It’s a new year, and as we say goodbye to 2017 and welcome in 2018, that also means a new beginning. For some people, that new beginning includes setting goals, like losing a few pounds or quitting some bad habits; but it’s also an opportunity for you to consider setting some goals around the real estate market. Here are 5 real estate resolutions for you to accomplish in 2018:
5. Build Your Real Estate Portfolio:
2017 brought a lot of changes to the real estate market, most notably, price adjustments and rule changes. If you’re a seller, that may not have worked out in your favour, but as a buyer, that means opportunities. If you have some equity saved, you should consider using it to purchase an investment property. My opinion is that even if you just break even with your rental income, it’s a solid investment for you to make.
4. Get Pre-Approved:
How much can you really afford to spend on your mortgage each month and a property in general? With added stress tests and fixed mortgage rates, you should meet with a mortgage professional and get pre-approved for a home purchase. If you’re considering buying in 2018, it will help you plan out what works best, and most comfortably, for you.
3. Find Out What Your Home Is Worth:
Even if you’re not thinking about selling, in the rapidly changing Toronto real estate market, it makes sense to have an understanding about what the value of your home is. Because the market is changing so much, a lot of people in Toronto have unrealistic expectations of what their property is actually worth.
2. Put More On Your Mortgage:
Bump up those payments! If you’re in the financial shape to do so, it makes sense to try to pay down your mortgage as much as possible. By taking advantage of any pre-payment options, you can be that much closer to being truly debt-free and make 2018 about building wealth instead of debt.
1. Renovate Your Home and Increase It’s Value:
Not all renovations actually increase the value of your home, but most bigger ones usually do. If you’ve been thinking about adding a second storey, underpinning your basement, or gutting and upgrading your kitchen, this would be a good year to do it. With a bit of a slow down in the market, finding a company to renovate your home, and negotiating a contract with them, might be a little easier. Consider taking advantage of any equity you’ve built and put it towards making your home worth more and more comfortable to live in.