing to chance, and we demand nothing less than the highest level of customer service.
Our Small Vans for Small Moves service is a step above the usual man & van packages from other companies. You’re not just hiring a smaller vehicle the reduce costs. With Ward Thomas, you’re hiring two professionals at an hourly rate. The quality of service is what makes them different, and our vans have all the necessary equipment to undertake any job.
Ward Thomas’s Small Vans for Small Moves is the choice of most property developers. They like the additional labour, the use of an extra van, as well as the hourly rate. You only pay for the time you use for an unbeatable service.
Property development and house flipping are for those with an attention to detail. That’s why you need to partner with businesses that share your ethos. Use Ward Thomas as your partner for your next house flipping project and contact us today to discuss our range of services.