Property development can be a complicated and risky business. While there are many ways to make money, there are also plenty of ways to lose it. 

In this blog post, we’ll look at the three biggest mistakes property developers make, so you can avoid them in your own projects.

1. Not Doing Your Homework

Before you even think about starting a property development project, do your homework. This means researching the market, understanding the competition, and knowing your target audience inside-out. Without this, it will be very difficult to succeed.

2. Not Having a Contingency Plan

There are always unforeseen circumstances that can throw a wrench in your plans. That’s why it’s important to have a contingency plan. This could include having extra capital available or lined up, or a backup plan for marketing or construction.

3. Trying to Do Everything Yourself

Property development is complex and has many moving parts. Trying to do everything yourself is a recipe for disaster. Delegate tasks and responsibilities to experts in their respective fields. This includes hiring an experienced project manager, architect, and contractors.

Property development is a risky business, but if you avoid these three mistakes, you’ll be well on your way to success. If you can avoid these pitfalls and follow our tips, you’ll be one step closer to making your project a success.

 

Your Outside Team

 

 

 Need a bit of assistance with your business? Contact an Outside Accounting team member today and learn more about our fixed fees. You won’t regret it.

Aside from business consultation, we are business accountants Wellington who offer accounting, bookkeeping, payroll services designed to help you achieve greater financial success.

You can click here to speak to a business, accounting and bookkeeping firm. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

 

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Te Aro, Wellington 6011, New Zealand 

Mail: PO Box 24-457, Wellington 6142

Phone: 04 889 2975