When you make the decision to invest in property it is wise to remember it is an investment as well as a business transaction and should be treated as such. The mistake too often made is people view buying an investment too similarly to buying their home.
This is a mistake and when buying investment properties you should remove yourself emotionally from the situation and consider only the numbers, not your feelings. When you talk to our expert team at Fountain Property Group we will guide you in focusing on the financial outcome you hope to achieve when investing.
If you are sceptical that you should steel your emotions when investing keep reading for some good reasons why you should.
You won’t be living there; you don’t need to love it
If in fact this home is purely to be an investment you don’t need to look for one that suits your tastes and needs. Investment properties need to appeal to a various range of potential tenants. This means the home you buy needs to be suited for the renting demographic in the area you choose.
For example, if you are buying where mostly families settle then a home close to a school is good for them even if it wouldn’t be for you. If the suburb is mostly professionals with a dual income then plenty of action and public transport may not be your thing, but it could definitely be theirs.
You want practical not fancy
When you buy your own home to live in you choose one that feels good for you and appeals to you aesthetically. In this case it makes sense to buy a home that has all the bells and whistles, but when you are investing you need to keep in mind that repairs and maintenance are coming out of your hip pocket.
Rather than get caught up on how ‘attractive’ a house looks consider what maintenance and repairs will come up. An ideal investment from your perspective will be easy to maintain; how it appeals to your own eye should not even be an issue.
Stick to your limits
It’s easy to get caught up in investment excitement but falling in love with a property means you lose sight of your goal. Wise investors consider the value, cost and numbers at all times, setting a limit to what they will offer based on these figures.
When you become emotionally involved in a property you end up going over your limit and losing your negotiating power.
Get the best team backing you on your investment journey so you can stay focused; contact us at Fountain Property Group** **today.