Is your Investment Portfolio Reflecting your Needs?
18th Dec 2009
Just because you had your personal and financial situation assessed by a property investment consultant and put into practise a year (or more) ago, doesn't mean that your investment portfolio and mortgage structure is doing you any favours today. In fact, it may very well be working against you!
Below is a very general list of questions you need to ask yourself:
- Did your (or your partner's) employment situation or net income change? If so, your lifestyle may be suffering due to lesser affordability for your investment, or indeed, you may be able to make higher re-payments that will ultimately work to your advantage.
- Has your lifestyle or personal circumstances changed? For example, are you recently single or partnered? Have you recently had a baby or taken out a loan for a car, for example? If so, you may need to consider whether your lifestyle and affordability is being compromised.
- How much maintenance has your investment required over the last year? If your investment is costing you more money than you are actually making from it, it might be time to reconsider your situation.
- In addition to the vacancy rate of your investment over the last year or so, would you say you have managed to secure quality tenants, in that they look after your investment, are long term and pay their rent on time? If not, it may be time to consider changing Property Managers.
- Are you sure that the structure of your mortgage is meeting your current and future needs? Will it allow you to add to your investment property portfolio in due course? Does it minimise the interest you are paying?
If you are not sure, it may pay dividends to sit down with a Consultant from Grow and see whether other options will service you better.