1. Budget and save
What is the best way to achieve your property dreams in 2019? How can you make your property dreams a reality? A Fitzanne Estates property management agent stated, “The best way to accomplish your property dreams is to just start saving as early as possible.”
He explained that saving is not a habit that people are used to, hence many people delay in saving for their first property. “Who likes to save and sacrifice not going out for drinks now and then or buying an additional red dress that you like but have no need of? Daydreaming about owning a property without being practical is a waste of time. Use your daydreams as a source of inspiration and start saving.”
He shared practical advice on how to start saving for a dream property, “You must first research the location and size of the dream property that you want. Find out how much you need to save for the deposit and ensure that you choose a property that is affordable,” he said.
- Have a renovations savings plan
According to a financial planner having a renovations saving plan is vital. “Let’s say you have bought your first home. But you now want to make changes, expand or upgrade your property. Having a tax free account will assist you to save money that you can utilize for renovations at a later stage.”
A Fitzanne property management agent mentioned that renovating a property is a great idea as it improves the value of your property. “Renovating your property is essential indeed however failure to make use of reputable service providers might be a regrettable move. It’s important to ensure that all your renovation plans are approved and that they add value and make sense, in case you might want to sell your property in the near future.”
- Rent out your property to make money
The Fitzanne estate property agent explained, “You can make money by renting out your investment property. Although this can be time-consuming especially the process of letting out the property and looking for the right tenant. Fitzanne Estates property management agents can help with all your property management needs.”
He added, “You can register your property on Airbnb. Several service providers can oversee the day to day management of your property. I recommend the use of a property agent because in the long run. It’s handy to have someone to deal with all finer details so as to help you select the best tenant. A dedicated property management agent will also make sure that your property is well maintained.
- Save and plan for your upcoming rental deposit
The financial planner also mentioned that saving for your next rental deposit is important. “If you move out from where you are currently renting you are only given your deposit when you move out or afterward. You can make use of it to cover other costs.
Opening a tax free account can help you save up to R33 000 per year. A tax-free account will enable you to grow your savings without paying any tax, you can save up to R 500 000 cumulatively.”
- Save to achieve your goals
The financial planner further emphasized that saving money was the only practical and critical way for people to ensure that they achieve their property goals. “Be it you want to buy a property or move into a better property. Saving will allow you to achieve your property goals with ease, start saving today for a better future,” He concluded.