Many invest in property to secure assets for retirement. So what is the key to successful investment? Well, there is no better teacher than the great Warren Buffet when it comes to investment. Whilst he has built his extraordinary fortune in shares, it is worth visiting the principles he espouses. And the number one factor? Time.
Yes, where you invest is important. Many have listened to property spruikers and have been scammed into extremely poor investments that will never amount to much, no matter how long they leave it sit. But most property investors that follow basic investment principles can do very well by doing nothing but holding it. Of course there will need to be some maintenance etc over time but as the accompanying article spells out, just sitting on the asset patiently will likely serve you very well.
With the extremely high costs involved in buying and selling (around 8% for locals and significantly higher for foreign residents), a set and forget mentality will likely make you money and have the added bonus of second guessing yourself on whether you should be selling here and buying there every few years. Just be patient.