“The trouble with not having a goal is that you can spend your life running up and down the field and never score.” – Bill Copeland
Why is goal setting important for property?
There are many property strategies that are available for first time buyers and investors. It’s important that you know what you want to achieve before deciding which strategy is best for you.
The most common strategies within property investment tend to be BTLs, Flips or HMOs.
Flips - Most risk but quicker return
HMO (House of Multiple Occupancy) - Time consuming, additional costs, locally based, good yield
BTL (Buy to Let) - Hands off, low risk, long term, lower costs
Your goals/aims have a direct correlation to the strategy that you decide to pursue. Is your goal a high and quick return on your money? If yes, then a flip may be your best option, if your goal is monthly income, a HMO may be the most suitable option for you, whilst if you’re looking to play the long term game, a BTL may be your best option.
Have a think about which strategy works best for you then set your goals accordingly. (Our next blog post will touch on the pros and cons of each of the three investment strategies detailed above.)
Why is it important to set goals?
1. When you set goals, you have a vision to work toward (A vision board is a great tool to turn your goals into a visual reminder.)
2. What gets measured, gets improved. If you don’t set specific targets and milestones, how are things going to improve? There is literally nothing to work toward, and even though you may be working hard, your hard work may not translate into anything.
3. All things are created twice: first in the mind, then in the physical world. The mental creation happens when you set your goals. The physical creation happens when you work on your goal and bring it to life. The physical creation cannot happen without the mental creation/image.
4. Having goals creates accountability. Rather than just talk, you are now obligated to act. You can also tell one or two people the goals you have set so you have someone to be accountable to.
5. Setting goals give you laser focus as to what exactly to spend your time and energy on. Your energy is the input and the results as the output. Once you have set goals you will have a focal point and be able to channel your energy and prioritize and identify the most important tasks to achieve.
*This article is for general awareness only and does not constitute legal or professional advice. The law may have changed since this page was first published.