For many people, this time of year is one of the busiest. Weekends seem to be filled with activities and celebrations, with seldom chance to sit back and relax. But if you are lucky enough to have some down-time over the holidays, taking a brief moment to consider your goals for the New Year may help get the year off to a great start.
Perhaps you are fairly new to property investment, or you know someone that may be considering delving into the market. Or you may even have a number of properties in your portfolio already.
Wherever you may be on the property ladder, taking some time to review your past year (and those prior) and think about where you want to be (either next year or ten years down the track) may just give you that extra motivation moving forward.
Some things to consider about your current investment property or portfolio:
- Is your property in the best condition it could be? Would a little cosmetic refresh or time spent in the garden increase the property’s appeal?
- Perhaps some time spent improving the property when it is between tenants will help increase the property’s value and appeal to tenants.
- How involved are you in your current property’s management? Are you happy with your communication with your property manager?
- Do you want to expand your current portfolio? If so, what areas would you consider investing in?
- Is there opportunity to make a higher return through your current property? Perhaps you have big plans, for example, for subdividing a large block, adding a granny flat or renovating?
While the ‘big plans’ will no doubt involve quite a significant financial contribution, organisation and time, it may indeed prove to be healthy investment decision in years to come.
Your property manager is not merely here to maintain your current investments; they can assist by providing valuable advice about the state of the current market. And if you are considering renovating, buying or selling, they can connect you with a local property sales expert.
Remember, when reviewing your own investment strategy, it is best to seek advice from the real estate and financial professionals to ensure your plans will indeed work positively for your personal circumstance… and ensure that you reach your property goals.