I am finally ready to swallow my pride and share my bad experiences with property ownership. If you are a first-time buyer or want to buy, please pay careful attention.
I recently shared my story on youtube:
Investing in property is no child’s play. You need to be on a look out for things that don’t quite add up such as:
- Never trust an estate agent!
- Ask for levies statements.
- Talk to residents in the property about any issues, especially persistent issues with the building that they have concerns about.
- Look out for tell-tale signs like floor tiles that don’t match, signs of water damage or fire damage.
- Find out where the water tanks are and how the plumbing is set up
- Speak directly with the seller to gauge if what you are told is the truth.
- Crunch the numbers and find out beforehand if there are any activities that are prohibited by the Body Corporate /Home Owners Association, such as running a business like Airbnb or letting to tenants.
- Get clarity on exactly what your homeowner insurance covers, read the fine print.
- Don’t bother contacting the CSOS Ombudsman, it’s a waste of time and resources. Trust me on this one. I am talking from experience.
- Lawyer up, especially when you own a rental property. Get a lawyer on retainer so that you can fight back if you are taken advantage of.
I detail my experience in the 2 part series, which I hope to upload soon. Please enjoy part 1 now and let me know in the comments if this is useful to you.