Don't make costly property investment mistakes

PETALING JAYA: There is a myth that property investments can never go wrong. The truth is that you can. Many inexperienced property investors make common mistakes that can lead to devastating consequences.

But you can avoid these mistakes by joining the StarProperty Awards 2022 Virtual Showcase as it is hosting a webinar on Common Mistakes of Property Investment. The webinar, hosted by property YouTuber Sean Tan and Makeover Guys co-founder Gavin Liew, will help potential investors navigate the entire process of property investing.

“One of the biggest mistakes I see is that many property investors jump onto the property bandwagon without a plan. Some buy to impress or under pressure from family. That is not a reason to buy property because we are talking about a 20 to 35-year commitment,” said Liew.

Importantly, investors should only invest in property that they can afford, according to their circumstances. It would be unwise to invest to fulfil another person’s expectations, Tan also added.

“Don’t buy with your spouse or significant other, this is an opinion that I am famous for,” said Tan. “It creates a lot of complications in the future, and worse if the relationship breaks down. Instead, buy what you can afford instead of asking for other people to share the property with you.”

Before foraying into property investment, investors should have a carefully planned strategy and set a maximum purchase price for themselves. This helps to narrow down the location and type of property to invest in. Afterwards, be familiar with the current property market, such as the price per square foot for different areas, added Liew.

Drawing from their personal experiences, the duo also shared more mistakes to avoid when renting out the units, buying auction properties as compared to bulk properties, and dealing with defects in a property. The full webinar is available, completely free, at the virtual showcase.

There are a total of nine webinars with a broad range of interesting and helpful topics for property investors. For those still researching the property market, Dr Victor Gan will be speaking about the new MRT Circle Line and the developments nearby in MRT 3: Lord of the Rings.

Jessica Jong’s webinar, Managing Loans Post Moratorium in 2022, would help with learning better loan management. Understand the impact of overnight policy rate with Miichael Yeoh’s webinar, The Impact of OPR on Your Borrowing and Property Market.

Other webinars include 7 Legal Tips for Auction Properties by Alfred Chong, Malaysia Property Market Overview for 2022 and Beyond by Charles Tan, Should You Buy Your First Home During the Post Pandemic? by WK Ng, Nak Jimat dan Selamat Renovasi by Amin Yussoff, and How do Basic Feng Shui Fundamentals Impact Your Life in 2022 by Joe Choo.

Visit the StarProperty Virtual Showcase here.

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