Uh Oh...Property Search Mistakes To Avoid - Money Soldiers

Uh Oh…Property Search Mistakes To Avoid

If you are about to embark on a property hunt, no matter whether you are looking for your first home or you are searching for a good investment opportunity, you should never rush into it. After all, you are going to be parting with a huge amount of money, and so the worst thing you can do is make a rash decision. With that being said, continue reading to discover more about the common property search mistakes you need to avoid.

Underestimating the importance of location

Everyone is aware of the fact that when they choose to invest in real estate they must carefully consider a lot of different factors when it comes to deciding what property to purchase. One of these factors is the location of the property. This is something which has a massive determining factor on the successfulness of the investment and the profit which can be made from a rental or a sale as a result.

However, selecting the right location for a property has become more vital than ever as of late. The BBC highlighted the importance of this in a piece that they published showing how a six-bedroom hall within in 12.5 acres of land in rural Staffordshire could be purchased at a cheaper price than a one bedroom flat in West London.

For a lot of people, the above example may be hard to fathom. However, the trend and the demand to live in a bustling city area has really boomed over the past few years – all across the world. The location of a property is taking prime place in a buyer’s or renter’s list of wants, ahead of all other aspects which used to be considered as the most pivotal, such as size.

Of course, if you are purchasing a property for the purpose of living in it, you need to be happy to put down roots there. Nevertheless, you will also want to think about resale value in the future, and location has a huge influence on this.

Limited property searches

Nowadays, there are so many different ways you can find the property of your dreams. The channels available to us are more extensive than ever before, from social media to property apps. You can see another great example by heading to https://rumahdijual.com/carirumah.php. The more resources you use to find a property, the better, as you are going to have a much bigger pool of properties to select from.

Moreover, if you dedicate yourself to searching through a number of different channels, you reduce the chance of you making an impulse decision on the property that is going to be right for you.

Buying a property based on emotions

When you are searching for the home of your dreams, it can be very easy to allow emotions to take over. You have made a list of all of the things you want from a property. However, this goes out of the window when you fall in love with a property you see. Even though it does not meet your criteria, you convince yourself that you can make it work because you love the house or apartment so much.

Doing this is a big, big mistake. You may love the house at first but it will then start to annoy you and frustrate you because it does not satisfy your needs. The best thing to do is make a list of all of the things you require from a property, for example, at least three bedrooms. You should then only view properties that fit into this criteria.

Choosing poor quality estate agents

There is a vast selection of estate agents to choose from, so don’t rush your decision. One factor you should be looking out for when determining whether an estate agent is credible or not is how much advice they are willing to give. A good estate agent will advise their client or potential client as much as possible. For example, they may showcase your forecasts for future housing prices or they may give you some information on local schools. You should also read independent reviews on the Internet too. Head to https://uk.trustpilot.com/ for a good example regarding the type of review platforms you should be using.

Of course, cost plays an important role too. Before going for a certain estate agency it is vital to do a bit of research. Have a look on the internet and try and decipher a rough estimate of the average price range for the service required. This will ensure that when you opt for an estate agent they know they are not going for someone who is charging them far too much money.

Not reading the contract

You may be reading this and thinking “who wouldn’t read a contract for such a large investment?” Well, you would be surprised by how many people don’t! They get a big wad of paper put down on the table in front of them and they feel like their only option is to skim over what is inside, not really reading anything. However, if you do this, you could end up agreeing to something you don’t really understand, and this could come back to haunt you at a later date. This is why it is critical to read the contract in full and make sure you understand all of it before you sign on the dotted line.

Overlooking the property inspection

A professional property inspection is a necessity because it will alert you to any underlying issues with the property. This will enable you to get the current owner to fix the issue before you move in or you could get a chunk taken off the asking price to accommodate for the work that needs to be done. In some cases, the issues may be so severe that you end up bailing on the purchase, therefore, dodging a massive bullet! The property inspection may cost money initially but it could save you a fortune overall.

Failing to work out an accurate budget

You obviously need to sit down and consider your capabilities. It is very important to be realistic with yourself. Sit down and budget how much money you can comfortably afford to invest. After all, the option you choose is supposed to be a long run benefit, not a hindrance. Make sure you consider all aspects of expenditure which may be required by you and leave some money in excess of this, don’t keep yourself on the limiter. Once you have done this, you then need to compare this alongside the proposed monetary benefits you are set to gain from your investment. Of course, this will be an estimate because nothing is a guarantee. However, it will give you an indication as to whether your real estate investment opportunity is worthwhile or not.

As you can see, there are a number of different mistakes that people often make when they are searching for a property to purchase. This includes everything from choosing a poor quality estate agent to failing to use a number of platforms to find properties. Now that you are aware of these errors, though, you can make sure that you do not make them too!

Jesse Fin
 

Jesse worked as a journalist for a large tv station in Korea in her past life. She now works full time at home as a blogger and loves to help her friends manage their personal budgets.

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