The term ‘resolutions’, especially when used at the start of a new calendar year, brings to mind goals related to health and fitness. But resolutions can, and should, be made for other aspects of your life too. While we’re all focused on our careers and steep growth trajectories, many of us tend to forget to invest the rewards that we reap from all this hard work towards our own future. Irrespective of your age or the stage of your professional journey, it’s important for you to set certain investment goals for yourself every year and ensure that you achieve them.
If you’re looking to grow or diversify your investment portfolio, you should definitely consider investing in real estate. While it is a popular belief that only people of a certain income group or professional stature can invest in property, the truth is that owning property in Australia today is actually a realistic and achievable dream, and definitely a recommended investment option.
If you’ve already invested in property or are looking to do so this year, here are 3 property resolutions that will ensure that your investment gets optimal returns:
1. Stay Updated and Organised
As a property owner, it is important that you keep all your property documents organised and in place to avoid any last-minute confusion. Keep track of your lease expiry dates to ensure that you secure new tenants in time, thereby avoiding any loss in rental income. If you’re looking to secure a loan to invest in property, you should have all your personal financial records up to date and complete. Property trends are constantly changing, and to make the most of your investments, you should keep a constant watch on the market. Industry experts will be able to help you with relevant information such as sale and rental figures, changes in legislation and policies, market predictions, etc.
2. Research and Diversify
While the major cities like Sydney, Melbourne and Perth have traditionally been sound property investment options, you should also look at places like Adelaide, Brisbane, Hobart and Canberra, where the property market is on a steady rise. Rather than conforming to popular belief, you should study current and future trends in various sectors in the country to gauge which parts will see faster growth in the near future. For example, investment in energy sources in a certain area can result in a whole township being built around it, leading to an increase in property value in the area. You should also look at hedging your risks by investing in different kinds of property in different parts of the country.
3. Consult an Expert
With the sea of information available at your disposal today due to technology and increased access to industry research, it’s easier to make an informed decision about property investment now as compared to a decade ago. However, it is always recommended that you make your way into the world of real estate backed by the right team of professionals, including a property advisor, lawyer and accountant. The property market in Australia, just like its global counterpart, is all about making the right decisions at the right time and the right location. Having a solid team of experts by your side will help you do this more effectively. Always choose professionals who come with experience and expertise in this market, and have made a name for themselves for being dependable, trustworthy and result-oriented.
The start of the year is a perfect time for new beginnings, and these property resolutions are sure to hold you in good stead in 2019.