If you’re making big decisions in your life, like buying or selling a home, it’s important that you have all the pieces of the puzzle. One of those pieces is ensuring you have a “village” or community of experts supporting you in your real estate journey.
Your village shouldn’t just be comprised of Real Estate Agents and Mortgage Brokers. It should be a whole team of people, such as Financial Advisors, Lawyers, Accountants and even Lifestyle Coaches and Planners. Having community support will help you plan and strategize for your big life decisions.
Let’s look at an example. Let’s say you are planning for your kids to have an investment home in the future. How should you plan for that?
The big thing is trying to see what your long-term goal is with that property. Do you want to acquire the property now and give it to your child down the road? If so, you’ll want to take into consideration things like taxes, i.e. what’s the best strategy to reduce taxes when purchasing an investment property? That’s where the accountant in your village comes in. A Mortgage Broker on the other hand, will help determine if it’s better to purchase that property in a company name; that way you can just transfer that company to your child when they’re of age to own the property. (Learn more about how a Mortgage Broker can help you by reading our post titled ‘Pros of Using a Mortgage Broker When Buying a Home’)
So when should you start planning for these types of big life decisions? Let’s say you’re looking at purchasing an investment property in 5 years – is it too early to start planning now? Definitely not. Get your feet wet and start strategizing. It’s about finding the right mortgage product and the right fit. You want to make sure that the lender and product is aligned with your plans because most terms are 5-year terms. You don’t want to be planning at the end or middle of your term. If you plan ahead of time then it’s easy to pivot and make choices as life changes and shifts. Life is variable, we don’t know what’s going to come but we can do our best to plan and strategize for it.
When we think of balance, it’s not just about fitness or nutrition. It’s about having a community, hence why it’s so important to have a “village”. If you are stressed about making a decision because you lack information and don’t know who to go to for help, it could prevent you from having peace in your decision. Or worse, it could defer you from making a decision in the first place.
If you’re planning on buying or selling a home and you have questions, reach out to me. I can offer some guidance and steer you in the right direction.