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Article > 4 Ways to Avoid New Property Scams



Article kindly supplied by

www.quickmoveconveyancing.co.uk

 



With the property market hot, prices rising and new lending rules being dished-out, many people are looking for all the help they can get to take the headache out of investing in property. But beware of a quick fix. Seminars and courses offering get-rich-quick schemes and advice might be tempting but they should be approached with caution.

Although there are decent property investment educators out there, there are also a number of sharks looking to catch your cash in a scam. Here are four ways that you should be able to tell them apart.

1. Do Your Research
Due to the lack of regulation in the industry, property investment clubs and seminars that offer scams can often operate under the radar. Search the web if you are interested in a course but be sure to search if any company’s name is associated with keywords such as ‘scam’. Some websites can check the financial health and track records of an organisation, so they’re also worth utilising. Typical danger signs are vague details, a short company history with no track record. Fake testimonials can often be identified with only a first name or initial.


2. Watch Out For Buzz Words

Many property investment scams are really marketing companies for developers selling overprices properties to people like you. This means they’re good at tapping into what you want so watch out for straplines, slogans and text saturated with typical selling terms like "passive income" and "armchair investing" to offer you tempting amounts of money with not much effort at all.


3. Get the Right Advice

Scam companies will insist that they’re the one-stop, knowledgeable place with all the information and advice that you need about property investment. But they couldn’t be more wrong. If a company deters you from consulting independent sources then alarm bells should go off. Be sure to seek reliable advice from family, friends, lawyers, letting agents and trusted conveyancing companies like Quick Move Conveyancing before committing to anything.

4. Don’t Pay for Promises
Any company that insists on up-front fees before delivering any results, is a no-go. They should want to work with you and give you the best deal, rather than seem to want to take away from you. Use your intuition and only pay the bulk of the fees on the completion of the property deal.
When building a portfolio of property investment it’s crucial to be clever about where your money is going. Seek advice from experts, do your own research and ultimately, come to your own reasoned decision about whether to invest or not.

 

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