Stick to What You Know.
back to blogPosted 3 February 2016
I’m not a huge fan of “finding the next property hotspot”. Buying a home is not a commercial real estate transaction. We all have an emotional response to different places and people.
It’s hard enough to find an area you’re really happy in. To know a place, to get a sense of identity and community, takes time. To love it, is alchemy. Once you know where that is, start doing your research. Learn as much as you can about the local market.
- Go to auctions
- Analyse the people bidding
- Notice who is buying- you may be selling to them later
- See what people will pay for their dream home
After you’ve followed the market and done your research, it’s time to look for the right home in an area you love. And that’s when the real fun begins. I’ll cover that in the next installment. Until then, if you’re keen to read more on what other insiders are saying about buying into “hotspots”, look no further: