Are you an aspiring property owner?
Before you take the plunge, be sure to have run through this checklist to make sure you are prepared.
- Have you worked out your investments goals and objectives? If not, stop now.
- Have you estimated not just your purchasing cost, but also your running cost versus the expected income that you will receive from the property? If not, stop now.
- Have you considered the various risks surrounding the purchase and the mitigation plans? If not, stop now.
- Are you aware that properties have different segment and classes? Have you considered all the different classes before investing? If you have not, stop now.
- Are your sources of property knowledge only from newspapers, property developers or sales agents? If it is, stop now.
- Are you buying on impulse or buying because you keep hearing stories about friends and family buying? If you are, stop now.
- Do you believe that anytime is a right time to buy property? If you do, stop now.
- Are you afraid that if you don’t buy now, you will miss the boat? If you do, stop now.
If you have been stopped by any of the 8 items above, I strongly suggest you begin to reconsider your decision to purchase and put in more time and effort in your research.
Property is one of the largest purchases that we could make in our lifetime, therefore the time we spent on researching should be proportional to is value of our purchase.