Don't Get Stuck and Start Investing Now with these 5 Strategies
Investing in your first property can be downright exhilarating and a dream come true. However, it can also be daunting, intimidating and scary as you get to face a lot of expenses. Either way, it is an important milestone for your real estate journey.
Some people feel stuck in making their first purchase. Whether it’s about investing in a desirable neighborhood like the Dubai Creek Harbour or one of the established luxury neighborhoods such as the City walk Apartments, or The Valley Emaar, sometimes it’s just impossible to decide on an option.
If you haven’t reached your final decision on your first purchase yet, then read along as we help you move through your first purchase.
1. Be realistic
Profitable and large cash flow are great goals in the long run, but for starters, it is vital to envision a realistic expectation to begin your real estate journey. If you have high expectations at the start of the game, you may end up feeling paralyzed and lost if those expectations aren’t met.
Keep it in your mind-set that your first property is your learning property. This is a great venue for you to learn each phase of the process. You are allowed to make mistakes and, at the same time, learn from it. Remember, you will learn from your mistakes if you have experienced it yourself. If you feel like you don’t know what to do, then you can tap your network of people to help you with your situation.
2. Be honest about what makes you stuck
Ask yourself “What keeps holding me back?”. By knowing the answer to this question, you will be able to lift yourself up from being stuck.
For example, if you’re afraid you won’t find a tenant for your property, then you can assess if the property you plan to buy is strategically located near shopping malls, parks, public transport, etc. or if it is enticing for future tenants.
Your concerns may be different, but assessing your fears and hesitations will help you put your right foot forward to investing in your first property.
3. Select a property that fits your means and experience
Top real estate brokers in Dubai suggest to realistically select a property according to your means. As a novice in the field, you may want to purchase a move-in-ready apartment that needs minimal improvement or an off plan property in Dubai. Aside from the fact that it needs minimal expenses, a ready-to-rent apartment is perfect as you may still lack connections with trusted contractors or builders.
4. Be specific about your strategy before you try to expand
Sometimes, the pressure of having your first property makes you overwhelmed with a lot of things to do that you tend to lose your focus. Often newbies overlap strategies which is a big mistake. Try to use your limited resources such as money, time, and energy with direct and important things. After you’ve mastered your strategy, then that’s the perfect time to expand.
5. Your strategy should coincide with your vision
Maybe what keeps you from making the first cut is the fact that your strategy doesn’t coincide with your vision or vice versa. Have a look at your market and see if your strategy coincides with your vision.
Following these guidelines may help you out from being stuck from your first purchase. Simply knowing what keeps you stuck is already a step forward to reaching your first milestone in the real estate industry.
