I'm looking not only to build 3 new houses next to my current home, but to move into full time property developing. How do I do this?
Posted on 18 August 2013 by James
I own a house outright worth approx £250,000 and I also own land approx 18 acres, and I'm applying for planning on to build 3 houses beside my house. I would like to buy and sell existing property as a full time job. I work in the construction industry already as a plumber. How do you suggest i go about it?
There are two issues to deal with here. The first is the development fininace for the three properties you are looking to build and the second is your move into full time property development.
There are a good number of lenders in the market for development finance, but before approaching them we'd to know some additional information, including the end value of the three properties, the build costs, and whether you have any funds to put in yourself, as well as your current level of personal income?
I'd definitley say that you should carry on in your current employment at least until such time as your first project has been sucessfully completed. Once you've got a track record, a lot more options regarding finance and rates, etc... will open up for you. Experienced developers tend to be more favourably looked at for finance by lenders, and this will improve with each project you complete.
I'd certainly recommend talking to one of our consultants experiened in develpoment finance to go through what you're looking to do in more detail. Please let me know when would be a good time for you, and I'll arrange for you to speak to one of them.
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