New year, new goals – Realising your property goals in 2018
By Advantage Property | 7th Mar 18
Setting your property goals for success
The January summer holidays are well and truly gone and we are all settling into the pace of the year. Did you make any resolutions this year and were any of them property related? Having property goals is important, but having clearly defined goals is the key to success and realising your property dreams.
If you haven’t started planning, now is the time to put pen to paper and really start identifying what your goals are for the year.
The most common home resolution is “I want to save enough for a house”. This is a fantastic goal if you are First Home Buyer but it’s one that can easily slip away if you are not disciplined in your approach. Managing your cash flow and the cost of living each day while still saving a portion of your income for this goal can be a big obstacle if you have not saved in a while. The first home deposit is the hardest and if you are really striving and serious to get into the housing market this year it’s time to really understand where all your money is going each month to see if there are any lifestyle changes that you need to make. We recommend dividing your income into “buckets” with separate accounts for your savings, bills and everyday consumables. Many banks have this feature now, so you can clearly see how your earnings each month can be divided. This also makes it obvious when you are going to exceed your budget.
There are many ways to save up for your new home – the first and obvious one is minimising spending on things like eating out or takeaway but to look at it another way, it may be time to think of growing your earning capacity to help with extra funds as well.
Purchasing a property is usually the next popular property goal. In the last three or more years, it has been increasingly difficult for First Home Buyers as property prices have surged significantly in Melbourne. We have found many First Home Buyers have missed out on securing their ideal property because of this. If this is you, do not be disheartened as there are always opportunities to take advantage of if you have done all your preparation from a financial and strategic point of view. If 2018 is your year to buy your first home make sure that you are honest with yourself when it comes to the type of home, suburb or other expectations you may have. Be realistic and optimistic as being a First Home Buyer means you will probably purchase a property again sometime in the future.
If you have all your finances in order, ensure that you are looking at suburbs outside your dream suburb and looking at opportunities that show great capital growth in the future, as you keep upgrading your lifestyle.
Another great tip is to have a good relationship with the selling agents in the area to keep abreast of any off market opportunities that may arrive. This is where having a Buyer’s Advocate can help a great deal, as we have repour with agents all over Melbourne and also tend to have early alert to properties that are not yet advertised to the public.
If 2018 is your year to grow your property portfolio, make sure you keep a level methodical approach and have a clear understanding of your cash flow and finances to make the property investment a positive experience. It is a great time to look at apartments as there is an influx in the market, but we encourage you to be discerning, taking into consideration things like block size, age, and number of lots in the building as well as body corporate fees. It is also important when buying an apartment to look into how apartments in the block have performed over the year as far as capital growth. We have the necessary tools to look at all the past reported sales for the block which gives insight to the per annum growth and potential growth in the future.
At the end of the day, achieving your goals is not just about setting them. It’s about being disciplined and driven in your approach, taking all the necessary little and big steps to get to that end goal. If you would like some extra assistance from our experienced Buyer’s Agents to get to your goal without the stress, get in touch with us today! Call (03) 9883 8900.