7 Horrible Mistakes You’re Making With Real Estate!admin
7 Horrible Mistakes You’re Making With Real Estate!
While dealing with real estate, we tend to commit certain mistakes that can prove really costly to us.
Here are the 7 most horrible mistakes that must be avoided:
- Bad Location: Buying property at a bad location would mean neither great returns on investment nor any chances of rental income.
- Not Monetising It: Waiting for property prices to appreciate to earn higher returns without earning rental income in the meantime is the worst financial decision one can take.
- Emotional Connect: Real estate investment has to be considered as a business. Hence, one needs to keep buying and selling the property for maximum returns instead of buying one and keeping it for life.
- Overpaying: Every property has a worth and no matter how impressed you’re by the construction, quality, location etc., overpaying to acquire it would mean losses.
- Proper Maintenance: To earn money out of real estate one has to continuously invest in the upkeep and maintenance of the property. A shabby looking flat/bungalow would not attract tenants or potential buyers.
- Financing: You need to do adequate market research to get your home loans at the least possible rate of interest and lowest EMIs. Wrong financing can make your whole business model unviable.
- Quick Decisions: Due diligence has to be carried out before you finalize a property and not buy the first property you have a look at. Spend time in going through various projects, think hard, do proper research and then take a call.
One has to be extremely careful while investing in real estate sector to make money out of it. It’s advisable to avoid abovementioned mistakes!