The biggest mistakes first-time investors can make
When investing into property, Simon Pressley, head of research at Propertyology, believes it should be all about making a decision based on the best quality information at hand – which he said should be true for first-time investors as it should be for long-time investors.
However, he has seen first-time investors make big mistakes when that quality information is ignored.
1. Don’t get stuck in your own back yard
The biggest mistake Mr Pressley has seen is investors who focus only on their home city and ignore every other location.
“I would say first-time investors, and all investors, you need to adopt a mindset of an investor, not a buyer … Buyers [are] all about your eyes and investing is all about your mind and your brain,” Mr Pressley said.
“When you’re looking at stuff, whether it’s physically going to a property in an open home or whether it’s looking at something online, all that’s doing is inviting in all these emotions. Now the person doing that might not see it that way. They’re doing their best to make a decision, but this is a really big financial decision, and they’re looking at pictures [online] or at the open home; they’re looking at aesthetics.
Read more: https://www.smartpropertyinvestment.com.au/buying/19621-the-biggest-mistakes-first-time-investors-can-make
However, he has seen first-time investors make big mistakes when that quality information is ignored.
1. Don’t get stuck in your own back yard
The biggest mistake Mr Pressley has seen is investors who focus only on their home city and ignore every other location.
“I would say first-time investors, and all investors, you need to adopt a mindset of an investor, not a buyer … Buyers [are] all about your eyes and investing is all about your mind and your brain,” Mr Pressley said.
“When you’re looking at stuff, whether it’s physically going to a property in an open home or whether it’s looking at something online, all that’s doing is inviting in all these emotions. Now the person doing that might not see it that way. They’re doing their best to make a decision, but this is a really big financial decision, and they’re looking at pictures [online] or at the open home; they’re looking at aesthetics.
Read more: https://www.smartpropertyinvestment.com.au/buying/19621-the-biggest-mistakes-first-time-investors-can-make
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