To be successful at property investing you need to be educated, informed, know your numbers, understand the market and always have a backup if something does not go to plan. You also, need to make sure that you avoid the common investor mistakes.
To support our investors, we have listed some key mistakes that can be made when buying an investment property:
- Investing time into look for a property before applying for a mortgage
- Talking to only one mortgage lender
- Utilising all your savings
- Buying with emotions instead of researched facts
- Borrowing to a maximum limit and not consider future changes in the market
- Choosing the wrong location or property type
- Relying on the rental income to pay expenses
- Failure to check your credit rating online before applying for a loan
- Failure to include the right protection clauses in your sale contract
- Not obtaining the necessary pre-purchase inspections
- Getting focused or distracted by key aspects of the property that you are attracted to, and not looking at the big picture
- Failure to notice the hidden details, such as the roof, behind cupboard doors and furniture
Before you buy your next property, we strongly recommend that you talk to a professional and take the time to create a list to help guide you through the process.
We are always just a telephone call away – 07 3373 4200.