Problems and pitfalls cannot be avoided as investors, but there are almost always opportunities to correct our past mistakes and rise above the situation.
Michael Yardney, Metropole Property Strategists CEO, shared with Your Investment Property that the best way to get on to the right track is to formulate a strategic property plan.
He highlighted that this is a process that can often be too difficult to do on your own, as one tends to be too emotionally involved and finds it hard to look at our own situation objectively. Sitting with an independent property strategist, on the other hand, can give you personalised yet facts- and results- driven advice that puts you on the path towards property wealth.
Yardney revealed that the aim of your strategy plan should centre around 5 benefits:
- Define your financial goals;
- See whether your goals are realistic, especially for your timeline;
- Find out what you’ve done right and what you’ve done wrong and what you can do about it
- Measure your progress towards your goals – whether your property portfolio is working for you, or if you’re working for it;
- Identify risks you hadn’t thought of.
By following this plan, the real benefit is that you’ll be able to grow your wealth through your property portfolio faster and more safely – without making any more costly mistakes along the way.
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