Property research can be very time consuming, and often confusing. It is easy to get overwhelmed with the information out there. The real estate market is known for being unpredictable at times, and thus there is a constant shift in advice. You want to make sure you are doing the right research, and that it will pay off.
When conducting property research, whether for sale or purchase reasons, it is important to take the right approach to ensure you’re not wasting time on pointless research that won’t help you. Or even worse, taking to heart research which may damage your results in your property buying or selling endeavours.
To avoid wasting time or losing money, don’t fall for these common property research mistakes:
Relying on a single or unreliable source
While doing research many people will find one source and stick with it. This can be a detriment to your results, as you may miss many useful pieces of information you could get from other sources.
If you are getting all your advice from one source you run the risk of building a bias.
Depending on where you are getting information from, they may have an alternative agenda with their property or real estate advice. For example, the information a real estate agent provides will be different to that from a bank.
Relying on a single source is also not advisable as if the source turns out to be unreliable or unknowledgeable you will be acting on false information. Buying or selling a property is a big financial step, and it is vital you get your advice from knowledgeable, experienced sources.
It is best to get your information from a variety of different experts. Select companies or people with experience in the real estate industry, who are qualified to provide property advice.
An independent property valuer is one expert you shouldn’t make any property related decisions without. By having an accurate market value of a potential property to purchase, or of your own prior to selling, will be able to inform your choices by backing them with concrete evidence, rather than vague advice or research.
Not asking the right questions
Another pitfall for many while conducting their own research is not knowing what questions to be asking. No matter how thorough your research, if you aren’t asking the right questions you will be lacking essential information.
Here are some examples of what you should be asking during your research:
- What are the recent sale prices in the area?
- How long have properties nearby taken to sell?
- What is the median price for the local suburb?
- Are there upcoming developments that could impact the property?
- What is the neighbourhood like? What are the neighbours like?
While some of these questions are specific for those looking to buy, so not all these will be relevant if you are selling your property, they can still give you a good idea of what you should be thinking about.
Property research shouldn’t be solely focused on the financial and legal processes, but also centred around the appeal and liveability of the property.
Letting emotions guide you
Any property purchase or sale is a major change. As such it can be an exciting and nerve wracking time. Be careful not to let your emotions drive your research.
You may fall in love with the idea of living in a certain style home or a particular area. If these are rarely available on the market or out of your price range you are setting yourself up for unproductive and frustrating research.
It can be tempting to search for your dream properties and spend hours working out the costs involved for luxurious listings you have found online.
While undergoing property research, make sure you are being realistic and planning based on the facts of your circumstances and the current market. This will ensure you get the most useful information out of your research, rather than disappointment or unattainable daydreams.
Over or under researching
While comprehensive research will provide you with valuable advice and information to guide your future property decisions, there is a point where thorough research becomes too much research.
There is an abundance of information regarding real estate and property purchasing or sales online. You are able to find expert advice, and general opinions for every detail of the process you wish to find out about. This can be great, but it can also easily become overwhelming.
Once you have found the information you need from a handful of reliable sources, note down what you need and don’t continue exploring further. You can easily find yourself going down a rabbit hole of conflicting opinions and unnecessary details. This could end up causing you additional stress rather than calming it!
It is also important to note that under researching will also be damaging. Strike the right balance of finding current, qualified advice relevant to your situation, without going overboard or doing too little.
When you are making property related decisions, it is vital to get expert advice to guide you. Our valuers have over 20 years of local experience each, and are able to provide you with accurate property valuations for a range of situations. Their knowledge is unparalleled and will assist you with your sale or purchase process. Contact us today for more information!