IN THIS ARTICLE
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The property market is constantly changing, and with property prices trending downwards and more rate hikes in store, property investors who want to succeed must be proactive and stay ahead of the curve.
In 2023, there are several important resolutions that property investors should make in order to maximize their returns and achieve their investment goals. From diversifying their portfolios and making data-driven decisions, to focusing on long-term goals and seeking professional help, these resolutions can help property investors to succeed in the ever-changing real estate market.
1. Refinance your loan
Refinancing your properties can be a smart way to free up some capital and lower your monthly mortgage payments. It is a good idea to review your current mortgage terms and interest rates and compare them to current market rates. If you find that you can get a better deal, it may be worth refinancing your properties in order to take advantage of the lower rates. You can also use refinancing to consolidate your debts, which can help to reduce your monthly payments and improve your cash flow.
2. Diversify your portfolio
One of the most important resolutions for property investors in 2023 is to diversify their portfolios. This means investing in different types of properties, in different locations, and with different rental purposes. By spreading your investments across different properties, you minimise the risk of losing all your investments if one property underperforms. A diversified portfolio can also help to balance out fluctuations in the real estate market.
3. Check the terms of your tenancy agreement
It is important to regularly review the terms of your tenancy agreement to ensure that it is