Balance: The Word You Need to Remember as We Move Into 2017

There are a lot of buzzwords in real estate. ROI. Curb appeal. Property tech. You’ve probably heard them before, and no doubt you’ll hear them again.

I’ve got one for you, though, and it’s one of my favorite words. It’s BALANCE. Okay, so maybe it’s not a buzzword, per se, but it is one that, in my opinion, should be focused on a lot more than it is. Finding balance in life - and in work - is so important. When you’re too heavy in one area, everything suffers. Below are 3 of the main areas that, in real estate investment, should be approached with “balance” in mind.

Affordability & Opportunity

Affordability is something we can all relate to. We all want a good deal, and we want the most value for our money. If we deem something as affordable, it’s even better. The same is true for opportunity. The more opportunities we have, the better off we are, because opportunities allow for choices.

Affordability and opportunity are closely linked, but it can be tough to find that sweet spot where you’re hitting both. Let’s say you find a property with tremendous opportunity for profit, but it’s not exactly affordable. What do you do? You can either suck it up and shell out the extra dough and hope for the best, or you can keep searching and try to temper some of that opportunity with a bit more affordability. For me, balance is key in these scenarios. Striking deals that have a equal measures of affordability and opportunity are usually less risky and more successful in the long run.

Time & Cost

Ask yourself this: how much is your time worth? I know a lot of investors who try to handle everything on their own, because they believe it will save them money. But at what cost? They have no time for anything else! If they would adopt a different approach that involves hiring others to perform certain tasks, they would have more time. The most successful investors understand that you must balance time and cost. Think about how many hours you’re putting in each day, versus how much you’re spending, and target that middle ground between the two.

Work & Life

Lastly, there’s work-life balance, which is something that most working adults struggle with. In some cases, there’s too much overlap between personal and professional lives, and the lines between work and life become blurred. Other times, there’s a huge divide that make it difficult to navigate between the two. Again, the key is in finding that happy middle place, where your time and focus is being given equally to both.

If you are a person who likes to make a New Year’s resolution, make 2017’s about finding and maintaining balance in all aspects of your life. And even if you’re not the resolution type, you should strive for this as well. Wise men say: a more balanced life is a happier life.