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How to Find the Best Property Development Opportunities
Maybe you’ve been bingeing Homes Under the Hammer and thought “Hey, I could do that!”
Or maybe you’ve already renovated one property and now you’ve got a taste for it.
No matter the reason why you’re looking for property development opportunities, in this short blog post, we share the two things you need to know when searching for your first (or your next) big project.
1. Property Development Opportunities: It’s All About Location x 3
There’s a well-known phrase when it comes to property development; it’s all about location, location, location. But this isn’t a tired old cliché — you really do need to spot the up-and-coming areas before anyone else.
And to do that, you have to scour the internet and pound the pavement.
- First, look at properties for sale on the likes of Rightmove and OnTheMarket and note their asking prices.
- Next, read up on new developments (shops, bars, restaurants) and check local newspapers, forums, and social media for insight.
- Finally, scroll around Google Maps to measure walking and driving distance from important amenities (schools, parks, train stations, etc.).
Found an area you like? It’s time to visit in-person and ask yourself:
- Do any of the properties stand out as having potential? Some property developers like to look for the worst property on the nicest street as this means there’s room for improvement.
- Is there a variety of property types, or are they all the same? If it’s the latter, this could mean that each house on the street has the same maximum sales potential, so it could be a challenge to add enough value to achieve a healthy profit.
- Are there any skips or signs of development? This could mean fellow property developers are in the area, or it could mean the owners see enough value in their property to do some renovation work themselves. Either way, you could be onto a winner.
- Are there new-builds nearby? Whether it’s a shiny new flat complex, student housing, or a new-build estate, these sorts of developments are usually followed by new or improved local amenities. Buying and renovating a nearby property could mean selling while demand is high for the area.
2. Finding the Best Property: Estate Agents Are Your Friends
Once you’ve identified your development area, reach out to the local estate agents. Whether it’s a call or an email, introduce yourself and outline what it is you’re looking for in a property. Discuss timelines, financials, and your end goal (place tenants in the property or sell for profit).
With the right “profile” of property, the agents can start sending property development opportunities directly to your inbox. This will save you precious time, and they might even send you a hot tip for a property that’s yet to be posted online.
The best estate agents know their local market, so if you’re looking for a buy-to-let in Glasgow, a buy-to-let in Edinburgh, or HMO development opportunities, they’ll be able to point you in the right direction.
Looking for property development opportunities in Scotland? Make Cairn your new best friend. Tell us what you’re looking for and we’ll be happy to help. Contact us here.