TTT... Research the location
“Thoroughly research the location where you plan to build. Make sure you’re building a property that suits the area and the more you know, the better.” - A word of advice from head of development finance and CIO, Eli Korman.
How important is researching an area before purchasing a property?
In residential development finance, failing to prepare is preparing to fail. It’s a given, but you need to thoroughly research the area of the site or building that you’re considering purchasing before making any formal offers. The more you know, the better, and there’s always more information you can collect.
For example, planning may have previously been sought and rejected, making it even more challenging to achieve the planning you expected before the setback. It’s reasons like this, you need to do thorough research and try to prepare for as many setbacks as feasibly possible.
Let’s say you’ve found an appropriate development finance location in London; you then need to make sure you find a suitable property — ask yourself, is the product appropriate for the area you’ve settled on?
If you would like to discover more about borrowing and development finance, please get in touch with TAB. Contact our sales team at email@example.com or call 0208 057 9070.
This article is for information only and does not constitute advice or a personal recommendation. When it comes to financing, any property used as security is at risk of repossession if you do not keep up with your payments. If you are unsure of the risks, you are advised to obtain appropriate professional advice. TAB is an unregulated lender so will not lend on your principal property.