Emotion and logic each have a role to play in decision-making, whether personal or businesses. However, if you want to become a successful property investor, it’s vital for you to have a practical and logical system in place that allows you to make good decisions based on the facts. But beware of ‘analysis paralysis’; many deals have fallen through as a result of investors being unable to make a solid decision.
Overly analytical people can have a problem with this. They can often suffer from the fact that real estate involves both give and take. Often, they never get into the game as they strangle the property with their own reasoning before they even get started.
The core symptom of analysis paralysis is the basking of your decisions purely on emotion and the small things that can be changed such as fitting etc, or burying yourself in facts and figures. You might never find the perfect investment, but by bringing yourself back to the reason for seeking an investment you will find a near perfect one.
If you find yourself in this state, you need to set out clear goals and objectives and ask why you want to make this investment: is it to be an owner-occupied unit or is it purely for rental purposes? The answer plays an important role in the decision-making process and will have an effect on your final decision. If you plan to live in your investment, your emotions will play a pivotal role when purchasing. However, if this is an investment property you need to have a completely different mindset. Your decision will be based on facts, figures and the return on your investment.
And, finally, don’t over-analyse things like tiles, counters, etc, because although these do make a difference, they can be changed over time and should not be a reason to stall your decision and possibly losing out on a good investment.