New Year’s Financial Resolutions Checklist

Stuart Wemyss has provided the following excellent checklist for 2010. How many of the 28 boxes are you able to tick? I'm using this list as a basis for forming some 2010 goals at the moment.

Link to checklist (pdf doc)

For those who don't click here is the property subsection.

Property Investments

** Have you reviewed the performance (capital growth and rental yield) of your investment properties and compared the return to benchmarks (such as ‘rules of thumb’ and median price growth)? Consider disposing of under‐performing properties

**Have you considered the effect of land tax when determining how your property investments are owned? Land tax can become very costly after you have owned property for many years

**Do you have Landlord insurance? Does it cover you for loss of rent and/or public liability cover (in case someone injures themselves whilst on the property)?

**Review rents on all investment properties. Speak to an independent real estate agent or investment property advisor to determine if your rents are under fair market value

**Develop an acquisition plan for any future investment property purchases. The timing and structure of each acquisition will depend on many factors including your budget, ownership structure, level of
gearing, where each State is in the property cycle and so on