Fools rush in...

It seems as though everyone wants to know where the next property ‘hot spot’ is going to be where prices are expected to jump giving buyers a financial windfall in the near future. Don't get caught up in the hot spot myth. There is no substitute for thorough research before you buy.

Sure there is no harm in checking out an area if it’s named as a hot spot. If it turns out to be a sound investment then go for it however the majority I have checked out have turned out to be average at best and others could have been better selected by throwing a dart at a map from 20 paces!

The reality is that often this so called ‘hot spot’ information is based on rumour and hearsay spread by a developer or by someone or an organisation that has something to gain or a lot of property in the area to sell.

Even if the information is correct and values in the area are likely to rise, there is still going to be good, average and below average property in that market so make sure you do your homework to determine what to buy rather than just grabbing anything that’s for sale. There are no short cuts to a quality property purchase. For those buyers who skip the research and buy into the hot spot rumour the saying “fools rush in” comes to mind!