Empire

TEN TIPS TO AVOID PROPERTY PITFALLS

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