Why Real Estate Goals?
Having real estate goals are like other goals. The sooner you figure it out, the better off you’ll be. We all come to a place at different times in our lives and it’s never too late to get started. I’m here to explain to you why you should have real estate goals and how they can make a positive difference in your life. and the lives of those around you.
Consistency in strengthening your position will allow you to take advantage of future opportunities. They say luck is where preparation meets opportunity. Preparation is your friend. Arguably your best friend. So take that friend out to lunch and think about what investing really means. The thing you are really investing in is yourself and your loved ones. You owe it to yourself at the very least. Let’s take a look at what real estate goals you may want to have adopt.
Buying your first home
This one is almost a no brainer but so many people simply don’t believe it’s in their cards to buy a home. The idea seems so far out of reach that it’s not worth thinking about. I have heard this play out over and over again. Belief is a prerequisite to creating and obtaining a goal or outcome. You’ve got to believe in yourself and what is possible. While buying your first home is extremely common, I feel that need to address the limiting beliefs that many people have. Taking a systematic approach, consistency and having an understanding of the process will get you most of the way there. Having someone in your corner to help can make all the difference. You don’t have to do everything yourself. A Realtor® is real estate version of having a personal trainer. Have the discussion about what your goals are and get a nutrition and exercise plan tailored to you! See the last real estate goal on this list as a follow up to buying your first home.
Increasing your home’s value
Increase your home’s value.This is a great goal to have! While your real estate agent won’t be able to do the work of home improvements themselves, they most likely have a network of highly dependable professionals that do quality work. In addition to this, your realtor is a great resource for you to learn what upgrades & improvements will bring the best return on investment. They can discuss with you what current buyers are looking for, what traditionally makes sense and in what order of importance you should plan those projects. Maximize the value of your investment! Not a bad move.
Investment property | Rentals
What you do with it after you buy it is a list unto itself. Buying and selling at the right time is obvious but make sure you have a solid plan during the ownership period so you can comfortably wait to make the right decision. Not having to be forced into the wrong timing or conditions is what you want to avoid. Many owners have operated using a variety of different alternatives such as using the property for vacation or getaway rentals like an Airbnb, renting out the space as a business or for business services, having a rental property! Buy a home in a college area and have a consistent market of renters.
Taking Care Of Aging Family (Generational Living)
Let’s face it, the cost of senior living has skyrocketed at an astronomical rate and the affordability of it is simply out of reach for many people. Again, why not make the dollars you spend work for you instead of watching them evaporate? Your money and your family’s money can build wealth and benefit yourselves. Get on the same page and plan ahead. This isn’t accounting for medical costs and other surprises that are likely to spout up down the road. Being in your best position is your goal. Generational living spaces benefit the family in so many ways not least of which is having that wonderful connection between 3 generations if you have children or plan to.
You’re Doing More At Home Or Want To
What we’ve seen in recent years and especially since Covid has indicated that people want more out of their homes than in the past. What constitutes a home has changed. Now more than ever, the home is also an office, a gym, a wellness center, a learning center, and even a full fledged business. Having a home that provides for the kind of lifestyle you need to live is huge! This is a real estate goal that has a direct affect on every day of your life. This trend is likely to grow and increase as long as technology that allows it continues to keep pace. This is expected to be the case.
Building Your Equity & What You Can Do
Paying a mortgage vs paying rent means you’re building equity. This value grows the longer you pay your mortgage and receives a boost when your home value increases. You have two very strong growth factors that can be used to your benefit. You’re paying rent anyways, so don’t count yourself out without seeing how you can enter into buying a home. Have the conversation and understand the process so you can make a plan toward wealth building and improve your position while reducing risk. Once you’ve accumulated equity, there are a variety of ways you can leverage this tool! College tuition, business, or more real estate. Ownership is powerful but the message here is that resources are finite so you need to manage what you have in the most gainful and advantageous way possible. Get your real estate goals established. Let us know how we can help and contact us.
Free downloadable resources for buyers and seller here.
