What are the key features to look for in a property you're developing.
Selecting the right property can be critical to the success of your project.
But with so many factors to consider, it can be overwhelming to know where to begin. In this guide, we'll provide you with practical tips and insights into what to look for in a property you're developing or investing in.
We'll cover key features to consider such as location, potential for capital growth, suitability for your target market, the condition of the property, zoning and planning permission, and potential rental income.
At Mardesign, we understand that property development is a complex process, and we're here to help. While we can certainly assist you with the design process, our primary goal is to provide you with the information you need to make informed decisions about your property development project. So, whether you're a seasoned property developer or a first-time investor, we've got you covered.
Let's dive into the key features to look for in a property you're developing or investing in.
Outdoor . Marichmond
Location & Demographics
is one of the most critical factors to consider when developing or investing in a property.
A good location can significantly impact the demand for your property and its potential value.
When searching for a property, look for locations with good transportation links, such as easy access to highways or public transportation, as this can increase the appeal to potential tenants or buyers.
Also, consider the proximity to amenities such as shops, restaurants, schools, and parks.
People often look for convenient access to these things when choosing where to live. Another factor to consider is the crime rate in the area. A safe neighborhood can attract tenants or buyers and increase the property value.
It's also essential to research the local property market before investing in a location.
Analyze the local market to ensure that there is demand for the type of property you're developing. Research the demographics of the area, including population growth rates and household income levels. All of these factors can help you determine whether a location is a good investment for your property development project.
Target Market
Consider the target market for your property. Are you developing for families, students, or professionals?
The property you're developing should meet the needs of your target market.
For example, if you're developing for families, the property should have enough bedrooms and a garden. If you're developing for students, the property should be located near the university or college.
Condition of the Property
The condition of the property is an essential factor to consider when developing or investing. Inspect the property thoroughly to identify any underlying issues, such as structural problems or damp.
These issues can be costly to repair, so it's essential to include the cost of repairs and renovations in your overall investment plan.
When inspecting the property, look for any visible signs of wear and tear, such as cracks in the walls or ceilings. Check the condition of the plumbing and electrical systems to ensure that they are functioning correctly. It's also essential to inspect the roof and foundation for any signs of damage or deterioration. Identifying any potential issues upfront can help you budget appropriately for repairs and renovations.
Kitchen . Marichmond
Zoning & Planning Permission
are crucial factors to consider when developing a property in the UK.
Local councils are responsible for determining how land and buildings can be used in their areas through the Local Development Framework (LDF).
The LDF outlines the council's planning policies and proposals for new development in their area, including identifying sites for housing, employment, and other uses.
Before investing in a property, it's important to check the council's Local Plan to ensure the intended use of the property aligns with the LDF. Planning permission is required for most types of development, including new buildings, changes to existing buildings, and changes of use. The planning process involves submitting an application to the local council outlining the proposed development, including any design plans and environmental impact assessments.
The planning process can be complex, and it's important to seek professional advice from a planning consultant or architect.
Failure to obtain planning permission for a development can result in costly fines and even demolition of the development.
Once planning permission is obtained, it's important to ensure that the development is built according to the approved plans and within the specified time frame.
Properly navigating the zoning and planning permission process can be crucial to the success of a property development project in the UK. By understanding the local council's planning policies and obtaining the necessary permissions, developers can ensure that their investments comply with regulations and have a higher chance of success.
1st Floor Landing . Marichmond
Potential for Capital Growth
When considering a property for development or investment, it's important to evaluate its potential for long-term capital growth. This can be influenced by a variety of factors, such as location, economic conditions, and trends in the property market.
One key consideration is the location of the property. Look for properties in areas with a history of strong property price growth, and where there is expected to be continued demand for property in the future. For example, areas undergoing regeneration or revitalization, such as those with new infrastructure improvements, are often good candidates for capital growth.
It's also important to consider broader economic conditions and trends in the property market. Factors such as interest rates, inflation, and consumer confidence can all impact property prices. Research the local property market to understand trends in supply and demand, and the expected trajectory of prices.
Another consideration is the potential for adding value through development or renovation.
Look for properties with the potential for improvement, whether through simple cosmetic updates or more significant structural changes. By increasing the value of the property, you can accelerate its capital growth potential.
Overall, evaluating the potential for capital growth is an essential part of any property investment strategy.
By considering factors such as location, economic conditions, and the potential for adding value, investors can identify properties with the greatest potential for long-term capital growth.
Lounge @ Marpreston
Potential rental income
Start by looking at similar properties in the area and compare their size, condition, and location. This will give you a general idea of the average rental price in the area.
Check property rental websites or consult with local estate agents to get a more accurate picture of the rental market a provide you with accurate rental figures on how the top high end properties are performing in the market.
It's also important to consider other expenses that come with renting out a property, such as management fees, maintenance costs, and taxes.
These expenses should be factored in when calculating the potential rental income and overall profitability of the investment.
By carefully researching the local rental market and calculating the rental yield, you can ensure that your investment in a rental property is profitable and provides a steady stream of income over time.
By considering these key features when developing or investing in a property, you can maximize its potential value and ensure a successful investment.
At Mardesign, we understand the importance of effective design solutions in increasing the value of a property. That's why we offer comprehensive design services that can help you analyze the potential of any property deal even prior to any design work and guide you through the design process.
Contact us today to learn how we can help you unlock the full potential of your property investment through our expert design services.
Check out what investors say.
“Working with Raquel has been an absolute dream.
As property investors who are also directors of two other full time businesses, and who’d just brought home our first child, you could say we were somewhat time poor! We knew we needed help with our next project. I was struggling with overwhelm and becoming a bottleneck, so we reached out to Raquel for guidance.
Raquel was able to work with my vision for the property and create a truly stunning design. Her skills in space planning blew us away, we’d have never thought of using the space the way she did, and it’s meant the property has a real wow factor about it.
Investing over 3 hours from where we live has its challenges, but with the floor plans, lighting plans, specification documents and elevations Raquel produced, it’s making the project so much easier to manage from afar.
Our aim was to raise the bar in the area and we’re definitely doing that with Raquels support! We could not recommend her more highly. Book her before it's too late….”
— Kelly Molson & Lee Allison. Ava Lily Property
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