There's no denying that the real estate market is definitely one of the safest & recommended investment markets that you'll ever find on planet earth. There is a constant demand for housing across the world and you can always be assured to obtain pretty hefty returns on the investment that you'll be making.
But, in case you’re practically new to this whole real estate investment concept, then it’s extremely crucial to learn about the mistakes that most new homeowners tend to make. When you get informed about such mistakes beforehand, you can be sure of making always the right choices, so that you don’t have to deal with any major financial losses.
1. Not Performing Due Research
A popular home seller in Kitsilano suggests that when you decide to make an investment, in any possible field of interest, you need to perform your due research. You need to first analyze the overall conditions of the market and learn about the current property rates in the location that you’ve decided to buy.
If you don’t have a proper understanding & knowledge of the real estate market, then there are higher risks of you getting deceived by fraudulent agents or brokers. After you’ve completed your research, it’s critical that you make a shortlist of all the properties that you’re currently interested in.
After you've completed your shortlist, it's time to analyze each estate feature:
Value of land.
Once you’ve studied all of the aforementioned factors, you can then proceed to select the one that fits your preferences the best.
2. Not Knowing Your Financial Capability
Nothing in the world is as important as judging your financial capability before you decide to invest in the real estate market. Besides the usual costs that you have to incur such as taxes, cost of the property as well as registration fee, there are also multiple types of hidden costs that you need to bear.
For instance, you need to deal with maintenance costs, which includes the cost of repairs as well as renovation. That's why we always suggest making a detailed list of all the expenses that you have to bear and thus decide whether you can afford the same.
Moreover, if you’re planning to take a home loan, you also need to consider the EMIs including the interest across a lengthy tenure. Since all of these will put a monetary burden on yourself, you need to learn whether you can deal with the same.
3. Learning About The Builder’s Reputation
Before you decide to invest in a good-looking home, you need to learn about the reputation of the builder who is making the real-estate construction. You should always choose construction projects that are made by reputed & reliable estate developers. In that way, you can be sure of quality construction, combined with excellent customer service.
We hope you loved our well-thought-out guide. And in case you require any assistance in learning more about purchasing homes, don’t hesitate to reach out to us.