03 Jan 10 things to get in order now to reach your property goals in 2023!
If you have let your property goals get away from you over the last three years, and haven’t made the most of the new year and the new opportunities it provides, you could well be kicking yourself now.
Don’t let this happen again in 2023! Now is the time to talk to a property strategist so that this new year isn’t another missed opportunity.
Property Investing doesn’t happen overnight, and so you need to get the ball rolling early to hit your goals in January.
Below are ten things you can do to make sure you are well placed to begin achieving your property investment goals in 2023.
1. Start making plans to reach your property goals now
Planning is the key to a successful property investment strategy. It is essential to have clear goals, combined with market knowledge of the types of properties that will deliver these for you.
This means you need to have good understanding of your current financial situation, know what it is you want to achieve, and the sort of strategies you can use to maximise your investment.
If you are a first time investor, or are looking to grow your property portfolio, getting advice from experienced people who know the market and industry can help ensure that you have all the tools and knowledge you need to invest in property.
Working with a property strategist can help you to ensure that your goals are realistic and achievable, identify potential risks, and show you ways in which an investment property can help to secure your long term financial future.
2. Don’t wait for the ‘right time’ to invest
The property market in Australia can at times be volatile, moving in cycles that are accompanied by rises and falls in house prices.
This can put some new investors off, or lead people to wait until just the ‘right time’ before making an investment.
However, one of the keys to successfully investing is the length of time you hold a property, not the time you enter the market.
Therefore, we always encourage people to start investing as soon as you are able, rather than waiting for a seemingly opportune moment — which might not ever arrive.
3. Get the right advice from the right team
One of the best ways to maximise your investment is to have the right team advising you.
A key service that we provide our investors is to connect them with experts in their fields, so that you are able to get the best advice possible. We work with a range of trusted specialists, including mortgage brokers, conveyancers, financial advisers and accountants, who will provide you with first rate advice and services at every stage of your investment journey.
In this way, you can be confident that the advice you receive will reflect your approach to risk, financial goals and your investment timetable.
4. Broaden your investment horizons to achieve your property goals
While it can be tempting to want to invest in your home city or state, this might not necessarily be the best investment strategy for you. Looking further afield can open up many more opportunities, and give you access to properties that might be better suited to helping you achieve your investment goals.
One of the advantages of working with a property strategist is that we have access to new developments across Australia which aren’t always available to individual investors. This means you can benefit from investment opportunities across all states, capital and regional cities, and have a better chance of finding a property that will meet your specific needs.
5. Don’t just do what everybody else is doing!
Being successful in property investment doesn’t automatically mean doing what everyone else is doing. While it can be tempting to follow the most recent trend, in the long run it is always better to pursue a strategy that is geared towards your particular goals, not what market sentiment seemingly dictates.
Rather than waiting to see what the rest of the market is doing, our advice is that the length of time you own an investment property is the key to maximising your returns. Therefore, define your goals and what you want to achieve, and then create a strategy that helps you to achieve this, irrespective of what might may be happening in the wider market.
6. Be positive and don’t create barriers for yourself
It is easy — especially in the current financial climate — to find reasons why you shouldn’t, or can’t, invest in property. The press can at times be full of stories of potential ‘crashes’ in the property market, creating a seemingly unfavourable investment environment.
However, we believe that there is no ‘right time’, and as soon as circumstances allow, you should begin your investment journey.
Ultimately, having long term goals and a strategy to achieve them is the key, as it will allow you to focus more on securing your financial future over time, rather than seeing only what you perceive to be short term road blocks.
7. Get advice from experienced strategists
While we always encourage people to do as much research as possible around property investment, you can sometimes swamp yourself with too much information, and be influenced by factors which might not be relevant to you or your circumstances.
This is why we always recommend speaking to a property strategist who can help you retain your focus on long term goals and securing your financial future. Greater clarity in this respect means that you are less likely to get caught up in details which are unlikely to impact directly on you.
8. Remember that it’s about growing your wealth
Some investors feel a particular affinity with a city or place, and this connection means that they want to invest in this location. However, it’s important to remember that you are not looking for a home in which to live. An investment property is precisely that — a means of growing your wealth.
Therefore, there are many other factors that should be your priority when you are considering an area or development in which to invest, e.g., demographics, average rents, vacancy rates, etc. You are looking at the potential that a property has to increase in value over time, rather than whether it would suit your needs as a home. Remember, everyone is different and has different needs, and that investing is different to buying a home for you and your family to live in.
9. Debt is not always a barrier to investment
When it comes to investing in property, debt is not necessarily the barrier you might think it to be. In fact, what might be termed ‘good debt’ can actually be used as a means of growing your assets.
This is why we connect our clients withe highly qualified and experienced accountants, mortgage brokers, conveyancers and financial advisers who regularly work with investors, and so can help you to better understand your financial circumstances and your investment potential.
10. Look to the long term when you invest in property
Although the property market experiences ups and downs, it is important to remember that you are investing in property for the future, not for the here and now.
The long term forecast for Australia continues to be a positive one, and what might be genuinely called a crash is highly unlikely. The population is growing, new areas are being developed, infrastructure nationwide is continuing to improve and is making more parts of the country accessible.
This is all important to remember, as investing is about looking ahead. It is hard to envisage a future in which the number of people living in Australia slows down or decreases, and so the need for housing is always going to be there.
Talk to Power of Property to reach your property goals in 2023
If you want to make 2023 the year in which you start to achieve your property goals, talk to Power of Property today.
We have comprehensive knowledge of property markets and developments right across Australia, and use extensive industry research and data to help you make the right decisions.
Talk to us about a free, one-on-one strategy session that will help to answer all of your questions. Call Michael Lawton on 0407 785 560 or Danielle Charlton on 0411 268 795, or book an online property strategy session at a time that suits you.