Broaden your investing horizons
Investors who persist with a preference for buying in their own backyard are likely to miss out on opportunities elsewhere, and possibly make investment decisions based on emotional reasons rather than on the numbers. If you are buying in an area that you are not familiar with, it can be an advantage as you need to rely more heavily on the numbers and will not be influenced by perceptions that would keep locals from buying in that area. I wouldn’t want to live in most of the investment properties that I own, and I would not choose to live in some of the suburbs that I have invested in. That does not mean that there is anything wrong with the properties or the suburbs; they are investments not lifestyle choices and as such they have more than proved their worth.
By buying in different areas I have ended up with a geographically diverse portfolio that acts as a stabilising influence as the various property markets go through their cycles, and I have also gained a useful saving on land tax.
Ian Hosking Richards is a successful property investor with a portfolio of over 30 properties. He is the CEO and founder of Rocket Property Group, a leading independent real estate agency that helps hundreds of people each year enter the property market or grow their existing portfolios.
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