Every person who buys property has an attraction that locks them in. Whether a house or land, something about it got you to push further and get in the game.
However, because of the complexity of the real estate space, there are always a lot of hidden facts that you cannot see on the surface. These facts can and do affect your ownership rights over the property. They even determine if you will ever actually get to take possession of the property.
Let me quickly tell you this; the process of buying real estate, whether house or land is in three phases. There are things you need to do before you buy, there is the buying process and there are things you need to do after you buy.
If you miss any of these processes you might never be able to fully take possession of the property. And yes, there is a process to taking possession of what you have paid for. If you never knew it, know now, that you cannot just pay and conclude that you have bought.
But, hey, that’s not even the bone of this post. I want to open your eyes to the 5 basic reasons why you buy that land that is making you lose your hard-earned money.
Here we go.
You had money at hand. Sounds so apparent right? No. Research has shown that when you have a desire and you have buying power, you will buy the easiest and most available option. It may not be the best option, but it is the most available, hence you will buy it.
Imagine buying a house worth all your inheritance and it was a bad deal. Now that’s a big one. And the funny thing is you will find a better alternative just after you have paid. Meanwhile, the getting-your-money-back option is most likely not available.
Seeing someone you know also bought. This is so you, isn’t it? You paid for that land because your line manager was also buying. And you had a lot of respect for him. So if he’s doing this, and you like his person, why not you?
What you didn’t check, however, are your risk appetites, your investment plans, and your status in life, amongst other things. You didn’t know that he planned to let it go within 2 years. You on the other hand planned to hold till forever – actually till your 4-year-old was ready to start college. Imagine how you would feel if 5 years down the you can’t locate your land anymore, meanwhile, he has sold his. The feeling of betrayal is not a good one, especially when you can’t place who owed you a duty not to betray you.
The projections of development in the area given by the agent is another reason why thousands of people buy property. The agent told you that there are developments springing up in the area. Now, let’s assume these projections are true and coming up soon. Are you aware that not every kind of development will bring the kind of traffic you desire to your location?
A purpose-built, fully serviced school will not bring a renting crowd to the area for example. Have you ever thought of it that way? One more thing. Did you find out how long it will take to bring these proposed developments to bear so that they will make you a happy community of property owners? Deferred hope is said to make the heart go weary.
The images were beautiful. Who wouldn’t like to buy into a beautifying scheme or a well-laid-out location? So the beauty stops your scroll. But nobody told you that what you were looking at were simulated images. They are computer generated – at least for now – and nobody is going to tell you exactly when the beauty will come to fusion.
So imagine your shock, after you have paid and you return there after one or two years and the place is not just bare, but overgrown with weeds. Oh well, it will develop someday, won’t it?
All your contemporaries have one of these. This is by far the worst reason to invest in real estate. There are so many factors that determine the success of a property investment journey that you cannot afford to tailor yours to that of anybody.
There are so many variables raining from east to west, that no two metrics are ever exactly the same. Your earning power, viz – a – viz your recurrent expenses are not the same. Your age, future plans, values, significant others, and background all play a significant role in your real estate decision-making.
Or how do you, who wants to relocate out of the country, make investment choices similar to those of your best friend who has no intentions of ever changing his local government of residence? There will always be areas of conflict. So, have a purpose-built investment vehicle and drive at your pace and your time.
I’m sure you can see that real estate success requires more than having money, contemporaries, and offers. It requires knowledge.
So where do you start, you might ask, I would like you to first understand some basics about secure and fake real estate investments. And I have just the right thing for you.
This 15-minute video will set you on the right track to a fairy tale with a happy ending.
Here is the link https://bimpeshowunmi.systeme.io/e551e97b.
Happy watching.
P S You could send me a mail to ask me any question of your choice at bimpe@adebimpeshowunmi.com