While athletes keep their health in check, property investors and property owners keep a close watch on their financial health. Regular financial checks and financial checks right after a significant change to your lifestyle or employment can tell a lot about your ability to afford a property, obtain a loan and to keep making payments. For instance, if you have a child, have a divorce, relocate, start a new job, retired or sent off your kids to university, you need to check your financial situation to understand it better. Of course, you need the assistance of a qualified professional such as Capital Wealth Property to help you review the different things that contribute to your financial health.
Loan or mortgage interest rates
If you suffered a financial blow or had a lifestyle change, be sure to check with the bank to make arrangements for the interest rates you pay on your mortgages or loans. You can get a broker to help you out with this.
If your lifestyle or circumstances change, check your insurance to make sure that you don’t pay too much and are still fully covered despite changed circumstances.
Business and investment structures
When you consider business or investment structures, the long term perspective is exceptionally important. Review the structures to make sure that they are effective in protecting your finances and pay attention to the tax implications in the long run.
Wills are regularly subject to review. If you faced any changes in your life, make sure that your will reflects that. For instance, divorce, marriage, having children, becoming a grandparent and children turning 18, call for will reviews. Consider whether your executor is still the appropriate choice, whether you should insert a testamentary trust and if new family members need to be added into the will when you do review it.
This is another important consideration. Take the time to review the number of funds you have and if you have changed employers. You may be paying multiple times if you changed jobs a few times. Make sure to review your fund to understand whether it is the right choice for you. Other options for superannuation include self-managed super funds or SMSF.
Owning properties, renting them out and developing properties will provide you with an income stream. With the assistance of a trusted financial advisor, you can always stay ahead of your financial health to be able to invest in properties and to secure your future. If you experience any lifestyle changes or financial changes, consult with your financial advisor to make sure that everything is fine with your finances.