A Different Investment When It Comes To Property
Many people are looking for the next big investment, and often property is the ideal area to seek it out. There are some of the more mainstream options that people consider such as buying a rundown property and renovating it to make a profit, or considering buying more than one home to rent out to others for a residual income as well as a long term investment. However, there is one area of property investment that is rising in popularity and that is turning one large building into multiple potential homes such as apartments and flats. Renting them out or selling them on. So how do you get started with such a project? Here are the things to think about.
The right building
One of the first things that you need to consider is finding the right building. This means that you need to consider things such as the location, the type of square footage that the property has and the overall potential such as how many properties can feasibly be created within it. You might also need to think about the exterior for things such as gardens and car parking. It might be worth having the expertise of foundation specialists, a builder and any other contractor that could give you some solid advice before making the investment. Sometimes the property search can be the hardest aspect as you seek out the right one for you and your vision.
The best professionals on hand
The next thing to think about would be the professionals that you need on hand. This will turn into a very big project, so it may be best you give yourself the role of project manager, rather than trying to complete any work yourself. You will need experts such as architects to draw up plans for permission to be granted. This might need to happen in order to change the use of property from commercial to residential. You will also want a decent team of builders and experts to help with the build and fixtures and fittings.
It isn’t just the property and inside you need to think about, you also need to take into account the exterior and the security side of things. An intercom service would be a great investment here. These systems can also work alongside security gates and access points, allowing things like car parks and communal areas to feel more safe and secure.
Bulk buying can be cheaper
Often buying in bulk can give you discounts and make the overall cost cheaper, so this could work well for things such as bathroom suites and kitchens. Sticking with similar designs means you don’t have to worry about getting plans wrong or installing things in the wrong property. Many developers stick with neutral colour schemes that will work well and entice the maximums amount of buyers and renters.
Deciding what to do when the project completes
Finally, once the build is complete you will need to decide what you want to do, the initial investment will be in the whole building, but selling properties separately could massively increase your profits. You could also look at renting individual properties out to give you a short term income while you decide the next steps.
Let’s hope this has given you some food for thought to consider an alternative property investment for the future.