"Most areas have different potential, and most customers will have different requirements"
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How to develop a property for the location video
So congratulations, you’ve found a property that you feel has potential to develop but have you considered who your customer is? Who are you developing this property for? You see most areas have different potential, and most customers will have different requirements.
If you take for example, this property, we’re in a nice residential street in Norwich, and this property is I guess, half way between the town, and the university. And if we take a look up the street we have a number of student accommodation properties, they’re terrace houses and HMOs. And if we look this way down the street we’ve a number of semi -detached houses suitable for families.
This property, ripe for development, has a really large attic, it’s got a huge through lounge inside and there is a great garden at the back. So, if I was I to develop this property, I’d want to think who I’m going to develop it for. Am I going to develop it for the HMOs/students market, or am I going to develop it for a family to come along and purchase it. And that would make me think about where I spending my development money. Could I change the attic into another room to fit another student into? Could I split the lounge into two separate rooms for a common room for the students and a bedroom to get more yield from the property? Or, in terms of a family would I open out the lounge and perhaps create a playroom for children and storage space in the loft. The garden back – would I need it to be low maintenance in a student accommodation? Or do I want it to have nice green foliage and a nice lawn for a family to occupy?
So I think the message to take away from this is before you even purchase the property consider who it is you’re developing the property for. It’s going to affect a lot of decisions in terms of spending your budget.