The start of the new calendar year is a great opportunity to reflect on your property investment journey and plan for the year ahead. But where should you begin?
Here are some ideas to consider as you assess your property investments and prepare for the future.
Review any unfinished or outstanding projects from 2024
Assess the financial performance of each of your rental properties
Make a list of new projects with accompanying action plans
Identify properties that require maintenance in the near future
Consider whether you would like to purchase another property
Consider whether you would like to sell a property
Think about getting your finances in order to obtain the next deposit
Consider financing to take advantage of decreasing interest rates
Think about any refinancing or restructuring you need to do prior to the end of the financial year
Did you know the Residential Tenancies Amendment Act 2024 (legislates changes to the Residential Tenancies Act 1986) was passed on 17 December 2024? There are various changes which have been discussed in previous issues. Some of the changes have taken effect immediately, such as online bond lodgements, while others are coming into effect in the next few months, such as tenancy terminations (30 January 2025). Pet consent, pet bonds, and pet damage will take effect on a date to be set by Order in Council.
Selling a property over the holiday season can be challenging but has rewards too. Prospective buyers can be preoccupied with their holiday plans while most lawyers shut down until mid-January. However, the warmer weather can mean more people (including those from out of the area) may be able to view the property, and it makes it easier to maintain the property, mowing lawns and weeding.
Note: The above comments are for general information purposes only and do not constitute financial advice. We recommend consulting a registered financial advisor when considering your mortgage options.
