Should I go ahead?

[kirstyamy]

Hey Everyone,

Basically I'm 23 years old and have a 1 year old daughter. It is now time for me to find a job and go back to work and the more I think about it, the more I want to go into property development.

My dad sadly passed away 4 years ago and left me enough money to buy a house. I bought a house outright in a lovely village for £150k.

Since living here I have redecorated (not for resale) and have thouroughly enjoyed it. Up until a few months ago I thought it was normal to be able to carry out diy tasks such as laying floors, wallpapering, painting, fitting carpets etc, but have been told I have a talent and should put it to good use.

I have always been interested in design, and seem to have a obsession with houses, property development and interior design! I would be more than happy to follow this as a career path and, even better, get paid for it!

I have the equity from my house (which is currently worth around 135k) plus 6k in savings (which I would prefer to keep for my daughter) My partner will be joining the police in the near future so we will have a reliable income.

I basically just need the confidence to go ahead! I know I am in a perfect position and feel that I have enough money (?) I am just so scared of losing money that my dad worked so hard for over many years. I know, even with the state of the housing market at the moment, that money is safest when invested in a house (as long as your not stupid!) but how high a risk is the initial startup?

I know my dad would have been proud of me if I did become a sucess and that would be worth everything to me.

Thankyou for reading.

Kirsty

[brian]

A couple of pointers:

1. Do you have experience of property development as a business market?
2. Are you qualified to carry out all the different requirements? Skill or not, for various aspects of redevelopment a registered professional must have carried out the work for indemnity purposes.

What you may find easier, simply, or more of a test, is to get involved with interior decoration as a starter business - this plays on your enthusiasm and strengths, while ensuring minimal capital risk. It also allows you to develop local trade contacts for if you do move ahead with development and find you need qualified services (ie, rewiring).

[tony keller]

Kirsty

What did you decide to do?

Tony