Ask yourself the following questions and if the answers are not favourable then make sure you can overcome this.
1) Have you or can you obtain money for:a) The initial purchase;b) The purchase and legal fees;c) Specialist advice and help;d) Building materials;e) The building work;f) Furniture (if dressing);g) Contingencies?
2) Are you objective enough to develop the property for the most likely buyers and not as self indulgence to fulfil a dream of your own?
3) Are you prepared/experienced enough to do some of the work yourself?
4) Are you hoping to use friends to help with the work? If so, are you sure you are not stretching your friendship a bit far by asking them to do the work for free? Don't forget if they are doing you a favour then you have little control over either the timescale or the quality of their work.
5) Are you intending to manage the project yourself? If so, have you the skills required to do such work? Can you juggle the tradesmen, ordering of materials and the order of the work? Do you have a contingency plan for your contractors if you have to wait for planning permission or other delays?
6) Have you an understanding of the basic building practices and interior spaces? Can you design a satisfactory workable plan, if you and the property require it, and do you know where to find a designer or an architect if you need one?
7) Have you a lot of patience, an ability to manage a workforce, and a proper businesslike attitude to the whole project?
8) Have you explored the market?
