For many, this is a time of year we focus on our resolutions we made just a few days ago – often already struggling with a new diet or exercise plan. One of the most important resolutions you could develop, even now, would be to identify and document your long-term real estate goals. Where and how we live, work and play was turned upside down last year. 2020 taught us so much about the importance of home and community and what matters most in our lives. Without documenting your long-term goals, it is extraordinarily hard to ever achieve them – real estate is no different.
Real Estate is a tangible investment – one that is often the largest single investment a person or family will make. In the simplest of concepts, an investments objective is to produce a return. In the form of a home, the return is usually not fully realized until it is sold – meaning several years, if not longer, down the road. This key difference should be one of the founding principles used to guide your planning.
Also, keep in mind that creating a goal in terms of where and how you live is a natural extension of working through the “how much can I afford” conversation with your financial planner, lender and real estate advisor. The context of the home or your vision of what your life would look like is obviously based in the answer to that single question (moving up professionally and increasing your salary over time to afford more shouldn’t impact that initial vision, though).
The “how” and “where” goal of real estate can best be explained as a statement verbalizing the vision for your life at home. Do you value an extra bedroom over living space (let’s say you live far away from your family and it’s good to have an extra bed ready)? Do you want to create a home that you can live and work in completely (and how does that look different from a bedroom used an office?)? Do you want to be able to travel more (and perhaps, have a smaller footprint at home to keep it easier to be on-the-go)?
Contact a member of our team to discuss your long- or short-term real estate goals today! We stand ready to help you follow your dream, home.