2015 has arrived!!
I hope you and your families have had a wonderful Christmas and welcomed the New Year in style. This part of the year is a time to celebrate and reflect on the past year and then press reset and head into a brand spanking New Year full of new opportunities and resolutions.
So have you thought about your property resolutions? What are you setting your sights on in 2015?
Here are some potential ideas for your property resolutions.
Budget and monitor spending: With the current extended period of record low interest rates it is easy think the extra bit of cash will always be around. Checking the status of your savings and recording your monthly expenses is essential to managing your cash flow. This can also highlight any mindless or wasteful spending. Once you understand your spending pattern this will assist in creating a budget that is accurate, achievable and useful.
Education: If you want to learn something new – research, read and source experts in that area. For example if you want to cook you read cookbooks and attend cooking classes. If property resolutions are a priority for you this year commit to perhaps reading a property book or attending an investment seminar once a month. Applying yourself on a consistent basis to learn more is essential to creating wealth.
Think outside the box: Many investors tend to look at purchasing in the area they know. This means they are potentially overlooking other areas with much higher growth potential in preference to the comfort of familiarity. Try to think outside the box and research performance indicators and other metrics to guide your purchasing decision.
Be Ready: Buying a property can be a big decision, and no one should ever rush to purchase without thinking through their options. Nonetheless, indecision may keep you from what could potentially be a rewarding investment decision. Sometimes when people sit on the fence undecided to enter the property market they feel disappointed after witnessing the capital gains realised by others.
Therefore you need to make sure you are mentally and financially prepared if you have property goals to achieve. This may include considering your budget and price range, seeking advice from you accountant or mortgage broker, or obtaining pre-approval from your finance provider. If you have undertaken the work to be prepared, you will be ready to take advantage of opportunities and avoid the regret of what could have been.
The key to sticking to your resolutions is to Take Action, track your progress and check it often.
Here’s to a prosperous new year.