URGENT UPDATE: As December 2025 approaches, homeowners and real estate investors are urged to conduct an annual real estate checkup to secure their financial future. Experts emphasize that now is the critical time to assess your property’s value, insurance, and mortgage status to ensure you are on track for success in the new year.
If you are among the many looking to enter the real estate market, the message is clear: Act Now! If you do not own property yet, the time to begin your investment journey is NOW. Meeting with a Realtor® can set you on the path to your first home purchase, maximizing your potential for retirement income.
For current homeowners, a comprehensive review of your assets is essential. Start by obtaining a market analysis from your Realtor® to gauge your home’s appreciation. For instance, properties in Boulder, Colorado, have surged in value; homes in Baseline Subdivision that sold for under $30,000 in 1978 are now priced at around $750,000 in 2025. Tracking this growth is crucial for financial planning.
Additionally, reviewing your real estate insurance is vital. With rising construction costs following catastrophic events like the Marshall Fire, make sure your coverage reflects current replacement costs. Explore additional protections such as flood insurance to safeguard against unforeseen disasters like the floods of 2013.
Now is also the moment to check the loan balance on your home or rental properties. As loans amortize over time, tracking this balance can provide insights into your growing equity. Make sure to include this information in your financial statements to maintain an accurate picture of your net worth.
If you’ve been paying Private Mortgage Insurance (PMI) due to a low down payment, you might qualify to eliminate it. With rising property values, check with your lender about removing PMI, which could significantly lower your monthly payments.
Interest rates have changed in 2025, with a slight decrease compared to last year. Homeowners with mortgages from five years ago should contact their lender to explore refinancing options. Refinancing could lead to lower monthly payments and potential elimination of PMI, making your financial outlook even brighter.
When considering refinancing, think about the length of the new loan term. A 15-year loan could accelerate your equity growth, while a recast could maintain your existing term but at a lower interest rate. Consult with your lending professional to determine the best approach for your situation.
In the event your family has grown and you need a larger home, it’s possible to finance this transition while building your real estate portfolio. Explore options like refinancing your current home to fund a down payment on a new property, or consider renting out your existing home.
Don’t overlook the importance of a thorough home inspection. Regular inspections can identify potential issues that could lead to costly repairs down the line. Schedule an inspection to ensure your home stays in top condition and to plan for necessary maintenance.
Lastly, consider investing in a home warranty, especially if your property is aging. These warranties can cover vital components like the furnace and water heater, providing peace of mind against unexpected expenses.
Take action NOW! Start your real estate checkup by reaching out to your Realtor®, lending professional, and home inspector. With the right steps, you can enhance your financial well-being as we move into 2025.
For further insights, contact Duane Duggan, a seasoned Realtor® in Boulder, who has facilitated over 3,000 transactions since 1978. He is available at [email protected] to help you navigate your real estate journey.
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