Property investors: Be Prepared to Shop around
One of the principal mistakes that new property investors make is that they don’t shop around. They are all to will to take what ever is thrown at them. They see themselves as learning the ropes and having to settle for mediocre rates and service until they become a little more successful.
This is simply not true and any one who wants to learn how to buy investment property most understand that even if they are new to property they can still barter a good price.
One of big mistakes that newbies make is to just go into there local bank and try and organise the finance for there property investment there. What you have to understand is that many high street banks or mainly used to dealing with normal residential home owner mortgages. So when you walk in as a property investor, it takes them by surprise and they offer you the best rate they have at the time, but the truth is they are not used to dealing with property investors or property developers.
What would be a better solution is if you went to a specialist who is used to dealing with buy-to-let property investors or if you are dealing with developing property you might want to see a specialist who is used to dealing with developers. Just because a mortgage broker is used to dealing with buy-to-let property investors, does not mean that you should see them when you are interested in getting finance for a property development.
There are many areas in the property World that require specialist help if will pay you back many times if you can get a team around you who will be your power team for a long time to come. The reality is that your team will most likely take some tweaking in the early days to get the right members, this is normal and this is part of shopping around, you are not only shopping around for the best price you are also shopping around for the best service.
It is a waste of time using the cheapest builder who then go on and do a shoddy job for you, so that you have to pay new builders and contractors to come in and put things right. That said – just because someone gives you a cheap quote, does not mean that they are not going to do a good job for you. You most get testimonials and shop around and make sure you are basing all your decisions on logic.