There are many “cowboys” in property development in Birmingham. Discover why it’s important to choose the best and how to determine whether they’re the real deal
Birmingham property development has witnessed a very healthy and profitable increase.
However, with such rewards of profitability, comes greater risks. Like any industry, many property developer cowboys are looking to capitalise on the gold rush.
Read on to see why you should take care when investing in property development and the overarching benefits of choosing property development experts for your next Birmingham-based project.
What do property development experts offer?
Property development can involve multiple experts across various professions, specialities, and disciplines. Your team of property developers will consist of the following roles:
- A strategy consultant
- A quantity surveyor
- An accountant
- A solicitor
- An architect
- An interior designer
- A property development manager
- Construction workers and builders
It requires each role to have the necessary skills, qualifications, and experience to deliver the property from land acquisition to construction and finishing touches.
Property development covers three areas – residential, commercial and industrial.
Some property developers will specialise in one area, while others may overlap and apply their services across all three. Take Birmingham as an example. A city that finished in the top ten of the largest local economies by Gross Value Added (GVA) for growth and employment is an ideal location for all three sectors.
Overall, Birmingham’s GVA was estimated at £14.3 million, rising by 7.5% in 2021, with employment also increasing by 3.9%.
But regardless of your specific property intentions, you can expect the following types of services from proven property development experts:
- Land acquisition
- Design and build
- Refurbishments, renovations, and extensions
- Property development funding
However, it’s critical to know that each area across residential, commercial, and industrial property has specific regulations and procedures for property developers to follow.
So, whether you require a renovation or the purchase of raw land for future development purposes, property developers should have a team of experts to proceed with your requirements and find the best solution with extensive industry knowledge and guidance.
The benefits of using expert property developers in Birmingham
By investing in expert property developers, the one overarching benefit is the profit or value you can obtain from the property. Depending on the quality of your property developer, developing raw land or an existing property into a prized asset can produce lucrative financial results for property owners.
Once again, Birmingham provides a prime example of these benefits. Reports from a 2022 house price forecast predicted Birmingham’s housing market will increase by 19.2% over the next five years (2023-2027).
When we see the UK average of a mere 8.9% in comparison, it just shows the opportunity a place like Birmingham offers aspiring property owners.
The housing market aside, property development experts can provide value across all areas of residential, commercial, and industrial development. Not only can you increase profits, but you can help support and enrich the local community in where you invest.
Essentially, it comes down to quality. Property development experts are paid to provide a place of value and comfort, regardless of its purpose.
The horror stories of property development cowboys
Often, we hear the term “cowboy” thrown around the property industry. Known for being reckless, unreliable and unethical, cowboys, unfortunately, exist in the property development game and create an issue in the industry for homeowners, investors and builders.
Due to the numerous aspects and personnel involved in property development, it only takes one area or service to break down for an entire operation to fall flat. Here are some real examples of when choosing the wrong property developer went badly wrong.
Unfinished extension
One woman in Nottingham spent over £10,000 on an unfinished extension, causing chaos to the rest of her home and garden with sand and abandoned parts and equipment left behind by the builders.
This example shows how some cowboy builders or contractors will try and take your money before building and completing the job.
Invasive species
Another homeowner in North London lost £250,000 during a house sale due to a knotweed issue in her neighbour’s garden. Although it was after she had purchased her property, it shows the extreme consequences when a property or land is not thoroughly surveyed by a professional.
Cowboy clients
It’s not just the property owners who pay the price of cowboy-like behaviour in property development. Builders also suffer the same fate with unpaying clients and contractors potentially sending their businesses bust.
20% of builders surveyed said late payments stopped the confidence to grow their business, 16% had to borrow additional funds, and 8% almost went out of business.
Why paying for a property developer pays off
Depending on the scale of your construction project, property developers prove decisive in the overall success and completion. By using property developers that take accountability across the entire project, you can avoid expensive issues and severe inconvenience in the future.
Investing in an expert property developer may cost more upfront, but at least you can guarantee quality control across your entire project.
A tell-tale sign of a property development cowboy is that they will charge significantly less for their services. Around this stage, the old saying “it’s too good to be true” resonates. Like with most industries, you get what you pay for.
And although investing in every aspect of property development with one provider may appear initially expensive, you will not have to pay for mistakes, lies or recklessness later down the line.
Find your local property development experts in Birmingham
At Vivante Homes, we specialise in providing stylish, sustainable, and contemporary family homes across the West Midlands.
With decades of experience across construction and property development enables us to provide an entire product development service, from design creation to construction and completion.
Take a look at some of our housing development projects for further insights into why our reputation as property developers in Birmingham continues to thrive.
For more information on how we can turn your property visions into reality, get in touch today.
