Property development is the process of buying property or land with the intention of raising its value to re-sell or rent for a higher amount. Property development exists everywhere it ranges from renovating an existing building to the purchase of raw land. Land and property development happens everywhere and every day across the UK. Developments can range from offices, residential (homes), hotels, and more, all or most of which exist from the existence of property developers.
The benefits of buying a development property
The main benefit of property development is the return on investment/ profits. However, this is not the only reason that people get into property development. There are societal benefits associated much of time with property development, for example providing workplaces (offices), housing, and sometimes educational facilities. The process can oftentimes be beneficial for the entire community as we have seen throughout Lancashire and Burnley town.
How to maximise a properties value
- Loft conversions.
- New electrical and plumbing work.
- Utilise green grants to make the property more energy-efficient.
- Decor and aesthetic changes.
- Exterior visual improvements such as rendering or painting.
How to fund property development
You may fund a Development in several ways. You could seek funding through a mortgage, loan, or from private investors. At Petty Commercial, we offer a range of land and property for sale in the Lancashire area. Starting or expanding your development journey in a place like Lancashire can have many benefits. For example, we can offer lower rates for properties than you would receive in larger towns giving you a head start in the up and coming area at a lower cost with greater future return potential.
Sign up for property alerts