Most important point to consider while accepting early bird Real Estate offers is if the property is approved by local development authority. When we get to know about eye catchy offers, we usually fall for the exciting benefits they are offering. But we should perform detail investigation to know in and out of the project. How much he had paid while seller bought the property before? Mainly why the seller is selling the property, does it have any other issues in that area, is it a good place to live, if you build/buy a house, are some of the points to be considered. There are hundreds of ways to invest in real estate, so find the strategy that best fits your lifestyle.
We often read in newspapers or TV news about fraudsters often tries to lure people through freebies if they invest on their product. There’s a risk of fraud in any financial transaction, but it’s especially critical to avoid scams when dealing with your largest asset. There are hundreds of ways to invest in real estate, so find the strategy that best fits your lifestyle. So be careful on the early Bird Real Estate offers given by big builders. Most of the time the price of the property may reduce in future compared to initial offer price. Take time to get educated. Read real estate books, blogs, websites, and forums to get a firm grip on just what real estate investing is and how the most successful investors use real estate to build wealth.
Even if your builder is famous and trust worthy, you can’t believe them 100%. In early bird offers they would have mentioned about lot of amenities they are going to provide later, but may not be true. So it’s very important to get everything in written document and get it duly signed by the owner. And if you are going via a broker, then recheck if the brokerage charges are too much. If so, you have to try contacting the owner directly and try negotiating. Many a times, the property will be sold through a person holding the power of attorney. The process should be closely followed to make sure it is properly executed.
If you are investing on a new house or plot, do proper investigations about location of the property. Does the property reside in a flood zone or in a problematic area, such as ones known for radon or natural calamity problems? The problem with falling for these exiting offers is, anxious buyers tend to overbid on properties. Overbidding on a property can have a waterfall effect of problems. Buyers may end up overdoing themselves and taking on too much debt, creating higher payments than they can afford. As a result, it may take years for the property buyer to recoup this investment. One of the most costly expenses you are likely to face as a real estate investor is vacancy. However, vacancy is a normal part of an investor’s life and you should be fully prepared for it. So it’s always good to think, wait and analyze before stepping further.