10 Tips to avoid property pitfalls

  1. Do your 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.

Source: Property Books