IT’s not uncommon to buy a property out of desperation. I see it all the time. It’s easy to slip into buying a property that you don’t really need, or want, for the sake of buying one.
It happens to us all at some point – you’ll put an offer in, you’ll start the process and then something happens. The survey is rubbish, or the seller changes their mind or something, and the sale falls through.
You’ve already started metaphorically spending the profit you were going to make so then you start feeling urgency. No one is making you feel that way necessarily, but you need to replace that property RIGHT NOW.
So you panic buy. You buy a property that probably isn’t as great as the initial one, one that’s not going to get as much ROI or just doesn’t quite tick all of your normal boxes.
But the thing is, remember – it’s just a pile of bricks. Don’t rush it. Because there will be plenty more. Because when you jump the gun and buy a property in this mindset, it will likely cost you money down the line. Whether that be in initial outlay like the refurb, or the long-term rental value. It’s not worth it.
So remember to keep it logical, keep it factual and keep to your strategy. It’s just a pile of bricks, there’s another pile of bricks down the road.
It’s a pretty basic piece of advice, but it’s one that we’re all guilty of forgetting at one point or another.
Don’t hold a grudge, remember that it’s better to lose a little than to lose a lot so make sure you’re putting your investment in the right property.