Top Tips for UK Property Developers

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At Henley Finance we provide specialist loans for property developments. All developers would agree that whenever a new project comes in, comes a lot of new experiences too. And while no two projects are similar, there are significant stages that can make a difference between coming in on time and budget or running into problems. We have caught up with Richard Butler Creagh to help us with his best tips on keeping track during a development project.


Set-up a budget

Richard prioritizes the significance of setting a budget before a project begins and you must stick to it throughout. Iterations on design and specifications are likely to be expensive. Making significant changes to the design of the property mid-way is one of the most common mistakes that cause property developers extra cost. You must plan a realistic budget and not an optimistic one.

Time is money

Always try to keep up with your schedules. The importance of proper scheduling comes hand in hand with setting up your budget. Without a proper and well-planned schedule, the project is more likely fail and in turn will leave you out of pocket. Get the funding and get it quick, so you can get the deal!

Paperwork needs to be up-to-date

Paperwork may sound insignificant, but the importance of keeping up-to-date paperwork is very crucial. You will be surprised on how far you will be left behind if you ignore the paperwork. If it is not maintained, it could cause you serious problems that will endanger your project. This will also affect the ability on securing a funding for later property developments.

Relationships

Without the great people working beside you, the vision you have for the project will be unreachable. This is very particularly important when you are choosing your suppliers and subcontractors. Richard values the relationships between all stockholders of a development project very highly.

Keep you buyer in mind

During the process of developing a property, you should think about the needs of the person you are aiming to sell. For example, if you are planning to sell to a family, it will be likely that they have their own furniture. And when your prospect buyers are young professionals, it is more likely that they will be looking for a fully furnished property.

Richard started his career in the property development industry. If you need a loan to develop or buy a property with a fast turn-around, contact Richard Butler Creagh on the Henley Finance website. You can also read this article about Richard Butler Creagh on Bridging and Commercial about Henley Finace’s latest app. 

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