It is interesting to see how emotions can take over once you look to invest in property, and this is understandable as we are not looking to “buy an ice cream”… and we are human after all.
Yet, that being said, how do we look to control our emotions and keep this on a logical playing field and avoid having our emotions and mind run the show?
The answer is that yes, if you happen to like your investment property, then that is a bonus, as what you really want is for your investment property to work for you – delivering average capital growth, average rental returns, whilst being tax effective and ideally cash flow neutral or cash flow positive after tax – year in year out.
So it is not about you liking it, it is about your investment property working for you and what you want.
We need to confirm that your property investment is safe, logical and that the number work. Yes, this combined with having the key vital elements of supply and demand covered and keeping this as a calculated investment will then work to assist in having your emotions move further down the list of importance.
Then you will be able to enjoy the process and breath in the fresh air rather than be lost in the often dense fog of worry, upset, fear, panic or even excitement that our emotions are often brilliant at.
Coming back to the key fundamentals and having your “A” team review your numbers is the key to managing your emotions with calculated facts and information for safe property investing.
You want to avoid oversupply and too many other investment properties to be competing with for rent and have multiple employment available, combined with solid population growth – so you know that you will have people who will want to live there and can get jobs – then you can drill down on all other fundamentals in due course.
Let’s talk emotions as this can often be the “elephant in the room” and on top of your emotions/fear running the show, you often have the “noise” of well-intentioned “experts” around you advising what they like and what you should do/invest in – yet, often they do not do this themselves.
It is a key distinction for us to understand that emotions can and do often work to keep us safe and at the same time can keep us attached to the drama or paralysed and unable to move forward.
Let your emotions do what they do as staying focused on what you want and are endeavouring to achieve from safe property investing by using clear facts and sound logical property fundamentals is the answer.