Five Costly Mistakes When Purchasing Property Everyone wants to purchase their dream property whether to live in or for investment. Here are five costly mistakes you can and should avoid. 1. Buying Sight Unseen – You should NEVER purchase property that you haven’t seen. If buying off the plan be sure to understand the site and what will be included and most importantly visit the site prior to signing anything. 2. Over-reliance on Agents – Make sure you understand what services your agent will carry out for you. This applies whether you are buying, selling or have employed a managing agent for your investment. 3. Choose Partners Wisely – When entering a joint venture be sure all parties understand the purpose of the venture. Decide how funds are handled and what exit strategies are in place. 4. Lack of Research – always carry out proper research. What is selling in the area? How much? What agents are most active? 5. Real Estate Is Long-term – Always purchase property for the long-term. Understand that if the market drops that it will regain those losses over time.
Posted on: Tue, 18 Jun 2013 07:34:42 +0000
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