6 Tips for Investing Success in 2020
It's a new year and this often brings with it a renewed sense of motivation and inspiration. It's also a time of year for many people, when work can be quieter than usual, and you have more downtime for reading and research. If you're planning your property investing for some time ahead of the year, here are six tips to help focus your thoughts and attention.
Put a budget together
Whether you're looking to maintain your current portfolio or buy or sell assets in 2020, make sure you're making a budget that suits your needs. This is particularly important since there are periods when the lending climate remains unpredictable. Track all your expenses and profits, and decide if there's extra money you'd like to spend in 2020.
Review all your existing tenancies
Check the leases across your properties and take note of the end date and set calendar reminders in advance to encourage the property manager to give them another renewal. Sometimes, think about the different ways a tenant can be held if the demand is in favour of tenants around the lease end date. You could forgo a rent increase, for example. Therefore, it's also helpful to that your lease renewals occur during busy market times. Usually January and July are those busy months.
Do your market research
Being aware of the sales and rental markets where your investment property is located, plus the markets you're looking to invest in, is a perfect way to get ahead before you start looking at the property Look at data on completed sales or rental agreements in your region over the last six to 12 months to get your work underway. As with your rentals, you can add a note to your calendar to periodically complete this research
Broaden your location criteria
Default to locations we know when it comes to buying property is popular. Nonetheless, lesser known areas could be just what you are looking for in your next project. If you are part of Sydney and Melbourne, extend your work to the smaller capital cities and regional centres to gain insight into various markets.
Check your investment expectations
You may want to change your investment goals based on your market research, and where you expect the market to be going in 2020.
Talk to the experts
Take the time to check in with your experts, including your solicitor, accountant and any other professionals who frequently support you. It's a great time to talk through your year plans and priorities and refine your approach theoretically.
Investing the planning and study time at the start of the year will set you up for success in 2020, irrespective of what your plans are for the year ahead.
For further information about real estate in this area, contact No Bull Real Estate, your most reliable and friendly real estate agents in Newcastle & Lake Macquarie. Buying, selling, leasing for residential, commercial, industrial property, contact your local expert to buy, sell or lease today on 49552624 or www.nobullrealestate.com.au