Whether you’re just starting out or have a few deals under your belt, buying property can be very exciting–from looking at the deals, making offers, negotiating the final price, to the closing. As an investor, you are naturally driven to knock on more doors, find the perfect deal and move quickly to the next one. But especially when we are just starting out, it can be tricky not to get swept away by our emotions in making a decision to purchase. And even more now, when home staging is such a trend. There is a chance you may walk into a property that is nicely furnished and smells like a gourmet meal. Or, you may be driven by a need to impress others by buying in a certain zip code rather than the one that makes the most sense for you.
You want to avoid letting your emotions drive you into bad deals and undesirable situations. What you should you be doing to walk into a deal poised and ultimately remain in control the whole time you are considering it?
Here are a few tips when buying property:
- Know your numbers, including your budget.
- Be able to gather data by asking the right questions about the property.
- Have a formal process in place to help you analyze the deal objectively.