Investment New Year Resolutions.
Fireworks, celebrations, dancing, the new year has come. Nothing compares to this feeling you have inside. It feels like conquest or sounds like victory. You made it through 2016 alive. So now the festivities are over and it’s time to roll up your sleeves, pick up your sword and charge at 2017 while it’s still young.
Your main agenda this year, Investment. That’s right, if you’ve been thinking about investing in real estate then there’s no time to slumber, it’s time to strike. What you need now is a set of resolutions for investors to guide you on what steps to take when investing in real estate. If you’re serious about investing in real estate, one of your new year resolutions should be to expand your knowledge and skills in investment in this sector. Purpose to learn something new every month. Learn about tax obligations, bookkeeping and other legal issues involved in real estate. Luckily, the internet is awash with resources on just about anything.
Don’t fly blind. Location, location, location. How profitable your investment will be and how fast you get a Return on Investment depends on what location you choose to invest in. What are your investment goals? If you don’t know then your priority should be set these. Are you looking for a market that appreciates rapidly for you to flip or are you more interested in enjoying long term rental income? Whatever your goals are should determine where you invest. Know all you can about the market that interests you. Connect with real estate brokers in the area you’re interested in investing and ask them to show you some of their properties. You’re most certain to learn a lot from these networks.
Another resolution for investors should be to set aside a portion of your income for real estate investment, say 10 or 15%. Maybe set up a special savings account for this purpose. Perhaps arrange for automatic transfers from your normal account to this account. However, you choose to do it, putting aside a regular amount for investment would be a smart move.
Your other new year resolution should be to rally to free yourself from any financial burdens that might throw a spanner in your investment works. Are you currently servicing a mortgage? You might want to increase your monthly repayment so that you ultimately make it possible for you to pay less on the mortgage and the interest. This move will save you money paid on the interest and reduce your repayment time. This should be an important resolution for investors this year, to reduce any debts you may have to boost your chances of getting financing for investment opportunities.
Cultivate patience as another new year resolution. Perhaps we should have put this resolution at the top. To be a good investor, you need to learn the virtue of patience. Some investments give the investor a very high Return on Investment but takes time to mature. So learn to watch the trends in different markets and wait for the right time to throw in your money.
Finally, of course, allocate time for your investment goals. It’s all well and good to make new year resolutions but if you don’t allocate time every time to meet your goals, then your chances of losing focus increase. So spend some time each day analyzing your progress. Re-strategize if you need to. Spend time planning and at the right moment, execute. Now off you go, happy investing. Consult Propbuying the best real estate agent in Pune, India
