Prevent self from getting into scams related to investment property
Prevent self from getting into scams related to investment property
Deciding to invest in property could signify the readiness to commit substantial sums for a specific period of time for the want of better returns. There returns can be had from the rental income or from the sale of the property at a later date.
The investment property will bring good returns provided you do not land up many a scam points on your way to the deal. There are different types and ways of committing real estate frauds or scams and every step of the hundred thousand dollar deal shall be tread with caution. Some of points that shall be kept in mind to prevent getting scammed while going about the investment property are the following:
Approach the reputed dealers or consultants only:
Cross check the prospects of the property and the area from more than one source
Do not take recourse only to the internet.
Inspect the property. Merely going on the words of the dealers or taking the decisions based on what others say may not be right thing to do. Even if the person is a close relation, you shall reserve and exercise your right to check the property where you would be putting in your money.
Check the documents for all the clearances from the local authorities and the government been obtained.
Check for the documents of valid titular possession and the physical possession of the property. Also, there shall not be any missing link of ownership in the property. If there are some missing documents, then the suitable corrective actions shall be taken first before taking theinvestment property decision.
Check for the legal chain of title of different owners if these have been sold or bought a number of times. This is important because if the chain is broken, there might be issues or claims later on. Even the banks may refuse to loan against that property.
Personal assessment of the property valuation is a must. If you are not able to do the same, you can always gain a reasonably fair idea by comparing the rates with the other know properties in other areas.
Do not pay anything to anyone on the internet. Most of the investment property dealers try to lure in the unsuspecting customers from foreign countries offering them different schemes and even asking them to make the payment through the online or wire transfer.
There could be many other ways in which you might get the investment property wrong by falling in the traps of different people. The best way to remain out of these is to find a very trusted and reputed dealer and also to get involved in cross checking, verifying or even seeking advices from any quarter that you deem necessary.
The schemes of the investment property need to be checked for due approvals from the government. Checks shall also be done on the quality of construction or the need of repair or maintenance works.
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