URGENT UPDATE: December 2025 marks the crucial time for homeowners and real estate investors to conduct their annual property checkup, a process that can significantly impact financial health. Realtor Duane Duggan emphasizes the importance of this review to ensure your real estate portfolio is aligned with current market conditions and financial goals.
As the year ends, it’s essential to ask yourself: Do I own real estate? If not, the time to invest is NOW. Early investments in real estate can lead to greater retirement income. Meeting with a Realtor® today can set the groundwork for your first property purchase.
For existing homeowners, several key areas need immediate attention. Start by obtaining a comprehensive market analysis from your Realtor, particularly in areas like Boulder, Colorado, where home values have soared from under $30,000 in 1978 to around $750,000 today. Updating your home’s value is vital for accurate financial planning.
Another critical step is to review your real estate insurance. Given the rising building costs post-Marshall Fire, ensure your coverage reflects current replacement costs. Additionally, consider supplementary protections like flood insurance to guard against unforeseen disasters.
Don’t overlook your loan balance. For those with amortized loans, the principal decreases each month, but it becomes crucial to track this as equity grows. Including your loan balance in your financial statements will provide a clearer picture of your net worth.
Mortgage insurance removal is also on the checklist. If your home’s value has increased, you may qualify to eliminate Private Mortgage Insurance (PMI), which can lower your monthly payments significantly. Contact your lender to explore your options.
Interest rates have fluctuated, and now is the time to check your mortgage rate. With rates dropping in 2025, refinancing could lead to substantial savings. A lender can guide you on whether a new loan term or a recast is the best option for your situation.
If you’re considering refinancing, weigh your choices between a 30-year or 15-year loan. A 15-year loan offers quicker principal reduction but at a higher monthly payment. Discuss your goals with your lending professional to determine the best path forward.
The upcoming months also present a prime opportunity to reassess your real estate investments. If your family needs more space, you might explore options like renting your current home and using the equity for a down payment on a larger property. Alternatively, refinancing your home to secure a rental property could be viable.
Scheduling a home inspection is another critical component of your real estate checkup. Regular inspections can uncover potential issues before they escalate, helping you maintain your property’s value and plan for future repairs.
Furthermore, consider the benefits of a Home Warranty Policy, which can cover essential components of your home, offering peace of mind against unexpected repairs.
Initiate your annual real estate checkup today. Reach out to your Realtor, lending professional, and home inspector to start the process. This proactive approach can safeguard your financial future and enhance your real estate portfolio.
Stay informed with the latest real estate trends and insights through local publications like atHome Colorado, providing essential information for homeowners and investors alike.
For more personalized advice, contact Duane Duggan at [email protected], a seasoned professional with over 3,000 transactions since 1978. Don’t wait—act now to secure your financial well-being!
