Property investment could seesaw your emotions
Off-plan property is an asset in which anyone can invest. It’s not like investing in stocks and shares, or trading in futures and options, or buying government bonds. We all grow up with property. We live in a property, for a start. We know it’s a real, tangible asset. Not like a company’s shares, for example. You don’t even get a share certificate to hang on your wall now.
However, investing in off-plan property is a little different to buying an existing home. Before you invest, it’s best to be prepared for the following five things that could play havoc with your emotional balance.
1. People will tell you that you are wrong
Everyone has an opinion about property. And they will want to share it with you, especially when they hear you are thinking about investing in off-plan property (or already have). Opinions, advice, and commentary will come from many directions:
- Politicians will say things that make you wonder whether you’ve done the right thing. Understand that politicians work for themselves first, then big businesses, and finally to try and shape society how they want it to be. My advice here is to ignore all politicians, and act more like them! Focus on yourself and your interests.
- The media love the sensational, especially if it makes people nervous, scared, or anxious. If you believe everything you read in the newspapers, then you’ll believe it won’t be long before disaster strikes the property market. Newspaper and media folk aren’t on this planet to give you unbiased details. They’re here to sell newspapers and focus on their jobs. Through all the headlines and opinionated editorials, always focus on the job of building a successful property portfolio.
- Friends and family will all want to chip in and have their say. Mostly, their hearts are in the right place, but their experience isn’t. Though some may have specialist knowledge, in general, take all the opinions and advice with a pinch of salt – after all, none know your reasons for investing, and your strategy, as you do.
2. You will think that you will find a cheaper, better property than the one you just bought
It’s almost inevitable that you will see other cheaper, maybe even better properties than the one you have bought if you keep looking. And that’s the emotional trick here:
As soon as you buy, stop looking!
The time to do your analysis and conduct due diligence is before you buy. Find out everything you need to know about the area in which you intend to buy: from schools and rail links to planning proposals and local industry.
The thing is, once you’ve done all of this and invested, you need to stop thinking about it. You need to move on to the next property or the next phase of your life. You need to Set and Forget.
3. You’ll worry whether your property will rent out
Nervousness about renting out – finding reliable tenants, collecting rent, and negotiating tenancy contracts – is one of the biggest bug bears of new investors. People worry about their property being vacant for long periods and how they will fund the mortgage on it when there is no rent coming in.
Don’t worry. Forget about it. It will rent. All you have to do is find a competent and experienced investment property manager, and they will deliver vetted, good quality, long-term tenants.
Get the ‘set’ right, and you’ll be able to ‘forget’. If you get the basics right, buy the right property, and set it up correctly with the right property manager, then you will be fine. In fact, way better than fine.
4. You will never know if you have made 100 % the right decision
Hindsight is the best investor in the world. If only we knew back then what we do today! Unfortunately, there is no crystal ball, no time machine, and no way of knowing what the future holds. It means that there will always be a degree of uncertainty in everything we do. But it is this uncertainty that creates opportunity and, let’s face it, keeps things interesting.
The key thing to remember is never to overanalyse and dwell on whether you have made the right decision in buying the property you have. You’ve invested! That’s a huge positive, and your interests will be better served by focusing on the new-found positive attitude you have discovered simply by investing.
You’ve made a positive statement about your future, and from my experience on a personal level, and from working with my clients, I can tell you that your investment in property IS the right decision. The fruits of that decision will make all the anxiety, fretting, and uncertainty you may have suffered beforehand worthwhile.
5. You will never believe how much you’ve made from so little work
Investing in off-plan property is a proven strategy to ensure you enjoy the lifestyle you desire. When you buy off-plan property with a Set and Forget investment strategy, you won’t need to put in huge amounts of effort.
I’ve witnessed the dramatic impact that property investment has on the investor’s life. The amount you can earn in passive income is not limited by the amount of time you have available. Take it from someone who knows: you will never believe how much you are making for so little work.
Fire up your off-plan property investment career. Get in touch with Gladfish on +44 207 923 6100, and discover how we’ve helped hundreds of people like you eliminate the emotional seesaw and invest successfully.
Live with passion