Unconventional career plan but scared

Watch
Feelingbored
Badges: 9
Rep:
?
#1
Report Thread starter 6 months ago
#1
I'm 16 BTW and have decided that I would like a career in law. Not really sure where to specialise but law none the less. However, I've always loved property and have thought about a career in property development. Law is a safer bet in terms of a middle class profession. Any thought/ advice ?? For context, I'm from a working class, single parent household so there is a lot at stake. Thnks
0
reply
Surnia
Badges: 19
Rep:
?
#2
Report 6 months ago
#2
You will need capital or a regular income to begin with, and it will take time to build up property development knowledge: following the housing market and knowing the areas to buy in (local amenities, schools, transport links); what will move quickly (rental or sale, aimed at students, families, couples, singles); what style of houses and appropriate interior designs will work; what kind of costs you should be paying and sales/rental income; understanding of building codes, planning permissions and local/special regulations; suppliers for materials, furniture, fixtures and fittings; reliable builders.

People who go into property management do it às a sideline until they have a portfolio that generates sufficient income to give up their main job, or are wealthy enough through inheritance or family money to not worry if they have some losses along the way.

It's not a career to go straight into. Work first and do it further down the line, maybe even make contacts that would be willing to invest with you, though that can have it's own pitfalls.
0
reply
Feelingbored
Badges: 9
Rep:
?
#3
Report Thread starter 6 months ago
#3
(Original post by Surnia)
You will need capital or a regular income to begin with, and it will take time to build up property development knowledge: following the housing market and knowing the areas to buy in (local amenities, schools, transport links); what will move quickly (rental or sale, aimed at students, families, couples, singles); what style of houses and appropriate interior designs will work; what kind of costs you should be paying and sales/rental income; understanding of building codes, planning permissions and local/special regulations; suppliers for materials, furniture, fixtures and fittings; reliable builders.

People who go into property management do it às a sideline until they have a portfolio that generates sufficient income to give up their main job, or are wealthy enough through inheritance or family money to not worry if they have some losses along the way.

It's not a career to go straight into. Work first and do it further down the line, maybe even make contacts that would be willing to invest with you, though that can have it's own pitfalls.
Thanks for replying. I watch lots of homes under the hammer and understand quite a bit. I know that house developments is what I'm really interested in. If you are a property developer, how did you get your foot in the door? If in theory I saves up from now from my retail job, could I buy property ?
0
reply
Surnia
Badges: 19
Rep:
?
#4
Report 6 months ago
#4
(Original post by Feelingbored)
Thanks for replying. I watch lots of homes under the hammer and understand quite a bit. I know that house developments is what I'm really interested in. If you are a property developer, how did you get your foot in the door? If in theory I saves up from now from my retail job, could I buy property ?
I'm not a property developer but, like you, have watched a lot of tv. I also know some people who have bought property to rent out but have kept their main job and, as a home owner, I did a lot of research before buying and just picked up various things chatting with the pros in the property business.

To buy a property you'll need to save up enough for a deposit and look at what banks and building societies will offer for a mortgage; it will be a multiple of your income, eg up to 4.5 x your income, and taking into account your ability to make monthly repayments based on your living expenses and future changes. You'll then need money to cover outgoings and utilities for any structural work, decorating, furnishing, wages etc.
0
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Regarding Ofqual's most recent update, do you think you will be given a fair grade this summer?

Yes (133)
29.69%
No (315)
70.31%

Watched Threads

View All