The key to financial planning in property terms is to first identify what you want to achieve – both from your property assets and life in general. The next is to work out a strategy to enable you to meet both those goals.
Financial planning in solely property terms helps you work out future tax implications and where transaction costs come in. It also helps you establish where costs such as maintenance, management, capital improvements, marketing, possible void periods, accounting and other costs may be an issue.
Another aspect to consider is financial planning is market demand and how much you pay for your property investment in the first place. Finally, you’ll have to decide how to finance your property investment ie buy outright, take out a mortgage or embark on a joint development opportunity?
