8 Mistakes to Avoid While Investing in Real Estate
Unplanned Actions
- Buying a property should be an informed decision
- Suitable plan prompts searching for suitable options
- Buying decision should not be taken with external pressure or influence
Incomplete Research
People should consider:
- Connectivity of the property by road or public transport
- Proximity to essentials like grocery stores, hospitals, offices, schools, etc.
- Amenities and features of the property
- Upcoming social infrastructure development
Ignoring Expert Opinion
Avoid taking independent buying decision. Consult:
- Real estate agents
- Brokers
- Home inspection experts
- Builder
Not Exploring The Whole Market
- Look for new avenues and properties
- New properties also have high chance of strong ROIs
- Don't restrict investment in few areas or certain area
Overlooking Tenant Requirements
Owner should consider:
- Tenant's perspective
- Location and connectivity of the property before buying
- Schools & colleges nearby for families before buying property
- Restaurants & nightlife avenues for young adults before buying property
Poor Financial Planning
Avoid taking independent buying decision. Consult:
- Home Interest rates offer flexible payment options
- EMIs to be paid promptly
- Research multiple home loan options
Overbidding or Overpaying For Houses
- Don't make hasty buying decision and end up paying more
- Research more lucrative options
- Don't settle for the first property
Underestimating Expense Costs
Calculate your expenses before buying a property. Consider
- Appliances & smart devices offered by builder
- Furnishings
- Layout alteration costs
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