Advice on developing a property for the location it’s in

In this video James Dewane joins us again for more advice on property development. This time we look at the location and how making the right decisions based on its location can save you time and money and help you to sell on quickly.

 

"Most areas have different potential, and most customers will have different requirements"

You’ve located a property that has potential to be developed but, have you considered who your customer is? Who are you developing this property for? Remember the environment you’re in and most customers will have different requirements. 

If you take this property for example, we’re on a nice residential street in Norwich, and this property is half way between the high street, and the university. Though, if we take a look up the street we have a number of student accommodation properties, 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 hypothetical property, ideal for development, boasting a really large attic, a huge through lounge inside and a great garden out back. If development of this property was to happen, there would have to be a clear type of person identified to live in it before a screwdriver is picked up or a drop of cement is mixed. That would make me think about where but most importantly how I spent 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?

In essence, 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.

 

 

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