New Year's property investment resolutions: Part 3
In the previous parts of our series on New Year's property investment resolutions, we've looked at some of the goals you should make at the beginning of the investment process.
In the previous parts of our series on New Year's property investment resolutions, we've looked at some of the goals you should make at the beginning of the investment process. In this final part, we'll outline some resolutions for those who are well past this point, and are now looking to make a return on their investment.
If you count yourself as part of this group, read on to find out which resolutions you should be adding to your list before the year is up.
I will hold onto my investment
Some investors hope to make a quick profit by selling their property just as soon as they've bought it. Others aim to buy, make some renovations to the property and sell it off just as quickly. While these are legitimate options, renovations can be costly, while the quick flip strategy can leave you at the mercy of the current market and leave with an underwhelming return.
This year, resolve to hold onto your property, letting long-term capital growth accrue over time - a proven tactic for weathering the ups and downs of the market. The RP Data Pain and Gain report for the 2014 June Quarter found that properties held for a longer period of time on average did much better in terms of profit.
I will have my portfolio re-evaluated
The common refrain is that if it isn't broken, you shouldn't fix it. If your portfolio has been doing moderately well for some time, it can be easy to float on as normal, leaving your existing strategy in place.
The problem with this approach is you might miss out on the potential gains of pursuing a different strategy or portfolio structure. No matter how experienced an investor you are, Direct Property Network can re-evaluate your portfolio and see where you could make beneficial changes.
I will get my property into saleable shape
If you've held onto your property for a number of years and are thinking it may be time to sell sometime in the future, it's imperative to get it ready for sale now. Clean the property, clear away clutter and play around with the furniture arrangements to make your home as attractive to the buyer as possible.
If you still have tenants living in your property, be sure to give them enough notice that they need to vacate, and always stay within the law in your particular state.