Off the plan properties through seminars
Let’s face it most people are busy and really do not know how to invest successfully and many people are looking for an easy solution. So they attend a seminar. Now don’t get me wrong there is nothing wrong with paying for a service however how many of these services offer real value for money?
In many cases these seminar companies are set up to sell you property. In the current market we hear every day of developers prepared to pay large commissions to sell their generally overpriced properties. Generally what these companies do is sell you an off the plan property that in many cases is at over market value. With off the plan property you won’t know the real value until settlement.
The bank will often not disclose either the valuation on your own home or the investment you are buying. In other words if you have enough equity in your home the bank does not care what you buy. Now there is a strong argument that the banks should disclose this information however they don’t.
Therefore it is up to you to do your own due diligence. At the end of the day if you lose money or pay too much because you have not checked it out for yourself then you must take the blame.
There are two things that you can do firstly look at other prices in the area in which you are buying. You can even do this online. If the property is interstate it is still worth the price of an airfare to check the area out. Drive around, look at the area go to open for inspections talk to local agents. You will soon learn about the value of the property that you are looking to buy. Naturally look at the proposed site. Is it close to shops public transport? Why would a tenant want to rent in that location?
If you are still not sure of the value, pay to have a sworn valuation done on the property. That will provide you with a conservative figure on what the property would be worth in today’s market.
So remember going to seminars can provide you with great information however if they are trying to sell you a property measure twice cut once in other words don’t listen to the hype and do your due diligence carefully
Let’s face it most people are busy and really do not know how to invest successfully and many people are looking for an easy solution. So they attend a seminar. Now don’t get me wrong there is nothing wrong with paying for a service however how many of these services offer real value for money?
In many cases these seminar companies are set up to sell you property. In the current market we hear every day of developers prepared to pay large commissions to sell their generally overpriced properties. Generally what these companies do is sell you an off the plan property that in many cases is at over market value. With off the plan property you won’t know the real value until settlement.
The bank will often not disclose either the valuation on your own home or the investment you are buying. In other words if you have enough equity in your home the bank does not care what you buy. Now there is a strong argument that the banks should disclose this information however they don’t.
Therefore it is up to you to do your own due diligence. At the end of the day if you lose money or pay too much because you have not checked it out for yourself then you must take the blame.
There are two things that you can do firstly look at other prices in the area in which you are buying. You can even do this online. If the property is interstate it is still worth the price of an airfare to check the area out. Drive around, look at the area go to open for inspections talk to local agents. You will soon learn about the value of the property that you are looking to buy. Naturally look at the proposed site. Is it close to shops public transport? Why would a tenant want to rent in that location?
If you are still not sure of the value, pay to have a sworn valuation done on the property. That will provide you with a conservative figure on what the property would be worth in today’s market.
So remember going to seminars can provide you with great information however if they are trying to sell you a property measure twice cut once in other words don’t listen to the hype and do your due diligence carefully
