Property development for me was never just about making money. In my 20′s I commuted for 2 hours a day, I worked doing something I didn’t belive in, working for someone I hated. I was renting and most of my income went on rent, commuting and post work socialise. I had very little savings and the future worried me a bit.
I guess a lot of people in their 20′s and 30′s can relate to this story and money seems to be an way out. But for me money wasn’t enough, I wanted a change of life. I didn’t want to commute anymore, I wanted to be my own boss and I wanted to do some thing that could secure a better future so I wasn’t just a wage slave.
I have always loved property. I’ve also always liked DIY. So whilst I never set out to become a developer It seemed a natural fit for me to spend my evenings and weekends sanding floors and fitting in bathrooms. I didn’t see it as hard work, I saw it as exercise. For me the decision was made when I realised I could make more money developing flats in West London that I could ever make in my job, no matter how hard I worked.
All this said, property isn’t for everyone. There is a lot of stress. Pressures of borrowing large amounts of money can keep some awake at night. And when a project goes wrong (leaking roof, collapsed drain! etc) and they will, the stress get’s even harder to manage. Add to this the fact that most of your sales will fall through and you’ll loose money on your buying expenses – it’s fair to say property development can be a very stressful career option.
…there’s a reall thrill when a project gets completed. That sence of pride you get when you take someting butt ugly and turn it into something great. The ability to work with great people and see your financial security grow with your efforts.
I’ve taken on a lot of stress and I some times hate the whole idea of entering into a new project because I now know what I’m in for but every time I see a property with potential I get the property devleopers bug all over again.