31 Jan Why consider going into property development?
Even in the current economic climate, there are plenty of opportunities open to property developers, and more people are looking at it as a possible career, or even as a potential career change. Property developers come in all shapes and sizes, but most specialise in a specific area, changing the landscape of the country and delivering a variety of buildings for housing, services or entertainment.
Building a team of professionals
One of the things you will need to consider if you are considering property development as a career is the kind of professionals you will need around you. Prime among the members of this team will be a good property lawyer.
There are many legal hurdles you will come across, such as planning and local authority searches, conveyancing issues and possibly the need to remove someone from the title deed of a property. In the case of the latter, you will need a transfer of equity solicitor versed in the intricacies of the process.
You will find plenty of information online and you can contact Parachute Law or similar specialists who may become valued members of the wider team you are building.
How the housing market is changing
Becoming a property developer remains a viable and lucrative option in England, especially since the government has launched a major house building programme.
In the 2019 Conservative manifesto, the party identified a need to build 300,000 new homes a year by the mid-2020s Although there have been suggestions this may be watered down, the government recently committed to the targets.
As we have mentioned, developments come in various sizes, and new housing needs plenty of supporting buildings, including supermarkets, retail outlets and services such as GP surgeries and dental services. Consequently, the opportunities for property developers are endless.
Why is the role of a property developer important?
The needs of both communities and local economies are changing all the time, and environmental issues are increasingly influencing the way in which property developers operate. They require these changes to be made in a sustainable manner, whilst remaining economically viable and providing buildings which are more pleasant to work and live in.
By working with national and local government departments and agencies, developers also ensure that towns and cities are able to adapt in a way which meets not only their own targets but the aspirations of their residents.
It is important to realise, however, that there is a price to pay for this if you are a property developer. You will play an exciting role in creating new properties, but there is always financial risk in doing so.
It is important to surround yourself with good professionals, familiar with the pitfalls which you may not have come across. We have covered some potential legal complications, but you will also be working with other professionals across the projects you have committed to, such as building contractors and surveyors. Do as much research as possible, and confirm they have worked on similar projects before.