I’ve had many young investors come to me with questions or concerns when it comes to investing, but often they have already bought and it’s too late! So I wanted to run through a few of the common mistakes I see them make, in the hope that you will avoid them!

1. Lack Of Research & Knowledge

Knowing how to find a good investment location or property are valuable skills to have, but young people often fail to do the research, which can lead to poor investment choices. This is an area I cover in The Training Ring because it’s so essential if you want to invest wisely from day one.

2. Not Thinking Long-Term

Many young people buy property without thinking about their future needs. As a result, they often buy properties that don’t accommodate for change. For example, a small, one-bedroom apartment may complement your budget and lifestyle now, what happens if you want to have kids in the next five years?

3. Buying Solely Based On Price

Many young people are preoccupied with buying a property that’s cheap and use this criteria alone to guide their decision making, however, price should only form part of the investment choice. You must also consider a range of factors such as the location, the numbers and the current market.

4. Not Saving Early Enough

As a young person, your strongest asset is time. By getting into property investing from a young age, you gain the ability to leverage the market and build your savings over a longer period of time. Get into a habit of saving ASAP by starting a savings account and use a budget to track your money.

5. Buying Emotionally

Many young investors are swayed by emotion and convenience when making purchasing decisions. A big mistake they make is not having a strategy and buying emotionally. They tend to buy closer to where they live, or close to where they want to holiday. You’re going to have a property manager anyway, so purchase where you will get the best results, rather than simply based on emotion.