Why Now is the Time to Set Your Real Estate Goals for 2024
It’s time for you to start thinking about what you want this year to look like for you real estate-wise. Whether you just moved into a new home, are thinking about selling or renting your property out, or starting to think about buying a home, getting ahead of the crowd is going to be the key to your success.
Here are four real estate goals you should start thinking about.
Add value to your current space
If you’re already in your home and settled, don’t leave it as is. While the average length of time that homeowners stay in their homes in the United States is around 13 years, it’s not uncommon for homeowners to have unexpected moves; whether it’s a new baby, a new job, an aging relative, or a sudden change of heart, sometimes moves need to happen, and when they do unexpectedly, you want to be certain you’ve done enough to help nudge your home into an increased value so you can walk away with more money in your pocket. I’ve had clients unexpectedly sell after a year or less in their home and struggle to sell for more than they paid.
Three strategies for adding value:
Target the most important rooms: kitchens and bathrooms typically give the largest return, so modernizing these (even in small ways, can help boost value)
Increase the number of bedrooms: If you have a study without a closet, add a closet, but make sure to watch out if you’re on septic tank - septic permits only permit a certain number of bedrooms so even if there’s a closet it won’t count as an additional bedroom if the septic permit doesn’t allow for it.
Expand the square footage: square footage is one of the main things buyers and appraisers look at when determining what they believe the house is worth. If you can close in a porch, insulate and incorporate AC into an attic room, or bring stairs inside from the outside to increase the heated space, you’ll be able to add square footage and boost value.
unknown via Instagram
Get ready to list for sale
If you’d like to move sometime during the year, get your house ready. While you may not want to invest in adding value, there are some things you can do to help your house be one of the best on sale.
How to make your house shine:
Take care of housekeeping items: service your HVAC, have a pest inspector come through and treat for termites
Pretty things up: Touch up paint work, fill holes, clean carpets, tidy up the landscaping (this doesn’t have to be paid - get on your knees and pull weeds and mow the yard), hose down the siding, and just pick up any loose trash or leaves - this is the first impression people get of your house, make it a good one!
Clear clutter and de-personalize your home: Leave room for people to see themselves in the house instead of you in it, clear knick-knacks and decor, get magnets off the fridge, take photos off the wall (and fill and paint over holes - you can use a paint pen!)
Organize closets: This tip infuriates me a little because why should it matter what you have behind closed doors?! The truth is though, that people need to be able to see the space, and it’s hard to see storage space for what it is when there’s mess everywhere
Alexander James via Homes & Gardens
Make your house a rental in 2024
Even though interest rates have come down some, with what they currently are it’s understandable that a lot of people are hesitant to sell their homes and buy houses with higher interest rates. Renting instead of selling is a very viable option, and with the right return, the rental income could sustain the new mortgage so that your outgoings stay largely the same. Talking to an experienced lender and seasoned investor or real estate agent about this is the best place to start, as they can help give you a realistic idea of the numbers you’d need to make it work.
Prepare to buy in 2024
Preparing to buy starts with preparing the numbers. Find a real estate agent you can trust and shop for a lender who will suit your needs. Buying a house is complex, but with the right real estate agent and a lender who knows their stuff, it doesn’t have to be hard or difficult. Check out our First-Time Homebuyer’s Guide to House-Hunting - it’s completely free!
Ready to make your 2024 plans a reality? Schedule a consultation with us here.
