澳洲学习投资之翻译作：房产投资的尽职调查

在澳大利亚地产投资



1、偶英语很差，很多翻译不对，如看不明白看第三帖的中英文对照，希望高手多多指点
2、感谢对我的去年的帮助，这个Copyright所有，就希望不要转载，最多转连接吧
3、希望不要砸鸡蛋西红柿的，第一次翻译 ，给点鼓励阿

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什么是尽职调查
by Jacque Parker  
Powered by Egg（Poweregg 24/12/2007）

大纲
尽职调查在选择正确的投资物业中起了本质作用，本文揭示了尽职调查的定义和原因：为什么，哪里，做什么，什么时候，以及详细的如何去做房产调查。本文面向投资者在购买住宅房时该做什么和该注意什么。

什么是尽职调查？
购买房产的一个常用术语，叫做尽职调查。它定义为调查的过程，通过适当的研究，了解投资一个房产的隐藏危险。通过研究和分析发现的信息，我们能做更好的决定和减少危险，每个投资者的处境和动机都不一样，一个人的尽职调查可能和另一个人的截然不同。

此文我们假设投资者寻找一个长期（7年以上）的能获得稳定净资产升值的住宅投资，并期望将来能获得被动收入。收入应该是整个时期中增长的房租（最后超越开销）或者通过资产升值变成一项净收入。

在你寻找房产前，搞清你的策略，也就是一个为什么投资，在哪里投资，如何投资，什么时候投资和如何去投资的规划。这听起来简单但在财富增值过程中是至关重要的。由于没有考虑利率上升造成的预算超支或者不能支付老房子常规维护费都不是一个好处境。在一些极端处境中，投资者可能别无选择只能亏本卖出物业。

为什么投资？
保证你的投资在受你的控制内至关重要，而这只有在合理规划准备了才能实现。在你财富创造计划中寻找独立金融建议总是个好主意，尤其当你不明白如何开始时。如果你想理性的制定自己要达到的目标并设计一个可行的计划去实现它，那么自我学习也是很重要的。

一旦确定如何投资房产适合你，你必须让你的个人财务有条理。你的购买力取决于你想或者能借多少钱。清楚你的支付能力是至关重要的一步，不切实际的花费能把一个可靠投资计划摧毁。

为什么投资房产？
考虑到实付开支，物业的资产增值潜力取决于决定了它是否一个可靠的投资。资产增值是大多数投资者在房地产中使用负杠杆的原因-取得长远收益。在澳大利亚主要投资者期望通过当前现金损失以获得长远的净资产增值时，也有人寻找高收益的物业以期通过正现金流获得直接的收入。

历史地讲，澳大利亚的住宅作为一种资产，提供了全面持久的回报，并始终是适合很多人的投资方式。

在哪里投资？
这是许多首次物业投资者茫然的问题。每个亲戚，同事和邻居都成了“专家”给你该在哪里买和买什么的建议。再看几个房产网站和发现一堆数据信息，投资者会变得头昏脑胀。

所以，你如何决定在哪里投资呢？
这很难说，一些人不喜欢去离家5km远的地方，而一些人愿意跨州，甚至跨国去调查。最后，这取决于个人选择，不可能会有对一个地区的投资让你担心到夜不能眠。决定在哪个州/国家/地区/城市投资取决于投资者的支付能力。和已经在你关注的地区买房的投资者交流，能给你带来巨大的好处，他们的经验能补充你可能忽略的地方。

从像Residex 之类的公司购买一份住宅投资回报报告是值得的，因为里面有过于资本增长的数字和平均销售价格，以及按邮政编码分列的租金和总体回报。这样你可以看到哪些区在过去十年内有持久稳定的总体回报，以及你可以承担的中间价格。一条经验是选择在大约8到10年内增值一倍的房产。

中间价格取决于是把一段时间所有的销售价格从最低到最高排列，以判断中间的价格。大多数投资者使用中间价格来指导他们买什么，当然不同的策略也会影响买什么。作为另一条经验，中间价格给买家，卖家和租户表现出一个有稳定回报的合理入门级价格。当然,如果你找到一个高于或低于平均价的好交易，那当然是值得去追求的。

我们这里基于历史数据以对将来如何进行预测。虽然这很好，但它和其他技术不一样，例如Steve Navrad地产公司的策略。此外，还有其他方面需要考虑，如租赁需求，当前经济和社会状况，市场发展趋势和经济因素可能会影响未来房产的价值。因为未来有不确定性，需要集中精力去关注。

然后，就物业投资的基础来说，选择好地区包括：
稳健的资产升值
地段和位置
交通便利，设施齐全
持续的租赁需求
地价占30%以上
潜在的附加升值潜力（将来通地铁，大型购物中心？）

只依靠资产增值的数字来选择房产是危险的，他们不能告诉你全部。从市场获取感觉并使用基本条件去衡量你考虑要买的房产很重要。这些因素组合起来才能让你至胜。

如何选房产？
当选择房产时，考虑下面因素：
1、房产的正常维护成本是多少
老房产和高维护性房产（电梯？泳池？）能影响现金流，增加成本，因此要注意。例如，木头的外饰需要常规油漆，室内泳池，老旧电器，老公寓的常用设施例如地毯，车道，电梯和电力升级。

2、如果要改变扩建房产，有限制吗？
限制条约或者市政规定可能禁止扩建或者修改房产，你不希望你的改建开发计划被迫下马吧。这有两种方式，某些区为了一致和谐会限制高密度住宅和会引起地价上涨的建筑类型。但同时，通过改变成高使用率或高密度住宅可以明显带来资产增值-这在受限制区域往往是不可行的。

3、我可以支付管理费/社区费吗？
一个经常忽视的成本是物业管理费，这个由业主来负责的费用经常上升，以致影响你的预算底线。尤其是新的带健身房，游泳池和电梯的高层建筑，持续不断的维护费变成一个你财务上的重担。

4、本地有多少租赁需求？
在你买房前请确定当地对你的房产多少持续强劲的需求。和地产经理聊聊会有助于理解本地市场。另外，确定房产靠近主要交通，商店和位于大部分租客渴望的位置。

5、土地价值是什么？
一条经验是在你的购买价中地价至少该占30%。例如：你买了60万的房产，地价该至少18万。因为土地总是升值的，而建筑通常是贬值的，这是你购买时要注意的一点。

6、对未来的购房者有吸引力吗？
是否容易转手可能不是你最初要考虑的，尤其你希望长远投资；然而，对自住房购买者来说，一般他们希望周围的房子也是自住房。自住房者一般更倾向升级完善他们的房产，从而增加了当地的购买欲望。易受影响的业主影响需求于是房价就渐渐增加。

7、房子将来有改扩建的可能性吗？
咨询当地市政局关于未来的规划和基础设施的变化，现在大部分规划都可以在网上查找到。区域划分图也有助于你知道土地使用的限制。

8、你喜欢对房产有多少控制权？
和别墅（House）相比，公寓几乎没有控制权。你只是整个公寓业主中的一个，所以很多时候事情和你期望的背道而驰。在当前业主委员会下，你反对的事情却可能被通过。物业调查（通常由你的律师来负责）在揭示物业在过去和当前有什么问题时极为有效。通过物业调查的财务报表你还能了解业主委员会内的问题和债务。

...

无论你买别墅，公寓，退休房，镇屋，半连体，排屋还是高级公寓，上面的条款必须考虑进去，这样你就能评估售价和对应的风险来比是否合理。你得出价取决于你有多少钱，这也限制了你购买房产的类型。

目标是注意上面的条款和收集信息，冷静地进行购买。

何时购买？
市场对投资者来说很少会有“最佳”的时刻适合购买。然而，“这不是时间问题，但‘时间’在市场做数”的说法很真实（没搞明白这句话的意思~~汗）。如果投资者能预测市场的顶端和底端，那一切多么美好。这样我们就不是投资者，而是投机专家（炒家？）了。不幸的是，确定市场的波峰和波谷是非常困难的-尤其销售统计一般会延时至少3个月。等你知道市场的统计数据时，波峰和波谷可能已经过去了！然而如果房产的各发面看起来都很好，那么你做好尽职调查后进入时间则变得次要。

当然，投资者该了解当前市场趋势和喜好，但要避免最近流行什么的“从众心态”。学习、观摩和调查市场，做一个好的决策而不是听从一时兴起流行的投资。

待续~~~

评论
如何投资？
一旦你确定你的策略，经济上限和地区，好戏就开始了！取决于你的个性，实际调查一个物业可能令你兴奋或单调烦闷。一些投资者在这时由于缺乏时间、厌烦甚至没信心。可能雇佣独立买家代理去跑这个腿活。然而，有的投资者热衷于对一个地区进行全面彻底的调查。这包括下面的因素：
1、当地的人口统计数据
人口构成、收入群体、自住和租房的人口比例、住宅的类型等等。查询网站是一个实际的开始，就像从澳大利亚统计局（Australian Bureau of Statistics）的社区花絮（Suburb Snapshots ）里的信息，给了你特定社区的整体图片。这对判断社区情况对房价的影响有助（见下）。

2、中间价格和租金
这些信息在一些地产网站上有，也可以从从事地产信息统计的公司购买。一些杂志，也有中间租金和价格的信息(state by state啥意思？)。注意，统计数据仅仅是帮助你，和地产代理，租赁经理和当地投资者最新的信息更重要。仅仅数字提供不了你需要知道的所有信息。

3、熟悉
本地区域
熟悉本地区域没有比驾车甚至走路更有效了。自己定位所有的设施和服务场所-知道本地交通路线，学校，商店，公园，医院，诊所和社区中心在哪里，能让你知道挑剔的租客想要什么。写在复印的街道图上以便将来查找。
那一份当地报纸，知道社区发生的事和问题。一些不熟悉特定区域（尤其是偏远地区和其他州）的投资者投资前会提前几个月订阅当地的报纸阅读，这些报纸大部分都有地产板块。

具体房产
对于特定的房产，和邻居以及附近店家交谈能知道当地信息并对这个区更有感觉。记得在一天中不同的时间（尤其房子处于受交通线路影响下）来看房子，争取越来越熟悉以建立起真实的了解。记住，这是投资！事后发现邻居是著名的毒贩或者泳池泄漏需要6000元来修理时，你是唯一该对此负责的人！问你认为必须的问题以发现房子的细节问题，如果你问的那个人不知道，那么就问到知道的人为止。

保存你所看房产的检查表、维护记录和询问的人，以便将来查询。
和你的律师确定合同是合理的，调查显示没有异常和要关注的,所有报告合理以及包含物（空调？壁炉？）都正确显示出来。

雇佣可信的建筑和害虫检测员并了解报告上的每个问题。不要因为报告列出了问题就让你停止投资-没有完美的房产-但使用报告可以确定你买了房子以后不会“吃惊”！有一份房子的全面报告，你能够客观判断价格是否合理，或者维护成本是否会让投资成为不现实。

合适的情况下，聘请一名合格的师傅（quantity surveyor ？）做一份折旧表。在大多数投资物业，这是必须的，并能给你带来税收方面的好处。虽然购买前这并不需要，但找一个专家早点做好总是明智的。当然，也请与您的会计师检查折旧表是否适合你个人的情况。

4、本地市政规划
联系市政局看看会发生什么影响你的房产或者社区。知道发展计划有利于你认识到它们会造成的产生各种影响。例如，你买的一个旧公寓边上计划建造两幢高层建筑时，旧公寓的租金会下跌。

如果你事前知道的话，也调查特殊的项目例如水浸区。很明显你的律师在这一部分会提供协助，但知道当地会影响你计划的地理限制总是好的。

大多数市政局的网站有LEP（当地环境计划）区域图，图上明示了各个地区不同区域的土地使用限制。

5、租赁知识
了解租赁市场很重要，因为你依靠租金来帮助你偿还贷款和维护成本。明白你房子能租多少钱，并在你决定购买前得到多个物业经理的估价。销售中介并不都了解准确的租金，推荐你去咨询租赁经理。和租赁经理亲自交谈并询问可对比的房产当前租金。
同样不要仅依靠一个估价，多得到几个租赁经理的估价。大多数人会很乐意帮助你，因为你被认为是一个潜在的客户。

6、开销和维护成本
这是一些投资者没能正确计算进入的花费，而且花费有时很可能超标，你要有准备！对个人房产来说，需考虑下面的：
起始成本：印花税，贷款费，过户费
日常还款和利率调整引起的增加
市政费和水费
物业管理费（主要是公寓和镇屋）
保险：包括替换费用和清除费用；内部和房屋外部保险
日常维护维修费（根据房产类型和年代变化）
租赁管理费
土地税
除害虫费用

也要考虑每年的空置时间（按经验是4到6周）因为根据租户的收入和财产这可能发生。
利率的因素-如果利率涨了2%，确定你还能够轻松偿还。

7、对比售价和相关因素
“分析数字”是保证你买到合适价格房产的一部分因素，另一因素是调查当前市场以探测一个具体房产的价值。探测价值最好的方法也就是那些地产代理评估待售房产时所作的事情：使用对比售价，当前趋势，市场情况和因素来得到一个价格。

你不必成为经济学家去了解各种因素是如何影响价值的，但了解下面因素的对你有助：

宏观因素
这些外部势力在影响房价上有重大做作用，它们可以分成三类：
社会的：包括人口学，人口迁移，犯罪率，社会群体的分布，家庭规模的变化，对生活、教育和住房价值观。基本上，包括影响着人们的社会本能和欲望的任何因素。
经济的：包括自然资源，如地理位置，生活质量，外部因素如利率，税法，消费者信心和补助（如首次置业津贴）。
政治的：很大程度上是由政府因素的影响，如城市规划，土地分区，住宅产业政策，特定房产（文物等）的限制和基础设施建设。

微观因素
这些因素更加区域化，也能影响房价，例如：
当地人口-年龄，性别，家庭人口数
雇佣的工资等级
收入
当前租金水平和空房率
土地使用和租方控制（例如租约保护，政府屋）
土地可用性，以及土地，劳动力和建筑的成本
销售价格

理解这些因素如何影响销售价格和租金有助于理解目前市场的性质，例如，租赁市场活跃度直接联系到某一地区的空房率。

很明显，有些卖家和中介会“修饰价格”以期运气的遇到情绪化的买家或者新手（green buyer？），或者卖家很想卖到某个价格。另外一些则因为某些原因（如希望快些出售，或者一个不熟悉本区域的中介没有作充足的研究）低价出售，因此要靠买家自己确定房产能值出到何种价格。记住，售价仅是参考价。你愿意支付的最高价格屈居于你的尽职调查，可能高于，低于或者正好和售价一样。变数很多，一个低于售价买到的房产未必比一个按售价买到的房产是更赚的交易。

获得你要买的那种房产的对比售价。和销售价格一样，一些网站也低价提供房子的研究报告和分析，这是很值得花这些钱去获得那些地产经理才能获取的信息的。

8、当地的需求等级
虽然在微观因素中已提到这个因素的部分，但还是很值得特别关注一下。问你自己下面的问题：
持续移入的人群是在增多还是减少？
附近有新房子或者新的建筑活动吗？
房产要多久卖掉？
房产要多久租掉？
那种房产最对买家/租客最有吸引力？为什么？
对某种房产的高需求保障了更多的买家/租客。由于供不应求，这能够带来价格/租金的上涨。

你能够从很多渠道发现这些信息，包括我们提到的。别忘了和在当地呆了很久的地产代理及租赁经理谈谈当前情况和趋势。然后，不要仅依靠他们获得信息，因为他们的目标是-卖出手上的房子！

总结
当你找到你准备签约的房子是，最好书面写定你衡量了各种危险后的最高价。如果没有成交，或者你的报价被拒绝了，走开继续寻找。记住，一般来说，总有更多的讨价还价机会，毅力最终会获得回报。掌握尽职调查中“如何去做”以及运用学到的知识将大大有助于选择到一个长期有稳健增长的房产。

保持冷静，关注数值和记住你的目标。地产投资-没有硬性规定只有指引。最有效的尽职调查来自你的知识，经历和细心。如谚语所说“细心加勤劳带来好运”。因此，开始和准备并等待好运吧！

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What is Due Diligence ?
什么是尽职调查
by Jacque Parker  
Powered by Egg（Poweregg 24/12/2007）

Synopsis
大纲
Due diligence plays an essential role in the selection of the right investment property. This article examines the definition and reasoning behind due diligence with attention to the Why, Where, What and When of property investing, with more detail on the specific How? tasks that an investor should both undertake and be aware of, in their quest for residential property.
尽职调查在选择正确的投资物业中起了本质作用，本文揭示了尽职调查的定义和原因：为什么，哪里，做什么，什么时候，以及详细的如何去做房产调查。本文面向投资者在购买住宅房时该做什么和该注意什么。

什么是尽职调查？
A frequently used term, in relation to the purchase of real estate, is Due Diligence. It can be defined as the process of investigating, through appropriate research, the likely implications and risks of purchasing a property for investment. By conducting such research and analysing the information found, we are better able to make an informed decision and thus mitigate risk. Each investor’s circumstances and motives vary, one investor’s process of due diligence may be quite different from another’s.
购买房产的一个常用术语，叫作尽职调查。它定义为调查的过程，通过适当的研究，了解投资一个房产的隐藏危险。通过研究和分析发现的信息，我们能做更好的决定和减少危险，每个投资者的处境和动机都不一样，一个人的尽职调查可能和另一个人的截然不同。

For the purposes of this article we are assuming that the investor is searching for a long term (seven years plus) residential property investment with the expectation of solid capital appreciation, as well as passive income in the future. This income could occur as a result of increased rents over time (which eventually exceed outgoing expenses) or through accessing the increased equity to convert into an income stream.
此文我们假设投资者寻找一个长期（7年以上）的能获得稳定净资产升值的住宅投资，并期望将来能获得被动收入。收入应该是整个时期中增长的房租（最后超越开销）或者通过资产升值变成一项净收入。

Knowing your strategy before you begin your search is essential, in that you have a plan and know the why, where, what, when and how. This may sound simplistic but is absolutely crucial in the wealth creation process. Financially overextending because the possibility of higher interest rates wasn’t taken into account, or being unable to afford expensive maintenance costs on an aging house are not healthy situations to be in. In some extreme situations, the investor may be left with little option but to sell for a possible loss.
在你寻找房产前，搞清你的策略，也就是一个为什么投资，在哪里投资，如何投资，什么时候投资和如何去投资的规划。这听起来简单但在财富增值过程中是至关重要的。由于没有考虑利率上升造成的预算超支或者不能支付老房子常规维护费都不是一个好处境。在一些极端处境中，投资者可能别无选择只能亏本卖出物业。

Why Invest?
为什么投资？

Being in control of your investments is a critical element, and this can only occur if you have planned and prepared yourself accordingly. It is always recommended that you obtain independent financial advice as part of your wealth creation plan, but especially if you are unsure how to start. Becoming self-educated is just as important, if you are to understand the rationale behind what it is you’re trying to achieve, and if you are to implement a workable plan to get there.
保证你的投资在受你的控制内至关重要，而这只有在合理规划准备了才能实现。在你财富创造计划中寻找独立金融建议总是个好主意，尤其当你不明白如何开始时。如果你想理性的制定自己要达到的目标并设计一个可行的计划去实现它，那么自我学习也是很重要的。

Once you have ascertained how property investment fits into your plan, it’s necessary to get personal finances in order. Knowing how much you can, or want, to borrow obviously determines where and what you end up buying. Being familiar with what you can afford is the next vital step, as unrealistic expectations of costs can prove fatal to an otherwise sound investment plan.
一旦确定如何投资房产适合你，你必须让你的个人财务有条理。你的购买力取决于你想或者能借多少钱。清楚你的支付能力是至关重要的一步，不切实际的花费能把一个可靠投资计划摧毁。

Why invest in property?
为什么投资房产？

Taking into account the likely out-of-pocket expenses, it must be the capacity for capital growth that determines whether a property presents a sound investment. This capital growth is usually the reason most investors are prepared to negatively gear into real estate – for the long term benefits. Whilst there are those who will actively seek out high yielding property that provides an immediate income through positive cash flow, it seems that the majority of property investors in Australia are willing to take cash losses now for the equity that the property will hopefully be providing over the long term.
考虑到实付开支，物业的资产增值潜力取决于决定了它是否一个可靠的投资。资产增值是大多数投资者在房地产中使用负杠杆的原因-取得长远收益。在澳大利亚主要投资者期望通过当前现金损失以获得长远的净资产增值时，也有人寻找高收益的物业以期通过正现金流获得直接的收入。

Historically speaking, residential property in Australia has provided consistent overall returns as an asset class, and remains a popular investment vehicle for many of us.
历史地讲，澳大利亚的住宅作为一种资产，提供了全面持久的回报，并始终是适合很多人的投资方式。

Where?
在哪里投资？

This is a point at which many first time property investors suddenly find themselves drowning in a sea of information. Every relative, work colleague and neighbour immediately becomes a property “expert” and is providing advice on where and what to buy. Looking up a few Real Estate websites and discovering new sources of information produces so much data, the investor can become easily overwhelmed.
这是许多首次物业投资者茫然的问题。每个亲戚，同事和邻居都成了“专家”给你该在哪里买和买什么的建议。再看几个房产网站和发现一堆数据信息，投资者会变得头昏脑涨。

So, how do you determine where to invest?
所以，你如何决定在哪里投资呢？

This can be tricky, as some investors will not feel comfortable moving within 5km of their own area, whilst others are prepared to investigate interstate and even internationally. In the end, it comes down to personal choice, as there’s no point investing in an area if you wind up not being able to sleep at night worrying about it all. Making a decision about which state/country/district/city ultimately rests with the investor and the level of affordability of the area. Talking with fellow investors who’ve bought into the area you’re researching can also reap enormous benefits, as their experiences may disclose something you may otherwise miss.
这很难说，一些人不喜欢去离家5km远的地方，而一些人愿意跨州，甚至跨国去调查。最后，这取决于个人选择，不可能会有对一个地区的投资让你担心到夜不能眠。决定在哪个州/国家/地区/城市投资取决于投资者的支付能力。和已经在你想关注的地区买房的投资者交流，能给你带来巨大的好处，他们的经验能补充你可能忽略的地方。

Purchasing a Residential Property Return Report through a company such as Residex is often worthwhile, as it charts past capital growth figures and median sales prices, as well as rental and total returns for individual postcodes. The aim is to identify those suburbs/towns which have had consistently solid total returns over the last ten years, in a median price range you can afford. A rule of thumb is to select growth rates which cause the property to double in approximately 8-10 years.
从像Residex 之类的公司购买一份住宅投资回报报告是值得的，因为里面有过于资本增长的数字和平均销售价格，以及按邮政编码分列的租金和总体回报。这样你可以看到哪些区在过去十年内有持久稳定的总体回报，以及你可以承担的中间价格。一条经验是选择在大约8到10年内增值一倍的房产。

The median price is determined by taking all the sales prices over a period, and sorting them from smallest to largest, to identify the middle price. Most investors use the median price as a guide to what they should pay, though this can vary, depending on strategy. As another general rule of thumb, however, the median price presents a more affordable entry price to buyers, sellers and tenants, with more consistent returns. Of course, if you manage to find a great deal on an above-, or below-median property, then it’s worth pursing it!
中间价格取决于是把一段时间所有的销售价格从最低到最高排列，以判断中间的价格。大多数投资者使用中间价格来指导他们买什么，当然不同的策略也会影响买什么。作为另一条经验，中间价格给买家，卖家和租户表现出一个有稳定回报的合理入门级价格。当然,如果你找到一个高于或低于平均价的好交易，那当然是值得去追求的。

We are relying here, however, on a predictive model based on historical rates to give us a picture of what the future might hold. Whilst this can work well, it does differ from others’ techniques such as Steve Navra’s Rental Reality strategy. There are also other aspects to consider, such as rental demand, current economic and social conditions, market trends and economic factors that may affect the future value of a property. A touch of crystal ball gazing is required, as predicting the future holds no certainties!
我们这里基于历史数据以对将来如何进行预测。虽然这很好，但它和其他技术不一样，例如Steve Navrad地产公司的策略。此外，还有其他方面需要考虑，如租赁需求，当前经济和社会状况，市场发展趋势和经济因素可能会影响未来房产的价值。因为未来有不确定性，需要集中精力去关注。

However, by sticking to the fundamentals of property investing, the chances of selecting the “right” area are increased:

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solid capital growth
position and desirable location
good proximity to services and amenities
consistent rental demand
minimum 30% land value content
potential to add value
然后，就物业投资的基础来说，选择好地区包括：
稳健的资产升值
地段和位置
交通便利，设施齐全
持续的租赁需求
地价占30%以上
潜在的附加升值潜力（将来通地铁，大型购物中心？）

It can be dangerous to rely on capital growth figures alone, as they don’t give the complete picture. It’s just as important to get a feel for the market into which you’re buying and apply the fundamentals measures to each property that you’re considering purchasing. It’s a combination of these factors that drive growth in the first place.
只依靠资产增值的数字来选择房产是危险的，他们不能告诉你全部。从市场获取感觉并使用基本条件去衡量你考虑要买的房产很重要。这些因素组合起来才能让你至胜。

What?
如何选房产？
When considering type of property, factor in the following:
当考虑选择房产时，考虑下面因素：

1. How much ongoing maintenance is this property likely to have?
Older or high maintenance properties can really affect cash flow and running costs, so be aware of these. For example: timber exteriors which require regular painting; in-ground pools; aging appliances; common property in older unit blocks such as carpets; driveways; fencing; elevators; electrical upgrades.
1、房产的正常维护成本是多少
老房产和高维护性房产（电梯？泳池？）能影响现金流，增加成本，因此要注意。例如，木头的外饰需要常规油漆，室内泳池，老旧电器，老公寓的常用设施例如地毯，车道，电梯和电力升级。

2. Are there any restrictions on making changes/improvements to the property?
Restrictive covenants or council regulations may prohibit extensions or modifications to the property, should you wish to improve or develop later down the track. This can work both ways – some suburbs with restrictions on higher density development and the types of dwellings that can be built can lead to increased values through scarcity and a more consistent feel to a suburb. But at the same time, some significant capital gains can be made through development of a property into higher-use or higher density classes – which is unlikely to be possible in such restrictive areas.
2、如果要改变扩建房产，有限制吗？
限制条约或者市政规定可能禁止扩建或者修改房产，你不希望你的改建开发计划被迫下马吧。这有两种方式，某些区为了一致和谐会限制高密度住宅和会引起地价上涨的建筑类型。但同时，通过改变成高使用率或高密度住宅可以明显带来资产增值-这在受限制区域往往是不可行的。

3. Can I afford any strata/community/onsite management fees?
Another often overlooked cost can be body corporate fees that can eat into your bottom line, as they can increase frequently, depending on the number of costs that the owners are responsible for. Particularly in newer high-rise blocks, with gyms, pools and elevators, the ongoing maintenance expenses in these areas can become a real financial burden.
3、我可以支付管理费/社区费吗？
一个经常忽视的成本是物业管理费，这个由业主来负责的费用经常上升，以致影响你的预算底线。尤其是新的带健身房，游泳池和电梯的高层建筑，持续不断的维护费变成一个你财务上的重担。

4. How much local rental demand does it have?
Being aware of this before you buy is vital to ensure that demand is relatively strong and consistent for your property. Chatting to local property managers will assist in gaining an understanding of the local market. Additionally, ensure that the property is close to major transport routes, local shops and in a position desirable to the majority of tenants.
4、本地有多少租赁需求？
在你买房前请确定当地对你的房产多少持续强劲的需求。和地产经理聊聊会有助于理解本地市场。另外，确定房产靠近主要交通，商店和位于大部分租客渴望的位置。


5. What is the land value content?
A general rule of thumb is to allow for at least 30% of your purchase price to be made up of land value. Eg: If you paid $600 000 for a property, then at least $180 000 of this should constitute land value. As it is land that appreciates, whilst buildings generally depreciate in value, this is an excellent point to keep in mind when buying.
5、土地价值是什么？
一条经验是在你的购买价中地价至少该占30%。例如：你买了60万的房产，地价该至少18万。因为土地总是升值的，而建筑通常是贬值的，这是你购买时要注意的一点。

6. How popular is it to future home owners?
Future saleability may not initially feature on your list of considerations, especially if you’re aiming to invest for the long term; however an area with high home ownership is generally more desirable to home owners. This is because home owners tend to improve their properties more, therefore increasing desirability. Emotional owners influence demand and so the prices tend to increase accordingly.
6、对未来的购房者有吸引力吗？
是否容易转手可能不是你最初要考虑的，尤其你希望长远投资；然而，对自住房购买者来说，一般他们希望周围的房子也是自住房。自住房者一般更倾向升级完善他们的房产，从而增加了当地的购买欲望。易受影响的业主影响需求于是房价就渐渐增加。

7. What potential does this property have in terms of future improvement or development?
Chat to local council about upcoming plans or infrastructure changes that may affect your purchase. Most are now online with Local Environment and development plans available for easy perusal. Zoning maps also allow you to readily view what land usage restrictions apply to your land.
7、房子将来有改扩建的可能性吗？
咨询当地市政局关于未来的规划和基础设施的变化，现在大部分规划都可以在网上查找到。区域划分图也有助于你知道土地使用的限制。

8. How much control over the property am I comfortable with?
With a unit, you retain little control compared to a freestanding freehold house. This is because your vote counts as only one amongst all the apartment owners, and so things may not always go your way. Depending on the current body corporate committee, you may experience decisions being made that you disagree with. A strata search (usually carried out by your conveyancer/solicitor) can be useful here in uncovering any problems, past or present, that strata are experiencing. It’s also helpful in finding out the current financial records of the body corporate to uncover any glaring inconsistencies or outstanding liabilities.
8、你喜欢对房产有多少控制权？
和别墅（House）相比，公寓几乎没有控制权。你只是整个公寓业主中的一个，所以很多时候事情和你期望的背道而驰。在当前业主委员会下，你反对的事情却可能被通过。物业调查（通常由你的律师来负责）在揭示物业在过去和当前有什么问题时极为有效。通过物业调查的财务报表你还能了解业主委员会内的问题和债务。

...

Whether or not you purchase a freestanding house, a unit, a retirement home villa, townhouse, duplex, terrace home or serviced apartment, the numbers must add up so that you can estimate whether the price is considered fair value against the risks associated with the purchase of that particular property. Your price range based on the amount of money you have available to spend will also narrow down the types of property available.
无论你买别墅，公寓，退休房，镇屋，半连体，排屋还是高级公寓，上面的条款必须考虑进去，这样你就能评估售价和对应的风险来比是否合理。你得出价取决于你有多少钱，这也限制了你购买房产的类型。

The aim is to remain dispassionate about your purchase, and concentrate on the numbers and collated information.
目标是注意上面的条款和收集信息，冷静地进行购买。

When?
何时购买？

The market will rarely seem perfect for the investor to make a decision on when to purchase. At the end of the day, however, the saying “It’s not timing, but ‘time in’ the market that counts”, can ring true. If the investor could pick the top and bottom of the market before the event, then all would be rosy. We could stop investing and become speculators instead. Unfortunately, it can be very difficult to accurately determine when those market peaks and troughs occur – especially with sales statistics typically lagging by at least 3 months. By the time you get the statistics on the market – the peak or trough may have already happened! However, if the deal stacks up and the property appears to still be a sound investment, given your due diligence, then timing becomes less relevant.
市场对投资者来说很少会有“最佳”的时刻适合购买。然而，“这不是时间问题，但‘时间’在市场做数”的说法很真实（没搞明白这句话的意思~~汗）。如果投资者能预测市场的顶端和底端，那一切多么美好。这样我们就不是投资者，而是投机专家（炒家？）了。不幸的是，确定市场的波峰和波谷是非常困难的-尤其销售统计一般会延时至少3个月。等你知道市场的统计数据时，波峰和波谷可能已经过去了！然而如果房产的各发面看起来都很好，那么你做好尽职调查后进入时间则变得次要。

Naturally, the investor should be aware of current market trends and sentiment, but avoid the “herd mentality” of investing simply because it’s the flavour of the month (or not). Becoming educated and getting out there and investigating the market yourself, makes for a much better strategy than listening to the whims of the general investing population.

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当然，投资者该了解当前市场趋势和喜好，但要避免最近流行什么的“从众心态”。学习、观摩和调查市场，做一个好的决策而不是听从一时兴起流行的投资。

How?
如何投资？

Once you’ve established your strategy, financial limit and location, the fun part is about to begin! The physical search for an investment property can be either exhilarating or mind-numbingly boring, depending on your personality type. Some investors, at this point, may elect to employ the services of an independent Buyers’ Agent to do the legwork for them, due to a lack of time or inclination, or even a lack of confidence. Others, however, enjoy the process and set about on a mission of thorough investigation of a particular suburb or area. This involves knowing the following:
一旦你确定你的策略，经济上限和地区，好戏就开始了！取决于你的个性，实际调查一个物业可能令你兴奋或单调烦闷。一些投资者在这时由于缺乏时间、厌烦甚至没信心。可能雇佣独立买家代理去跑这个腿活。然而，有的投资者热衷于对一个地区进行全面彻底的调查。这包括下面的因素：

1. Demographics of the area
Population makeup; income groups; home ownership versus rental population; type of dwellings; and so on. The website is a practical start, as the Suburb Snapshots provide information gleaned from the Australian Bureau of Statistics, which gives you an overall picture of the particular suburb. This is useful when considering the impact of social conditions on property values (see below).
1、当地的人口统计数据
人口构成、收入群体、自住和租房的人口比例、住宅的类型等等。查询网站是一个实际的开始，就像从澳大利亚统计局（Australian Bureau of Statistics）的社区花絮（Suburb Snapshots ）里的信息，给了你特定社区的整体图片。这对判断社区情况对房价的影响有助（见下）。

2. Median prices and rents
Again, this information is available on some real estate sites, and can also be purchased from specialist real estate statistic companies. Some magazines, also contains tables in the back which outline median rents and prices, state by state. Be aware that, while statistics will assist, it’s important to get talking to agents, property managers and fellow investors in the area for up to date information. Numbers alone will certainly not provide you with everything you need to know.
2、中间价格和租金
这些信息在一些地产网站上有，也可以从从事地产信息统计的公司购买。一些杂志，也有中间租金和价格的信息(state by state啥意思？)。注意，统计数据仅仅是帮助你，和地产代理，租赁经理和当地投资者最新的信息更重要。仅仅数字提供不了你需要知道的所有信息。

3. Familiarity
3、熟悉
Local area
Nothing beats driving and even walking a suburb to become more knowledgeable. Locate all the services and amenities yourself – knowing where local transport routes, schools, shops, parks, hospitals, medical clinics and community centres are, gives you an insight into what particular tenants want and need as well. Note them down on photocopied street directory maps for future reference.
Pick up a copy of the local newspaper and become aware of community events and issues. Some investors, who aren’t at all familiar with a particular region (especially in regional or interstate areas) like to subscribe to the local paper a few months ahead, as most have real estate sections as well.
本地区域
熟悉本地区域没有比驾车甚至走路更有效了。自己定位所有的设施和服务场所-知道本地交通路线，学校，商店，公园，医院，诊所和社区中心在哪里，能让你知道挑剔的租客想要什么。写在复印的街道图上以便将来查找。
那一份当地报纸，知道社区发生的事和问题。一些不熟悉特定区域（尤其是偏远地区和其他州）的投资者投资前会提前几个月订阅当地的报纸阅读，这些报纸大部分都有地产板块。

Individual property
With specific properties, chat to neighbours and shopkeepers to pick up local knowledge and develop more of a “feel” for the area. Remember to view property at different times of the day (especially if it’s in an area which may by affected by traffic routes) and become as familiar as possible, to build up a “Warts and All” picture. Remember, this is an investment! You are the only person to blame if you discover too late that the neighbours are well known illegal drug suppliers who turn off tenants, or the in-ground pool has a serious leakage that requires a $6000 repair bill! Ask as many questions as you think necessary to discover all the nuances of a property, and if the person you’re asking doesn’t know, keep asking until you find someone who does.
具体房产
对于特定的房产，和邻居以及附近店家交谈能知道当地信息并这个区更有感觉。记得在一天中不同的时间（尤其房子处于受交通线路影响下）来看房子，争取越来越熟悉以建立起真实的了解。记住，这是投资！事后发现邻居是著名的毒贩或者泳池泄漏需要6000元来修理时，你是唯一该对此负责的人！尽量问你认为必须的问题以发现房子的细节问题，如果你问的那个人不知道，那么就问到知道的人为止。

For future reference, keep checklists and maintain records on those properties you’ve inspected, and who you inspected them with.
Check with your solicitor or conveyancer that the contract is sound, the survey shows no anomalies or concerns, all the searches are okay and all inclusions are correctly shown.
保存你所看房产的检查表、维护记录和询问的人，以便将来查询。
和你的律师确定合同是合理的，调查显示没有异常和要关注的,所有报告合理以及包含物（空调？壁炉？）都正确显示出来。

Engage reputable building and pest inspectors and ensure you understand any issues raised from these reports. Don’t let a building inspection report that identifies problems necessarily turn you off an investment – no property is perfect – but use the report to make sure you don’t have any surprises after purchase! With a comprehensive report on the state of the property, you can make an objective decision as to whether the price being asked is reasonable, or whether maintenance costs are likely to make the investment unsustainable.
雇佣可信的建筑和害虫检测员并了解报告上的每个问题。不要因为报告列出了问题就让你停止投资-没有完美的房产-但使用报告可以确定你买了房子以后不会“吃惊”！有一份房子的全面报告，你能够客观判断价格是否合理，或者维护成本是否会让投资成为不现实。

If applicable, employ a quantity surveyor for a depreciation schedule. In most investment properties, this is considered a must-have and will assist in increasing the taxation benefits available to you. Though this does not need to by done upon immediate purchase, it’s probably wise to begin asking around for a recommended specialist and get it done sooner rather than later. Naturally, check with your accountant first that a depreciation schedule suits your personal situation.
合适的情况下，聘请一名合格的师傅（quantity surveyor ？）做一份折旧表。在大多数投资物业，这是必须的，并能给你带来税收方面的好处。虽然购买前这并不需要，但找一个专家早点做好总是明智的。当然，也请与您的会计师检查折旧表是否适合你个人的情况。

4. Local council planning
Contact the council to see if anything is happening that may affect your property or the community. Pending future development plans can impact in various ways, and it helps to be aware of and prepared for any ramifications of these. For eg, buying into an old unit block may possibly cause future rents to fall if you discover two high rise blocks are planned right next to yours.
4、本地市政规划
联系市政局看看会发生什么影响你的房产或者社区。知道发展计划有利于你认识到它们会造成的产生各种影响。例如，你买的一个旧公寓边上计划建造两幢高层建筑时，旧公寓的租金会下跌。

Also investigate specific concerns such as flooding zones if you are aware of them beforehand. Obviously, your solicitor/conveyancer will assist in this department if required, but it doesn’t hurt to know beforehand if a particular area has geographical limitations that may affect your future plans.
如果你事前知道的话，也调查特殊的项目例如水浸区。很明显你的律师在这一部分会提供协助，但知道当地会影响你计划的地理限制总是好的。

Most councils now have websites with LEP (Local Environment Plan) zoning maps, which clearly show the different land use zonings and restrictions on various areas within a suburb.
大多数市政局的网站有LEP（当地环境计划）区域图，图上明示了各个地区不同区域的土地使用限制。

5. Rental knowledge
Knowing the rental market is vital, as you are dependent on the regular income from rent to assist in paying off your loan payments and ongoing expenses. Be realistic about what rent your property is likely to achieve, and get more than one property manager’s appraisal before you commit to the sale. Sales agents are not usually entirely familiar or accurate with rents, and usually refer you to the property manager (PM). It’s preferable to talk to them personally and ask for current examples of comparable properties as well.
Also don’t rely on just one appraisal, but get a couple of other local PM opinions as well. Most will be happy to assist, as you will be viewed as a potential client.
5、租赁知识
了解租赁市场很重要，因为你依靠租金来帮助你偿还贷款和维护成本。明白你房子能租多少钱，并在你决定购买前得到多个物业经理的估价。销售中介并不都了解准确的租金，推荐你去咨询租赁经理。和租赁经理亲自交谈并询问可对比的房产当前租金。
同样不要仅依靠一个估价，多得到几个租赁经理的估价。大多数人会很乐意帮助你，因为你被认为是一个潜在的客户。

6. Expenses and ongoing costs
This is an area in which some investors fail to realistically take into account, yet costs can sometimes blow out and you need to be ready for them! For the individual property, consider the following:
Start-up costs: stamp duties; mortgage fees; conveyancing costs

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Mortgage repayments and adjustments to possible rise in interest rates
Rates (council and water)
Strata fees and levies (mainly applicable in units and townhouses/villas)
Insurance; both building replacement cost and removal of debris; contents and Landlords insurance.
General repairs and ongoing maintenance (will vary depending on property age and type)
Property management fees and charges
Land tax
Pest inspection updates
6、开销和维护成本
这是一些投资者没能正确计算进入的花费，而且花费有时很可能超标，你要有准备！对个人房产来说，需考虑下面的：
起始成本：印花税，贷款费，过户费
日常还款和利率调整引起的增加
市政费和水费
物业管理费（主要是公寓和镇屋）
保险：包括替换费用和清除费用；内部和房屋外部保险
日常维护维修费（根据房产类型和年代变化）
租赁管理费
土地税
除害虫费用

Also allow for a period of vacancy per annum (rule of thumb is 4-6 weeks) as this can occur, depending on tenant turnover and type of property.
Factor in interest rates – if the rate was 2% higher, make sure you could still comfortably afford the repayments.
也要考虑每年的空置时间（按经验是4到6周）因为根据租户的收入和财产这可能发生。
利率的因素-如果利率涨了2%，确定你还能够轻松偿还。

7. Comparable sales and relevant factors
Whilst “crunching the numbers” is part of the job of ensuring you are purchasing an affordable investment, the other element involves researching the current market in order to ascertain the worth of a particular property. The best way you can know this is to do what real estate agents do when they have to appraise a property for sale: use comparable sales, current trends, factors and market conditions, in order to arrive at a price.
7、对比售价和相关因素
“分析数字”是保证你买到合适价格房产的一部分因素，另一因素是调查当前市场以探测一个具体房产的价值。探测价值最好的方法也就是那些地产代理评估待售房产时所作的事情：使用对比售价，当前趋势，市场情况和因素来得到一个价格。

Obviously, you don’t need to become an economist to understand how various factors affect values, but it helps to be aware of the following:
你不必成为经济学家去了解各种因素是如何影响价值的，但了解下面因素的对你有助：

Macro factors
These external forces play a significant role in affecting market value of property and can be broken into three categories:
Social: Includes demographics, population shifts, crime rate, geographical distribution of social groups, changes in family size, attitudinal values towards lifestyle, education and housing styles. Basically, any factor that influences people’s social instincts and desires.
Economic: Includes natural resources such as location, quality of life, external factors such as interest rates, taxation rules, consumer confidence and grants (eg First Home Owners Grant).
Political: Includes factors largely influenced by government such as town planning, land zoning, housing industry policy, limitations on particular properties (heritage listings etc) and building of infrastructure.
宏观因素
这些外部势力在影响房价上有重大做作用，它们可以分成三类：
社会的：包括人口学，人口迁移，犯罪率，社会群体的分布，家庭规模的变化，对生活、教育和住房价值观。基本上，包括影响着人们的社会本能和欲望的任何因素。
经济的：包括自然资源，如地理位置，生活质量，外部因素如利率，税法，消费者信心和补助（如首次置业津贴）。
政治的：很大程度上是由政府因素的影响，如城市规划，土地分区，住宅产业政策，特定房产（文物等）的限制和基础设施建设。

Micro factors
These factors are more locally based and can affect values, with changes related to:
Local population- age, sex, number in family
Employment and wage levels
Incomes
Current rent levels and vacancy rates
Land use and rent controls (eg protected tenancies, govt housing)
Availability and cost of land, labour and building
Sales prices
微观因素
这些因素更加区域化，也能影响房价，例如：
当地人口-年龄，性别，家庭人口数
雇佣的工资等级
收入
当前租金水平和空房率
土地使用和租方控制（例如租约保护，政府屋）
土地可用性，以及土地，劳动力和建筑的成本
销售价格

Understanding how these factors impact upon sales prices and rentals assists in understanding the current nature of the market. For example, the rental market activity is directly linked to the vacancy factor within a specific region of a suburb or town.
理解这些因素如何影响销售价格和租金有助于理解目前市场的性质，例如，租赁市场活跃度直接联系到某一地区的空房率。

Obviously, some vendors or agents will be “marking up the price” in case they get lucky with an emotional or green buyer, or if the vendor is particular about achieving a certain price. Others will undervalue due to various reasons (examples include a highly motivated vendor who needs to sell quickly, or an agent outside of the local area who doesn’t do the required homework), so it is really up to the purchaser to ascertain whether or not a property is worth what their maximum offer is going to be. Remember, too, that the asking price is just that. The maximum price you are willing to pay, based on your due diligence, may be either over, under or right on the asking price. There are so many variables, and just because you buy for a certain amount under the asking price doesn’t necessarily mean you obtained a better deal than another buyer who paid full asking price.
很明显，有些卖家和中介会“修饰价格”以期运气的遇到情绪化的买家或者新手（green buyer？），或者卖家很想卖到某个价格。另外一些则因为某些原因（如希望快些出售，或者一个不熟悉本区域的中介没有作充足的研究）低价出售，因此要靠买家自己确定房产能值出到何种价格。记住，售价仅是参考价。你愿意支付的最高价格屈居于你的尽职调查，可能高于，低于或者正好和售价一样。变数很多，一个低于售价买到的房产未必比一个按售价买到的房产是更赚的交易。

Obtain comparable sales data that is similar to the type of property you’re looking to buy. As well as sales prices, some of the sites offer individual property reports and title searches, and for a low cost, they are definitely worth the money to be able to access some of the same records that real estate agents have access to.
获得你要买的那种房产的对比售价。和销售价格一样，一些网站也低价提供房子的研究报告和分析，这是很值得花这些钱去获得那些地产经理才能获取的信息的。

8. Level of demand for local area
Though this factor makes up part of the already mentioned micro factors, it deserves special attention. Ask yourself the following:
Is there a steady supply of new people moving in or upgrading/downgrading?
Is there new housing or increased building activity nearby?
How fast do properties sell?
How quickly do they rent?
Which types of properties are more popular to buyers/renters? Why?
High demand for certain types of property also usually ensures that there will be more buyers/tenants for them. This in turn can lead to increased prices/rents, as demand outstrips supply.
8、当地的需求等级
虽然在微观因素中已提到这个因素的部分，但还是很值得特别关注一下。问你自己下面的问题：
持续移入的人群是在增多还是减少？
附近有新房子或者新的建筑活动吗？
房产要多久卖掉？
房产要多久租掉？
那种房产最买家/租客最有吸引力？为什么？
对某种房产的高需求保障了更多的买家/租客。由于供不应求，这能够带来价格/租金的上涨。

You can find this out from a number of sources, including those already mentioned. Also chat to real estate agents and managers, particularly the ones who’ve been in the area for a long period of time, about current trends and conditions. Don’t, however, rely on them as your only source of information, as they do have their own agenda – to sell you their properties!
你能够从很多渠道发现这些信息，包括我们提到的。别忘了和在当地呆了很久的地产代理及租赁经理谈谈当前情况和趋势。然后，不要仅依靠他们获得信息，因为他们的目标是-卖出手上的房子！

Summary
总结
When you’ve found something that you’re ready to make an offer on, preferably submit it in writing and ensure your final maximum offer is a true reflection of the risks that you’ve weighed up. If the deal doesn’t work out, or if your best offer is rejected, walk away and keep looking. Remember that, generally speaking, there are always more bargains out there, and persistence will eventually pay off. Knowing the “How?” elements of due diligence and applying the knowledge learnt will greatly assist in the selection of a property that should ultimately hopefully become a solid and well performing growth asset over the long term.
当你找到你准备签约的房子是，最好书面写定你衡量了各种危险后的最高价。如果没有成交，或者你的报价被拒绝了，走开继续寻找。记住，一般来说，总有更多的讨价还价机会，毅力最终会获得回报。掌握尽职调查中“如何去做”以及运用学到的知识将大大有助于选择到一个长期有稳健增长的房产。

Remain dispassionate, focus on the numbers and remember your purpose. Don’t forget with property investing – there are no hard and fast rules, only guidelines. The most effective due diligence comes from your knowledge, experience and care. As the proverb reminds us, “Care and diligence bring luck”. So, start preparing to get lucky!
保持冷静，关注数值和记住你的目标。地产投资-没有硬性规定只有指引。最有效的尽职调查来自你的知识，经历和细心。如谚语所说“细心加勤劳带来好运”。因此，开始和准备并等待好运吧！

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poweregg，辛苦了。+++
能不能透露原稿的来源？是不是invested

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是的，我都把这个网站设为主页了，适合我这类小白入门阿

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不是小白也回去看的。我今天刚去过。
里面有几篇给我非常大的启发。太长了所以不好翻译。。。
里面最最好的一篇是living on equity。千万看懂它。如果不懂就不要试哦。危险的。

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这是个什么网站？具体网址是什么呀？:o

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invested.com.au

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+++

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谢谢老妖！

我还以为是invested。com呢，也有一个网站，但是不是这个，嘿嘿

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LZ辛苦了！可惜加不了分

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好贴啊 看得晕，等静下心再看

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不错
学习中

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感谢楼主的辛勤劳动

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辛苦了！

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收藏了，多谢LZ

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学习了

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多谢楼主

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非常感谢

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“It’s not timing, but ‘time in’ the market that counts”
我理解是，不是寻找短期波动的低点，而是选择长期入市的时间点。
简而言之，入市时间很重要，并不受短期波动影响。

楼主太棒了！加油

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翻译的很好 ，谢谢

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2007年的帖子。。。纯真的年代。。。

现在的房市已经相当的不厚道了。。。
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