Property Investment Professionals of Australia (PIPA) has continued the call for caution in light of recent spruiker concerns, urging investors to ensure full due diligence is carried out before signing the dotted line.
PIPA chair, Ben Kingsley, says the opportunity for investment in property is ‘incredibly attractive’ right now.
â€œThat being said, itâ€™s critical investors keep a cool head. The worst investment decisions are often made on a whim or with little research, so the proper due diligence steps, including seeking out expert advice, are a must.â€
â€œUnscrupulous operators are quick to circle around budding investors at this time, doing their best to cash in on increasing interest in the property market. Investors must be cautious to check the credentials of any person or company offering properties for sale or providing property investment advice.â€
In particular, he says buyers must remember to differentiate between â€˜advisersâ€™ and â€˜marketersâ€™ â€“ and to remember not to listen to everything a sales person says.
â€œThey are after all, trying to sell you a property.â€
Kingsley also stresses the importance of utilising a trusted â€“ and qualified â€“ adviser.
â€œWhether it be property investment advisors advising on suitable property investment, mortgage brokers advising on lending and loan structure, accountants advising on tax matters, or buyers agents assisting with purchase negotiations, they must all put the clientsâ€™ interests ahead of their own.â€
â€œWhile there is never any guarantee that a property or property market is going to go up in value, over the years property has proved itself a very solid long-term investment, and investors who make well-informed investment choices now, with the guidance of the appropriate professionals, will certainly be well-placed to grow their wealth.â€
28 May 2013
As reported on Australian Broker Online: