When it comes to property investing, there is a wealth of information available to the aspiring investor which can help achieve success. But more importantly, we need to ask ourselves what to avoid when investing in property. Many investors start out wanting to make it to the top of the property investing ladder, however, most do not make it past their first property investment. And it’s often because the same mistakes are repeated over and over.
Omnia is here to help so let’s start with the basics. What we call Property Investing 101.
The two types of Property Investors:
One is the ‘procrastinator’ and the other is the ‘hasty investor’. The former of the two are their own worst enemy. Sitting on an idea for too long and letting the opportunity pass them by. On the other hand the hasty investor is in so much of a hurry, thinking that they need to have everything done yesterday. They end up rushing through things and making blunders along the way. The correct way to go about it is to find a happy medium between these two. Do your due diligence, do your research – but when that’s done – make a decision.
Investing with your heart over your head.
This is something you must avoid. When you are searching for a home to live in, you’ll no doubt be moved by emotions as you make up your mind; after all this is the home that you’ll be bringing a family up in. However, when you are using your heart and are driven by emotions when selecting a property you run the risk of overestimating the value this can mean you won’t negotiate as well as you could have, and potentially, you’ll end up paying more than what the house is worth and this won’t be in line with your investment goals.
If you fail to plan you plan to fail
Foreplanning your investment goals, is a vital part of your property investment journey.
You need to have a goal in mind, and plan for this goal to actually work. Successful property investing requires a strategic mud map to be established in advance. Are you looking for short term, quick turnover or a long term investment? What is your ultimate goal – how much do you want when you retire, how much do you want to leave your children? Answering these questions will give you an idea of where it is that you want to be. furthermore, speaking with a professional who encourages you to ask these kinds of questions can be a great place to start. Contact us today for your annual review and we will make a time to assist with this goal setting and walking with you on your journey to property success.
Editor in Chief