Focus your investments: The benefits of establishing real estate goals

29.10.13Like everything in life, purchasing investment property is far easier to undertake when you have a clear set of ideas and goals that you can actively work towards, rather than simply approaching the market without preparation and expecting to secure a great property.

Establishing a property portfolio is a culmination of research, patience and finding the perfect market conditions to purchase a profitable home for a great price. With a clear cut goal, you can help to motivate yourself throughout the process, especially if progress is slow coming.

For example, what are you hoping to achieve with your property investment endeavours? Are you hoping to develop wealth for you and your family? Or perhaps making a career out of purchasing, renovating and selling property over the long term?

These choices can have a bearing on your entire approach to the market, influencing the types of properties you look at, their locations and other factors that need to be considered before pulling the trigger and committing to an investment.

Of course, having defined goals also has the added benefits of knowing when you’ve achieved them. Without a definite endgame, investment property can be a long, drawn out process that can blind those without direction.

This goal can consist of anything – a time limit, a financial goal, or the size of your portfolio. As long as you’re realistic about what you hope to achieve, you can help to focus your overall investment campaign.

Whether this consists of reaching a certain monthly amount of rental yields from your properties, or hoping to set a certain degree of capital gains growth to be achieved through appreciation and renovation, this will help you to succeed in the long run.

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