13 Aug Property Investment – 3 Things You Need To Know
Monday Blog & helpful hint / fact
Property investment can be a confusing subject and daunting for the newbie. However there are some key points you can use to begin your property education journey. Remember, the purpose of property investment is to maximise long-term wealth. To do that, you are trying to avoid making bad decisions, through understanding what a good decision looks like.
- Have a Plan
Every successful investment begins with a solid strategy, and property investment is no different. Knowing what you’re trying to achieve from your investment strategy is critical to gaining results. After all, if you don’t know what you’re trying to achieve how will you know which actions to take?
- Don’t Take Bad Advice
Or misguided advice from good people. Property investment is one of those subjects that everyone has an opinion on, regardless of their level of experience. Seeking advice from friends and family seems wise because they have your best interests as heart, but if they don’t have the expertise and experience to back it up then you should consider asking someone else. This doesn’t take away from their good intentions, only their ability to use previous experience to offer you knowledge you can use. Speak to people who have experienced ups and downs in the market and can offer you real advice based on tangible experience.
- Ask Better Questions
When you speak to the right people, you start asking the right questions. Through asking the right people for advice, they start telling you what you should be looking out for in the market, the common pitfalls to avoid and tips to maximise your results. Once you understand the right questions to ask, you can gain a deeper understanding of the process and how to operate within the system. Many investors lose opportunities because they fail to understand them, and don’t act when they are placed in front of them. Through partnering with people you trust, and taking the right kind of advice you will put yourself in a position where you can act quickly, and get the results
Again, the goal of property investment is to avoid bad decisions through taking the right actions. The symbol of this may sound, most investors will fail at the first hurdle – making assumptions about what is right and wrong, based on bad advice, and misguided assumptions. Speak to people you can trust, and people with experience in order to gain the knowledge you need to be successful in property investment