10. Plan Your Next Development
10. Plan Your Next Development (Image 10 of 10)
While you're waiting for the deal to complete, there's nothing to stop you looking for the next opportunity. After all, doing the research doesn't cost anything. Once you've completed on the sale, it is important to take a breather and evaluate all that happened, so you know what to do - and, just as importantly, what not to do - next time.
Time to give up the day job?
There's a huge difference between being an amateur and a full-time property developer. You need to be very realistic about how much profit you have to make each year to provide yourself with the kind of income you'd be giving up if you leave your job.
Don't forget that you will be taxed on any income you make and, assuming the property is not your main residence, you are liable for capital gains tax on any profit from the sale. Most of all, don't get carried away with your early success - consider that you will have to make a profit time and time again. There are no guarantees in the property business. It's not always a win-win situation, and I'm not sure it ever was.
The views represented in this article are those of the author and not of Channel 4. The purpose of the article is to provide general information only and does not constitute financial, investment, legal or other advice.You should not rely on any information provided in this article and you should always seek out independent professional advice relevant to your own particular circumstances.
4Homes Essentials
Mortgage Calculator
Property Search
UK Region Ratings
