As an investor, you must have known already that location or site is important in property investing. Of course, buying an investment grade property is crucial. Thus, it is also important to research about the site first when it comes to property development process. There is so much of a site can tell you when you look at it. It is not only about where the site located but also about the general element of it should you research thoroughly. Remember that every project is unique so it requires different site to be perfect. Property development is a complex project to finish. Thus, researching the site is only the first step you need to take before taking another one.
Why researching the site
Experienced investors are most likely braver enough to take property development project as their investment. It is not a small project because it involves big budget and higher level of risks. However, their goal is to get financial rewards at the end of the project. Everything needs to be started from by finding the right site and prepare it.
The reason why you should research a site is to find the perfect location for your development project. However, it is more than that. By researching the right site, you will get the chance to meet people who could be incredible at their work. While researching the site, you need to research the local market and contact reliable real estate agent as well as property strategist.
It might be a hassle to go from one place to another just to find the perfect site. To help your work goes smoothly, you need help from property strategist and real estate agent. Aside from them, you can also contact buyer’s agent who, of course, have knowledge of the local market that you can rely on. Furthermore, the people you should contact include people in the planning department at the local council. They are important to contact because they can give you important overview.
Don’t rely on cheap property
As investor, you must think a lot about your budget and general financial plan. It is common to think that you could save some money if you buy property at lower price. However, it is not always good to buy cheap property. The right thing to do is to buy investment grade property including when you are looking for the right property site. It is also important to not overpay. You need to make sure that the property you buy is worth every single penny you spent.
To make the right decision on which site you should choose for your development project. Do not use your emotional or personal attachment. This can mislead your thinking. Use only financial viability when choosing development site. Before researching, make sure to make a checklist of development site you want to invest. If all point of the development site are on your checklist, you need to buy it at the right price. If there are some points missed from the checklist, move on to the next site.