Whether shopping for a property or a sharp suit it’s easy to be blinded by unimportant trimmings or advocates for the other side, including aggressive sales people! One of the ways to overcome this is to build your own independent team who will help clear the mist and lead you to secure long-term financial success.
The Emotional Buyer
Often, emotional buyers are looking for a barging that will “outperform the market” but this kind of shopping is almost always a gamble. Being seduced by shiny new buildings, sparkling swimming pools or rental guarantees can also lead to poor capital returns which can cost tens, if not hundreds of thousands of dollars on your investment property over a 10-20 year period.
Remember: if a property looks good and pulls at the heart strings, it’s often the last property you should buy.
The Unemotional Buyer Always Wins
When buying an investment property it should always be about the figures – if they don’t add up then it’s not a good buy. At Empire, we usually know within 30-seconds of walking in the door whether an apartment will work hard for its new owner or if an ugly duckling is ready to blossom after some renovation work. On the other hand, we also know when a well presented property is disguising years of poor returns.
When buying an investment property look past the pretty, luxurious and personal touches and make your mantra…
“I’m buying an asset not a home.”