A new year means a new beginning. For a lot of people, it’s a chance to start over and set goals for the upcoming year. If you plan on setting goals, you might want to consider setting them around your home and Toronto’s really hot real estate market. If so, here are 5 real estate resolutions for you to accomplish in 2017:
5. Buy an investment property
Even with the prices of homes in Toronto continuing to rise, it still might be a good time for you to buy an investment property. If you play your cards right, you can end up getting a great investment property that gives you a return on your investment now, or later down the road. If you don’t have enough money available to purchase an investment property right now, and you currently own a home, you might be able to leverage some of your home’s equity to get the cash you need.
4. Figure out how much equity you have
With Toronto’s real estate market being as hot as it is, if you bought awhile ago, your home has probably appreciated quite a bit. It’s a good idea to find out how much your home is worth, even if you’re not thinking about selling. Why? Knowing how much equity you’ve built in your home makes good financial sense, and if you want to make renovations to your home, or even if you do want to sell and upgrade to a bigger home, the equity you’ve built up over the years can give you the cash you need to do that. If you want to find out what your home could be worth, just click here.
3. Bump up your mortgage payments
While most real estate debt is considered good debt, it’s still debt nonetheless. If you’re in the financial shape to do so, or even if you’re not but one of your goals is to get extra money by building up a savings account, it makes sense to try to pay down your mortgage as much as possible. By taking advantage of any pre-payment options there might be in your mortgage policy, you can be that much closer to being truly debt-free.
2. Plan a home renovation
When you complete a renovation, it adds a lot of benefit to your day to day life, but it can also be a good financial investment to make in your home. If you’re planning on renovating your home this year, think about which renovations make the most sense based on their return on investment and how they affect your home’s overall value. A hot tub or pool might not make sense in the long term, but adding an extra bedroom or updating the overall look of your bathroom certainly does.
1. Shop around for a new home insurance policy
If you haven’t looked at your home insurance policy in awhile, and you just continue to make the monthly payments, you might want to relook at your policy and see if you can make any improvements to it; that might mean lower payments or better coverage. For example, in the last year, if you’ve made any renovations to your home, like upgraded your roof or installed new windows, that can lower your overall monthly insurance payments. Either way, it can’t hurt to ask your insurance provider to see if there are any adjustments they can make to your policy.
Do you have any other real estate resolutions you want to accomplish in 2017? I’d love to hear about it in the comments below.