Monday 19th September 2016

What can Pokemon Go teach us about buying and owning property?

What can Pokemon Go teach us about buying and owning property?

In the four minutes it will take you to read this article, close to 15,000 people would have downloaded Pokemon Go onto their smart phones, according to the App Institute. These shocking statistics prove that this viral phenomenon has more in common with the Australian property market than you’d think. Both have experienced record growth, and may be on the brink of a value decline in the near future.

With these similarities in mind, we may be able to learn more from this app than the names and traits of 150 imaginary creatures. Read on to discover three tips to buying and owning property via the phenomenon that is Pokemon Go.

Don’t go to market before you’re ready

Niantic rushed Pokemon Go to the market, perhaps eager to start reaping the profits of their brilliant poke-creation. As a result, the app wasn’t ready and during its first weeks it crashed constantly, causing players and fans to publicly voice their outrage.

If you’re considering buying your first property, don’t be like Niantic and go to market before you’re ready. Your drive to catch ’em all and start a real estate empire may be your demise, as you might not be prepared for what’s coming.

A Westpac first home buyer survey proves that this is a problem, as almost a third of respondents said that the first year was the hardest due to unexpected costs and lifestyle changes. If you plan your entry onto the market, speak to us, then buying your first property will be as easy as trading a Pidgey in for candy.

This viral phenomenon has more in common with the Australian property market than you’d think.

Make updates count

Niantic has compounded its problems by offering updates which have completely ignored what the majority of people wanted from the app. This has resulted in further public outcry and perhaps even drops in player numbers.

The property lesson here is clear. If you’re renovating your home for resale after buying, don’t ignore what the public wants. Instead of adding safety warnings, consider renovating to include a butler’s pantry or perhaps open plan lounges.

According to the Real Estate Buyer’s Agent Association survey these are the two most desired features in a home in Australia, and should add considerable value to your property.

With a low interest loan and smartly structured finances, affording these upgrades should be a breeze, and your property will surely ‘be the very best’.