Real Estate Resolutions for 2018
The start of a new year is a good time to re-evaluate goals and plans for the future in regards to relationships, work, finances and health. Although it is often overlooked, real estate can have a real impact on one’s lifestyle and should be taken into consideration when making New Year’s resolutions. Making smart real estate moves can greatly increase one’s quality of life from a financial and emotional standpoint.
For example, do you desire more financial stability? Are you happy with your current living situation? There might be a real estate opportunity that could help make your dreams a reality. They say that home is where the heart is, so do yourself a favor and factor these real estate resolutions into your 2018 happiness equation.
Become a First-Time Homeowner
If you are still shelling out rent each month, resolve make your first real estate purchase this year. In addition to historically low mortgage interest rates continuing in 2018, it is a possibility that new tax laws may lower home values in some areas making it even easier for first-time buyers to enter the market. Resolve to take the first steps like getting pre-approved for a mortgage, researching neighborhoods and building relationships with local realtors so you will be prepared to move quickly when you find the right property.
Purchase an Investment Property
If you already own your own home, resolve to start looking for an investment opportunity this year. Investing in real estate is an age-old way to create a valuable revenue stream that can stand the test of time. Whether you want to generate quick cash with a fix-and-flip, steady income with a rental property or diversify your retirement portfolio with passive income from long-term holdings, this could be the year that you find the perfect investment to help you meet your financial goals.
Commit to Home Improvement
Despite the healthy outlook for buyers, 2018 will likely continue to be a seller’s market. Even if you aren’t thinking about selling right now, resolve to stay abreast of the competition in your neighborhood by re-assessing your home’s value and planning for any necessary renovations or updates. Do you need a new roof or have you been dreaming of a kitchen renovation? Keep in mind that most buyers these days want turn-key homes that don’t require much work. Stop putting it off and make 2018 the year to invest in your home so you have time to enjoy the improvements before you’re scrambling to sell.
Expand Your Real Estate Know-How
Even if you don’t own property yet, the real estate industry is a vital part of the economy that affects everything from politics and finance to families and jobs. If you don’t know much about the real estate market in your area, resolve to learn more about it in 2018. Expand your knowledge by reading articles and blogs, and make it a habit to keep tabs on local property listings, neighborhoods and realtors in your area. Armed with this valuable knowledge you’ll be more likely to recognize a valuable opportunity when it arises.
Review your Rates
If you have already owned a home for a while, resolve to review your rates, including your mortgage and property tax assessments, to make sure you aren’t over-paying. Consult an accountant to get the facts about how the new tax laws might impact your deductions next year, and start planning for the changes now. Many people can save thousands of dollars each year by simply re-financing their mortgage, re-assessing the value of their property or re-arranging their payment structures for tax purposes.