Personal goals regarding real estate are as varied as the weather. Somebody out for a hike might enjoy a slightly cloudy cool dry day while someone else going to the beach would take plenty of sunshine and a gentle breeze. Rarely does anyone want to trudge through the dirty slush and snow of a rainy cold late winter day in the city with their umbrella blown inside out.
We all live somewhere and often find ourselves living here or there because of familiar settings, job opportunities, family or chance. Nothing wrong with any of these conditions or reacting to situations as presented, but often there is no taking stock of or planning in place for the longer-term.
Renting a 2-bedroom apartment can be a great choice while attending college, but try living in that same space with a family of six! Having enjoyed that experience for a time with 3 kids and a mother-in-law is exciting to say the least.
Although home ownership is not risk free, the stability of home ownership can make you and your family ‘happier’ by most measures.
Dreams are not goals, goals are not actions, actions are not plans and plans are not ideas. We all have our personalities and everyone has a favorite vision when it comes to real estate. The Mediterranean villa, the downtown loft, the village colonial, the beachfront property, the countryside farm (or for the truly optimistic, one of each all paid for).
But, as with anything in life, what works well for some does not work well for others and not everyone starts from the same point or with the same objectives. Knowledge, economy, opportunity, advantage, time and perseverance all play a part in achieving individual goals.
When defining goals in real estate it is important to look at the balance between need and ability to perform in a 1, 2 and 5-year time frame as well a setting general plans for the more distant future whether acquiring, investing, holding, exchanging or divesting.
An honest review of current life circumstances is key to advancing an idea. What kind of space is needed? What is the financial forecast for the future? What are the trends in the market place of focus? What is the cost of money? What expectations can truly be met? Realistic expectations can bring very satisfying results.
As my dearly departed first wife used to say on occasion, “If wishes were horses, beggar would ride”. Wishing is not a useful tool in the buying or selling of real estate, nor is playing your favorite lottery numbers. As with any other endeavor, family, business, academics, sports or music, no one arrives at the top of their game by wishing it; it takes focus and dedication.
Having shared and compared stories with clients over the years regarding positions of ownership (renter, buyer, owner, landlord, investor, seller) and how we got there, I can attest to fact that good planning makes good sense. A genuine written plan can be both a resource and inspiration.
It might sound silly to write an outline as if doing a school project, but seeing that information staring back from the paper (or from a saved file) is the first step that brings ‘the ideas’ out of the ether and into reality. Goal number 1 is getting that process moving and building into the planning stage.
Scribble around on those pages. Accept the challenge as if in training. Have fun and brain storm. In short order the pieces of information needed to give those ideas a voice will be assembled. Review what has been accomplished and be inspired.
Let that inspiration be the driving force toward attainable goals. As they say in Maine, “Can’t get there from here”. So true. There is no way to create a solid real estate transacction or anything else for that matter with out taking the necessary steps to ‘get there’. The best way to do that is take a look at the map and tick off each step as needed to avoid frustration and error.
Make the calls, send the emails and watch the markets of interest. Be ready with the information needed to make smart choices. As the 2015 market starts unfolding real opportunities may present regardless of the current circumstances of life.
Take the actions to keep you dreams alive and achieve your goals.