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Keen On Being A Real Estate Developer Like Leon Churchill? Then Forget These Myths At Once
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Like any industry, property investment has its share of misconceptions. These misconceptions are often what prevent people from pursuing a career in property investment—misconceptions that are debunked once and for all in this article. If you're one of those people keen on being a successful real estate
developer like Leon Churchill, then purge all of these myths from your mind.
“Cheap is good"– It's human nature to go for the cheapest things available, but in the world of property investment, it isn't the way to go. Property might be inexpensive because it is too structurally weak and would require massive (and costly) repairs. Know what you really require of a project first, and don't buy it just because it's cheap.
“It's only for the rich people"– Untrue, though you still need to have a good financial standing if you're to start investing on property. While it's true that commercial properties aren't cheap per se, you could still find properties fetching as low as six digits. All in all, it's just a matter of smart financing and thorough property searching to find the best deal.
“Property values always go up"– Values are indeed subject to change, but they're not always bound to go up. Experts like Leon Churchill say there are a lot of things that may positively or negatively affect a property's value over time, and as the investor, it's your job to research the market trends and keep tabs on value depreciation rates at all times.
“It's easier to buy online"– Nowadays, business transactions done online often equate to convenience. In real estate development, however, it doesn't go like that. Real estate websites can go only as far as provide a picture of the property (which may or may not be recent), and upon seeing the image, a buyer may choose to buy it without an actual personal inspection. It may speed things up, but buying online requires purchasing smarts.
There are many more myths surrounding real estate development but the aforementioned ones are among the most common (and important) to know about. Always remember that this industry always deals with big bucks and if you don't play it smart, you'll definitely lose a lot. Learn more at yourinvestmentpropertymag.com.au/expert-advice/lindy-lear/common-misconceptions-about-investing-in-property-188224.aspx.
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