PART 2 – THINKING DIFFERENTLY ABOUT BUYING PROPERTY
Research Overload
BY EVA COUGHRAN — 2 MIN READ
When it comes to securing your dream home in an (almost) too-good-to-be-true location, your best-case scenario would look like this:
Secured – A piece of paradise on the Gold Coast perfectly matched to your work, lifestyle and investment preferences.
Side effects include – Blood. Sweat. And tears.
And the worst-case scenario?
Secured – An over-priced property in the wrong location for your needs.
Guaranteed – Drawn-out searches. Dragging yourself (and your loved ones) through a merry-go-round of inspections. Paying more than the property is worth. Months, possibly years of sleepless nights wondering if you made the right decision.
In this mini series, we’ll be talking about the importance of doing the right research and what it takes to seal the deal. But first.
Mindset. It’s time to start thinking differently about buying property.
01. Get some perspective
Whether people think the market will rise or drop inspires the behaviour that makes it happen. As a result, perception is just as important as research. Higher interest rates and population booms spur perceptions that lead to change. A professional opinion from a buyers agent at this point can give you a broad perspective of the markets movements.
02. Know when to stretch
Good properties don’t come around that often. So when opportunity does present itself, sometimes it’s better to stretch the budget then get back on the hunt for the next best thing and risk missing the market. Ask yourself, can you afford to not buy right now?
03. Dive in
It’s natural to get cold feet, just don’t let it stop you… Hesitations arise naturally when you’re close to buying and during the cooling off period. Know that this is a natural part of the purchasing process. If you’ve done your research and feel confident that the property you are purchasing is the right fit – go for it!
04. Don’t invest blind folded
People love to share their opinions. Whether it’s family, friends, or random strangers at parties; ignore their well-intentioned but misinformed advice. Get independent expert advice and take the time to do your own research so that you know what you’re getting yourself in to.You could read a million market reports, investor magazines and subscribe to every property data/research house, but how do you know what’s right for you? It get’s confusing and is often contradictory – don’t outsmart yourself!
05. Think like a surgeon
Surgeons know they need to plan, prepare and execute to guarantee a successful surgery. Purchasing property requires the same approach: plan (within a reasonable time frame), prepare (for the negotiation and purchase), and execute. Just don’t get stuck in the planning department, the idea is still to make ‘something happen’.
Tell Us
What are you struggling to get your head around when you think about purchasing property? Is it a confidence thing, is it the big unknown? Tell us over on Facebook, we’d love to hear from you. Ready to take your property journey to the next level – Don’t miss Part 2 of this mini series.
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