Through lockdown I thought things would be quiet for a while once the country opened…
Don’t Forget Due Diligence When Buying a Property Investment.
We’ve all heard stories about how the super enthusiastic investor bought what seemed to be an idea property for a song. Too late they found out it required serious work costing big money to be brought up to required standards.
It’s not an urban myth! It really does happen.
Investors find what they consider the perfect property. But they forget to undertake sensible due diligence. They don’t have a proper building inspection done. They omit getting a valuation. In some cases they may not even bother with a LIM. Big mistake!
Saving money by not doing full due diligence could cost you thousands!
You are better to invest money on due diligence at the beginning and decide to reject the deal, than to skip the important things and suffer. Because if something goes wrong it can cost big time. Plus, the property might be off the rental market longer than expected, causing you to miss out on income that might be needed for mortgage payments.
Don’t be so eager to commit to a property deal that you forget to the all- important due diligence.