5 Property Goals that will Help You in the Future
Every homeowner should have a set of property goals that they can work towards as soon as they buy a house.
Even though it's been a tumultuous year so far, the New Year is looming (2022 yikes) and that means a fresh start.
While you are working on your personal goals, why not create a list of your property goals as well? These are small things that you can do that your future self will thank you for.
Here are a few things you can start doing today that will make all the difference tomorrow:
Property Goal #1 - Pay a little something extra into your bond
You might have a bond for 20 years but two decades is a long time. You can pay it off earlier if you pay extra into your bond account every month.
The sooner you pay it off, the sooner you have an asset that is entirely in your name.
You don't have to pay large amounts. Even a small sum of R500 per month could shorten your loan amount by a few years.
Obviously, make sure that you can afford this amount before committing to it.
Property Goal #2 - Have a look at the interest rate on your bond
You might find that another financial institution that can offer you a better deal on your interest rate.
No rule prevents you from moving your bond to that institution. However, there might be penalty costs involved but you can save money on the total amount of your bond if you can get a lower interest rate.
Speak to several financial institutions before making the final decision. It is something to consider especially if it is going to affect your savings account in the long run.
Property Goal #3 - Prioritise the maintenance of your property
The better your property is maintained, the more valuable it becomes. And when it comes time to sell, you will most certainly get a higher price for it.
House maintenance does not only include the weekly gardening and cleaning that you do. As a homeowner, you need to ensure that everything is in working order.
Big things need to be kept in order like the roof, the structure of the house, and the plumbing and electrical works.
Smaller things can also improve a house's appearance like a fresh coat of paint, new tiles in a bathroom, or modern finishes around the house.
Property Goal #4 - Evaluate your property
Having your property valued gives you an idea of how much your house is worth in the current market conditions.
These are usually done for free by an estate agent and it doesn't take more than half an hour. It gives you the chance to work on those things which might increase the value of your house and maximise its value before you sell.
Even if you aren't planning on selling at the moment, it is always wise to keep the future in mind.
Property Goal #5 - Love thy neighbour
Neighbourliness is a huge selling point and people prefer living in a close-knit community.
You don't have to have weekly braais with your neighbours, but it is important to have good ties with them.
Properties in neighbourhoods where people are friendly and look out for each other sell faster than others.
So, if you don't know your neighbours yet, make an effort to introduce yourself!
These property goals are easy to achieve and they will make an impact in the future. Everyone wants to maximize their investment and get the most out of it, so why not start today?