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Good Advice is Good Advice No Matter How Experienced a Property Investor You Are
It was highlighted to me the other day that everyone can benefit from good property investing advice when buying property, even for those that consider themselves to be experienced investors.
When buying a property to live in, it is typical for us all to place too much focus on it meeting all our needs and wants. Our pursuit of doing this can cloud our judgement on what should be paid to achieve an all-round successful result. This success can be defined as, getting what you want without having to pay too much to get it.
Even when a property is being bought to live in, due consideration needs to be given on what is paid because the next buyer may not see what you did in the property. Generally, the market is unforgiving when that scenario occurs.
Paying Too Much
My point stems from a conversation I had with someone I have known for many years. They have purchased several properties themselves, as well as one (investment) we helped them purchase. When it came to buying their own home a few years back without seeking any advice they let their emotions cloud their judgement on price, ultimately leading to them paying too much. Timing was not great also as they purchased their family home at the top of the market.
This unfortunately proved to be true when they went to market recently for the third time in as many years. Over those three separate occasions the property had racked up a total of over 300 days on market. When it sold for $50,000 less than what they paid nearly 10 years ago, the owner swallowed a ‘bitter pill’ admitting in hind sight they paid “over the odds”.
Would they have paid as much if independent advice was sought? Would they have bought the property at all if some fundamental issues were pointed out to them? Maybe. In the end if someone really loves a property and wants to live there, they can easily be persuaded to pay too much by a professionally trained sales agent. It is the risk that some buyers are willing to take which ultimately means success is weighted more heavily in favour of what they want rather than what they should have paid.
Contact us so we can assist you in developing the best plan and achieving optimum property outcomes – (07) 3368 1604 or email us.
