Buying property is considered a good investment because its value appreciates over time. Although the pandemic has hit the real estate industry, there will always be people looking for homes, R&R spots, and office and commercial spaces.
In fact, what was an unprecedented spike in commercial real estate growth through short-term leasing can be seen as a response to burnout. Airbnb was able to bounce back from the COVID-19 crisis with an increase in bookings during the second quarter of this year. This can be explained by the move among many work-from-home employees to experience having a staycation outside of their home.
Purchasing, leasing, and selling property is a big financial decision to make. Because it involves a considerable amount of money, it is also unfortunate that this makes it susceptible to scams.
Here are some tips on how to avoid them:
Do your research
Request for all the documents you would be needing to learn more about the property. It is important to read the fine print in any contract you will be getting yourself into to avoid getting involved in a questionable arrangement. You can also research online about the valuation of the property and its history. Tech companies that specialize in real estate can provide real-time valuation of real estate properties so you will be guided accordingly.
Do a background check of the person or company you are dealing with
Just because a company or person looks and sounds legitimate does not automatically mean they are. If you are a buyer or would-be lessor seeking a lease contract with your lessor, it would be advisable to check their credentials. If it is a corporate entity, check if they are duly registered and authorized to lease out the property.
If you are dealing with an individual, make sure that he or she presents valid government-issued IDs before you sign anything. The same if you are the one selling the property to a potential buyer. Always make sure that the information presented to you corresponds with the entity or entities represented in your contract.
Seek legal advice
Before you sign any binding agreement, consulting with real estate conveyancing lawyer is helpful. Seeking legal advice protects you from any fraudulent transactions that may result in hard-earned money lost. Your lawyer will thoroughly pore through each page of your contract and make sure that all documents are valid.
Whether you plan to buy, lease, or sell property, protecting your interests should be your priority. It involves your hard-earned money, after all, and your blood, sweat, and tears should be valued and compensated as they should.
As soon as you have done your homework and have crossed going through all the legalities off of your list, you would find that you appreciate your property more. You will be able to utilize it better knowing that full disclosure went into its sale or lease. This way, you can avoid having any regret in the future and you will live a stress-free life in your beautiful home.