The New Year is a time of renewal, when we can say goodbye to the old and ring in the unfamiliar and improved. This is as true in the world of real estate investment as it is anywhere else.
If you're already thinking about what your goals will be for the next year, forget about the more pedestrian aims. In this three-part series we'll outline some of the top property investment resolutions you should make the driving force for your 2015
I will start a portfolio
You have to be in it to win it. Investing in real estate can be a complex and daunting affair, but similar to anything else, it's often taking the initial step that's the hardest part. Make 2015 the year you officially become a property investor.
All too many investors focus almost exclusively on the investment potential of the CBD in Australia's big three capitals, leaving conceivably more profitable options by the wayside. This may seem intuitive - after all, the CBD is where all the buyers seem to want to live, and going by the most recent RP Data research, that's where all the other investors are.
Dare to buck the herd thinking this year. Instead, look to outer areas that are more affordable now but set for growth in the near future.
I will make use of my existing equity
A lot of people choose to start investing in property only once they've paid off their existing home loan. Setting this arbitrary restriction on your investment goals is an unnecessary delay and could even jeopardise them entirely.
But if you make use of the equity form your current home, you could access capital growth that may otherwise have been closed off to you. Before you do so, your investment plan will give you an idea of the costs involved, and you should also speak to your accountant.