With the new year upon us, so comes the time to set intentions for your real estate goals. As you look at what's ahead in 2022, are you thinking about how to make this next year your best yet? If so, then setting intentions now can help pave the way for a successful next year.
Let's break down a few ways you can set real estate intentions for 2022, whether that means renovating your current home, buying or selling your primary home or even acquiring an investment property.
1. Understand Your Why
The first step is to determine what's important to you and why it's important to you. What are your goals and priorities for the new year? Many reasons may influence your "why," such as needing more space for your growing family, job changes that don't bound you to one location, or even having an empty nest and not needing so much space anymore.
Figuring out your "why" can help shape how you set your intentions for the year. For example, some common goals or priorities may include saving up for a down payment on a home, purchasing an investment property, downsizing your home, relocating to a new area, or selling your current home.
Whatever your goal may be, make sure it's truly important to you and your family. During the goal planning process, it's best to be as specific as possible to help you make your goals a reality.
2.Take Your Current Financial Situation Into Account
Once you have some goals in mind, it's time to ensure that you can move forward with those ideas. A great way to see where you stand is to look at your monthly income versus bills, debt, and savings to see if you can make your goals a reality.
If you foresee a purchase on the horizon, speaking with a lender about your real estate intentions will provide quicker clarification of where your finances stand. They'll be able to tell you if you'd be approved for a loan or what you need to do in order to get a pre-approval.
If you're looking to buy or sell, speaking with a realtor who is familiar with your area can help determine a strategy for success.
3. Create Actionable Steps To Achieve Your Goals
While setting your intentions is excellent, you'll still need a game plan to help you achieve your goals. So what are some actionable steps that can get you to where you want to be?
Suppose your goal is to buy an investment property. If so, your action steps might look like this:
4. Continually Monitor And Re-adjust Your Strategy As Needed
Finally, continuously monitor and re-adjust your strategy - don't be too rigid - even the best laid plans are destined to require some tweaking. If things don't go according to plan, you'll need to be able to adapt along the way. This could mean revisiting your goals every few months or tweaking your action steps as necessary.
For instance, let's say that you're not meeting your weekly savings goal. This may mean that you need to lower the property price you're looking for, cut out unnecessary expenses or find a side hustle to help pad your savings. Being able to re-adjust helps you meet the goals and priorities that matter most to you!
Setting real estate intentions for the new year early is a great way to ensure that you're heading in the right direction toward actually reaching your goals. By taking your current situation into account, determining what's important to you, and creating actionable steps, you'll be well on your way to achieving your goals!