There’s often a lot of pressure on what to do differently come a new year. Some view it as a fresh start, a chance to redirect focus with a date in mind, for others it’s a continuation of a long-held direction. Maybe last year was challenging, full of changes and hiccups along the way, perhaps it was a steady year, or one you wish to forget. How ever you choose to view the new year, there’s always a place for growth. Making small changes in the right areas for the right reasons can reap reward down the track.
You don’t need to make resolutions to achieve your goals but consider if there are things you can do differently this year to address the challenges of years past. Hindsight is a valuable tool to ensure we don’t make the same mistake twice. For example, is there room for adjustment in your budget to allow for a little extra in the “emergency fund”? Or is there the potential to tackle the garden a month earlier than planned so it’s not such a big job? Can you schedule a review with your accountant a little earlier this year to allow yourself a little extra time before end of financial year?
For your investment property, specifically, are your goals this year the same as last year? Or is there a change you’d like to make? Perhaps you are considering selling the property, or plan on renovating to increase the property’s appeal? Even a small task, such as engaging with your property manager about your goals for the property this year may have a positive, flow on effect for the duration of the year.
Setting constructive and positive goals as a landlord is a beneficial tool when considering the long-term goals of your investments. Have you considered the longevity of your investment? and are there things you can address now which will ultimately improve your ability to achieve the end goal? Some areas you could consider include what strategic upgrades could impact on your property’s return; diversifying your portfolio to improve your financial position; actively staying informed about market trends; or being proactive engaging with your accountants to ensure you maximise your tax efficiency.
Managing an investment strategy, particularly with multiple properties involved, is no set and forget strategy. Tenants may move on, properties need repair, there may be personality clashes with
neighbours, or difficulties with tenants paying rent. Your property manager is adept in the knowledge and skill required to ensure the smooth outcome of these challenges.