Your 2020 Real Estate Goals!
Updated: Jan 2, 2020
Happy 2020! A new chapter, a new decade, how is it January already! When we think January, we think about getting back on track after the holiday and setting New Year’s Resolutions. Usually New Year’s Resolutions include things like, fitness goals, financial goals, work goals – but have you ever considered your New Years Real Estate Goals? Whether you are a renter, homeowner, investor categories or something different– everyone can set Real Estate Resolutions for the New Year.
For the Future Homeowner…
Talk to a Lender! If you don’t know where to start, this is it! Starting here is a good way to show that you are a serious buyer and it is the first big step in purchasing a home. Find a lender that you enjoy working with, someone who you believe understands your goals and can help you obtain the best mortgage for your home purchase. A loan officer will pre-approve you for a home loan based on your credit, income, assets, and any other aspects of your financial situation. While this is not a guarantee that you will qualify for a loan, it is the best way to find out what price range of homes you should be looking at. Looking for a few lender options? Head to my website here and check out a few local lenders.
Meet with a Realtor! Did you know that as a home buyer you pay nothing for a Realtor’s services? Use the experience and know-how of a Realtor to make your home search easier. When looking for a Realtor, don’t only base your choice on who you know, it is also important to meet with a Realtor and gauge their understanding of the local market and their ability to understand what your Real Estate goals are.
List your home criteria and your goals– I would recommend envisioning your ideal home and placing value on all of the home features that you are looking for. Categorize your list into wants and needs; what items are non-negotiable and what are features that you may be willing to do without based on pricing, supply and other market factors. Consider all of the following factors:
LOCATION – ocean or mountain, off highway or more private, gated community, private road, etc..
HOME EXTERIOR– age of house, roof and exterior construction, swimming pool, land to farm, lanai, mature landscaping, etc..
HOME AMENITIES – size, number of bedrooms/bathrooms, ac, upgraded appliances, flooring, ohana, energy efficient features
Once you have developed your list, review it with your Realtor who will be able to give you valuable insight into how realistic your wants and needs are based on what is on the market.
Prepare for house hunting! Be aware that no house is ever perfect – you may need to compromise some of the minor items on your list to get the perfect location, or vice versa. Also, accept that home buying can be a stressful situation, it is a big deal and one of the biggest decisions you may ever make, trust the team you are working with (your agent, your lender, and anyone else involved in the purchase) and try not to get clouded with too many other people’s opinion on what they think you should buy.
For the Homeowner (looking to sell)…
If you are in the market to sell your home this year, don’t wait for spring to start spring cleaning. Make it a goal to Kon Mari a different area of your home each month. Cleaning and decluttering your home is one of the best ways to prepare your home for the market. It is often challenging for buyers to envision themselves in your home when it is full of personal items or clutter.
Think about making some small upgrades to your home that may help boost your home’s value. While every home is different, a few good ideas to consider include, professionally cleaning floors & carpet, giving the interior a fresh coat of paint, boosting curb appeal & landscaping, making small upgrades to kitchen & bathrooms, and refreshing/repainting cabinets. Once your Realtor sees your house, they will also have provide recommendations on what improvements may help sell your home.
For the Homeowner (not looking to sell)...
Go green! If you are not in the market to sell your home this year, consider making 2020 the year you implement some changes to make your home more energy efficient. Green homes are gaining momentum every year with more and more homeowners recognizing the benefits on efficient appliances, materials, and other home devices. Not only does greening your home help the environment and may provide financial incentives or savings – a greener home may have an impact on your personal health and wellbeing. This comprehensive guide from the World Green Building Council provides research and tips into creating a healthier home for you and the planet.
Time for a remodel? A recent report by REALTOR calculated a Joy Score for the most common remodeling projects based on the happiness that homeowners report with their renovations. They also ranked projects in terms of their appeal to buyers and in terms of the expected value at resale, without regard to price. Among the top ranked remodels were complete kitchen renovation, kitchen upgrade, HVAC replacement, new roofing, new vinyl windows, new vinyl siding, and new fiber-cement siding. Check out the infographic below from NAR that ranks the top three joy score projects and the top three return-on-investment projects.
Wishing everyone a wonderful New Year season - if you'd like to talk more about obtaining your 2020 real estate goals, I'd love to hear from you!