A new year always brings with it hope and promise for a bigger, brighter and better future. Given that level of optimism, it’s probably a good idea to have some kind of strategy in place to help you achieve your goals.

Here are a few suggestions to help you reach your 2019 real estate related resolutions:

Buyers 

Do you have any idea about your credit rating? How does it fare? You may want to inquire before you apply for a mortgage just to be on the safe side. Speaking of mortgages, get pre-approved for one before you go house hunting. This will indicate what price range you can afford based on a review of your finances. A pre-approval will also provide written confirmation of the lender’s interest rate for a certain period of time. This could come in quite handy especially with interest rates predicted to rise.

Know what you are getting into. The dream of home ownership is fabulous but sometimes consumers get caught up in the pretty little details and don’t factor in the hard reality. A home is probably the most expensive proposition you’ll make. Can you afford it? Is your down payment sizable enough? What is your household income? Is it expected to rise? What are your long-term income/revenue prospects? Do you have enough to cover closing costs, estimated in the range of 1.5 to four per cent of your purchase price?

The Canada Mortgage and Housing Corporation (CMHC) offers a wealth of information and tools to help you figure out if home ownership is right for you. Visit www.cmhc-schl.gc.ca to learn more.

Sellers 

Find a reputable and qualified agent, not your cousin Jimmy. Remember you will be spending a fair bit of time in their company so it’s wise to select a realtor you like or, at least, can tolerate.

Get your financial house in order. Yes, you need to wrestle with your finances when selling as well. Will you have enough after selling to purchase another home? Or do you plan to invest your proceeds or perhaps start a new business with the money? Remember that there are costs you will incur as a seller – home repairs, legal and realtor fees, house inspections and appraisals.

The work. Know that there will be a lot of it. From keeping your house tidy and clean at all hours to getting rid of or reducing clutter, overstuffed closets, sheds and garages, junk drawers, unpleasant smells, unsightly decorating – and on and on. Remember the key is to pare down so store or pack away rarely used small appliances, jewelry, toiletries, out-of-season clothing, reading material, unused toys, artwork and photographs.

If you want your home to present well you will need to give it a serious once over and fix and replace outdated, broken and shabby items. Ask friends or your realtor for help with this as an extra set of eyes will identify problems that you don’t readily recognize.

Sources: www.nexthome.ca