As we bid farewell to 2012 and welcome a brand new year, it’s an ideal opportunity to set some property investment goals for the next 12 months. I’ve got a few resolutions in that regard.
This is the time of year when everyone embraces a new diet, kicks a few bad habits and starts the calendar year fresh and full of optimism. I’m usually not one of those people.
I avoid making resolutions that relate to my normal, everyday life. I know I’m just no good at that sort of thing. As 2011 drew to a close, at the insistence of a well-meaning friend I drew up a list of resolutions that I thought were relatively achievable. Trouble is, I forgot about them and only found the crudely scribbled list a few months ago.
Needless to say, none of them were achieved. Oops.
I’m probably not unique in sticking to these ideas for a few weeks, before getting lazy or complacent and dropping my good intentions for a better year. It’s how I end up with a new gym membership each January that’s barely used by February and completely abandoned by March.
But for 2013, I’m determined to make some resolutions relating to investment. And I’m even more inspired to stick to them.
This year, I resolve to take action. I had a relatively quiet 2012 in the property space. I’d like not to repeat that, given the plethora of prime opportunities available in the market. So, where finances permit, I’m keen to climb a bit further up the ladder.
Doing this leads me to my second resolution – cutting my losses and moving on for the sake of a better prospect. So, this year I’ll make steps to cut loose an underperforming asset. In the scheme of things, it hasn’t been a total dud… but I could’ve done better with something else. Stay tuned for news (hopefully) of a successful sale in coming months.
With that increased cash flow, I’d like to devote some extra effort to paying down stupid debt. Resolution number three is to quash those credit cards and not be quite as swipe happy as I was in 2012. In other words, no more late night online shopping after a few pints…
In the year ahead, I’d really like to fulfill an ambition that’s been kicking around in the back of my mind for some time. So, I resolve to keep an eye out for a really challenging restoration project. Whether it’s a dilapidated workers’ cottage or a terrace in need of some serious attention, I don’t mind. And there are a few kicking around that I’ve got my eye on.
Underpinning all of these items is a need to be a bit more fiscally disciplined. I’ve been very slack at saving this past year. I do, however, excel at spending. Frequent jaunts in Sydney with mates, about 12 pairs of shoes, dinner out more nights than in… you get the picture. So, I resolve to make a budget and stick to it.
And I really need to get back to the gym. It turns out I never cancelled one of those new memberships from two years ago, so that’s handy.
Do you have investment resolutions that you’ve made for 2013? I’d love to hear them. Happy New Year!
Shannon Molloy is the deputy editor of Australian Property Investor magazine www.apimagazine.com.au