Here are the common mistakes people make ...
People buy with their emotions!
They buy the wrong type of property in the wrong place for the wrong reasons.
Can you see why buying property on the following criteria alone could cause grief? Buying:
- In your street or suburb
- Where you were born
- Where you had happy childhood memories
- Where you holiday now
- Because you may retire to that area
Local knowledge is often heavily prejudiced by experiences.
These are emotional reasons! You need to make logical decisions based on sound fundamentals to succeed in any investment. This is a decision to be made with your head, not your heart.
What are some of the key criteria to look for?
- Ensure you purchase the style of property that will attract the type of tenant you are aiming at.
- Buy in large centres with a vibrant self-sustaining economy with plenty of job opportunities
- Seek areas with high re-sale demand and population growth
- Buy in growth areas offering job opportunities
- Buy in regions with population growth
- Buy in regions with long term capital growth potential
If you base your buying criteria on the numbers, it is easier to take your emotions out of the equation.
Click
here to learn how Iron Bridge can help you to avoid making these costly mistakes.
