With the first week of the New Year wrapping up, you might be carefully substituting the burger joint for the salad bar and making those three weekly trips to the gym. But while many of our thoughts turn to sprucing ourselves up in the New Year, it can also be a good time to make some real estate resolutions. Perhaps you want to move into your first house, or maybe you’d just like to resolve to make changes to your house that you’ve had in mind for a long time. This could be the year that you finally make repairs to that roof or update your landscaping. By capitalizing on your New Year’s motivation, you can start taking advantage of the low mortgage interest rates or other favourable conditions in the market and turn that resolve into results.
If buying your first house is on your mind, then you’ve picked the right time to do it. With the current state of the housing market and the low interest rates available on mortgages, many first-time buyers are snapping up their first houses in this favourable climate.
If making some improvements is at the top of your list, consider talking to your bank about a home equity line of credit which, at some banks, will allow you to access as much as 80 per cent of your home’s value.
Perhaps this is the year you’d like to finally invest in an income property. Once again, with the red-hot housing market, many people are looking to not only get into, but also to diversify their real estate portfolios. Talk to your real estate agent about which options are best for you. They can help you decide if you should be looking at condos, or taking advantage of the current market to pick up a larger second property, like a house.
Finally, if any of those things are on your list, this could also be the year you make sure your credit is in tip-top shape. Order your credit report from Equifax Canada, or talk to your bank about keeping your credit history in good order.
Do yourself a favour in 2010, and make this the year that all your real estate dreams come true!
Broker of Record with InfoMarket Group GMAC Real Estate