3 ways to become a developer
Do you want to become a property developer but aren’t sure where to start? Here are 3 ways to fulfil your goal, regardless of your level of knowledge, expertise or time constraints.
If you want to try your hand at property development, there are 3 options you can take, each distinctly different and requiring varying levels of involvement.
These 3 options allow anyone to become a successful property developer, irrespective of their experience, knowledge or time limitations.
1. Do it yourself
Developing property by yourself is by far the hardest and most time consuming of the 3 options. This requires you to complete a large amount of research and due diligence to ensure you’re finding the right site and completing the right type of development. You’ll also have to deal with the extensive red tape associated with councils and builders. Developing property by yourself is generally completed by seasoned investors who’ve a thorough understanding of the property and building industries.
2. Appoint a development manager
By appointing a good development manager you’ll be working alongside industry specialists who’ll be able to guide you through the entire process. A development manager will provide you with valuable advice as how to mitigate the risks and maximise profits. You maintain control over the project and your level of involvement can be as high or low as you prefer. You won’t have to dedicate as much time to the development because the development manager will take care of a lot of the research and red tape for you.
3. Invest in a development syndicate
Development syndicates provide exposure to much larger opportunities that may not have been an option as a sole investor. Syndicates also require less capital investment from each individual participant. They are ideal for more passive investors who are either time poor or don’t have extensive knowledge about property development. As an investor in a development syndicate, you can simply sit back and let industry specialists complete all the work on your behalf.