Investors need to be prepared for the buying process before they buy an investment property. A new survey shows that almost a third (32 per cent) of first-time investors say just that.
This survey, was published by the Real Estate Council of Ontario (RECO). It's results showed that 26 percent of all investors wished they understood the process better , 21 per cent wished they had been exposed to more opportunities before purchasing, and 14 per cent would have liked to understand the contracts they were signing better..
Other findings include:
- 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
- 36 per cent mistakenly think that after a real estate contract is signed, a buyer or seller has a trial period during which they can cancel it, and an additional 33 per cent said they do not know.
- 55 per cent incorrectly believe that if you place a conditional offer on a home and the deal doesn't proceed, you automatically get your deposit back.
"Signing your name on the dotted line is not something to be taken lightly when you're dealing with binding contracts for significant values, so we encourage home buyers and sellers to be comfortable with the details before they sign anything,” says Joseph Richer, RECO registrar.
Are you looking to invest in property?
I would like the opportunity to meet with you and go over the entire process with you. I will make sure that you are not on the wrong side of these statistics. This meeting is no cost and no obligation. Feel free to call me on my cell or send me an email.
Michael Andrews, salesperson