New Year New Me! Have you already started to make your many new years resolutions? Make sure that whether they are health, career, or personal life oriented, they are always SMART goals (Smart, Measurable, Achievable, Relevant and Timely). Also, focusing on too many goals at once can be overwhelming, so it’s important to take things one step at a time.
When it comes to real estate, have you also made other real estate goals? Do you want to buy a house, sell your house and transfer your equity into a new home? Do you want to become a real estate investor and build your wealth portfolio? There are many real estate resolutions that you can put into place, which can all be attainable this year.
Buying a Home - you can reference my last post here, which helps you stay competitive in today’s real estate market.
Whether it’s things like improving your credit, developing a budget so that you can save enough downpayment to not pay for mortgage insurance each month, these are all things that are easily achievable for people at all income levels.
For your Real Estate Resolutions - saying “I’m going to buy a home this year” is a great goal, but when it comes to putting a plan into action, you’re going to need more.
Get with a lender, figure out how much you can afford. This will help you narrow down so many factors like neighborhood, and also make you feel comfortable with the monthly payment that you’re trying to stay around.
Make a list of your must haves and nice to haves. As an agent, I try to get every single thing on your must haves AND your nice to haves - it really depends on each neighborhood and price point.
Selling Your Home - When preparing your home for sale, you can take a look at this guide.
Make sure to partner with a real estate agent that will represent your home in the best way!
Improving your home in small ways like fresh paint will make a big difference both for photos and for when people tour your home!
Take advantage of this busy market! With the supply and demand, we are in a very unique time in real estate, where it is still a very strong seller’s market.
Becoming a Real Estate Investor - real estate wealth is one of the best ways for people to build long term wealth.
Find areas that you can easily rent! Vacancy months will affect your return on investment, so ensuring a busy rental market is key.
Be open to finding a place that isn’t super renovated right now, but with a few months or years of income, you can easily reinvest that money to add value with new cabinets or tile.
Work with a trusted tax advisor to understand taxes when it relates to Real Estate Investing, and knowing all the intricacies of how to properly invest your money.
Want to learn more or chat? Please reach out to brandon@LoncarRealty.com 630-918-1150 or gabriela@LoncarRealty.com 630-999-0749. We would love to help you attain your real estate resolutions as soon as possible! We welcome all questions, even if you’re not ready to buy yet but are starting to think about it, and would like to know how to plan ahead.
- L | R
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