Locality realities
All the normal rules about choosing a good location apply to property development. Pleasant localities with sound housing stock, plentiful local amenities and decent transport links are generally a good bet. But you need to fine-tune these rules for different markets. Broadly, there are five types of buyer: first-time buyers; busy professionals; young couples; growing families; and people who are retiring or downsizing once children have flown the nest.

Your chosen property's location should match the requirements of your target market. First-timers want up and coming areas - they can't afford anything else! Busy professionals aspire to trendier districts. Young couples are beginning to look for quieter roads near nurseries and schools. Growing families need established residential areas with larger houses. Downsizers are seeking properties well served by public transport and local amenities.

House rules
Just as buyers want different things from an area, they have varying priorities when it comes to the accommodation itself. First-timers want good-value, unfussy living. Moreover, first-time sharers need evenly sized bedrooms with good storage and room for a double bed. Busy professionals have more cash to spare and are willing to be seduced by 'wow' factors like dramatic conversions, unusual features or luxurious fittings.

With young couples, the emphasis is on easy, child-friendly living spaces. Kitchen-diners and gardens are high on their wish-lists. Growing families need flexible accommodation with space to grow. Retired people are looking for no-hassle, low-maintenance properties, perhaps with a small, easy-to-do garden.