New Year, New Home? Set
Homeownership Goals Whether You’re Buying, Selling, or Staying Put
The start of a new year always compels people to take a fresh
look at their goals, from health and career to relationships and finance.
But with historically low mortgage rates, increased home sales and price
growth, and a tight housing inventory, the time is right to also make some
homeownership resolutions for 2021.
Read on to discover key action steps to take
to achieve your homeownership goals this year, whether you’re a home buyer,
home seller, or a homeowner not yet planning on moving..
HOME BUYERS
Resolution #1: Qualify for a better mortgage with a higher
credit score.
Your credit report
highlights your current debt and bill-paying history and is used to
calculate your credit score, affecting whether you’ll qualify for a
mortgage. Generally, a credit score of 725 or higher is very
good to excellent. If
your score is below 725, work at boosting it
before house-hunting.
Resolution #2: Improve your credit health by paying down debt.
Debt hurts your
buying power (the amount of home you can afford) and your credit score. The
less debt you have, the higher your credit score and the better mortgage
you can obtain. Try to reduce (or eliminate) the balances on each account.
Resolution #3: Save up to create a financial safety net.
The down payment depends on the home’s price, but the minimum is 5% for a purchase price of under
$500,000,
and closing costs range from 2-3%. You’ll also need money for moving expenses and any initial
maintenance tasks that might pop up, and having some liquid savings will
ensure that you can still pay your mortgage if a crisis occurs.
HOME SELLERS
Resolution #4: Decide on the right time to sell.
There is no one
month or season that is the perfect time to sell your home. Instead, the
right timeline for you takes into account factors such as when you’ll earn
the highest profit, personal convenience, and whether your home is even
ready to put on the market.
Resolution #5: Boost your home’s resale value by making your
property shine.
You can maximize
your home sale price with some simple fixes to make sure your property
outshines your neighbors' for sale down the street. For example, improving a home’s landscaping may increase its value
by 15 to 25%.
Resolution #6: Invest in your “extra” living space.
Thanks to COVID-19’s impact on their lifestyles, buyers are currently looking for homes with home
offices, private outdoor spaces, and updated kitchen appliances. If you’ve got an underutilized room, consider turning it into
an office, home gym, or schoolroom to attract better offers on your home.
HOMEOWNERS
Resolution #7: Evaluate your household budget to reflect
financial changes.
A work-from-home
arrangement could mean less money spent on commuting and dining out, but it
could also mean increased expenses, such as faster Wi-Fi and higher energy
bills. Update your income and expenses and review last year’s spending
habits.
Resolution #8: Save money now (and earn more later) with home
maintenance.
With a regular home
maintenance plan, you’ll avoid some surprise “emergency fixes,” can lower
your energy costs, and when you’re ready to eventually sell your home,
you’ll get higher offers from buyers who aren’t put off by overdue repairs.
Resolution #9: Invest in real estate for a better standard of
living.
Even if you don’t plan on leaving your current residence, real
estate is a great way to improve your quality of life in 2021. A vacation
home in a getaway location you love lets you safely spread your wings. And
if you have been looking for a second stream of income, an investment
property might be your answer.
LET US HELP YOU WITH YOUR 2021 GOALS
Whether you’re looking to buy, sell, or stay put in your home,
it helps to connect with a trusted real estate agent. As local market
experts, we have the knowledge, experience, and networks to help you
achieve your homeownership goals, whatever they may be. We’d love to help.
With Gratitude,
Lynda Huber
503-422-5617
LyndaHuber@EquityOregon.com
www.LHuberHomes.com
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-
By:
Lynda Huber
-
Posted:
February 18, 2021
|
New Year, New Home? Set
Homeownership Goals Whether You’re Buying, Selling, or Staying Put
The start of a new year always compels people to take a fresh
look at their goals, from health and career to relationships and finance.
But with historically low mortgage rates, increased home sales and price
growth, and a tight housing inventory, the time is right to also make some
homeownership resolutions for 2021.
Read on to discover key action steps to take
to achieve your homeownership goals this year, whether you’re a home buyer,
home seller, or a homeowner not yet planning on moving..
|
|
| |
|
HOME BUYERS
Resolution #1: Qualify for a better mortgage with a higher
credit score.
Your credit report
highlights your current debt and bill-paying history and is used to
calculate your credit score, affecting whether you’ll qualify for a
mortgage. Generally, a credit score of 725 or higher is very
good to excellent. If
your score is below 725, work at boosting it
before house-hunting.
Resolution #2: Improve your credit health by paying down debt.
Debt hurts your
buying power (the amount of home you can afford) and your credit score. The
less debt you have, the higher your credit score and the better mortgage
you can obtain. Try to reduce (or eliminate) the balances on each account.
Resolution #3: Save up to create a financial safety net.
The down payment depends on the home’s price, but the minimum is 5% for a purchase price of under
$500,000,
and closing costs range from 2-3%. You’ll also need money for moving expenses and any initial
maintenance tasks that might pop up, and having some liquid savings will
ensure that you can still pay your mortgage if a crisis occurs.
|
|
|
HOME SELLERS
Resolution #4: Decide on the right time to sell.
There is no one
month or season that is the perfect time to sell your home. Instead, the
right timeline for you takes into account factors such as when you’ll earn
the highest profit, personal convenience, and whether your home is even
ready to put on the market.
Resolution #5: Boost your home’s resale value by making your
property shine.
You can maximize
your home sale price with some simple fixes to make sure your property
outshines your neighbors' for sale down the street. For example, improving a home’s landscaping may increase its value
by 15 to 25%.
Resolution #6: Invest in your “extra” living space.
Thanks to COVID-19’s impact on their lifestyles, buyers are currently looking for homes with home
offices, private outdoor spaces, and updated kitchen appliances. If you’ve got an underutilized room, consider turning it into
an office, home gym, or schoolroom to attract better offers on your home.
|
|
|
HOMEOWNERS
Resolution #7: Evaluate your household budget to reflect
financial changes.
A work-from-home
arrangement could mean less money spent on commuting and dining out, but it
could also mean increased expenses, such as faster Wi-Fi and higher energy
bills. Update your income and expenses and review last year’s spending
habits.
Resolution #8: Save money now (and earn more later) with home
maintenance.
With a regular home
maintenance plan, you’ll avoid some surprise “emergency fixes,” can lower
your energy costs, and when you’re ready to eventually sell your home,
you’ll get higher offers from buyers who aren’t put off by overdue repairs.
Resolution #9: Invest in real estate for a better standard of
living.
Even if you don’t plan on leaving your current residence, real
estate is a great way to improve your quality of life in 2021. A vacation
home in a getaway location you love lets you safely spread your wings. And
if you have been looking for a second stream of income, an investment
property might be your answer.
|
|
|
|
|
LET US HELP YOU WITH YOUR 2021 GOALS
Whether you’re looking to buy, sell, or stay put in your home,
it helps to connect with a trusted real estate agent. As local market
experts, we have the knowledge, experience, and networks to help you
achieve your homeownership goals, whatever they may be. We’d love to help.
With Gratitude,
Lynda Huber
503-422-5617
LyndaHuber@EquityOregon.com
www.LHuberHomes.com
|
|
| |
