In other articles we’ve written, we’ve often talked about the first steps you need to take when getting involved in property investment. These often involve surrounding yourself with a great team of experts, avoiding the typical mistakes that many people make and surrounding yourself with the right people to accompany you on your journey.
But there is one thing you need to consider before you get started with any of those, and that’s your non-negotiables.
Now, non-negotiables are all about the decisions you make in your future as a property investor; they define the direction you’re going in and the type of investor you’ll become. And while deciding upon your non-negotiables doesn’t have to be a difficult or stressful decision, it is a very important one to make.
The non-negotiables you choose need to be informed by your lifestyle and how you want your future to play out, not just in property investment but in all aspects of your life. They define the lines that you simply won’t cross and perhaps even the risks you won’t take. Therefore, you need to think long and hard about this, because there’s no sense in coming up with a list of non-negotiables that you’re willing to alter and compromise on later down the line.
Because property investment is all about creating a better life for not just you but your loved ones too, you should speak to those closest to you when considering what your non-negotiables will be, because ultimately these are the people who will be affected by your decisions as well as you.
Sit down and discuss how far you’re willing to go with your partner. And even include the kids too if they’re old enough to understand. Together, as a family, you can come up with some strong objectives around what exactly you’d like to achieve with property investment, and put in place safeguards to make sure that your future is always secure.
As we’ve discussed plenty of times, the risks with property investment are minimal if you approach it sensibly and go through the right channels. In fact, property investment is one of the best ways for people to secure a wonderful future for themselves and their families. But that doesn’t mean you should disregard the importance of setting out non-negotiables. They’re a great yard stick to measure your progress against, and an important and solid set of rules to come back to when you’re not sure which direction to go in.