Time for a property review?

The new financial year is the monetary equivalent of January 1 – a time to take stock, a time for plans and resolutions, a time for changes.

The financial review that inevitably accompanies the approach of June 30 and tax time is a great opportunity to also review property holdings and plan any changes. This applies to all homeowners, not only to those with investment properties.

For investors the new financial year is the ideal time for a portfolio review, to think about divesting underperforming assets, adding value to holdings, for example through improvements, and effective use of equity and tax effective loans.

Don't let your portfolio stagnate. Look ahead to 2015-16. Research vacancy rates and yields, prices and affordable locations with scope for capital growth. No time? Consider hiring a buyer's agent to do the legwork.

For homeowners planning for the financial year ahead, take into account whether your existing home serves your needs. Is it the right size, in the right location, the right school zone, is it where you want to be in five years? If not, why not and what can be done?

Coinciding changes such as a move from the city, to a bigger house, better suburb or downsizing to an apartment with the start of a new financial year makes sense. Of course the change does not have to happen on July 1, but accounting for it in financial planning for the new business year will ensure costs involved are budgeted for.