Property Review Video – August 2023
Stay up to date with the latest developments in the property market over the past month. Our video takes you through an overview of the state of...
There’s a huge danger that every single first-time buyer faces.
It’s called emotion.
Falling in love with a property could cause you to make unwise buying decisions. You might miss issues that will cost you money later on. And if you’re buying with the intention of creating an investment property, you may miss issues that will prevent tenants from renting.
Real estate agents agree.
Former agent Nick Jabbour says:
“We will look at no less than five properties before we sign any contracts.”
The point he’s making is that he doesn’t want his clients to rush into a purchase before they’ve seen what else is out there. If you buy the first property you view, you could miss out on an even better opportunity elsewhere.
He goes on to discuss some other reasons to not let emotions get involved:
“It’s easy to fall in love right away. (But) jumping on the first or second home that a buyer looks at will often result in buyer’s remorse, overpaying and the inability to sell at a reasonable price down the line.”
You don’t want to find yourself wishing that you’d taken a little more time once you’ve already bought the property.
And you also can’t let your emotions stop you from doing the necessary research and due diligence.
Here’s what you need to do.
Treat your first property purchase like a business decision instead of a personal one.
Set it up so that everything will go smoothly. Source it properly, which means getting the inspections you need and looking at the property with emotional distance.
And if you want to slam it, use every bit of leverage you can find to achieve as low a price as possible.
That’s how you’re going to succeed as a first-time buyer and property investor.
Taking control of your emotions is just one of the many challenges you’ll face when sourcing your first property.
We want to help you confront all of the issues.
That’s why we’ve created a community full of people just like you whom you can learn from.
Of course, the Investors Choice Mortgages team provides direct advice too.
When you are ready here is 3 ways we can help you:
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