…blow your house down.
For years I’ve been earbashed by people enamoured with investing in residential property. Apparently it’s THE best investment and “you can never lose money in property”.
Out of curiosity I enquire of these people what makes them hold that belief. Sadly most can only regurgitate the words of others and have never done thorough comparative research.
I am not against residential property investment. I am against blind faith in absolutes, especially in the area of investing.
If you would like to add some breadth to your views of property investing I recommend the following two resources:
- Read Scott Pape’s article from the Herald Sun (20th June 2009) “Wealth starts at home” where he and Neil Jenman share some of the lies spread by property spruikers.
- Watch the documentary “The Ascent of Money” by Niall Ferguson on ABC TV this Thursday night. This episode is about property. If you miss the show you can either buy the DVD or read the book of the same title.
Coupled with the recent publicised falls in property prices you should by now realise that ‘safe as houses’ is absolute rubble!
If you are going to invest in residential property be broad and deep in your research so that when the wolf comes along he can’t blow your house down.