The Property Observer came up with a list of 6 pitfalls Property Investors should avoid. Most of these things we know, but we don’t understand by heart. Avoiding these misconceptions can ensure your success as a property investor.
- Selling woes. For first time investors, the fear of not selling your property is common. Instead of putting too much effort on these thoughts, think of alternatives and other opportunities where your property can outperform the others. Optimism is the name of the game for investors.
- DIY renovations. Attempting to style or renovate your homes without prior experience can often lead to disaster. It is understandable that investors may attempt this to save money on renovations, but if you’re inexperienced with this, leave it to the experts. Do not risk wrecking your home as it will entail additional costs in repairs.
- Seeking independent advice. You may have thought that getting advice from the developer or a real estate agent is enough, but seeking independent advice from professionals can ensure that your decisions are based on impartiality.
- Tenant requests. As a landlord, you will most likely run into tenant requests for maintenance, and these things should be resolved as quickly as possible. Small issues, like a leaking faucet may not be a concern now, but when it starts leaking on the downstairs ceiling then it becomes a major issue.
- Ignoring risks. It is often said that financial decisions are risks, but if the effects of these risks outweigh your financial wellness, then don’t do it. Trust your instincts and be honest with what you can afford and maintain.
- The Property Bandwagon. Yes, conditions are favorable for investors as of this time. Merely investing because of this is not a smart decision. Property investments take up a lot of your time, effort and money. Ensure that you do your own research and seek help from certified financial planners.
Read more about this on the Property Observer website.