Why it is important to have a solid investment plan
Failing to have a clear property investment strategy in place could potentially derail your portfolio. Here are some of the most common mistakes that can be avoided with proper forward planning.
Blogger: Daniel McQuillan, executive director, Investwise
The start of a new financial year traditionally sees a surge in activity by property investors.
In particular, it is the time when many people decide to buy an investment property for the first time.
If you plan to invest in property, you need to have a strategy in place whereby you can purchase several properties over a period of time, which will collectively create wealth over the long term.
The reality is that most investors give up after buying only one investment property, having failed to put in place a long-term plan, or to get professional assistance in creating a plan in place best suited to their personal circumstances and backed up with sound research.
Over the years I have met many first-time investors who have stumbled at the start, but after receiving sound advice they have gone on to build highly successful property portfolios.
After speaking to many of these first-time investors, I have identified below some of their most common mistakes, which could have proved fatal until they were set on the right path by a personally tailored property investment plan:
More from this writer:
-
Will the Perth property market bounce back?
-
9 biggest mistakes that landlords make
-
Top 10 mistakes made by first time investors
-
-
Buyers beware: 7 dangers to avoid in your first investment property
-
The 7 most common property investment mistakes
-
What do unemployment rates tell us about the property market?