If you are confused by the abundance of advice out there on how to get into the property game, perhaps it is better to start with the ones to avoid.

Having guided property buyers successfully for many years now I’m privy to the mistakes that many beginning property buyers make when looking to purchase an investment – and interestingly, they can easily be avoided by following these three pieces of advice.

1. It’s not your home, it’s your income

In property, it is so easy to become enamoured by the lure of a cute cottage with a white picket fence and all the trimmings. If it is going to be your home, a place you are going to be bringing up your family, go for it.

But, if you are in this to make money, you need to look past the picket fence to the cold, hard facts.

·       Who will your tenants be? Will they care about, and for, the manicured lawn?

·       Will they pay extra for the pool (enough to cover the maintenance)?

·       Will they have two kids and a dog?

Or would they prefer a low maintenance property they can lock up and leave without it deteriorating and costing you money in the long-term?

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2. There is always another investment property

Panic buying is a common trap, often stemming from FOMO – the Fear of Missing Out. Especially since the property market has been experiencing different level of restrictions due to the pandemic.

Do not let missing out on a property factor in your investment decisions. There will always be another property – you need to concentrate on buying the right one, not the first one you see.

3. You need to start somewhere

A common term to describe initial investment hesitation is ‘analysis paralysis’.

There are many aspiring investors who have been ready to invest for many years but have shied away from committing to their first property.

Their research is extensive and they are on a constant cycle of trying to figure out the best time to buy or the perfect property in which to invest. The end result, these types of buyers never end up being investors because, sometimes you just need to take a calculated chance.

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This article via Property Update does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.