Thanks to the Covid crisis, the property market, not to mention other areas of the economy, is facing an uncertain future. So now might be a good time to review your investment strategy and make sure you are on track to reach your long-term goals. With that in mind, here are four ideas to consider:

Set Emotions Aside

The world’s greatest investor, Warren Buffett, once said: “If you cannot control your emotions, you cannot control your money.” 

This applies to everything that involves money — from managing the household budget to planning for retirement and, of course, property investing. 

For example, if you are looking for a property in a new area, don’t get caught up on how you feel about the place. Instead, focus on the numbers, such as rental yields and growth potential. Even though your intuition might be telling you something positive about a particular place, if the numbers don’t stack up, don’t go there. 

Talk to Qualified Professionals

Whether you are considering refinancing your portfolio (or parts of it) or using the equity in one home to buy another, it is vital to obtain specialised advice to make sure you make good decisions. Often, the fee professionals will charge for this advice will far outweigh the cost of making a poor decision.

Identify and Address Risks

Much of the financial risk in property investing centres around the unexpected, such as natural disasters, large-scale repairs and maintenance and long vacancy periods. It is essential to understand the possibility that these things can happen and therefore to set aside adequate cash reserves to deal with them. 

Be Wary With Hotspots

Where is the next hotspot likely to be? This is a question that is always on the lips of property investors. However, flocking to an area that might have been identified by the media or other tipsters as THE place to be isn’t necessarily guaranteed to spell success. Instead, do your own research and identify areas you’d like to keep an eye on. 

Property investing isn’t easy. You need to play the long game, and not let the latest trends pull you off the path you have set for yourself. Following the approaches outlined here will ensure your strategy remains strong and consistent.

* This article does not constitute financial or legal advice. Please consult a professional financial and legal adviser before making a decision.