Taking the bias out of investment
When you are looking to invest in property, it is important to leave emotions out of the decision making. It’s also important to acknowledge that, like every one of us, you will have inbuilt biases that can also affect our decision making.
One of the key biases that exists for most of us is the effort we go to maintain the status quo – change is not something that is easy for many of us. When it comes to property investment, this can impact the locations you look at or the type of property you prefer. If your biases are based on where you currently live, it can sometimes be hard to look further away. If you’ve never lived in an apartment you may feel a bias toward the possible lack of outdoor space. Investing in property doesn’t necessarily mean you will be living in the property, so biases need to be set aside for factors such as ‘rentability’ and potential investment value.
Friends can sometimes push their own biases on to our situations, especially when they are asked for advice. Keep in mind that no two situations or list of financial goals is likely to be exactly the same. If taking someone through a property for support, it is better to aim for an unbiased opinion, rather than someone with whom you have a friendship.
Fortunately, there are unbiased views that you can find through the use of a property acquisition service, such as Accrue Real Estate. With many years’ experience of the Melbourne property market, our staff know how to assist clients meet their property goals. Accrue has the data on the best performing suburbs and the connections to access a unique range of properties.