How A Few Months' Waiting Doesn’t Impact Your Property Investment Prospect
There are a lot of questions that come my way during or soon after our lively, exciting ICGRE Events – our quarterly real estate expos. Where do I invest? What market is good for me to buy in right now? What markets should I avoid? And then I get this question from all the impatient people – what to do if I get on a waitlist for buying property? So here’s what I tell them about waiting lists...
Waiting lists are not a bad thing.
Yes I know waiting can be frustrating. First you go and make that all important decision to invest in real estate – congratulations! This is probably the smartest decision you’ve taken for your future financial security. Then you go ahead and do your due diligence and you research the property market to see where you should invest. The research seems to point in a particular direction. The trade pundits also seem to indicate that X or Y market is a great investment opportunity because it is poised to grow in times to come. So you make up your mind.
Then when you want to take the plunge, someone tells you to wait – they put you on a waiting list. Frustrating? Maybe. A problem? Not necessarily. So, first ask yourself: why are there waiting lists in the first place? This means that it is a good market to buy real estate and a lot of people are seeing the sense of investing in this particular market. This probably means that you're making a wise choice.
Look at the bigger picture.
What is the aim of your investment? It is that you should be able to secure your financial future, right? Maybe you're looking to finance the education of your grandkids or create the sort of retirement riches that help maintain a great lifestyle even in your later years? Whatever your aim is, the fact is that with real estate you're investing for the long term. You're looking at returns 10, 15, maybe 20 years down the line.
So when you take that long view, a few months here or there doesn’t really matter. My advice is that if you're really interested in a particular property market, you shouldn’t let yourself be dissuaded by some waitlist. Just wait for a while and do absolutely nothing. And remember, even after you’ve bought your property, you need to do absolutely nothing! At ICGRE we take care of all the nitty gritty for you.
Check out this episode to know why wait lists don’t really matter; and why you shouldn’t worry about waiting a few months to make the right real estate investment. If you like, you can also check out some of our Investor Stories to know how we literally work to put cash in your pocket.