.

laurenwade

.............

ViolaLass

In what way has your interest manifested itself so far?

laurenwade

Always been interested in design/interior design, as well as enjoying DIY projects around the home. And thought it would be a rewarding way to make money

alchemist.1

You need to start to make pals/start to network with Estate Agents for a start. Most already have relationships with builders/property developers who unofficially get first refusal on properties you would be looking for. Do research in the areas you would like to start your project and what price it would achieve fully renovated.

Do you have any contacts in the building trade? Someone who can deal with the renovation. Basic DIY skills wont cut it. Doesnt matter how many episodes of Homes under the hammer you have seen.

£25000 isnt going to get you very far after paying for a deposit/legals fees/Stamp duty/Mortgage fees/Cost of mortgage whilst renovating and property for sale, and then renovations. Most people underestimate the costs of basic stuff like re-plastering.

Mr_Costcutter

laurenwade wrote: »

Always been interested in design/interior design, as well as enjoying DIY projects around the home. And thought it would be a rewarding way to make money

Without wishing to appear rude, you are making the buy-to-let game sound like a pleasant hobby. It isn't. Investing in but-to-let property is a business and a very exacting one at that.

Chanes

You need contacts in trades from plumbers to plasterers and you have to be able to rely on them, time is money. If you've watched homes under the hammer and think that people have made a lot on property, you need to consider the time they've spent doing it, I saw someone who made 25k on a property but it took them more than a year of time!

ognum

laurenwade wrote: »

Hello,

I am looking for any advice or suggests that you may have.


I am a complete newbie and do not know much about the property development business, however I have a strong growing interest in it.

I have around £25-£35k and was wondering what I could do with this money to start me off.

Many thanks

If your interest is in interior design maybe you could forge some links with local builders who would pay you to showcase your new builds.

Do you own your own home? Have you considered a lodger to make some more money.

If you are looking at traditional buy to let then you will need to find out what size of mortgage you can get and look for a property that you can relatively in expensively improve and let out, but there is no such thing as investment without risk so be prepared.

Doozergirl

laurenwade wrote: »

Always been interested in design/interior design, as well as enjoying DIY projects around the home. And thought it would be a rewarding way to make money

That isn't property development. And that is coming from a girl that is obsessed with design/interior design. It's taken years of practice to get really good at it, we all start somewhere, but it's the nice fluff. My days are taken with being a building project and quality manager, knowing my building regs inside out and managing relationships, time and money.

If I were you, I would buy a house for myself, renovate it with what I could and look at moving across the the property ladder before up - should be easier to build experience and a reserve of funds.

laurenwade

Thank you everyone for your replies, they all definitely helped me.

theGrinch

join an estate agency or shadow an experienced developer and learn for the next few years

Azure11

Hi, I agree with Doozergirl, buy a place for yourself and do that up then sell on. In that way it should be easier to get a personal mortgage, you don't have the pressure of time to complete the job and you can get to know local tradespeople to get the jobs done who you can then use later on in other projects.

I would say that most basic projects will need £10-20k to do a general makeover (new kitchen/bathroom etc) (unless you are able to do most of the work yourself which I would say don't as you don't have enough experience yet) so you will need your cash for that and hence might not have the cash for deposit etc so doing your own place is a good start.

And yes, work out how much a place will be worth after it's done, then add your renovation budget to the cost and see if there is a profit in it. Problem is on a first time renovation it is quite hard to know exactly what the costs are going to be so setting a budget can be tricky (and you can often miss things).

Anyway, if you really want to go for it then do it, it's definitely fun if a bit stressful at times!