If you are interested in investing in real estate, then it is very likely that you have done quite a bit of research on the market. There is a lot of information about what the ideal piece of property looks like. Unfortunately, not enough focus is given to what property you should avoid.
That is what this article is all about. As you explore the real estate market here in Melbourne, Vic for a suitable property, veer away from land that:
It is in the worst location
So you have stumbled on a lovely, well-kept piece of property and thought you just have to have it. The only problem is that the property is in an awful location. What should you do? Some rookie investors buy the property anyway and hope that the location will not affect anything. Huge mistake.
If the property is in an area cut off from essential amenities or has a high crime rate, you will have a problem getting tenants to rent it.
Has stayed on the market forever
If your background research reveals that the property you are about to buy has been on the market for a long time, think twice before whipping out your chequebook. If it was a good deal, other real estate investors would have swept it up swiftly.
No matter how brimming with investment potential the property seems, take the time to find out why other real estate investors do not want to touch it.
Has a questionable seller
The way to get burned in real estate is to do business blindly. Make no mistake about it, there are scams in the real estate industry too, and you need to verify whether you are dealing with a questionable seller or not.
If, for instance, they do not want you to perform an inspection upon request, then do not walk away from the deal, run!
Veteran real estate investors do not just know how to spot the ideal land to invest in, but also how to recognize the wrong one. If you develop this skill, you can master the real estate market.