5 Tips for your 2014 Property Goals
Rita Wagner - Dominion Lending Centres New Castle Financial
Financial, Renovation, Property
Every year I set goals at the beginning and I constantly check in on them to see where I'm at.
So what your property goals for the year ahead? More importantly, how are you going to achieve them?
Maybe you are in an endless renter cycle and are looking to break out and own your first home. Or perhaps you are interested in establishing an investment property portfolio to enhance a better retirement lifestyle. Or maybe your goal for 2014 is to take on that renovation project that you've been dreaming about.
Property goals, like all kinds of goals in life, need to be 'SMART' - Specific, Measureable, Achievable, Realistic and Timely. So I'd like to share five tips I think can help you with setting and achieving them.
1. Make a list.
List makers achieve more! One way to gauge your progress with your property goal is to create a list(s) and cross items off as you achieve them.
You should have a list of learning things you need to do and one for actions you need to complete to get you that step closer to achieving your property goals.
2. Create a Property Vision Board.
We all learn in different ways - we each aspire and dream in different ways too! One tip is to create a vision board of your property goal. It lets you literally "see" your goal. For more visual learners and engagers in the world, having a wall of images can help to not only 'keep your eye on the prize'; but can also help see how the goals fit in with other aspects of your life.
Vision boards are easy to make. You just need a printer, scissors, some glue and a blank wall or roll of cardboard. The point is to have a visual motivator of the realization of your goal. It can be whatever you want it to be. Just make sure that the images not only spur motivation but action as well.
3. Get organized to make better use of your research and action time.
An important part of being successful with property goals is to be a good planner. Savvy planners understand that in the information age; 80% or more of your research and work can be done online. They will minimize the wasted time of constant car trips by making the most of shortlisting decisions using online tools, comparisons and efficiently filing research and discoveries in accessible places.
Make the most of digital tools and insights to research and plan efficiently and effectively.
4. Find and meet with a Mortgage Professional.
This is a VERY important phase of the property process and likely one of the most important steps in seeing your property goal realized. A good mortgage professional will not only help you fine tune your vision, they will assist you with setting a realistic time frame to see your goal achieved. As well, they can provide you with support throughout the process.
Purchasing a home is a major accomplishment - paying off your mortgage as early as possible will be the best investment you can make. Don't only fixate on the interest rate you will receive. A good mortgage professional will show you why the amortization period, the rate type (fixed or variable) and the flexibility of the repayment schedule can be crucial to lowering your costs as well.
5. Have a property goal beyond just this year's goal!
Regardless of what your property goal is for the year ahead, it is likely to involved at least one property. If it is your first home, you need to be thinking beyond this - what is your next property step after that - perhaps it is to have your mortgage paid out in 10 years. If your goal is an investment property for 2014, think about how you want to grow your portfolio beyond the first investment purchase.
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, residential real estate