A New Year has dawned and, for many, with it comes the daunting task of acquiring, retaining, selling a home or tapping the equity of what's likely to be your most valuable asset.

A group of real estate professionals was recently asked what should be at the top of housing consumers' resolution lists. In no particular order, here are the results—a hodgepodge of frequently suggested resolutions for housing consumers in all walks of life.

Potential home buyers

"Call a lender to go over what you need to do in order to successfully purchase a home," says Stephanie Noryko, a loan broker with Granite Financial, in Cupertino.

That's a good resolution for first-time home buyers, move-up buyers, even second-home buyers. A prequalifying lender or mortgage broker will examine your income and expenses and determine how much home you can afford.

The prequalification can also come with a credit check which will get you a look at your credit report—something you should pull once a year (or more frequently if you are an active credit user) to guard against identity theft and to check for errors, omissions or inconsistencies.

A mortgage broker or lender performing the prequalification can also advise you what you must do to acquire savings for a down payment and other costs, help you seek out special loan programs, grants and other financial assistance, assist you in cleaning up your credit report, if necessary, and otherwise help prepare you financially for home ownership.

First-time home buyers

"Do your homework, research before you buy," says Mary Pope-Handy, a real estate agent with Intero Real Estate Services in Los Gatos.

Studies show that consumers well-educated in home buying and finance issues, are the most successful home owners who are less likely to lose their home to foreclosure. Budgeting, cash flow management, credit, debt, credit reports, saving, investing and retirement planning skills are all invaluable skills home owners will need.

Renters

"The best resolution that a renter can make is to get together the money to make a down payment on a home," says Leonard W. Williams, a CPA from Sunnyvale. Housing markets have avoided bursting in a bubble of falling prices, interest rates are forecast to rise and a home comes with a host of tax benefits renters don't have.

Second-home buyers

"Ask yourself, 'How often will I really use that [second home] property?' before purchasing it," Noryko says.

Second home buyers often make the mistake of buying a home that's too distant for it to be a practical vacation home.

"Would you prefer a time share that allows you to switch locations?" Noryko asks.

Buying a time share—part-ownership in the use of a vacation property—can be a good way to test a location and determine how much you actually will use a property in a given location.

Considering home
improvements

"Visit your city's planning department to find out what you are allowed to build and hire an architect to design your dreams within the allowed limitations," says Judith Wasserman, an architect with Bressack and Wasserman Architects in Palo Alto.

Zoning codes may restrict the height and size of your addition or improvement, how close your improvement can come to your front, side and rear property lines, how much you can increase the size of your existing property's footprint, even how much of a neighbor's view you can or can't block.

A professional designer can help you build within, around, over or under those restrictions and perhaps help you obtain a zoning variance.

Home sellers

"Sellers, plan to hit the ground running and you'll have better success," Pope-Handy says. She says a home that's ready to sell is a home that sells first and for the most money.

"Get your home inspected, price it correctly and make sure that your home gets maximum marketing exposure, but don't put your home on the market until it's 100 percent ready. Buyers need to see it in the best light at the very beginning. If you sell it fast, you will catch more enthusiastic buyers and you will fetch a higher price," she says.

Home equity borrowers

"Resolve not to run up those credit cards again," says Joette Joseph, branch manager and vice president with Alliance Title Company in San Jose.

Equity loans should be used for capital investments that provide a return on your money—home improvements, education, business start-ups and the like—major financial emergencies in a pinch, and debt consolidation—provided you swear off expensive plastic credit.

Real estate writer Broderick Perkins, executive editor of San Jose-based DeadlineNews.Com, writes regularly for
The Campbell Reporter.