7 Key Things to do to Avoid Being Scammed When Buying Real Estate
It is easy to brag about real estate investment being a great investment opportunity when you are yet to understand the pain of people who’ve tasted the sour meal of fake real estate schemes.
On March 14, 2023, the CEO and MD of Senatorch Limited, Chidi Amaeze, shared his story of how he was scammed in real estate and how he decided to venture into it to help you secure your future through real estate investment with zero fear of being scammed.
He shared seven important key points for you to consider so you’d avoid the mistake he made. In case you missed the Facebook Live session, here are the seven points he discussed.
1. Ensure to do proper research: To avoid overpaying or buying a property with hidden issues, make sure to conduct thorough research on the property, the neighborhood, and the market.
2. Consider if there are additional costs: Aside from the purchase price, there are other expenses to consider when purchasing real estate, such as closing costs, property taxes, insurance, and maintenance costs. Failure to account for these costs can result in financial difficulty.
3. Ensure to go for a professional inspection: Before buying a property, it is critical to have a professional inspection performed to identify any issues or defects that may be hidden from view.
4. Don’t be in a hurry to make a purchase: Before making a purchase, it is critical to take your time and consider all of your options. Making a hasty purchase can result in a poor investment or overlooking critical issues.
5. Ensure to work with a reputable real estate agent: Working with a trustworthy real estate agent is important. They can assist you in navigating the complex real estate market and avoiding potential pitfalls.
6. Do not ignore the future resale value: Despite the fact that you may adore the property you are buying, it is crucial to take the future resale value into account. The resale value may be impacted by elements like location, school district, and potential for future development.
7. Ensure you understand the terms of the contract: It is critical to read and comprehend the contract terms before signing. Failure to do so may result in unexpected expenses or legal issues later on.
If you can heed to these points, then you are a million miles away from being scammed when buying real estate.