There is no perfect time to invest in property
There is always an excuse not to get started in property. I have been in the property business for 25 years now and I have never been in a position where I can say everything has been perfect.
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Three things you can definitely do now from a house price from buying you know if you're gonna buy a property. Number one is expect to ride the wave. In other words you know if it's going to go down buy what you want buy the best property now that you can afford in the best area that you can afford and when you do that okay then expect that if it goes down you're just going to write it down because it will come back up.
The other thing is to buy with fundamentals and I think this is you know what I mean by best fundamentals shops, schools, transport links, major employment, major investment. When you do that these are the properties that bounce back the quickest. Or I think the other option is you wait it out but how long are you gonna wait out for?
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I think that's one of the keys here is are you gonna wait six months, twelve months? Are you gonna wait until house prices are growing at 5% a year? One of the problems I have with this waiting game is that it's an excuse for procrastination. There is I can tell you there is always an excuse to not get started. There is always, I've never been in a market in 25 years of being in property being in a position where I can honestly say everything has been perfect. I mean I remember buying my first property, I was scared I won't say that yes word because I'll probably get the explicit rating.
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The key here I think is don't worry about the negative, minimise it as much as possible, get your strategy right and make sure you're not over committing yourself. If you have to allow for you to know interest rates to go up, allow for the house prices to go down.
Look at your job and make sure it's secure. And if you do those things then get involved. Obviously you can negotiate you know the price based on what you think is going to happen. I mean this is all we do as a business is we negotiate the price based on what the market's doing and what the market's likely to do. Unfortunately right now a lot of developers really are sitting there going.
Actually we've come from a really low base. We haven't added huge staffing or anything like that costs so actually we don't have to drop our prices. That's keeping prices up a lot of people say I know but you know I want 10% well you're not going to get a 10% discount. You've got to be realistic too you know and if the market doesn't work for you then fine wait it out, but my concern is how long are you going to wait for? Because I sit down with lots of lots of clients and what I say is you know you've got a three-month procrastination rule if you don't do something within three months then you're procrastinating, because in three months you can do the research you need to do, you're not buying on impulse and then the great thing is you know you can get to a position where you understand you have the level of education you need and the emotions in check.
Where basically you can go forward and invest confidently it doesn't mean that house prices aren't going to drop if you're as Ron said long term long term house prices are going to drop so you are going to have to be used to it.
Three things you can definitely do now from a house price from buying you know if you're gonna buy a property. Number one is expect to ride the wave. In other words you know if it's going to go down buy what you want buy the best property now that you can afford in the best area that you can afford and when you do that okay then expect that if it goes down you're just going to write it down because it will come back up. The other thing is to buy with fundamentals and I think this is you know what I mean by best fundamentals shops, schools, transport links, major employment, major investment. When you do that these are the properties that bounce back the quickest. Or I think the other option is you wait it out but how long are you gonna wait out for? I think that's one of the keys here is are you gonna wait six months, twelve months? Are you gonna wait until house prices are growing at 5% a year? One of the problems I have with this waiting game is that it's an excuse for procrastination. There is I can tell you there is always an excuse to not get started. There is always, I've never been in a market in 25 years of being in property being in a position where I can honestly say everything has been perfect. I mean I remember buying my first property, I was scared I won't say that yes word because I'll probably get the explicit rating. The key here I think is don't worry about the negative, minimise it as much as possible, get your strategy right and make sure you're not over committing yourself. If you have to allow for you to know interest rates to go up, allow for the house prices to go down. Look at your job and make sure it's secure. And if you do those things then get involved. Obviously you can negotiate you know the price based on what you think is going to happen. I mean this is all we do as a business is we negotiate the price based on what the market's doing and what the market's likely to do. Unfortunately right now a lot of developers really are sitting there going. Actually we've come from a really low base. We haven't added huge staffing or anything like that costs so actually we don't have to drop our prices. That's keeping prices up a lot of people say I know but you know I want 10% well you're not going to get a 10% discount. You've got to be realistic too you know and if the market doesn't work for you then fine wait it out, but my concern is how long are you going to wait for? Because I sit down with lots of lots of clients and what I say is you know you've got a three-month procrastination rule if you don't do something within three months then you're procrastinating, because in three months you can do the research you need to do, you're not buying on impulse and then the great thing is you know you can get to a position where you understand you have the level of education you need and the emotions in check. Where basically you can go forward and invest confidently it doesn't mean that house prices aren't going to drop if you're as Ron said long term long term house prices are going to drop so you are going to have to be used to it.
