Four 2024 Resolutions for Homeowners and Real Estate Investors
As we begin a new year, many of us set goals to enhance different aspects of our lives, from starting 75 Hard to focusing more on Work/Life balance to planning more international travel.
While there are endless areas of life to focus on, giving a little attention to building wealth through real estate and enhancing your home can set you up for success far beyond just this year.
We have some resolutions that can help you do just that!
1. Increase Your Equity Position
The best way to increase your equity position is to strategically pay off your mortgage while not breaking the bank. You can add an extra amount to your monthly payment to hit the principal. For example, if your payment is $1,255.00 a month, round up to $1,300.00. You could also switch to biweekly payments. Paying every two weeks instead of once a month adds an extra payment annually.
If you’re wondering how you can even determine your equity position, just reach out to us! We’ll run a custom CMA (comparative market analysis) to show what your home might be worth in today’s market and compare that to the balance of your mortgage to reveal your estimated equity position. Knowing this number is a powerful resource in your financial toolbox!
2. Increase the Value of Your Home with Renovation
Many home remodels can increase the value of the property, but not all of them. The best renovations are ones that add square footage like finishing a basement or better utilizing existing square footage for additional bathrooms or bedrooms. But some aesthetic remodels can also increase perceived value if you ever plan to sell. If you have questions on which home improvements are best, we’ve got a quick guide for you!
Best Renovations to Add Value
Major Kitchen Remodel
Minor Bathroom Remodel
Entry Door Replacement
Deck/Patio/Porch Addition
Basement Remodel or Finishing
Replace Windows
3. Prepare for Real Estate Investing
Owning investment real estate properties isn’t just for the ultra-wealthy, and it’s more attainable to get there than you think with simple steps. One of the most important things you can do is set a budget to help you save for the down payment on an investment property. Set realistic goals for your investing timeline and create a savings plan that will help you achieve them.
You’ll also want to maintain and improve your credit score. Take the time to review your credit report regularly and work to improve it where you can. Paying bills on time, keeping credit card utilization low, and not opening too many new accounts in a given period can all help improve your score.
4. Get Organized and Declutter
This might seem like a silly resolution, but research behind decluttering is shown to improve focus, reduce anxiety, and help deter procrastination. Who can’t use at least one of those? Now, you don’t need to go complete Marie Kondo on your home, but starting with the top three most disorganized or cluttered areas can make a difference in your daily life. Our top tips are to start with your pantry, your closet, and under your kitchen sink. These are places in the home we interact with most frequently where unintentional clutter or disorganization can run rampant. Plus, if you ever decide to sell in the future, you’ll be glad you cleared the space ahead of time!
By setting New Year resolutions that focus on your home and on building wealth through real estate, you set yourself up for enjoying life now and securing the success of tomorrow. Future you will thank you!
