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How to Buy Property with Your Head and Not with Your Heart

>> Dec 5, 2011

When it comes to buying a property, one of the most common things that gets buyers into trouble is the emotional connection they develop with a house or apartment. You can read all the blogs and magazines and books, and go to all the property investment seminars that you like, but as soon as you walk into a house and start imagining the life that you could have there, you realise you’re in trouble. So what if the pipes are leaky? The ornate ceiling reminds you of your grandmother’s house! So what if the master bedroom is too small for your bed, that nursery is divine and it will one day hold your baby… This is the reaction that gets too many home buyers over-extended or in a situation they later regret. When it comes to property investment you need to buy with your head, and leave your heart out of it. Here’s how…

Appraise It As If You Weren’t Going To Live In It

What people don’t realise when they’re buying a property to live in themselves is this: every property you buy is an investment. People seem to think that the term ‘property investment’ applies solely to property they don’t plan on living in, or plan on selling on for a profit. The fact is, viewing it as an investment, rather than something that is going to be a backdrop for the rest of your lives allows you to make a level-headed decision about its pros and cons. Of course, the fact that you want to buy a place to be a family home will affect what you’re looking for, but those things should be decided upon before you even look at a place, not after you see the wrought-iron, high maintenance balcony and decide you can’t live without it.

Think Like A Seller

A good method of distancing yourself from the emotions involved with buying a house or apartment is to appraise the property as if you were the owner who was selling. Find the good points and the bad points, think about what you’d change if you were selling it, and therein you’ll find the scope for improvement. A solid investment should have at least some room for improvement, so that down the track you can add value independent of market fluctuations.

Consider All Outcomes

You don’t know what’s going to happen in the future, and therefore it’s best to choose a place that covers all of your bases. Make sure that even if you’re planning on living in a home for the next twenty years, it’s also in a position that makes it an attractive rental investment. Not only might you like to rent it out at some stage in the future, but buying a property that potential investors won’t be interested in cuts out a big portion of the market. You always want options, and buying based on a number of future outcomes makes for safer decisions.

Whether you’re buying and
investment property in Sydney or a family home in Perth, the strategy for choosing the right place for you needs to come from your head, not your heart. Wait until the papers are signed to fall in love with it…it might not be the stuff love songs are made of, but it is the stuff sound investments are made of.

3 komentar:

Lina Marliana December 6, 2011 at 9:49 AM  

berkunjung ke sahabat lama.. pkbr mb Lina ? semoga selalu sehat dan sukses :)

saka December 6, 2011 at 5:17 PM  

izin coret-coret kotak komentarnya..
salam kenal

Twinkle Think December 8, 2011 at 7:19 AM  

I think this time buying a house is the smart thing to do.

About This Blog and Me!

Welcome to my blog. I'm a home maker, a stay at home wife. I'm just an ordinary woman who has interest in reading, working at home and learning to write. We live in Bogor, Indonesia.
This blog contains articles in family topic.
Contact me at linalg4@gmail.com

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