Buying property is likely to be the largest purchase you will ever make. Buying additional property makes the matter even more important to areas like the tax you are paying, the time you are devoting to the exercise to say nothing of the impact on your disposable income.
If that is not enough to consider then, buying property is also a choice limiting exercise because it constrains what you can do in the future once you have made your decision. So the impact of this shouldn’t be lost on you when for instance you are considering what size home you would like to live in.
In other words the choices you make are important not only for the integrity of the investment itself but for the lifestyle you would like to lead both now and in the future. Not only should you choose judiciously but you should review those decisions at certain milestones to ensure that they still accord with the original intentions and the objectives you set for yourself at the time of purchase.
Combining innovative purchasing strategies with a strong focus on capital growth is very important. Combining this with reliable income streams from tenants who will continue to choose to rent from you is equally important but why do so many of us fail to review the impact a successful investment strategy is actually having on either your net income from all resources or your ability to make new and exciting decisions on other growth assets.
Time and again, property portfolios, unlike the constant attention normally afforded to an equities portfolio is set and forget often leading to unintentional outcomes brought about by the very success of the investment.
It’s never too late to review the structure of your assets, if you haven’t done it in a while it may pay to get a second opinion.Tags: investment, property, strategy, tax