11 New Year’s property resolutions for 2017
Another year has started and the time has come to set our New Year’s resolutions for 2017. Instead of setting resolutions to become healthier or go to the gym more than once this year, why not set yourself a resolution to do with your property investment instead?
As a property investor it’s important to continually set yourself new goals to work towards and achieve. You need to keep an eye on your investment to see how it’s performing and stick to your property plan to help build yourself a strong property portfolio to where you want to be.
So what New Year’s property resolution will you make this year?
Here are some ideas to get you started, and remember you can always set yourself more than one resolution!
11 New Year’s property resolutions for 2017
1. Keep expenses to a minimum No one likes paying more than they have to, so now is a great time to relook at all your expenses and see where you can cut costs. You might find your insurance is coming up for renewal and there is another insurance company offering a better rate. Make the time to shop around and save some dollars whilst you’re at it.
2. Take advantage of low interest rates As interest rates are currently at an historic low of 1.50 per cent, it might be time to consider locking in a fixed rate or split your loan between half variable and half fixed. That way you can take advantage of low mortgage repayments, as interest rates undoubtedly will increase at some point, it’s just a matter of when.
3. Update your property plan When was the last time you reviewed your property plan? Things might have changed since you first created your plan. You might have changed jobs, started a family or are thinking about an earlier retirement. It’s therefore important to review your current situation and determine what you need to do to reach your end goal. Factor in any changes which might affect this such as getting married or having children.
4. Read a good investing book You might not have invested for a while, but it’s always beneficial to read a good investing book to keep your mind sharp. Investment books can also teach you good concepts about how to invest as well as focus your mind and train your brain how to think.
5. Start the day with a good investment quote Starting the day by reading a good investment quote or a motivational statement not only can leave you feeling positive about yourself, but can also leave you asking yourself questions about what you’re doing or what you’re not doing. Look for quotes from industry experts and successful business people. Warren Buffett has some excellent inspirational quotes that are worth reading.
6. Research your investment properties When was the last time you checked up on your property investments? It’s a good idea to check up on them every so often to see how they are performing and whether the market has changed. If you did your thorough research beforehand and bought in a suburb with strong growth, you might find that your property has increased in value. However, if the suburb is not performing as well as you had hoped and there is slow or backwards growth then it might be worth speaking to a Property Consultant and decide whether it’s worth holding onto or cut your losses and sell.
7. Research the property market As well as researching your current investment properties, it’s always a good idea to research the property market to spot any trends or new growth areas that would make a strong investment.
8. Pay less tax Investing in property allows you to save thousands of dollars in tax every year. There are so many opportunities to reduce your taxable income. Make sure this financial year you do not overpay in tax. Employ a good accountant, keep records of all receipts and ensure you have a correct depreciation schedule.
9. Be ready to act Mentally preparing yourself to act is just as important as being financially prepared. If a good investment comes your way which is too good an opportunity to miss, then you want to be prepared to take advantage of this to avoid regretting this in the future. However, make sure this is a solid investment, comfortably within your budget so that it does not put you at high risk.
10. Diversify This year you might want to concentrate on diversifying. As the old age saying goes “don’t put all your eggs in one basket”. This can be applied to investing. You don’t want to buy multiple properties in the same suburb. It’s best to invest in different areas, or even interstate, at different times of the property cycle. When one market is performing badly, then you can rely on your other investment properties to pick up the slack.
11. Buy another investment property If you haven’t invested in property for a while, then now might be the right time to think about your next investment. If you have made money in your current investment, then you can always use the equity from this towards your next property rather than having to save up another deposit from scratch.
Remember that investing in property is a relatively safe means of investing, compared to shares for example. If you require some help with your New Year’s property resolution or where to invest next, then why not speak to one of our Property Consultants at iBuyNew to learn more.
Call us on 1300 123 463 to find out more today.
Published on 11th of January 2017 by Marty Stanowich