In the middle of the holiday frenzy, some are turning their attention to planning for the new year. And with 2016 right around the corner, experts are sharing ways you can start off the new year on the right financial foot.
At an open house in Belle Isle Wednesday, broker Lawrence Bellido checked out a home for his client.
“He’s a job relocation, so he has to be here ASAP,” explained Bellido. “A lot of people are on vacation mode and, at the same time, there’s a lot of inventory to choose from.”
Buying a home is traditionally considered to be a good investment. If owning property is on your wish list for 2016, experts said searching for it now will give you a head start on the competition.
“Might be a good time to look, because you don’t have people trying to get the same house you are,” said Sharon Voss, the president of the Orlando Regional Realtor Association. Prices and interest rates, though rising, are historically low, she said.
However, if you plan to buy that home anytime soon? Now is not the time to pick up a brand-new car as well. “I would not go put anything more on that charge account,” Voss advised.
Even if your big 2016 plans don’t involve buying a house, experts said there’s plenty you should be doing now to get your finances in order for the new year.
“Start thinking about how you’re going to get your taxes done,” suggested Andy Chan, a certified accountant at Liberty Tax Service in Orlando.
Chan said that entails pulling together financial statements. At the same time, he suggested checking out your 401K and IRA contributions, as well as thinking about saving and budgeting for the next holiday season.
“Hopefully everyone has a great Christmas season this year, but we want to make next Christmas season even better,” he said.