New Years Resolutions to Help You Reach Your Real Estate Goals in 2024
As 2024 waits just around the corner, are you wondering how you can set yourself up to achieve your goals next year? If you have real estate goals in 2024, consider adding one or two of these resolutions to your list to help you continue taking steps toward success.
Whether you are looking for a new home for sale in Tyler, getting ready to sell your home, or want to learn more about buying an investment property in 2024, we can help. Contact us any time to learn more.
Expand Your Investment Portfolio
Is 2024 your year to broaden your real estate horizons by expanding your portfolio? In the new year, you can diversify your real estate investment portfolio by exploring new property types or investing in different geographic locations to spread risk and enhance potential returns.
Whether it's your first time investing in real estate or your 10th, consider how a different type of property, a new location, or a different format such as a short term vacation rental or multi-family property might be the right addition to your investment portfolio.
Make Meaningful Connections
In all real estate endeavors, you need the right team of experts with you. At the top of the list is a real estate agent you can trust. When you work with us, you will quickly see that we can accelerate the process of making the other industry connections you need, pointing you in the direction of lenders, potential tenants, inspectors, appraisers, staging teams, and more.
Even if you are not yet ready to make any moves on your 2024 real estate transactions, reach out to us to let us know what your goals are and find out how we can help.
Boost Your Credit Score
If you plan to invest in a new property in 2024, there is still time to boost your credit score before applying for financing. With a goal to buy in the second half of the year, here are some things you can do now to increase your score by taking these steps:
- Find out if there are any errors on your credit report that are bringing the score down, and dispute them.
- Set up automatic payments to eliminate the possibility of a ding to your credit score because of a late payment.
- Improve your utilization rate, the percentage of your credit limit that is being used. For example, if your credit card has a $10,000 limit and you carry a $5,000 balance, you have a 50% utilization rate on that card. Aim to bring the credit utilization rate on all your accounts down to 25% or below by paying down the balance, increasing the credit limit, or both.
- Avoid taking on any new debt before applying for a mortgage, or after getting pre-approved. Even a reasonable debt you can comfortably manage will be reflected on your score.
Improve Resale Value
If you plan to sell your home or refinancing in the New Year, look for ways to boost property value. From major projects like a kitchen or bathroom remodel to something more simple like a curb appeal refresh, look for ways to improve resale value.
Not sure what your home is worth now or what could make the value increase more quickly that normal appreciation? We can give you a free market analysis and our professional opinion to help you develop a strategy.
Explore House Hacking
Have you considered house hacking to reach your goals in 2024? House hacking is a creative solution that bridges the gap between owning your own home and investing in an income property. You can buy a multi-family home like a duplex, live in one unit, and rent out the other unit.
You may be surprised to find that securing financing for this type of property can be even easier than buying a primary residence alone, as lenders understand there is less risk involved because you will have a tenant covering a significant portion of your monthly mortgage via a rent payment. If you're looking for ways to get into real estate investing, this can be an ideal first step.