Top tips for property development

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Top TipsforProperty Development
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• If you love selling and buying property, you can
  try your hands at property development. However,
  before you take the plunge, you should know about
  some effective tips to achieve success in the
  world of property development.So, here are the
  top tips that can help

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Top TipsforProperty Development
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Research is the key
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Research is the key

• Whether you are buying/selling a new property or
  refurbishing/renovating it, you should do your
  homework well with respect to researching the
  locality, nearby amenities (markets/hospitals/bank
  s/schools etc), ease of transportation,
  availability of green spaces, crime statistics
  etc, as they will help you scout properties that
  give you the best chance of financial success.

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Plan well
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Plan well

• Based on your research, you can modify/develop
  the property to attract your target clientele.
  For instance, a home for a young professional can
  do well with a wet room instead of a standard
  bathroom.

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Set a budget and stick to it
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Set a budget and stick to it

• Based on your research, you should have a
  property development budget and stick to it.
  Rather than going overboard with fancy
  accessories and fittings that would cost you a
  lot to install and wont be paid for by your
  target clientele, you should opt for affordable
  and practical designs that are easily marketable
  and would be financially feasible. Its also
  prudent to have a contingency fund for about 20
  on top of your budget to deal with unforeseen
  expenses.

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• Lastly, you should manage the entire process
  well, either on your own or by hiring property
  development experts.