2009.06.02 02:57:50
Playing the waiting game to gather information is often a wasted opportunity. There is an old myth, that states `making it big in property is all about timing and the right facts’.
This myth puts many new or nervous investors at an immediate disadvantage and often plagues them with enough self doubt to ensure they do not act on opportunities. The fact is, that as I have said many times before, one person’s bad time can often be another person’s best time, and even the best information will never serve as a crystal ball.
People often ask me if there is a `best time’ to buy. My answer is simple – the `best time’ is when you have the financial capacity to do so. A decision that is based on what is going on in your world is so much easier for you to make and stand by and is a lot more appropriate.
Talk to any investor and they will tell you about the many great deals they passed up. They will blame it on inaccurate figures, a partner not showing sufficient enthusiasm, or a host of other reasons, but it boils down to one thing – their ultimate inability to make a decision.
If you are one of those fortunate people who have a secure income right now, give yourself a big tick because it certainly serves as strong credentials for any lender and should also give you the confidence to make more good decisions.
Speak to a professional financial consultant, one who understands property and has a strong track record in the industry – so that you do not suffer from ignorance. Work with a trusted real estate expert who can provide guidance about how best you can translate your financial situation into a realisable property goal. The easiest way to find out if they have the credntials is to look for someone who is both a Financial Planner and a Real Estate Principal or they work with just such an individual
“Then make a decision.”
The editor of Your Investment Property Magazine, Nila Sweeney, sums things up very nicely in her column. (May 2009 issue)
“Nobody knows exactly how long the global downturn will last and it would be irresponsible to play down the potential impact on the housing market, as a whole. But as investors, we need to rise above the current gloom perpetuated by blinkered half-truths driven by the need for attention-grabbing headlines.”
I am always available for a chat on my favourite property subject….investing!