New property developments are popping up all over the globe now, presenting new real estate developers with a unique opportunity to break into the market. However, for most new developers, buying their first property to refurbish can be quite a daunting task. Thankfully, property development projects are a great way to get your foot in the door, and here are a couple of considerations to make when you’re planning your first buy.
Keep up with new developments
The first (and probably most obvious) thing to remember is you need to keep up with the latest trends. Whenever there’s a new property development being planned, you need to use your contacts and sources to find out where it is, what types of properties they will be, and start crunching numbers to determine if it’s worth your time. It’s a good idea to try and get to know property developers by name so you have a record of people who are trustworthy or provide high-quality results. For instance, Joe Nahas is one such name that you should follow when it comes to new developments. His company, Coronation Property, specialise in new developments that are designed by some of the world’s finest architects, making their developments some of the most sought after in the entire world.
Misleading and false promises
The reason you research a property development company before buying into their property is because you need to have some trust in them. If they have a terrible reputation and they’re constantly providing people with low-income housing that isn’t worth the money, or if they’re touting “luxury” apartments that fall apart after a month of use, then you want to avoid these developers like the plague and keep your money safe. Sometimes, cheap developments can work if they’re targeted at the general public. For instance, if a property development in a low-income part of the city is focusing on affordable housing, then you can make a steady amount of profit by investing there. However, if it’s a luxury property development that sounds too good to be true, then it’s probably a dud that should be avoided.
Additional refurbishments
Most development projects come furnished already, but it’s never a bad idea to add additional features onto the home you invest in. For instance, you could install modern upgrades like smart home technology, or you could target your audience with specialised rooms. For instance, if the development project is surrounded by office buildings and businesses, then you could tailor your property to suit professional couples that don’t plan on having children or shared rentals for university students. It’s important that you try and monitor local activity while the development project is underway so that you have a good idea of the type of audience you’re aiming for and how to draw their attention.
To summarise, new property developments can be a lucrative investment, but the golden rule is to only trust a property developer that has a proven track record and to plan all of your marketing material early on so that you can gauge interest and perhaps even make a sale before it’s finished.