As we welcome 2019, now is the perfect time to put an investment plan in place for the year ahead.
Set yourself some clear goals that you would like to achieve by the year’s end and plan your strategy of how to get there.
Here are our top tips for achieving property investment success in 2019.
For more great tips and a recap of the year from our CEO Bradley Beer, watch the video below.
Improve your cash flow by claiming depreciation
Depreciation significantly improves an investor’s cash flow and makes holding an investment property much more affordable.
Although depreciation legislation changed, there are still thousands of dollars to be claimed by savvy investors. We found our clients an average of $8,893 in first-year depreciation deductions in the 2017-18 financial year. For clients with property directly affected by the legislation changes, we still found an average of $5,033 in deductions in the first full financial year.
For more information on the legislation changes, speak to the experts at BMT Tax Depreciation on 1300 728 726 or read BMT’s budget whitepaper.
Look for investment opportunities
Tighter lending standards and government-driven measures restricting property investors have contributed to slowing demand for property in certain markets.
Regardless, 2018 saw some property markets performing very well. In a market with reduced property demand, if you’re well-prepared and ready to buy, you can find bargains as they come up.
It’s more important than ever to keep your finger on the property pulse and be ready to strike when you see the opportunity.
Continue to educate yourself
Take time to research the market thoroughly before making an investment decision.
Look for areas with diverse economic drivers, a good history of performance and solid employment opportunities in a variety of industries.
There are many resources available, like MyBMT’s new research and insights tool which can help you with property research, and improve your investment knowledge.
MyBMT’s PropCalc will also help you crunch the numbers and calculate the real after-tax holding cost for any property in Australia.
Network with property professionals
Surround yourself with other property investors to share stories and knowledge and build a solid investment team made up of trusted professionals.
Ensure you have a specialist Quantity Surveyor on your team to make the most of your investment property by maximising deductions.
Contact BMT Tax Depreciation for all your tax depreciation needs.