Kiani Mills, 35, reveals five pitfalls to avoid when buying a new property
A mover who started a multimillion-dollar business empire after starting with a “$1,600 loan from grandma” has revealed her top tips for saving money while investing in real estate.
Speaking to FEMAIL, Kiani Mills, 35, outlined five mistakes buyers make that could cost thousands over time.
The first tip is to have all contracts reviewed “by a professional,” he said.
“This is a huge mistake that could cost you thousands,” he said.
“Big red flags can be raised when completing a contract review. Illegal construction work, incorrect curbs, construction faults, cladding, water leaks or municipal requirements.’
Kiani also advises clients to use a “business mind” when reviewing a property, rather than simply “falling in love” and being blinded to serious problems.
Mother-of-two helped people build impressive real estate portfolios by rebuilding their relocation empire from the ground up
“The condition of the goods on the day you signed the contract is the condition when it was delivered to you at the time of the contract. Your first inspection is your last inspection of the property, so inspect it thoroughly.”
‘Control the lights, windows, stove, gas appliances, oven, hood, shower, faucets, locks/keys, remote controls, air conditioning/heating – everything. If the contract is broken on the day you sign it, the contract will be broken instantly unless it is withdrawn,” he said.
Kiani also says it’s important to control the zoning of the property and understand what that means.
”Check the zoning, location and size of the property you are buying, especially if it is an apartment. “Some banks do not lend to commercial or mixed-use properties if the type of property you are buying is residential.”
“They also can’t give a loan based on the size of the apartment, if it has façade or construction defects, or if it’s located in certain areas.”
She will be forever grateful to her grandmother, who gave her $1600 to get a transfer certificate and start her new life.
Kiani says it’s also important to understand the auction rules when buying new property.
A 10% deposit is required on the day. No time to think, you can’t change your mind. The settlement date is negotiated after the victory. However, know the supplier requirements and be flexible.
“I once made sure that my client was the successful bidder at the auction, so I continued negotiations with the seller after the auction. It turned out that the seller needed a 30-day settlement as he had bought another property and had to agree settlement dates.
“My client had to sell his property and therefore needed a 120-day settlement. That’s why they couldn’t agree on the settlement date and the property was transferred to a large extent,” he said.
The fifth tip is to check for succession and if the property is already split.
“The easiest way to determine if the transaction is a little ‘different’ is to ask the agent what transaction the seller wants,” he said.
“It’s always good to make sure the terms of the transaction are the same as those of the sellers… But if the real estate agent says ‘property will be ready in *** days’ or ‘liquidation’, it can be expected in about *** months’. That’s good that there is no set due date yet. and therefore the date of payment may depend on the registration of the allotment scheme or be subject to the registration of the Succession Grant.
Source: Daily Mail
