Ladybird Living – Your London Estate Agent
Top 4 property investment mistakes
Mistake 1: Not doing enough research
One property investment mistake is when investors do not research the property market and latest trends. It is essential that you do enough research before you purchase property to reduce the risk of potentially buying property that you cannot rent out. You should ensure that you research the location in which the property is based. You should avoid buying property simply because it has been discounted.
Mistake 2: Not having an effective investment strategy
Another common mistake is deciding to invest in property without having an effective investment strategy in place. You must carefully plan your strategy in advance and think about many factors including your financial situation, your goals and the risks involved. You should also think about are how much time you can realistically put into your property business.
Mistake 3: Overspending on refurbishment
Some investors make the mistake of overspending on property refurbishment. If the property needs to be refurbished, do not overdo it as this will result in you spending more than necessary. You should think about whether a full refurbishment project is worth your money and time.
Mistake 4: Breaking Promises and Breaking Trust
Building trust is important if you want to be a successful property investor. However, some property investors can make the mistake of making promises that they are unable to keep which, in turn, negatively impacts their reputation. As a property investor, you should always be honest, reliable and keep your word. Avoid over-promising if you cannot deliver.
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