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Property Investment Pitfalls You MUST Avoid
Investing in property is generally a pretty safe bet and a good way of giving yourself an extra income, but it is far from being without its pitfalls. If you want to invest, get a good return on your investment, and not end up regretting your decision to buy property, here are the biggest mistakes you MUST avoid…
Not Knowing What Your Investment Objectives Are
If you don’t know what you hope to achieve by investing in real estate, then how can you expect to meet your own expectation? Before you buy a property, you should know why you want to invest, how long you plan to invest and whether you’re investing for an extra income now, in the future or both. Only by nailing down this stuff can you hope to make the right decisions now and get the right outcomes in the future.
Letting Your Emotions Run the Show
Buying property for investment is not the same as buying the dream home that you want to live in forever and allowing your emotions to run the show would be a mistake. You don’t need to buy an investment property that meets your personal standards and which is decorated to your taste – you need to choose property that will appeal to the local rental market and which you can turn a profit on. So, no it doesn’t have to measure up to your perfect standard and perhaps it shouldn’t.
Not Considering All Your Options
If you don’t consider whether having a company like MEP Design design and build you a new property might make you more money in the long term than buying an existing house or whether buying in that up and coming neighborhood on the outskirts of town will make for a better profit than buying in the town itself, for example, then you aren’t getting the full picture and you could be short changing yourself, When investing in property, you need to look at every decision from every angle if you want to set yourself up for success.
Hesitating too Much
That being said, taking too long agonizing over every decision would also be a mistake because you might end up missing out on lots of really good deals and ending up paying more for less. So, think it over but don’t keep putting it off or you might never get started, and if you do, you might be looking at a worse market than you were even just a few months earlier.
Not Checking the Place Out
You wouldn’t believe how many real estate investors rock up at property auction houses like the Piatelli Company having done no more research than checking that the price is right. The price might be right, but that doesn’t mean the property will be and it’s not uncommon for these kinds of investors to end up with a property that, upon close inspection is damp, mold infested, crawling with termites and generally not worth the investment. Don’t be like them and do your due diligence!
No investment is guaranteed to work well, but if you avoid these pitfalls, your chances of having things go smoothly are sure to be much increased.
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Kaya Wittenburg
Kaya Wittenburg is the Founder and CEO of Sky Five Properties. Since the age of 10, real estate has been deeply ingrained into his thoughts. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.
He is here to help you use real estate as a vehicle to develop your own personal empire and feel deeply satisfied along the way. If you have an interest in buying, selling or renting property in South Florida, contact Kaya today.
