Property market update: Melbourne, September 2021
Melbourne’s property market kept the ball rolling in September as the city’s dwelling values rose once more during t...
Change in life can feel uplifting, surreal, and sometimes so large and daunting that it is difficult to see anything beyond it, but being surrounded by the best people with great advice will put you confidently on your new path.
Blogger: Kristy Smith, founder, Agility Property
Changes that involve losing your job or finances, moving house, a failed business, divorce, the addition or loss of a family member or friend; or a serious medical condition will impact your immediate focus and your ability to consider a plan ahead, but after a period of time you may start to ponder ‘where you are?’ and ‘what’s next?’
Jo Bassett from Living Savvy states, “Success is all about fine tuning… fine tuning the ordinary to achieve the extraordinary in life (and work). It’s not about being ‘perfect’, nor is it about being labelled as ‘broken’ and trying to implement unsustainable life overhauls.”
Life is about choices that we fine tune, and if your new focus includes acquiring a new home or re-establishing a property portfolio, here are a few of my learnings along my change journey that you may like to take with you.
Allow and enable your mind to adjust and be ok with the fact that change has occurred. Ponder. Visualise where and what you would like to achieve in your new chapter!
Know your financial position inside out and back to front
Although this can be a confronting step to take it is difficult to re-set or fine tune your focus and finances without knowing your financial position in the first place. When reviewing your finances seek advice from a financial expert, whether that is a qualified accountant, financial planner or an agency that will provide free financial support services during hardship that can help you understand your financial position. An additional opinion, suggestion and advice will help you refine your focus before you start at full speed.
If one of your goals is to acquire a home or to create your future wealth through property, having a well devised financial strategy or financial action plan is a great resource. My accountant and I developed a five-year property plan after my significant change. The plan started small and then used equity and savings over time to acquire more property with capital growth and a strong rental yield. Over the year, I have continued to review and fine tune my financial action plan as no day, week or month is the same and things change - so your plan needs to adapt.
Your property portfolio plan will be unique to you since it will include your financial platform, your risk profile, your investment timeframe and your property goals, among other aspects, at a point in time.
An expert and their professional knowledge is a wise ingredient to assist you reach goals with confidence and sooner, and as property professionals our expertise is our ability to research and secure great property, provide great property improvement solutions and maximise the wealth your new property can produce!
Take a solid step today towards your next goal, embrace the change, seek help with your next property.