Are you thinking about buying a home or investment property in 2024? Whether you’re aspiring to find your dream home or looking to make a strategic investment, a little preparation will go a long way toward making the process smooth and successful. Here are the 4 things you can start doing now if you’re planning to buy in 2024!
1. Create a budget
I know, I know. Budgeting isn’t as a fun as scouring the internet for photos of your dream home, but it’s an important first step because your budget will help dictate what size and type of property you’ll be buying and in what area you can afford to buy in.
Think about how much you afford to spend for a downpayment and how much you can afford for a monthly payment.
2. Research & Determine Your Target Area
I am talking the general area at a 10,000 foot level. You don’t need to determine what specific neighborhood or part of town you want to buy in, but you should have a sense of what counties or what cities might be a good fit. If you’re a home buyer, think about your work commute and what type of setting would best fit your lifestyle.
If you are buying an investment property, do some high level research on population growth trends. More people usually indicates a higher demand for housing. You can also delve into rent growth data to ensure your investment property aligns with your financial goals.
3. Connect with a Real Estate Agent in your Target Market
Whether you’re a first-time homebuyer or a seasoned investor, having a knowledgeable real estate agent on your side is invaluable. Seek out an agent with the track record and experience of helping other home buyers or investors accomplish what you are looking to do. For example, if you’re looking to buy an rental property in King or Pierce County Washington, seek out a seasoned investor-friendly agent with rental property experience in those markets. That person can help guide you through the intricacies of the local real estate landscape and help you make an informed decision!
They also may have a team of other real estate professionals like lenders, contractors and more who can be crucial to your success!
4. Get Preapproved
Ask your real estate agent for a referral to an experienced lender who can help you understand your options when it comes to financing your real estate purchase. Getting preapproved for a mortgage early on will provide you with a better understanding of your budget and will enhance your credibility as a serious buyer when looking for properties and making offers.
Remember, real estate requires careful planning and strategic decision-making. By setting a budget, researching your market, connecting with an experienced real estate agent and getting preapproved, you’ll position yourself for success!
