I hope you’re all well. A friend of a friend of mine is a builder (and not very I.T literate!) who is thinking of buying plots of land to build properties on and selling them on for a profit, and he wants me to join him as a business partner.
However, I know nothing regarding this subject and of course I am searching online to gather as much information s possible around this subject.
In the meantime, could someone be kind enough to give an over view of what is involved in buying a plot of land and then building s property or two on it in order to sell it on.
Are there any pitfalls to avoid ? Where do I need to look for plots of land on sale?
What things to consider when choosing a particular plot?
In terms of common pitfalls, these can be split into two categories. Firstly, there is the self-build aspect. Here it is crucial to be aware of lurking costs, that you know that budgeting is everything. For example you need to know every decision you will be making, such as roofing.
In the second category is the customer. You need to build a house that people will want or you won't sell it. Research your market thoroughly. You also need to make sure you are very honest with your customers and that you build trust.
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