Family and friends want the best for us. If they can offer some advice to help you succeed, you can trust their intentions. However in many cases, their advice isn’t appropriate to enhancing your situation.
Family and friends offering advice will come from a good place but it doesn’t mean it’s the best advice. You’ll see that your uncle is a successful businessman but that doesn’t mean he knows how to invest in property nor does he understand your objectives and risk tolerance. Your uncle may have a financial buffer that allows him to make riskier decisions, but your personal situation may be quite different. Saving for a property deposit can be the hardest contribution to buying an investment property. It may have taken up to 7 years to place yourself into a situation to invest. It is for that reason, not everyone has the same objectives and risk tolerance.
When investing in property, all decisions require a calculated risk. You need to disconnect some emotional attachment towards it, to ensure you make an informed decision. Sourcing advice from family and friends isn’t the right way to help manage those feelings. Many are not educated and experienced. Your best friend may have bought two investment properties in the last ten years, but that doesn’t deem that friend to be an expert or a highly experienced property investor.
Sourcing professional advice from a buyers advocate is a good way to help manage the emotional status you have. Buyer remorse is very real, but having professional support helps you direct your attention on the positive outcomes the investment property will provide you now and into the long term.
A buyers advocate will offer you unbiased advice and present properties that suit your circumstances. At Crest Property Investments we discuss a number of areas and take into consideration the following to name a few:
- Spending budget
- Cash flow
- Timeframe
- Location preferences
- Objectives between income and growth
- Property types
In our experiences, no one has the same criteria. There are similar objectives and requirements among buyers, however each property investor’s circumstances will cause this to differ.
If you would like some assistance in buying a property, please don’t hesitate to contact us.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
February 2021
