3 Key Mistakes when Buying Property

When you invested in property, was it smooth sailing? Did you have any regrets or concerns, or did you make a major mistake? This is aimed mainly at buying your primary residence, but you need to keep them all in mind when you are looking at purchasing investment properties.

It's not uncommon to make mistakes when buying a property, especially when it's your first time out, but a few common mistakes that you can avoid with some forethought are:



Emotions:
Never buy a property with emotions running high. If you are desperate, angry, head-over-heels-in-love, or any mind altering emotion, you have put yourself in a position where you cannot think clearly about the purchase. It also puts the seller in a powerful position, as they can play to your emotions. If you are purchasing an investment property, please have no emotions at all, it's all about the numbers.

No House Inspection:
How many TV shows do we need to watch to highlight the point that you need a house inspection, no matter what? Yes, if the house turns out to be perfect it may feel like a waste of money. It's never a waste. You will have peace of mind at the very least, and in the worst case scenario you have a very good reason to walk away, saving a lot of money and headaches. Please get an independent house inspection, regardless of the age of the property. If the property is brand new, you may feel that you can skip it, but as Marion learned you can't be too sure.

Money:
There is a lot that you need to know when it comes to money. You need to know first and foremost how much money you have to buy a property, and what sort of property you can afford. No point drooling over Dwell magazine when you can only  afford the cow shed at the end of the street. You also have to understand that just because it sounds like a deal, doesn't necessarily mean it is - see the above point about house inspections. You also need to know what fees you are going to have to pay during the process - legal and agents, and then there is the on-going costs that are required after you purchase the property. There is a lot to understand.

These are just a few of the mistakes that can be made, there are many more ways that things can go wrong, but these would be my top 3. What would your top mistake be? Are there additional mistakes when looking at an investment property?