One leading property investment company is spurring investors away from buying properties over the summer months as buyer remorse is commonplace for holidaymakers.
According to Property Investment Professionals of Australia (PIPA) chair Ben Kingsley it is particularly easy for holidaymakers to fall prey to bad investment decisions over the summer holiday season.
“It’s incredibly easy to start romancing about owning a property in a seaside location when you’re on holiday,” he said in a release by the company.
“You want to holiday there every year and you wouldn’t mind investing in property, so it makes sense to buy, right?”
Not necessarily, according to Mr Kingsley.
“Yes, a holiday house can be a good investment, but like any purchase, it needs to be approached with care – not on impulse, and certainly without the influence of emotion.
“Any purchase needs to be based on good research and number crunching,” he said.
Mr Kingsley warns that if an investor does not do the necessary number crunching, an unhappy buyer could then result in an unhappy landlord.
According to Mr Kingsley, property managers should be available to unsure investors in order to verify any claims made on a home.
“These professionals should be able to assist in confirming or discrediting any claims regarding values, rental income and demand and so on,” he said.