Should you live on site in a development?
When you’re developing a property it’s important you keep costs down as much as possible, as every penny you spend eats into your profit, and renting somewhere else while you develop a house costs you money.
Saving money by living on site in a development isn’t the great idea it might seem at first. When you live on site, depending on the scale of the development, you could end up taking cold showers, sleeping on the floor and spending all of your time dirty, without a real toilet. While your kitchen is being developed you’ll also end up eating a lot of takeaways, which isn’t good for your health, or your budget – as they’re very costly to eat every day.
Of course if you do rent somewhere that will eat into your profit considerably, as you’ll be paying rent on top of the mortgage for your development.
A better, and cheaper, idea is to buy a caravan and live on site. This means you’re always there at your development, meaning you can save travelling time in the mornings, and you’ll save money in rent. You’ll have a working kitchen and a real bed to sleep in.
Better yet you can sell the caravan when you’re finished for much the same cost as you paid for it. Depending on the time of year you bought it, you might even make a profit by buying out of season and selling when it’s sunny.
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