Are you tired of constantly overanalysing situations, then becoming paralysed when it comes to making decisions about property and property investment? If this sounds close to home, then I’m sorry to say that you’ve caught the ‘analysis paralysis’ bug. Now, it’s time to destroy this mother bugger!
Your fear of making big decisions is most likely hindering your chances of succeeding in property investment, leaving you full of buyer’s remorse. But it’s not too late. There are a few things you can work on to overcome this paralysis and leave you free to achieve great property investment results.
While there are so many avenues you could travel down in the world of property investment, you firstly need to focus on what exactly you want to achieve. Once you have identified this, it’ll be easier to plan out what you need to do through your objectives to achieve your goal.
For example, your goal might be financial independence by the time you retire. With this in mind, you might decide to purchase three properties across Victoria by June 2019. A goal allows you to then develop a proper plan by breaking down each objective.
It is important to consider your budget and calculate how much you can actually afford to spend towards your investment plan. This will also ease your confrontation when making your decision. Ticking these boxes should give you confidence to proceed with the decision-making process.
Just remember: If you fail to plan, you plan to fail. It’s as simple as that.
Don’t let other people’s stories put you off. Their doom-laden stories have surely contributed to your analysis paralysis. Often they are senseless and obvious mistakes, which means you’re not likely to follow them down that road.
Don’t doubt yourself. Be confident but also seek help if you need to. It’s okay to ask people – friends, family or property experts – if you want further advice. Just make sure they know what they’re talking about.
Don’t fear the unknown. Be comfortable with investing. Sometimes you may find comfort in asking or just having a chat with professionals for that extra dose of security. And if that’s going to help you with going ahead in your decision, then go for it.
Do listen to data and statistics but make sure they’re relevant; a lot of housing and market data can be redundant or convoluted. Another thing you should also keep in mind is that, while statistics are important, they don’t always dictate the outcome of your investment projects.
Don’t overanalyse what you hear. The media loves to talk and get in your ear. If you’re planning to invest in property, they will probably send you on a rollercoaster ride of emotions, but the trick is to have enough of an understanding about how the market works to sort the truth from speculation.
Do understand that the future doesn’t always depend on the past. Take investor hotspots for example. If there were proven statistics years ago that told us which areas would boom or bust, the property market and our economy would look vastly different.
Do it! Just pay strong attention to what you know and have studied, and if it feels right, get involved and do it!
The market is never the same in all areas you’re looking at. Most areas operate differently. Not all open opportunities are suited to all investors. A lot of factors come into play: location, price, population, value etc. Some are better than others, some not.
Once you have determined which property market makes your goal achievable, and you’re ready to make or break the deal, thoroughly think about your final decision.
Letting positive opportunities go, a common symptom of analysis paralysis, can have deeper repercussions. Not acting upon an investment decision can leave you with a lifetime of regret.
So, if your homework all adds up and you can positively see some extra figures in your bank account later down the track, don’t over analyse it before it’s too late. You can either take it and make it, or leave it and grieve it. The choice is yours.