- Do not have a ”get rich quick mindset” when investing in property. You should look at it as a long term investment. One can make good profits in a short while but that is not always the case.
- Don’t buy a property that you are not allowed to complete due diligence. Don’t buy property from an agent or owner who rushes you to pay for the property without following due process. If you feel pressured step away. Quick decisions made in haste may turn out to be big mistakes.
- Do not skip any step during purchase. The steps skipped could be the eye opener to issues about the property. The steps and systems are there to protect a purchaser or investor.
- Do not buy or pay for a property you have not seen. Send someone you trust to view on your behalf in the case one is not able to do it himself regardless if it is an off plan project. Make another trip by yourself and find out more information about the project and area. One can engage the residents and neighbours of the property. Consult widely.
- No verbal agreements. Whether a relative or a trusted friend, have all the transactions in writing with a witness preferably your agent/lawyer.
DONT’S WHEN INVESTING IN REAL ESTATE