Going to an auction? Here are tips on how to win
Auctions can be daunting, and it can be hard not to get caught up in the bidding frenzy. Here are our tips on how you ...
A booming property market shouldn’t intimidate first-time investors, but should encourage them to alter their goals, an expert has said.
Despite rising property prices and a lack of stock, investors are encouraged to approach 2021 as an opportunity to improve their financial situation.
On a recent episode of The Smart Property Investment Show, director of Atlas Property Group, Lachlan Vidler, cautioned investors against waiting for the heat to subside before taking the plunge.
“I like the adage, the best time to invest was yesterday. The second best time is today. And the worst time is tomorrow,” he said.
“And I think in 2021 particularly, it’s not that it’s a bad time to invest, you just have to be very, very careful, particular and specific about what you’re doing.”
Noting that taking the plunge is never easy, he urged would-be investors to asses the opportunities.
“If you don’t have a property, buy that first one because the first one is the hardest.
“And then, from there, we can start building out.”
Highlighting that one strong purchase can set up an individual’s retirement, Mr Vidler suggested newcomers should focus on themselves rather that trying to recreate the steps taken by their peers.
“I’ve got people that are coming to me saying, ‘Hey, my neighbour, my friend, my mate – whatever it is – they’ve bought three properties this year. And we’re in the same job. We earn the same money. I want to do the same.’ And then, it’s only when I sort of can dive into their circumstances, that’s when you start to find out the differences,” he said.
“Nobody talks about the hard parts of their investment journey. Nobody sits back and goes, ‘I ate two-minute noodles for six months so that I could get my first deposit’,” Mr Vidler cautioned.
Instead, Mr Vidler urged investors to embrace their own story and try to learn from it.
“Everyone’s journey is so different. And you often don’t see those different parts of the journey, you just see that surface level part.”
“Embrace where you’re at and where you come from. And then, that way, you’ll just be able to make the best out of the situation that you’re in,” he concluded.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.