Begin With The End In Mind:
Whether you’re looking to get into the property market or perhaps you’re already in the property market, to begin with the end in mind is a very, very important step.
There are certainly some tips here that I think you’ll find very helpful and you don’t want to underestimate them.
We’re so conditioned to be aware that the Australian property market has been a massive performer. Over the years, a lot of us have references to what our parents paid for a house in a certain suburb and what it’s worth today.
We become so comfortable with the idea of just jumping in and grabbing property and then hoping that one day it will make sense. A lot of people buy their own properties with the handbrake on, and they certainly make life harder than it needs to be.
Understanding why you need to begin with the end in mind is a big part of this first step. I think that it is a missing ingredient.
Fast-paced buyers have a tendency not to stop and understand why are they even buying a property. If you stop and really consider it, you will have some objective hopefully for why you’re taking on that debt.
It’s a Big Commitment
Why would you take on that debt unless it was a real obvious goal that you had in mind?
Most people will bring it back to the fact; they want to be very comfortable in retirement.
Most people will save if they don’t have a short term goal or reason why they’re buying a property. One day it’ll make sense. It will help to have a really comfortable retirement.
Now I’d like you to be more specific than that; I’d like you to:
- Identify how long is it until you want to retire.
- How much per year would you lock in in retirement?
When you have those sorts of details, you’ll have a much firmer objective that you expect from that property because your property should just be the vehicle to help you create that wealth.
This is a very important step.
Work this out and you’ll narrow your focus down to the Properties that you select, and you’ll select much better properties because of this.
Even once you’ve got that vision and once you’ve got that goal, you should really still concentrate on slowing it down and really preparing yourself and getting yourself ready.
Take this step seriously before you step into the market.