If you are planning on buying a property as an investment, remember that your aims as an investor are different to the aims you had when you bought your current home. Owner-occupiers buy property because it meets their lifestyle needs and their aesthetic needs. Investors buy property to meet their financial needs.
Think of it as buying with the heart versus buying with the head.
Sure, there are financial considerations when you buy your own home too, but buying an investment should be done with the head only! For example, remember that the location and features that appeal to you on an emotional or lifestyle level may not actually stack up as an investment. This is one of the reasons we often recommend to clients that you shouldn’t necessarily buy an investment near your own home.
Many investors like the idea of being able to drive past their investment to admire it and keep an eye on it. However, you need to consider that whilst your area may be very popular with owner-occupiers, that doesn’t mean that it will be popular with tenants as well.
So before you commit to buying an investment property, make sure you talk to some independent rental market specialists to see it through their eyes first. Of course, our team of rental specialists are always happy to provide our clients with experienced, objective advice. So feel free to call on us at any time.