February 4, 2023

What is a property developer’s major weapon?

A step up from regenerating houses or pre-existing live – in properties is when  you take a commercial building and convert it into residential. You create more homes than with a flip, but the fundamental principles are the same. The average flip produces profits of just under £50k, whereas a small conversion project is likely to net you between £150k and £500k, depending on its size and location. The budget for commercial flips will also be ten times the size. You can afford to hire a main contractor to take care of the construction rather than a jobbing builder.

The 3 biggest tips are:

  1. Get some recommendations from construction management companies for contractors
  2. Ensure that your project manager is one that you are able work with as you will be spending a lot of time with
  3. Find properties locally as it is more practical and the connections in the local area will often help in the long term

_____________________________

Will you consider taking on these projects?

Leave a Reply

Your email address will not be published. Required fields are marked *