Real estate investment mistakes that must be avoided
As a businessman in the real estate industry, Eugene Bernshtam makes it a point to educate his readers about the best investments. He is also aware of the mistakes that people make in this regard, and he offers some solid insights in this blog post to help you avoid these mistakes.
Not doing enough research
Before you jump in on a real estate opportunity, you need to know absolutely everything that could impact your ownership of the property. Unfortunately, many property owners have experienced finding out too late about circumstances surrounding their newly bought property. For instance, Eugene Bernshtam shares, if you buy a property that is quite close to a place where an airport is set to be built in 10 years, you might be in for a number of restless nights later on with all of that taking off and landing of planes.
Getting something that you really can’t afford
It’s quite easy to do the math required by a mortgage for a specific property and see if it makes sense with the kind of income you make. However, you must understand that this is often a long-term commitment. You will also have other needs to fulfill as time goes by, and you need to make sure that you can spend for these along with your monthly allotment for the ownership of your home. You really need to find out if you can afford what interests you.
Underestimating expenses
You must be aware that owning a property does not always include the necessary expenses to live in it. Often, people don’t factor in costs on furnishing titling fees. The price of a home as marketed may just be the tip of the iceberg, which means that you need to be clear with your agent on the expenses you need to prepare for your acquisition.
Eugene Bernshtam is a seasoned real estate developer. He is also an avid car collector. For more real estate updates, visit this page.
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source: investopedia.com |
Before you jump in on a real estate opportunity, you need to know absolutely everything that could impact your ownership of the property. Unfortunately, many property owners have experienced finding out too late about circumstances surrounding their newly bought property. For instance, Eugene Bernshtam shares, if you buy a property that is quite close to a place where an airport is set to be built in 10 years, you might be in for a number of restless nights later on with all of that taking off and landing of planes.
 |
Image
source: buildacademy.com |
It’s quite easy to do the math required by a mortgage for a specific property and see if it makes sense with the kind of income you make. However, you must understand that this is often a long-term commitment. You will also have other needs to fulfill as time goes by, and you need to make sure that you can spend for these along with your monthly allotment for the ownership of your home. You really need to find out if you can afford what interests you.
Underestimating expenses
You must be aware that owning a property does not always include the necessary expenses to live in it. Often, people don’t factor in costs on furnishing titling fees. The price of a home as marketed may just be the tip of the iceberg, which means that you need to be clear with your agent on the expenses you need to prepare for your acquisition.
Eugene Bernshtam is a seasoned real estate developer. He is also an avid car collector. For more real estate updates, visit this page.
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