With a new year rapidly approaching and the holiday season officially behind us, one thing is on everyone’s mind: resolutions. Making a resolution is only half the battle; the real challenge is keeping that resolution throughout the year. While the first resolutions that usually come to mind have to do with bettering ourselves (lose 10 pounds, have patience with others, etc.), there are other areas to be resolved in 2014. For those who are moving onto new stages in their lives such as marriage, retirement or the birth of a child, another ‘R’ word should be on your mind…and that’s real estate. If you’re looking into buying or selling a new home this year, then these resolutions should definitely be high on your list for 2014.
Resolution 1: Have a Precise Financial Plan
If you’re just beginning your search for a new home, it can be tempting to ‘just browse’ the real estate market. Browsing is fine, as long as you have a financial plan before doing so. Why is this so important? Simple, what if you find your ‘dream home’ only to discover that you can’t afford it – a letdown like this could be a huge setback in your house hunt. Rather than setting yourself up for disappointment, calculate your finances and expenses before browsing. You’ll be thankful for it in the long run.
Resolution 2: Sell Your Home in the Best Condition Possible
If you’re trying to sell your house in a hurry, it can be easy to overlook some of the areas that need work. While it may seem quicker and more cost-efficient to leave those problems to the new buyers of your home, chances are, if your home has too many areas that need TLC, there won’t be any new buyers anytime soon. Take pride in the selling of your home. If that extra bedroom needs a fresh coat of paint to stand out a bit, then why not just do it? Your realtor and pocket alike will be happy that you went the extra mile when selling your home.
Resolution 3: Research the Market
This is a great resolution for buyers, sellers, and realtors. It’s important when selling a house not to set your asking price too high, especially depending on the location of your home. In the same vein, don’t sell your house for an under market value just because you’re in a rush to sell. Finding that happy medium as a seller is tricky, but very worthwhile.
For a buyer, it’s important to be aware of what a fair asking price is. Your dream home may seem way overpriced, but have you researched what other similar properties in the area are selling for? These are important areas to research before jumping into the world of real estate.
These are just a few broad resolutions to consider when beginning your real estate journey. Do you have any other resolutions to add to the list? We’d love to hear yours in the comments below!