Another useful tip is to remember to keep your business head on and always follow your business plan. It's terribly easy to fall in love with a property that is not going to get you the best return. Just because you like a property doesn't mean it can be the correct property to develop to either sell or rent. You must have a list at hand with what you require from the property and stick to it. Once you have chosen the proper property you're then going to need to look for the right builder to do the development. This part might make or break your development so it is vital to look for the right building company.

Hiring a builder will only give you skilled workers, that suggests that you will be acting as your own contractor which means that you may have to prepare any planning permission needed for the project. This can be fine if you have got the time to do the research necessary. You will also need to coordinate all aspects of the development which is fine for an experienced developer however not for a first timer. Coordinating the architect, designer, electrician plumber etc may be a daunting task if not done correctly. It is a little bit of a balancing act and shouldn't be taken on lightly.

First time developers almost certainly ought to hire a contractor and let the consultants deal with all of the above. But like the property, you need to do a bit of research to find the best one. Check on-line for building contractors and ask for references.

Like everything we do in life, preparation is the key to a successful project. The more time spent researching each aspect of your property development, the more likely your development can turn out well. At the end of the day you want to make the most quantity of profit, and you will not do that if you jump in head first without looking at every detail.