Week 2 of Beeny Knows Best, where our very own Sarah Beeny takes to the blog to answer your property-related questions.
What advice do you have for youngsters looking to get into property development? - Matt Hale
Being young has masses of advantages - you have the energy to work 24-7, generally less commitments in terms of children and elderly parents and are totally mobile to go anywhere. Plus, with youth on your side you have time to lose money and start all over again should the worst happen, however unlikely it is. Because of this, you can take greater risks that are likely to bring in greater returns.
If you can scrape the money together, I would say developing is in many ways easier when you are younger and right now the market is looking pretty stable, property investments in general are looking sound and profitable.
What are the key things to remember when starting out in property investment, especially if you don't have a background in property? - Natalie Waites
Make sure you are realistic about your figures - include ALL costs and remember to add in a contingency, as you are likely to find that whatever timescale and figure you put on it will run over. Then make sure you try and fully understand the process of everything that is done, or at the very least have someone by your side who does - that way you are in a far better position to control where things are going and jump in ahead of time if you start to see things going South.
All in all, just ensure that you take time to research and plan ahead of time, and sit down and fully number crunch before you dive in. If you do this you should be safe and sound.
If you have a question that you'd like Sarah to answer in next week's post, email it across to [email protected] with the subject line 'Beeny knows best'.