Buying a property is huge decision for most people. Besides a putting in a large amount of money, a property also brings a lot of other considerations that can impact you and your family.
If you’re about to make the biggest purchase of your life, then you need to avoid the 3 common mistakes of investing in real estate…
1. Buying A Property In An Inconvenient Area Just Because It’s Cheaper
Yes, a single bedder condominium unit can cost up to a million dollars in central Singapore. But that doesn’t mean you should only go for properties in inconvenient areas.
For example, everybody is talking about how the new Punggol estate is so wonderful with its park and river. But instead of just blindly investing in a property there, go down, view the area for yourself.
Try taking public transport from the site of the property to the nearby amenities. When you experience first-hand how the commute will be affected, you’ll be able to make a more precise cost-benefit analysis of living in that area.
And seriously, when they tell you that the property is “just a five-minute walk” from the nearest train station or “offers easy access in minutes to the CBD”, take it with a pinch of salt and visit the site for yourself.
2. Letting Their Home Be Their Only Investment
Many Singaporeans think of property as the only form of retirement income. The previous generations might have been able to make a killing on the property market due to how much property prices rose during Singapore’s most rapid period of development.
But those glorious days are over. Property prices may still go upward over time, but they’re not going to balloon the way they did in the past.
In addition, if you can only afford to buy one property, selling it could mean you’ll be left without a home.
Thus, investing in nothing but your own home is lousy property portfolio diversification. The Singapore property market is very sensitive to government intervention. It is always good to also explore the properties in neighbouring countries like Malaysia and Indonesia.
3. Not Learning From Experienced Property Investors
Imagine that when you were born, you didn’t have parents. Instead, you got a big book called How to Be a Human Being.
And let’s assume that you could overcome some immediate obstacles (such as not being able to read, or hold your head up, or lift the book to your eyes). Let’s just imagine that somehow you could read that heavy book cover to cover, as many times as you wanted.
All the information on being a human were there for you.
But no matter how many times you read that interesting and useful book, your education on being human will be slow, boring and not effective.
Mentors are to property investment education what parents are to that heavy book.
You could probably make it in the property investment just by reading.
But it’s a lot easier, a lot faster, and a lot more fun to be a successful property investor with support from people more experienced than you.
Now, click the button below if you willing to receive step-by-step guidance from a veteran investor with 20+ years of experience…
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