If you and your partner are considering investing in property as a couple, there are several things to discuss before you actually purchase. Just like your relationship, property investment requires commitment and compromise to make it work.
Get on the same page
It is important to start your property investment journey together with a detailed and open discussion about what you hope to achieve in the future. You may have different goals; one may want to travel while the other want’s to start building a portfolio, therefore, compromise and mutual respect are two of the most important keys. Try to see things from your partner’s perspective. If you can’t reach an agreement, don’t make any big decisions until you do.
Don’t waste your time arguing
This is easier said than done but true nonetheless. You may have agreed to invest, but can’t agree on location or property type. Don’t waste your time arguing about these matters. It’s not worth putting your relationship in harm’s way, and these answers will work themselves out as you progress.
To be successful in investing, you must start with clearly defined objectives. As a couple, it is essential you are on the same page. Discuss both you and your partner’s aims in investing and merge them together into one end goal.
Create a plan of attack
Treat your goals like a to-do list. Once you and your partner have defined an end-goal, break it down into a list of ‘to-dos’ that you must achieve.
Don’t walk into the situation blind. Mentors such as myself help people do this by reviewing your personal situation and goals and find out the best way to structure your portfolio and the right types of properties for your needs.
Keep your emotions out of the equation
Invest based on the numbers, not on whether you would want to live there yourself. This will prevent you from paying too much and keep you focused on investing and treating it like the business it is.