For many, 2007 will be the year to buy a new home. As we get ready to enjoy the holidays, it will also be time to think of our real estate investment resolutions. Outside of actually buying the house itself, there are some goals to set along the way:
1. Get a detailed credit history report. Although it may take a while to have corrections on your credit report (if needed) show up, at least you can have a letter in your hand from the credit bureaus noting that the change was made. This will also give you a better idea of what kind of mortgage rate you will be able to get. Often, a mortgage company will accept the letter from the credit bureau as enough assurance to offer you a lower interest rate until the report shows the actual correction.
2. Start a budget book. This will help you get a more accurate idea of what you can afford to pay for a new mortgage. Along the same note, your budget will help you put away more money for the down payment. Find ways to save more money by noting any extraneous spending that you can cut out.
3. Research real estate web sites. Many real estate companies are developing elaborate web sites with options for keeping track of what houses you like, neighborhood research and statistics and a variety of other tools. Perusing their web sites will give you an idea of which company you will feel most comfortable working with. Also, ask friends, coworkers and family about which realtors or real estate companies they felt were the most efficient and professional. However, until you are ready to really start looking at houses, don’t feel like you have to commit to an agent.
4. Out with the old. It is never too early to start cleaning out closets, having yard sales and giving away items to charity. You will thank yourself later, when it is time to pack, that you got rid of unnecessary furniture and stored items ahead of time. If you are going to be selling your current home, then your realtor will also thank you for making your home so appealing and open.
5. Get a feel for neighborhoods and schools. Perhaps you are just moving across town so you already have a good idea the town you’ll be living in, but it still doesn’t hurt to find out as much as you can about the school districts, traffic patterns, amenities and styles of different areas. Through this process, you might even be able to narrow where you want to live down to two or three neighborhoods.
Financial preparedness, getting organized and gaining knowledge about where you will be living will help make choosing your next real estate investment as smooth as possible. Happy resolutions!