With a new year in front of us, whether you’re looking to own your first property or you want to expand your property investment portfolio, now’s the perfect time to reflect on and update your goals.
But where do you start?
Do your research.
First thing’s first, you need to do some research. Some things to note are the state of the housing market in general, the upwards and downwards trends of locations that you’re interested in, the current demand for loans, what other investors are doing, and anything else that might be relevant to your plans.
At Beltana Conveyancing, we are experienced conveyancers in South Australia, we keep our eyes out for thorough and insightful resources for our research, and we find some good ones to be:
Housing Industry Association or Master Builders SA
They have a vast body of work, and they also release an industry snapshot that lays out the best bits.
Australian Bureau of Statistics
The ABS has the best access to data, so their articles and studies on property in Australia are second to none.
Realestate.com.au
Alongside their property search functions, you can zoom in on any area you’re interested in, and they also have a news section that we find quite interesting.
Reflect on your current goals.
Now, with a wealth of new knowledge, it’s time to review your previous goals. Is your portfolio performing the way that you expect? To find out, review your budgeting and check that your investment is working as you hoped. A great idea is to contact your loan providers and insurers to see if you can renegotiate better rates.
If you’re saving for your first home, are you on track with your savings? Are your goals still achievable in the current market? Realign your budget, savings and plans with the information you found with your research. Maybe you need to tighten the belt a little or look further ahead. Perhaps you can even accelerate your plans!
Have realistic and achievable goals.
Property investment goals will look different for everyone. How can you make your own goals optimistic but still realistic and achievable? Here are some tips that we recommend:
- Be specific.
The more you can knuckle down on the details, the more accurately you can plan. Include a couple of examples of the property you want to buy, the tenants you want to have, or the loan you want to apply for. The more detailed you are, the better!
- Make your goals measurable.
It’s essential to be able to check your progress. Making your goals measurable means that you can chart your progress and make changes to correct your course if needed. Things rarely go to plan, so you need to be flexible to succeed. By benchmarking dates and including breakpoints, you’ll be able to understand better how your efforts will be rewarded.
- Be realistic.
Things rarely go perfectly to plan, so include some margin for error in your goals. If you make them too unrealistic, then there’s very little chance you’ll ever achieve them. Leave room in your budget for emergencies so that if something goes wrong, it doesn’t send everything into a tailspin. Surprise maintenance will blow out a budget that doesn’t account for unexpected bills, and that can decimate your savings.
What costs do I need to prepare for?
The initial deposit and stamp duty on your home are just the beginning of your costs for a first home buyer. You also need to consider establishment fees for a mortgage, pre-inspection costs, legal fees, and property valuation. And so that you don’t get caught out with any nasty surprises, it’s generally best to seek the guidance of an expert.
You need to consider mortgage repayments, property management fees, insurance payments, maintenance costs, and strata fees for an investment property. And with these costs being only the beginning of what you should account for, the assistance of a professional is something you should consider to help save you time and money.
How do I stay on track?
Constantly reflecting on your progress is extremely important because you need to ensure that your goals are still relevant and realistic.
Breaking up your plan into short, mid, and long-term goals helps you keep track of your ongoing progress. You can not only see if you’re achieving your short-term goals, but you’ll know if you need to readjust to reach your longer-term goals.
Talk to an expert!
With over 40 years of experience in the Adelaide property industry, at Beltana Conveyancing, we understand that every client has unique property goals. Which is why we tailor our advice and service to your specific needs and what you want to achieve, whether it’s buying your first home or purchasing an investment property.
And so, if you’d like to have a chat with us about your property goals for 2022, we’d love to hear from you, and let’s find out how Beltana Conveyancing can help you realise your dreams.
