Admit it, we’ve all been swept up in the cheer of the of the holiday season and made ambitious resolutions for the new year—from having a healthier lifestyle to improving your foreign language skills. It’s definitely a time of the year that inspires us to reflect and figure out ways to better ourslves.
Now that we’ve started a new financial year—hooray—it should also be a time to start your new financial year resolutions. In fact, it’s the perfect time to re-evaluate your finances and find ways to improve of your property investments ahead of your next tax return.
Here are four new financial year resolutions you might consider to take charge of your property investments and maximise their potential.
Exercise a healthier investment strategy:
Many mum and dad investors got into the game through life circumstances, and not a lot of thought was put into what type of investment strategy suited them best. Should they buy and hold? Be negatively geared? Positively geared? Is passive property development something they should look into?
The first step in reassessing your strategy is to determine if your current one is working for you. How do you know if it’s working? This all depends on which one you have chosen, but overall if you’re getting the desired return and see future growth, you’re moving in the right direction.
If you think your property can do better, chat with a financial planner about your circumstances and what options are out there for you. Also, speak to an agent who can look at your rental returns, the tax benefits you could be taking advantage of as well as the expenses associated with your property including asset management fees. An agent can also analyse and benchmark the performance of your strategy and provide possible alternate options. Continue reading