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- 10 Tips to avoid property pitfalls
10 Tips to avoid property pitfalls
- Do your research Know what you’re really buying and what it’s really worth.
- Choose your area carefully Is it attractive to other buyers and tenants - close to water, work, leisure and transport?
- Don’t buy on price alone Buy the right property at the right price. Don’t buy the cheapest property in the cheapest area.
- Use a professional valuer Avoid an emotional purchase at a price you might later regret.
- Assess demand Buy in an area with limited available land but plenty of buyer and rental demand.
- Set your buffer Have an emergency cash buffer so you can meet your loan repayments if interest rates rise.
- Get pre-approval Sort out your finance before you start searching for property.
- Set your strategy Have a clear investment plan in place, so you’re always focussed on the bigger picture.
- Pay for expertise Use professionals who can provide real guidance and remove the fear from your decision process.
- Buy well Focus on buying well in the first place, it will save you thousands.
Source: Property Books