In this episode, we tackle the art and science of recognising and removing emotions when purchasing a property. When we are not thinking objectively, we risk making poor impulsive decisions. In the property game, this can mean purchasing an under-performing asset, losing money, having to start all over again and regretting the home you have chosen for yourself.
So how do emotions impact our judgement and decision making?
This question has been explored in great depth in the last couple of decades, so much so that ‘Judgement and Decision Making’ has now been reduced to an acronym, JDM, in the world of social science.
Take a listen as David Johnston, Cate Bakos and Peter Koulizos take you through the property related causes of emotional decision making, how you can detach yourself to make objective decisions and the emotional biases that we all have.
EP # 35 – “Emotional decision making” – No.5 of the top 7 Critical Mistakes.
Interest rates are at all-time lows, lending is flowing freely and a hand-out for first home buyers is giving prospective purchasers a leg up onto the property ladder.
It may seem all rainbows and sunshine but beware of the danger lurking in the shadows. The property spruiker!
Much like the troll under the bridge, the property spruiker takes advantage of unwitting investors and can trap novice buyers into making the mistake of a lifetime – buying a dud property.
How does an extra cool million $$ sound for your retirement?
Or how about a war chest that will get you through any battle life throws at you?
An effective Mortgage strategy can make this difference to you, but it is the least understood discipline of finance professionals.
Why is that, when for most people, it’s your largest expense? Ever.
In episode 34, we discuss “No mortgage strategy” – #4 of the top 7 Critical Mistakes.
Listen as David Johnston, Cate Bakos and Peter Koulizos take you through why mortgage strategy is vital to create wealth and protect your downside.
In our video series Mortgage Strategy 101 Ep. #12 David shares with you how your mortgage strategy can grow your wealth by enabling you to hold properties as you accumulate more.
He has also written “How you to turn your home into an investment property when upgrading” in his regular piece for Domain ‘Advice’.
As if high rise apartments hadn’t been in the media enough, reports from the CFMEU estimate that it will cost $6.2 billion to fix shoddy apartments!
Issues include defective cladding, water leaks, fire safety and structural failures.
Co-host of the Property Planner, Buyer and Professor podcast, and Chairman of Property Investment Professionals of Australia, Peter Koulizos, takes you through how to recognise a bad-buy when looking at apartments.