Risk is a part and parcel of life be it a decision in personal or professional life one needs to take a risk to proceed ahead in life. There have been instances where people have taken big risks and gained rich benefits out of those risks. People who are averse to take risks generally remain stagnant at one position and close all doors for progress for themselves and the organization they are involved with. Calculated risks are the ones that will take one to new heights of success. According to Brian Linnekens while dealing in property development one needs to have extensive knowledge about the business, locality and people residing in that locality along with the prospective customers that are going to form the ultimate owners once the property is developed.
Brian Linnekens suggests to rookie developers that they should go through quality property development books and texts that they can lay their hands on so that they have comprehensive knowledge about the subject and are not caught in the pitfalls that often come in the way of a new property developer. One should also attend workshops that are conducted by authority property developers. If one is not really confident enough to manage his own projects at the first go he should work as an intern with an experienced property consultant till he gains the confidence to work on his own on individual projects.
One should be able to calculate the residual value of a property or site that one is going to develop. A residual value is calculated by subtracting all the projected expenses of the project from the project’s gross revenue. This calculation will come handy while you are paying for the development site. This calculation will ensure that you stick to your budget and do not overpay for the development site.
You will find many developers in the market who specialize in purchasing, developing and selling out lemon properties. One should be very careful while buying these properties as these properties may prove to be a trap even for the most seasoned property developer. One needs to spend time and resources while developing a lemon property. It is always advisable to spend time rather than see your investment go down the drain at a later stage. A Property Developer should always take care that he sticks to the budget that he has fixed for the various components in developing the property. The construction work should be of high quality and should not look shoddy.
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