There is no doubt, investing in real estate offers the potential to become wealthy - if you know what you're doing. If you don't have the knowledge and experience, the benefits of hiring a professional Buyers Agent are significant
The proliferation of recent newspaper headlines such as "It's A Buyers' Market"; "Home Repossession Rates Skyrocket" and "Interest Rate Increase Causes Slump in the Property Market", suggest that now is a good time to buy real estate. Many commentators are saying the market is down, sellers are lowering price expectations and as a result numerous bargains are out there for those clever enough to make the best of the opportunities.
Long term real estate investors and professional Buyers Agents Garry Macdonald and Kieran Smyth agree with those sentiments but, with a word of caution. Either take the time to educate yourself in the buying process or use professional Buyers Agents. Most mistakes are made when buying (as apposed to selling) real estate. Those mistakes are very costly and the impact is extremely long-term.
Garry Macdonald, Director of Invest For Your Life, made the warning very clear: "It appears that anyone can buy real estate at the moment and make money. However, this is where problems occur: complacency and failing to do the hard yards that ensure your purchase decision is a good one. So often we see mistakes being made in this type of market. People ignore the basics. It's all about research. You must get to know the market, the type of property that best suits your purpose, what's selling and the internal economics in the area. These are basic fundamentals that every purchaser should be checking."
Fellow Director of Invest For Your Life, Kieran Smyth also pointed out that buyers are tending to make mistakes regardless of market conditions. "Buyers are guilty of rushing into real estate without understanding the implications of a poor buying decision. We think this comes about because of societal pressure . . . simply not having time to do the research. This part of the purchasing process is essential. If you don't have the knowledge and/or time to do it, then employ professionals to do it for you. It will save you significant money in the long run and dramatically improve your buying decision."
"In a recent example we had a client who located the so called 'perfect' property. We carried out some research and discovered that despite its 'good looks', the property had several problems and was $65,000 over priced." Kieran said.
So the message is clear . . . you can either take the long road - gain the necessary knowledge yourself, OR short-cut the entire process by hiring professionals. You can be far more certain of a professional outcome using the latter.
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