When you’re working on your New Year’s resolutions, don’t forget about real estate. The beginning of 2023 is a great time to reevaluate your current situation and consider where you would like to go in the future. Though real estate goals can seem big and intimidating, it is possible to succeed. All you need to do is follow these steps.
Identify Your Goals
Very broad goals like “make money in Hawaii real estate” are often harder to reach. It’s usually easier to figure out the pathway to achieving your goals if you have a clear, detailed description of the goal you want. Here are examples of some of the most popular goals we encounter.
Hawaii Real Estate Investing Goals in 2023
There are a lot of rewarding options for Hawaii real estate investing in 2023, so your main challenge will be narrowing down what you want to do. Hawaii real estate investing mostly falls into the categories of renting homes to others, selling houses at a profit, or putting your funds into publicly traded real estate investment trusts (REITs).
For those who want to invest money in REITs or real estate companies, the easiest goals tend to be focusing on saving money to invest or finding a certain number of promising new investments. If you want to become a landlord, your goals can range from finding new investment properties to increasing rental rates. If you’d like to sell properties, your goals might include things like finishing up a flip you’ve been working on or finding the next hot Hawaiian suburb before it becomes a big deal.
Essentially, to find your investing goals, you need to focus on the area of investing you like to do and ask yourself what counts as success in that field. Don’t forget that if you’re already involved in investing, there are some additional goals to consider. You might want to do things like update your plan for how to deal with natural disasters or go ahead and start planning for taxes.
Goals for Buying Real Estate in Hawaii in 2023
For most people interested in buying real estate in Hawaii in 2023, their main goal will be purchasing a property. This goal might seem simple at a glance, but it involves a lot of very complex situations. Unless you are already ready to buy, you might want to adjust your goals to recognize all the stages of home buying. Some other useful goals include saving enough for a downpayment, getting into a position that lets you get approved for a home loan, or figuring out which part of Hawaii you want to buy real estate in.
To help you identify goals, it can be useful to ask yourself about your motivation. Consider why you’re thinking about buying real estate in Hawaii in 2023 and what sorts of properties would suit your needs. Take the time to picture your dream home and get a quick overview of the Hawaii real estate market. This can help determine how close you are to buying a home and what you will need to achieve to make that goal a reality.
Goals for Selling a Home in Hawaii in 2023
When setting goals for selling a home, it’s useful to take a close look at the home-selling process and see which parts are likely to give you trouble. Your goals might be things like fixing up your house before you sell or getting your property sold by a certain time. Some homeowners also like to set financial-based goals such as selling their property for a certain amount of money.
Don’t forget to think about what comes next after selling a home in Hawaii in 2023. You may want to incorporate finding a new home into your goals, or you might want to consider what you will do with the money you generate from the sale. It can be helpful to think about how selling your home will help you progress toward your long-term goals.
Assess Your Current Situation and Get Professional Input
The next step in meeting your goals is to see how far you have to travel to reach them. 2023 is a great time to take a close look at your finances. Consider what your expenses are and what your assets are. Don’t forget to include debts in your calculation, and keep in mind that liquid assets are different from assets tied up in retirement accounts or property. You will also need to assess the real estate market in your part of Hawaii and think about life changes that might affect your chances of buying or selling a home in Hawaii in 2023.
All of this can be very complex, so it’s useful to get help from professionals. Schedule an appointment with a financial advisor or accountant who can discuss your finances, and find a good real estate agent to work with. It can take some time to find someone with the right expertise for your situation, so you may want to interview multiple people before settling on a professional advisor.
Create Clear, Achievable Steps Towards Your Goal
Now that you have a good idea of where you are and where you want to be, it’s time to think about the steps you will need to take to reach them. Break things down into the steps you will need to take. It can be very helpful to write down your goals and get as detailed as possible. Instead of just writing something like “save down payment for buying real estate in Hawaii in 2023,” take the time to get into the details such as “put a third of my paycheck into a savings account and eat out less to save money.”
Most people find it easier to reach their goals if they have a very clear schedule. For example, if your goal is to have a profitable rental home by 2024, you might want to plan on finding a good property by spring, renovating it by summer, and looking for tenants by fall. Giving yourself these little deadlines can help you stay motivated.
Evaluate Your Progress at Regular Intervals
Even the best plans can often use a little adjustment. Make sure you take the time to regularly stop and see how you are progressing. Once every three months, find a quiet moment to look at your plan and see whether things are working or not.
If you find that you’re behind schedule a bit, your goals and plans may need to change a little. You might want to rethink your current goals or put more effort into achieving the steps of your plan. During these evaluation periods, some people discover that things are moving more rapidly than they thought they would. This might mean you should adjust your goals a bit. Meeting your goals ahead of your target might be a sign you can dream a little bigger.
Ultimately, making Hawaii real estate goals for 2023 can be a very rewarding process. It provides you with a lot of motivation and encourages you to take actual steps toward the things you want. As long as you stay focused and make smart decisions, 2023 can be your best year yet!