PETALING JAYA: There is a myth that real estate investments can never be wrong. The truth is you can. Many inexperienced real estate investors make common mistakes that can have devastating consequences.
But you can avoid these mistakes by joining the StarProperty Awards 2022 Virtual Showcase as it hosts a webinar on common real estate investing mistakes. The webinar, hosted by real estate YouTuber Sean Tan and Makeover Guys co-founder Gavin Liew, will help potential investors navigate the entire real estate investing process.
“One of the biggest mistakes I see is that many real estate investors jump on the real estate bandwagon without a plan. Some buy to impress or under pressure from family. That’s no reason to buy a ownership, because we’re talking about a 20 to 35 year commitment,” Liew said.
It is important to note that investors should only invest in property that they can afford, depending on their circumstances. It would be unwise to invest to meet another person’s expectations, Tan also added.
“Don’t shop with your spouse or significant other, that’s an opinion I’m famous for,” Tan said. “It creates a lot of complications in the future, and worse if the relationship breaks down. Instead, buy what you can afford instead of asking other people to share the property with you.
Before embarking on real estate investing, investors should have a carefully planned strategy and set a maximum purchase price. This helps narrow down the location and type of property to invest in. Next, familiarize yourself with the current real estate market, such as the price per square foot for different areas, Liew added.
Drawing on their personal experiences, the duo also shared more mistakes to avoid when renting units, buying properties at auction versus properties in bulk, and dealing with a property’s defects. . The full webinar is available, completely free, on the virtual storefront.
There are a total of nine webinars with a wide range of interesting and useful topics for real estate investors. For those still studying the real estate market, Dr. Victor Gan will talk about the new MRT Circle line and nearby developments in MRT 3: Lord of the Rings.
Jessica Jong’s webinar, Managing loans after the moratorium in 2022, would help to learn how to manage loans better. Understand the impact of the overnight policy rate with Miichael Yeoh’s webinar, The Impact of RPOs on Your Borrowing and Your Housing Market.
Other webinars include 7 Legal Tips for Auction Properties by Alfred Chong, Malaysia Property Market Snapshot for 2022 and Beyond by Charles Tan, Should You Buy Your First Home Post-Pandemic? by WK Ng, Nak Jimat dan Selamat Renovasi by Amin Yussoff, and How the Fundamentals of Feng Shui Impact Your Life in 2022 by Joe Choo.
Visit the StarProperty virtual storefront here.