As a budding property investor, do you have a property investment strategy?
Property investing sounds easy but there’s a lot to take into consideration when beginning a portfolio. And one of the first things to organise is a property investment strategy.
You wouldn’t build a house without a set of plans that have been consented by the local council, would you? Likewise, don’t start investing without a plan.
What you need to do is to work out:
🧭 What result you want
🧭 When you want it, and
🧭 How you will achieve it.
Don’t make the mistake of thinking that what works for your mate, your relative or your boss will work for you. Your investment strategy is yours and yours alone.
Keep firmly in mind that the plans of other people are unlikely to suit your needs. Stick to your guns and don’t lose sight of your short- and long-term goals. Also, stick to a time-tested strategy that is known, proven, trusted and above all successful.
If this sounds all too hard, involve a professional. I often work with property investment newcomers who are keen to get started but realise the importance of getting good advice up front. Those who try to go it alone make all kinds of mistakes that can end up costing them dearly.
We suggest you read widely on the subject and recommend economist Tony Alexander’s weekly blog in which he discusses many aspects of the economy, with frequent references to the real estate and property investment markets.
Whatever you do, don’t try going it alone! Developing a property investment strategy that works for you will require time and effort. Don’t leave out this important step.