5 Major Real Estate Investing Mistakes To Avoid This 2023

• by admin
• April 25, 2023
• Home Buying Tips

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Real estate investment is one of the best investments that you can make. It is the most lucrative and safest investment. 

However, real estate is expensive. Not all people can save lots of money to buy a property and turn it into a passive income. You need to have hundreds or even millions to acquire one property. So it can take a long time for a person to save and buy real estate.

That is why, it is only right to be extra careful when making real estate investments. 

As one of the trusted real estate brokers and a well-followed real estate social media page on Facebook, we have seen a lot of people making mistakes when buying properties. 

And we want to help you avoid these. So if you are planning to buy a property and turn it into a passive income or simply a home for your family, here are the things that you need to avoid to make sure you get your money’s worth. 

 

1. Buying the wrong property

You have to understand that not all properties are great investments. So you need to be very meticulous in looking for real estate to invest in. 

An affordable property but very far from the city is not a great investment. Yes, you can save a lot from the property because of its affordability, but you won’t be able to do much with it since it is so far from business and office establishments, markets, schools, and hospitals, among others. 

Living in a far place can give you so much commute or travel stress. Also if you are looking for a property to lease or rent to other people, then you need to really consider the location. 

So in short don’t just buy a property for the sake of buying it. Real estate is a good investment but not all property is worth investing in. So make sure to do your research, see the location and property itself, and talk to experts. 

If you are in Pampanga and looking for a property that is near everything, the best options that you have would be Mansfield Residences which is minutes away from San Fernando City, Timog Residences which is minutes away from Clark Freeport Zone, and Prime Communities in Porac which is five (5) minutes away from Angeles City proper. 

 

2. Getting attached to the property

Site trippings are a great way to see the properties in person. When you do site trippings you tend to see yourself living in the property, to the point of falling in love with its interiors and all. But one of the big mistakes when buying a property is getting too attached to it. 

The interiors of house models aim to make you fall in love with the property so you can buy it once you see it. But don’t make that mistake. Remember that these are house models and these are just sample interiors. It does not mean that you will have the same interior once you buy the house unless you are actually buying the house itself. 

So when buying a property, don’t think of it as a personal possession like a cellphone. Think of it as a long-term financial commitment that will give you financial freedom and stability. So you need to choose the right one. 

 

3. Failing to consider other expenses

Buying a property is not the end of the process. There are still other costs that you need to consider. For example, once you acquire the property and the name was transferred to you, then you are now responsible for paying for property tax. Also, there are homeowner’s fees that you need to pay. 

Aside from that there is also property maintenance to consider. You don’t expect that the property will be in pristine condition after a few months. Expect that there will be repairs and maintenance that you need to do. 

So before buying a property you need to allot a budget to these sinking expenses.

You also need to ask your real estate agents, if there are other charges that you need to take care of. 

If you fail to budget for your property, it will end up being a burden to you. 

 

4. Buying property beyond your means

Buying a property is really exciting. But don’t get too excited. We all want to have the best. But sometimes, we have to check if we afford what we are trying to buy. It is easy to get swayed by the sweet tongues of sales agents who are trying to make a sale. 

But no matter what happens, you need to stick with your budget. 

Getting a property that is beyond your means may give you a headache in the future. It can be a financial burden when you have to pay for something that is beyond your earning capacity. It can be very stressful and worst, you may not be able to sustain it. 

 

5. Not talking to an expert

Acquiring real estate is not just simply seeing the property and buying it. There are a lot of things to consider to make sure you are making the right purchase. From the location, house features, monthly amortization, deeds and restrictions, among others. Whether it is your first time or have been making a lot of real estate investments, make sure you hire or contact a real estate expert to assist you with the whole buying process. 

Buying real estate is really a big responsibility and a long-term financial commitment, that is why you need to be extra cautious to make sure you are making the right investment decision. 

If you need help when it comes to real estate, you are in good hands with the I Am A Homeseller Team. We have helped thousands of aspiring home buyers and investors find the right property for them. 

Be one of the happy homeowners and investors today!

Contact us for a free site tripping of the best properties in Central Luzon. 

 

For direct and hassle-free property acquisition, contact us 0918-963-6760. You may also message us via Messenger at m.me/mitchprin