It can often be the curse of buying property, or buying anything for that matter of fact – picking your way through the hordes of so called experts who seem to be looking to pull the wool over your eyes and earn a quick buck.
Knowing when this is happening to you can help you avoid any unnecessary costs. Fortunately there are ways to spot a bad real estate investment deal with these property tips.
Be wary of any scare tactics
We’ve all heard it before “buy now because this deal won’t last forever”, or “you’ll miss out on a really good deal”. Using time as a way to pressurize you into buying is a well-known sales tactic. Bad real estate investment advisors will often use this kind of language to trigger your fear.
While there is always urgency to business, when you act too fast you don’t have time to think and when you don’t have time to think, you make ill informed decisions which could loose you money.
There will always be another deal so if you do find yourself being pressured too much you know its time to leave.
Don’t forget to read: How To Invest In UK Property
Don’t believe a rental guarantee
A rental guarantee can be very attractive because it offers the promise of secure income for your newly bought property. But be warned, there is likely a hidden cost somewhere for this guarantee.
If you’re new property investment is so amazing, as the real estate agent is probably telling you, why does it need this guarantee? A great property in a great area will naturally attract renters.
There are two ways to protest yourself from these types of people who will seek to take advantage of you – the first is to educate yourself and keep informed about the property market, no matter where you are investing. If you are lazy and don’t do your homework, a bad real estate agent will use the fear of missing out to get you to make a rushed decision.
The second is to use a trusted real estate company with an extensive list of clients, and a history of customer satisfaction. Use companies that specializing in real estate development with a large number of employees rather than one-man bands.
If you keep in mind these easy to apply property tips, you won’t fall victim to any scam artists and can enjoy to fruits of your new property investment.