New Year Property Investment Checklist

Whether you have existing property investments or are looking to buy your first investment in 2023, the New Year is the perfect time to make sure you have all of your ducks in a row. If you set aside time before or after each New Year to look at your property investment goals, plans, and budget, and check whether or not your current loan is working well for you, then you can ensure you are one step closer to succeeding.

Read the four things you should do each year as both an existing or prospective property investor to take charge of your investment journey.

1. Identify a goal

Think about what goal you want to achieve with your property investment this year. Do you want to invest in a new property? Do you want to renovate an existing property to increase its value? Are you looking to invest in a new location?

Make a specific and achievable goal you want to accomplish over the next year, and think about what steps you can take to put it into action. It’s important as well to think about how achieving this goal will affect you. Will your goal help increase your weekly income? How will that affect your way of life? What will you be able to do differently once you’ve achieved your goal?

If you’re unsure about how achievable your goal is - or want help figuring out your New Year goal - the Property Club Property Mentors are a fantastic resource. We have mentors with a wide range of experience in the property market who can help you figure out where your next step in your journey should be.

2. Be ready to act

Once you have your goal in mind, think about how you’re going to put it into action. If you’re ready to buy a property, don’t stall in the first stage.

With thousands of property options on the market, it can be easy to be bogged down thinking about the kind of property you want to invest in, where you want to invest, and what kind of return you might get on your investment.

Your Property Mentor is there to help you figure out what state you want to buy in, the type of property (house, unit, or townhouse) you should purchase, and whether you need to be near public transport or employment. They will help you refine the criteria you’ll measure properties against to ensure they meet your investment strategy, have good capital growth potential, and are easy to tenant.

3. Get a finacial wealth check

Once you know your goal, and have sorted through all the final questions you may have for your next investment, now is the best time to review your financial position and check in with a financial professional.

If this is your first investment, working with a broker will help you assess what the best option for you is in terms of choosing a home loan provider. They can help you figure out whether a low interest home loan with mortgage lenders insurance is the best option for you, or whether you are better off choosing to wait longer when you’re able to invest the full 20% deposit to get the property you want. Brokers can even help advise whether a fixed-term home loan is the right choice for you.

If you’re a current investor, you should instead take a look at the financial products you’re already using. Doing a Financial Wealth Check will help you figure out if your current loan is the best option available to you right now. Regular loan checks with a Property Loans Accredited Mortgage Professional are important to make sure you’re getting the best bang for your buck.

A Financial Wealth Check is a short discussion about how you use your loan and a basic review of your financial circumstances. During the loan health check, you might be asked to consider:

• What your financial goals are for the year
• Whether your financial circumstances have changed
• If you are paying a higher interest rate than needed
• Whether your fees are too high
• If your home loan gives you the features you need
• If you’re paying for features you don’t use
• If you are interested in accessing your equity

Get Support on Your Property Investment Journey

Considering whether or not your goals are achievable or if you’re getting the most out of your loan can be hard to determine if you’re still in the early stages of property investment. The Property Mentors at Property Club are here to help you figure out the hurdles and answer your burning questions to make sure you are on the right track. Having a professional team on your side can make all the difference to your success. Get in touch to join Property Club today.