Buying Properties - 5 Most Common Mistakes of An Unprepared Buyer
by: Jay Banks |
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An unprepared buyer always makes the same mistakes when looking for investment properties. This article will walk you through the five most common mistakes that you should avoid at all costs.
Not knowing exactly what you want - It's very important to define your goals beforhand, just as in any business. Determine exactly what your goal is: how long are you planning to keep the property and how much would you want to gain afterwards.You should also think through the common worst case scenarios and prepare a solid backup plan.
Thinking in a hurry - If someone wants to sell you something suspiciously fast, it’s never a good idea to allow yourself being pushed in the corner and give in. Making such a big purchase without all the necessary information collected beforehand is just plainly stupid. Get a good buyers agent and make sure every agreement is written down.
Quality over location - An older or inferior property located in a good neighbourhood is usually better than a palace in the middle of nowhere. This is a mistake that a lot of investors make, when they don't do the research and end up with an expensive home in a bad location - and then they complain about selling difficulties.
Relying on one source - Never, ever rely on just one source of information. Ask more real estate agents about their opinion, ask more home inspectors, lawyers and do your own research.
Unclear legal status - Many people forget to actually check the legal status of the home properly. Many things could resurface later when you've already paid. Make sure you look into title insurance and talk to your lawyer.
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About the Author
Jay Banks has been an accomplished realtor in Richmond BC since 1991. For more information and other great articles, visit his website http://www.jaybanks.ca
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