A few more things to avoid…

I was talking with leading Australian real estate lawyer Rob Balanda recently about the mistakes many investors often make…

(A real estate lawyer for almost 28 years, Rob Balanda is highly respected throughout the real estate industry and the legal profession).

…so when I sat down to write today’s property tip I thought you might like to hear about them, so you can avoid falling into the same traps.

Building and pest inspections

Be sure to use independent inspectors rather than one recommended by a real estate agent. That way you’ll avoid cover ups of ’small’ problems.

If an inspector is recommended by an agent, you run the risk of them delivering a more favourable report about a property in order to ensure future referrals.

It is also a good idea to avoid using ‘tick box’ inspectors who may only check their specific list of criteria rather than conducting a thorough inspection.

Be careful who you listen to

Avoid listening to ‘armchair experts’, who often mean well, but don’t necessarily have the knowledge, experience or understanding of real estate law to be giving you sound advice.

Sometimes they’ll be well-meaning family members who are only trying to protect you, but often don’t fully understand what they’re warning you about.

Other times they’ll be general commentators in the media or people you meet at social events. At the end of the day, just keep in mind that it’s impossible to be an expert on everything so look to people who are actively involved in property (preferrably successfully).

If you are unsure about any advice you receive, double check it with another source, for example, a real estate lawyer. If you do your research properly you will minimse your risk of making costly mistakes.

Body corporate rules

Be sure that when you buy a unit in a body corporate that you understand and agree to their restrictions.

This is one area where there is plenty of room for conflict, for instance if you have a pet. Often bodies corporate will place restrictions on pets.

If you are thinking of buying a unit and you have a pet that you’d like to keep, avoid the hassle and heartache from other parties by doing your research.

To find out more about how YOU can avoid costly mistakes and unwanted hassles, visit:

http://www.RealEstateSecrets.com.au/mistakes

Warm Regards

Hans Jakobi – Your Wealth Coach®
Real Estate Secrets