It's tempting to throw out the property investment 'to-do' list when December comes around, with the best of intentions, to give it another go next year.
If you ticked off your goals this year and grew your portfolio successfully, congratulations, it's time to put your feet up!
However, if you didn't quite manage to do everything you wanted to do with your property in 2020, then maybe it's time to take some action while everyone else is winding down?
Why not throw a little investment preparation in amongst the festivities this holiday season?
You'll have the time, and it may just give you an excuse to escape the house guests for a little 'me' time!
So before 2021 rolls around and your property investment goals get lost in resolutions of unfulfilled gym memberships and a rueful clean out of the booze cabinet, use these top tips to kick the year off strongly.
1. Get ahead of the competition
Agents, buyers, lawyers, accountants and mortgage brokers all head away on holiday shortly and market activity slows up until early February.
If you actively search for property deals and make offers between now and February, it’s a great time to negotiate.
A lack of competition from other buyers means keen vendors who are willing to listen to those still in the market.
2. Use your downtime to practice
Just because you aren't going to be buying just yet, doesn't mean you shouldn't be browsing.
Make like a Christmas window shopper and improve your skill and navigation on the Real Estate Investar property investment platform.
The more comfortable you get with the suite of tools, searching the market, analysing numbers and calculating market values, the more quickly and efficiently you will be making things happen next year!
Take a quick look at the benefits of buying investment property at a discount
3. Set your new year goals
Setting yourself some goals for 2021 can help to give you a long-term vision to work towards and simultaneously the short-term determination and drive that you will need to get there.
Goals can help to combine your acquired knowledge and experience and provide the focus that you will need to make the very most of your property investing journey and achieve long term and sustainable wealth.
4. Analyse your portfolio's current position
Real Estate Investar members - get your portfolio details up to date in Portfolio Tracker.
It's quick, simple and easy to do, and will give you amazing results.
Make sure you know your financial position right now, so you know exactly what your LVR’s (loan to value ratio’s) and DSR’s (debt service ratio’s) are.
You can deal more effectively with mortgage brokers when you know your numbers.
5. Review your rents
- Review your rents; are you in line with comparable properties in your area?
- Are there improvements or renovations you can make to your properties that will enable you to increase rents?
- Check out this Knowledge Base video playlist which shows you how to find, analyse and research renovation properties.
- If you are looking to do a renovation in 2021, our free renovation calculator can help keep your budget on track.
6. Review your mortgages
Check your options, fixed vs variable, interest only vs principal and interest.
Do a financial review; some fine-tuning can improve cash flow substantially.
Also, arrange to meet with your loan provider and ask them if the interest rate you are on is the very best they can do.
It's a competitive market, and after all, it is the time of year for giving for banks as well...You may be surprised with the result!
7. Hit the books
If you aren’t buying right now, that’s no excuse to stop searching.
The better you get at searching the market, analysing numbers, calculating market values quickly and decisively, the better your financial results will become.
You don’t know, what you don’t know. That is a cliché, and it is a cliché that most clichés are true. So start learning!
Sometimes you just miss opportunities that other investors with sharper eyes and better knowledge will see.
So please invest some time over the next couple of weeks to boost your knowledge. Here are some ways you can do that:
- Read an eBook. Here are two of our most popular - How to Pay Off Your Mortgage Faster and 16 Tips for Renting Out Your Investment Property.
- Browse our free resources area, packed full of free property investing content.
- Register for a demo, where we can show you how we can help you achieve your property investing goals in 2021.
We believe your knowledge and your financial results will grow hand in hand, and now more than ever in history information is everywhere around us just waiting to be discovered.
Cherish time with your loved ones and embrace all the holiday season has to offer- eat, drink and be merry!
Recharge your batteries, shake off any negatives of 2020 and get ready to hit the ground running in 2021.
From all of us here at Real Estate Investar - have a wonderful, safe Christmas and we will see you again for a productive new year. Thanks for reading!