My thoughts on property developing

want2bmortgage3

After watching sarah beeny too many times I got the idea I'd like to try doing what these people did and maybe make some money.

I had a property I was renting out but the time came I wanted to move in and have my own place. Instead of just enjoying my own place I've spent the whole year working full time (albeit finishing 230pm) and coming home to a million jobs. And its still not finished, for various reasons

I have wasted a lot of time due to living here myself and getting too personal with what finish I wanted (style of kitchen/bathroom etc), and taking too long to decide on things. I realise now I'm not going to stay here forever and it doesnt matter too much.

I also lacked confidence with various jobs such as fitting kitchen and bathroom, partly due to getting personal again. I dithered on whether to jsut get stuck in and maybe make a few mistakes, or whether to get a pro in and have the job done well (although costing more).

I have also lost track of the finances, i should have opened a second account for the development and kept personal finances seperate

Living here means i cant escape the mess, dust etc and shut the door on it. it would be a lot better if i lived elsewhere and came here to do a days work then shut the door go home and get a change of clothes

Overall i think doing a little diy/redecoration on your own place is a lot different to development as seen on property ladder! i would recommend treating it as a business, with it own bank account. dont live there. keep the finances seperate with another bank account. just see it as an investment, which you will sell on. then you wont get personal about the design / finishing, and also wont worry as much about doing things yourself and messing them up! i would say most jobs you can try yourself to save money and learn so get stuck in but think things through before so you dont end up electricuting yourself or damaging a water pipe! (luckily have avoided either!)

If I did it again I would have decided from the start my plan. One path would have been get the bathroom and kitchen done professionaly (as i do know decent fitters/plumbers) and work extra in my job to pay for it. Or to save money and learn some things just have a go myself , with my DIY book, and not worry about doing everything perfect, just as good as I can. I think maybe the former plan would have been better and have given me more free time to re-think my own career which i'm not exactly happy with!

Hope this helps somebody thinking of starting something like I did...

john175bramley

I'm currently developing my 5th property (have lived in them all during development:eek: ) but think I'm going to be stuck here for a while (Stupid credit crunch).

I'd like to hear other's views on property development in the current climate. My last property sold for £225K in east London (2 bed flat sold 12 months ago) and I'm now renovating a 4 bed cottage in a village in staffordshire (lovely rural location, post office, shop, 4 pubs :beer: ).

I checked what similar properties were going for in east london currently(180k:eek: ) so I suppose my Stafforshire cottage has depreciated in a similar way.

What are you fellow property developers going to do?

More importantly what is Sara Beeny going to do, poor cow.:D

P.S. I've been doing this for 3 years now and don't want to get a real job again.:(

ixwood

It's virtually impossible to make money "developing" in a falling market.

ixwood

Beeny saw the crash coming (the smart money bailed out of property last year), so doubt she's in much trouble. She set up 235 businesses to cash in on it I think..

smartpicture

She's running a dating business called 'My Single Friend' now, don't think she does property any more.

illzlee

to be honest, the whole fad of property developing may weel be over for the masses. there will be plenty of opportunities over the next couple of years as more and more repossessions come onto the market (or failed buy-to-lets), But it's only going to be those with sufficient financial backing who don't need large mortgages who will be able to profit from what will become an abundance of property in a buyers market.
I was gearing up to start developing again after completing my degree but this credit crunch has seen the end of that!:mad:

Anyone looking to develop now will actually need some skill in gauging the market, making the right aquisition and turning round a development in a suitable timeframe - the days of painting any property cream, fitting cream carpets and a B&Q kitchen are long gone! :T