It’s no secret that the key to any successful property investment decision is goal setting. It’s what separates those who create significant personal wealth through their property investments from those who don’t! It’s a simple concept but when it comes to building a strong property portfolio it takes a lot of detailed thought and planning.
Whether you’re making your first move into the property market or you’re a seasoned property investor expanding your portfolio, every property investment decision you make should start with a set of clear and achievable goals. After all, investing in property is a significant financial commitment that can change your life – for better or for worse.
Plan ahead
You’ve probably heard the saying ‘fail to plan and you plan to fail,’ and for good reason! Whilst our plans don’t always come to fruition exactly how we intend them to, they guide us on our journey. A detailed investment plan can help you determine what you can manage, the timeframes required to achieve your goals and the steps you need to take to reach them.
Ask yourself – what do I want to accomplish? Where do I see myself in five, ten and even twenty years’ time? This is what you should be basing your goals and objective around.
However, if you’re thinking about the typical answers to these questions such as wealth, financial freedom and having the ability to determine your lifestyle when you retire – you need to think deeper. The problem with these outcomes is they’re not measurable. In order to adequately prepare yourself for the property investment journey, you must first formulate specific outcomes that allow you to keep track of your progress over time. That way, you will be able to monitor which investments bring the best returns, which ones remain solid through periods of instability and keep track of your overall growth to ensure you stay on target.
Establishing personal goals
The key is to start by setting a long term, or ultimate goal, with a deadline and work your way backwards. These goals should be tailored to your individual needs but more specifically they need to be measurable, deliverable and most importantly have a deadline.
Breaking your goals into long term, medium term and short term allows you to track your progress and modify your approach if things aren’t quite going to plan.
Know your limits
Finally, one of the most important aspects of establishing your investment goals is to know your limits. It’s important to have an understanding of what you can and can’t manage. Think about yourself as an investor and how you relate to money. This is how you establish your investment comfort zone. Do you like to take risks? Or do you prefer the calm of a reliable, proven investment? Some investments are more secure than others. If you already fear your journey before you begin you are setting yourself up for failure. This is why you should always invest based on your personal risk profile.
You also need to know where your strengths and weaknesses lie. What knowledge and skills are you bringing to the table? Do these skills align with the financial status you want to reach as you build your property portfolio? Here’s where you really determine how long it will take to reach your objectives and the type of assistance you’ll need along the way. Enlisting the help from a mortgage broker such as Nieuvision can make this process a lot less daunting. With key taxation strategies, property portfolios and specialised loan products, Nieuvision provides an integrated financial support system which will keep you on track to reaching your goals.
Now that you understand how to set your property investment goals it’s time to start planning! Nieuvision is here to assist you every step of the way. We can help you make time to plan for the future and have developed a unique business model offering a range of services, designed to take the stress out of property investments. Call us today on 1300 832 554 or contact us via our website for more information.
