So, you’ve decided to become a property developer and have recently purchased the first addition to your portfolio. The chances are you’re going to need to do some renovation work if you plan to rent it out, and for a newbie in the property industry this can be an intimidating task. If you’re losing sleep over managing the budget, here are some top tips…

Rope in friends and family

If you know anybody who has a skill or trade that might be useful to your project, then don’t hesitate to ask them to come on board before calling in professionals you’ve not worked with before. They’ll probably give you mates’ rates, so you can save some money whilst resting assured that your property is in safe hands.

Buy furniture in bulk

You may not be aware of it, but some furniture retailers sell specially designed furniture packages for landlords. Matching sets including beds, wardrobes and desks can be bought at extremely reasonable prices and you can even get hold of sets specifically designed for student housing if that’s the route you’re going down. Furniture in a rented house doesn’t need to be fancy, so opting for a basic but sturdy set of furniture should keep costs down.

Consider fixed asset consultancy

When you have fixed asset investments, you need to know how to manage them properly. Keeping track of your fixed assets can be done a number of ways, and software packages are available to help you out. It can be complicated though, so if you’re new to the world of property investment, then it might be a good idea to consider getting some advice from a company offering fixed asset consultancy, like Assetware Technology.

Educate yourself

The most valuable thing you can do to save money on your property development project is to know the sector inside out. Join forums online and speak to people in person who have achieved success by investing in property and get to know what they’ve done to keep costs down. Read any information available to you and watch the news to keep an eye on any big economics announcements that could affect the housing sector, as it could relate to you and your project.

For lots of invaluable advice for newbie property developers, check out the Investment Property Guru website and have a read through some of their articles.