The next steps once a property development is complete
Property development is a great way to build your property portfolio and to create a passive income. It involves a lot of research, processes and time management from working out your strategy to completion. There is an abundance of information online such as, how to become a property developer, tips on the process and how to get started. What’s missing is what to do once your property development is complete. If you have gone through the process of strategy, purchasing, contracts, design, approvals and construction – what’s next? In this article we discuss the possibilities of what you can do once your development is complete.
If your development is complete and you may be considering whether to sell or lease. There are a few factors to consider, including the current state of the property market and your current financial position. One option is to sell each individual dwelling and make a quick buck for your hard work. There is potential for property developers to create a large amount of capital gain in a short time frame. If you do sell your property development, it is most likely that this was the strategy from the get go.
Before you pull the pin and call up your real estate agent, you should consider turning your development into a more long term investment. The potential income can have greater long term benefits and provide financial stability and a passive income. If you have built a large apartment building or block of units, you may wish to consider enlisting professional leasing agents and strata managers to help with tenanting and managing ongoing maintenance.
Starting off with a clear strategy and goal for your development is crucial in achieving financial gain. If you do choose to go down the investment property path, software such as MYBOS can help maintain and manage your building. This is a common tool used by property developers once it’s complete. Utilising software allows you to have access to your development 24/7, keep track of preventative maintenance, store trade information and directly contact tenants. If you are planning your property development strategy, contact MYBOS to view the tools that can save you time and money.