Buying Property - Tips For Preventing Property Investment Deals From Going Wrong
Most people consider buying property in the UK one of the most nerve-racking experiences anyone can have.
With so many below market value property deals not seeing a positive end, property investment can be an extremely stressful business.
While buying bmv properties entails its own risks, it also shares some hurdles that are similar to buying for oneself.
Both equally challenging situations! Nothing in this world is perfect and things sometimes simply go wrong.
There will be problems over which you have no control.
The vendor might simply change his mind or mortgage lenders might remove some products.
In addition, gazumping and natural disasters that damage property can also occur.
There are some things, however, that you have control over.
Importantly, communication and all its aspects - content, clarity and timing.
Miscommunication can bring any deal to an abrupt end.
Assumptions and expectations without proper communication and clarification can disrupt your deal.
In the property investment business it is extremely important that you follow up your dealings with professionals in writing to prevent miscommunication and also to provide an audit trail in case issues arise later.
But what if things do not work out the way you want them to despite all your efforts? Would you lose your cool or would you react rationally? An argument based on emotion is far less credible than one based on facts.
If property investment had been that easy, everyone would want be in business.
If you cannot handle stress, property investment is not the right arena for you.
Things can, however, be easier for you if you:
Simply discuss what needs to be done and how it should be done.
It is important to handle and resolve an issue before it gets bigger.
Deferring things for a day or two can be tempting or just a habit, but it can also cause great harm.
So follow up regularly, but politely.
Remember, your image will be determined by the kind of service others provide you.
With so many below market value property deals not seeing a positive end, property investment can be an extremely stressful business.
While buying bmv properties entails its own risks, it also shares some hurdles that are similar to buying for oneself.
Both equally challenging situations! Nothing in this world is perfect and things sometimes simply go wrong.
There will be problems over which you have no control.
The vendor might simply change his mind or mortgage lenders might remove some products.
In addition, gazumping and natural disasters that damage property can also occur.
There are some things, however, that you have control over.
Importantly, communication and all its aspects - content, clarity and timing.
Miscommunication can bring any deal to an abrupt end.
Assumptions and expectations without proper communication and clarification can disrupt your deal.
In the property investment business it is extremely important that you follow up your dealings with professionals in writing to prevent miscommunication and also to provide an audit trail in case issues arise later.
But what if things do not work out the way you want them to despite all your efforts? Would you lose your cool or would you react rationally? An argument based on emotion is far less credible than one based on facts.
If property investment had been that easy, everyone would want be in business.
If you cannot handle stress, property investment is not the right arena for you.
Things can, however, be easier for you if you:
- Stay calm but be firm.
- Use the 4 W's - What-Why, What-When
- Describing WHAT the problem is
- Why it is an issue
- What you would like in the situation
- When would you like it to occur
Simply discuss what needs to be done and how it should be done.
It is important to handle and resolve an issue before it gets bigger.
Deferring things for a day or two can be tempting or just a habit, but it can also cause great harm.
So follow up regularly, but politely.
Remember, your image will be determined by the kind of service others provide you.
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