UPDATE: As the year draws to a close, experts urge homeowners and prospective buyers in Boulder, Colorado to conduct their annual real estate checkup NOW. This essential review can significantly impact your financial well-being in 2025.
Just like a health checkup, an annual real estate assessment can help maintain and enhance your financial health. Whether you’re contemplating your first home purchase or evaluating your current properties, acting promptly is crucial.
If you do not own real estate yet, your first step is clear: invest in property! The earlier you begin, the more potential you have to generate retirement income. Meeting with a Realtor® today can set you on the path to your first purchase.
For current homeowners, it’s time to review key areas that ensure your real estate investments align with your financial goals. Here’s what you must do:
1. Get a Market Analysis
Contact your Realtor® for a market analysis to update your home’s value. For instance, homes in Baseline Subdivision, which sold for under $30,000 in 1978, are now valued around $750,000. Knowing your property’s current worth is vital for planning your financial future.
2. Review Your Real Estate Insurance
With building costs rising, it’s imperative to review your insurance coverage. Make sure it aligns with current replacement costs, particularly in the wake of events like the Marshall Fire. Consider adding protections like flood insurance to safeguard your investment.
3. Check Your Loan Balance
Your home loan balance decreases monthly, and understanding this helps track your growing equity. Include this balance in your financial statement to get a clear picture of your net worth.
4. Consider Mortgage Insurance Removal
If you purchased your home with a low down payment, you might be paying Private Mortgage Insurance (PMI). With rising property values, contact your lender to see if you qualify to eliminate PMI, potentially lowering your monthly payments.
5. Evaluate Your Interest Rate
The mortgage landscape has shifted in 2025, with interest rates dropping from last year. If you have a 30-year loan, now is the time to check with your lender about refinancing options that could lower your payments significantly.
6. Decide on Your Loan Term
If refinancing, consider your loan term carefully. A 15-year loan can accelerate principal reduction, but payments may be higher. Discuss options with your lender, including possible loan recasting to keep your current term while benefiting from lower rates.
7. Consult with Professionals
Meeting with your Realtor and lending professional armed with current value and loan balance information can guide your next steps effectively. If your family is growing, consider options to acquire a larger home while expanding your real estate portfolio.
8. Schedule a Home Inspection
A regular home inspection is essential for maintaining your property’s value. Seasonal inspections can uncover hidden issues that need attention, allowing you to budget for future repairs.
9. Investigate Home Warranty Options
Consider obtaining a Home Warranty Policy to cover major systems in your home. This can protect you from unexpected repair expenses, offering peace of mind in uncertain times.
Start your real estate checkup today by reaching out to your Realtor®, lending professional, and home inspector. As Duane Duggan, a seasoned Realtor® in Boulder, emphasizes, “Taking proactive steps now can secure your financial future.”
Don’t wait until it’s too late! Conducting this annual checkup could be the difference between financial stability and uncertainty in the years to come.
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