It can be a painful process, so people put it off. Getting around to sorting out which properties are not performing well, and selling these off at a loss is painful and there is also a lot of guilt that goes along with this. We feel guilty because we feel stupid for making a poor decision in the first place.
This process will take a while, it could be months before you sort this out, or it could be years. Life takes over and things get put on hold, but when you have time it is a good idea to get back to sorting out what you want to keep and what should go for The Vales.
The Vales at Sengkang
1.. Hold onto the good properties
These are the properties that are making you a profit. They are the properties that you make a profit from the rent you are receiving, they need little work and have increased in value. It would be good to hang onto those.
2.. Do the work that is needed on the properties that need it
If it is minor work only then it is recommended you do what needs to be done. Given the rental market is not booming, tenants will not want to lease a home that need too many repairs. Tenants will likely move from a property that need work because they want value for the rent they pay.
3..Sell the properties that are not performing
This last one is a hard task to do. It might be difficult to let go of one or two properties that you bought for sentimental reasons or because everyone was buying condos.
The reasons why you have made the mistakes you have with your portfolio are below and are strangely familiar with the mistake we make when buying clothes.
1. You bought them on impulse.
This is never a good idea especially when spending this much money on a unit or house. You really need to think it through and not decide with your emotions.
2. You bought a property when there was pressure on you.
Don’t be guided by what your friends are doing or a desire to keep up with trends in The Vales market. Make the decisions that is right for you and don’t listen to your friends unless they are experts in the property market and have your best interests at heart.
3. You bought for the future, which is never a good idea.
Sengkang Anchorvale Crescent EC
We cannot predict the future, so why would you buy a property when you have no idea what the future even holds. You may have bought it as in investment to leave your children when you pass on, but what if you never have children.
The people who will benefit from your property disasters will be the bargain hunters and savvy investors who are waiting and hoping for a bargain like your property like The Vales Sengkang.
The learning experience you will have will be worth all of your mistakes, after all mistakes are how we learn. The feelings you will have about this are as follows:
The Vales EC
1. You feel terrible about the realization that you have spent a lot of money and gotten no return on your investment.
2. It does not matter if you have great taste and good instincts, this has nothing to do with making a good investment. You might need some lessons in picking a good buy from a bad one.
3. Do not make the mistake of buying a property after the first inspection, give it a few days. You might see something you absolutely love and want to buy it to give your only son or daughter, however you have no idea whether that is a mistake or not for investments in The Vales.
4. Stick to your budget, buying what you cannot afford thinking that when finances are better you will pay for it then. Not a good investment at all.
5. You should never decide to buy on impulse or with your emotions. If you are going to listen to well meaning advice, then get advice from an expert