I often see beginner property investors buying with their hearts, not their heads. They see a property they like, or even fall in love with, and buy it on that basis.
I have had clients reject properties because they didn’t like the colour of the walls. Consequently, they missed a very good deal that could have given them significant rental income while being a lucrative long-term investment.
Keep in mind that even if you buy a property to live in initially, it will not be your forever home. That can come later, once you have built up a portfolio of investment properties that allow you to buy the home of your dreams.
Look past the things that can be fixed very easily like decorating, an overgrown garden or minor maintanance issues. Emotions will be part of the process, that’s natural, but it pays to keep them in check.
Instead, focus on the numbers. Make sure they stack up. Do your homework. Consult experts who know the industry and the market.
Seeking and taking professional advice early in the process will save time, money and potential tears, further down the track.
Beginner property investors! If you are venturing into property investment for the first time, do subscribe to our monthly newsletter with its valuable tips and ideas for those both starting out as well as those who have had some experience. Follow me on LinkedIn or talk to me. I’m always happy to chat about property investing.