Aug 23, 2019 | Home Buying Tips, Homeowner Tips
By Natalie Jones
Packing up and moving to a new city is a grand adventure. A new town means new things to do, new people to meet, and new sights to see. However, settling into a new city is also a little scary. When everything around you is unfamiliar, it can be tough to find your footing. You’re not alone navigating this big change in your life. Countless people have packed up, moved cities, and thrived doing it. These are some of the best tips for making your new city feel like home.
Updating Your Car Insurance
If you’re moving to a new state, you’ll need to switch your car insurance as soon as possible. Every state is different in terms of laws and regulations, so it’s important to research what they are in your state before shopping for insurance. Then, you can start searching for the plans that are available in your zip code, which is an important factor in determining your plan’s rates. From there, you can decide which coverage you really need and how to save the most money by obtaining multiple quotes. Getting your car insurance taken care of early will give you peace of mind as you settle into your new city.
Finding Work
If you moved before lining up a job, you have a challenge ahead of you. On one hand, you need to generate income quickly to gain financial stability in your new home. On the other, accepting the first full-time job that comes along could threaten your ability to find work that matches your interests and qualifications.
Consider entering the gig economy to make ends meet while you look for work in your field. Gig economy jobs have a lot of flexibility, which means you’ll still have time to send out resumes and attend interviews for full-time jobs. Dog sitting is one great option when you’re new to town, because you effectively get paid to meet your neighbors! Even if you’re a stay-at-home parent looking for side work, a side gig dog sitting is a great way to get to know your community.
Don’t Forget Fido
Speaking of dogs, there are steps you should take to help your best four-legged friend adapt to your new city as well. First, be sure to keep your pet’s belongings and set them up in your new space. A familiar bed and favorite toy can go a long way in making Fido less anxious about the move. Then, before you head out to explore nearby dog parks, make sure he’s caught up on his vaccines and that he knows basic commands like sit and stay.
Learning the Lay of the Land
You’re going to get lost a lot during the first weeks in a new place. However, that doesn’t mean you should stay in! Accept the adventure and spend time exploring the streets of your new neighborhood. Go on walks, try local restaurants, coffee shops, bars, and supermarkets to find your favorites, and drop into community events that pique your interest. You’ll not only learn your way around, but you’ll also get a feel for the local flavor.
Settling Into Your Home
If you’re not comfortable in your house, it will be hard to feel comfortable in your community. In addition to logistical tasks like cleaning, organizing bills, and updating your home’s safety features, you’ll want to decorate so your new place feels warm and familiar. However, that doesn’t mean replicating the interior design of your last home. To adapt your décor to the new house, factor in the home’s color scheme, floor plan, and traffic flow.
Before making any design changes to the exterior of your home, follow Trulia’s advice and check with your homeowner association. An HOA can be your friend or foe, and the last thing you want is to start off on the wrong foot.
Making Friends
Finding friends is one of the toughest parts of moving to a new city. When everyone around you has established social networks, it’s hard to break in and form meaningful relationships. However, that doesn’t mean it’s impossible! As Realtor.com points out, the best way to meet new people is by joining groups that align with your interests. Whether that’s a parents’ group, a hobby-focused meetup, a faith community, or a community garden, you’ll meet like-minded people who, in time, could become lifelong friends.
Don’t forget about the kids! Helping your children make friends goes a long way to easing their apprehension about moving. Encourage kids to spend time playing outside so they can meet other neighborhood kids. When you talk to neighbors, ask them if they know of families with children the same age as your own. Enrolling kids in extracurricular activities is another way to help them make fast friends who enjoy the same hobbies.
Finally, be patient with yourself! It takes time for a new city to truly feel like home. You might feel a little out of place for the first few months or even the first year. As long as you’re getting out, meeting people, and engaging with your community, you’re heading in the right direction.
Aug 15, 2019 | Home Financing Tips, Homeowner Tips, Mortgage Rates, Mortgage Tips
By Karla Lopez
Refinancing a mortgage means you are replacing your existing mortgage or mortgages with a new one that has different, and hopefully, better terms. This new mortgage will pay off your old mortgage loan, and then you become responsible for paying it off. But the question is, when exactly should you do it?
The straightforward answer is whenever you can save money on your current mortgage through refinancing; it’s worth exploring all year-round. Although the old rule of thumb says refinancing is useful if you can get at least one or two percent reduction on the interest rate you’re paying. But, it’s no longer the case now.
Here are the situations when refinancing makes sense.
Mortgage Rates are Going Down
A mortgage is subject to fluctuation because it can be affected by a variety of factors such as market movements, Debt statistics, inflation, U.S. Federal Reserve monetary policy, the economy, and global factors.
Once the mortgage rates nosedive, you’ll be able to save by securing an interest rate that’s lower than what your current loan has. This maneuver is called rate-and-term refinancing wherein you refinance your mortgage for one that usually has the same remaining term but with a lower interest rate.
Again, the traditional rule has it that it’s best to refinance if your rate is one or two percent lower than your existing rate. But in reality, every borrower has different needs and financial goals. A one percent interest rate less may help you save on a $2 million mortgage. However, it’s not going to do much for a $200,000 mortgage.
There are other costs that come with refinancing that are crucial whenever you decide to go its route.
Another situation wherein refinancing can be a good option is when interest rates are anticipated to fall continuously, and you have a fixed-rate mortgage. In such a case, you might consider turning to ARM (Adjustable-Rate Mortgage.)
With an ARM, the interest rate will change over time, typically in relation to an index, which makes it possible for your payments to go up and down. It will make more sense to convert to an ARM if you plan to move in a few years. It owes to the fact that you’re going to forgo the safety of a fixed-rate loan.
Take note also that your ARM will go up too if interest rates increase. Additionally, the initial rate you acquire with an ARM will be effective for a limited period which could range from one month up to five years or more.
The Value of Your Home Increases
Refinancing could be your lifeline if your home’s value has gone up, particularly if you’re still paying off other high-interest debts.
When you refinance, you get to take a new loan that’s bigger than your previous one. You will use this new mortgage to settle the first loan, then you’ll get the difference in cash. This system makes it an excellent alternative to a home equity loan.
For example, you took a $160,000 mortgage five years ago for a house worth $200,000 house. You also put a $40,000 down payment. After a series of regular payments, your debt on a mortgage has now reduced to $100,000. When the property market skyrockets, so do your home whose value now amounts to $250,000.
Since your home is more valuable, you can now refinance for more than $100,000, which is the current balance of your mortgage. If you can refinance for, say, $150,000, you can take home the $50,000 in cash and use it to pay your other debts or other expenditures like home improvement and so on.
It’s vital in every refinancing option to make sure that you will use the money wisely and not get into unsustainable debt. Take heed that it’s part of a loan, so need to repay it and the rest of your mortgage loan.
Further, be sure that you will not end up paying more in mortgage interest than the interest you will pay on any debt.
Your credit score is an essential factor in calculating your mortgage rate. Rules have it that you’ll get a lower interest rate if you have a good to excellent credit score.
For instance, if your FICO credit score lies within 660 up to 679 range and you have a 30-year fixed-rate mortgage of $150,000, you’ll pay 3.998% APR as per the myFICO Loan Savings Calculator (interest rate as of August 2019).
With this interest rate, you’ll pay $716 per month and $107,742 for the total interest to be paid for 30 years.
Now if your credit score is playing somewhere between 700 to 759 range, your estimated monthly payment will drop to $683. You could save $12,021 in interest over the life of the loan.
You Have an Adjustable-Rate Mortgage and Mortgage Rates Rise
If you currently have an ARM and If mortgage rates are increasing, you might want to convert to a fixed-rate mortgage or better yet, consider refinancing.
With an ARM, your rate will increase more than what you will pay with a fixed-rate mortgage. If you’re conscious about possible interest rate hikes in the future, converting to a fixed-rate mortgage or turning to refinance can give you some peace of mind.
Refinancing a mortgage will depend on several factors such as the current interest rates, the length of time you plan to live in your home, how long it will take for you to recuperate your closing costs, to name a few. Further, refinancing can be a wise decision if you do it when the situations mentioned above are at your disposal.
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Apr 18, 2018 | Homeowner Tips
Do rooftop solar panels add value to a home, and are they cost-effective in terms of energy savings? The short answer is yes, say the experts. Although more than a million U.S. homes boasted solar panels in 2016, the percentage of solar-equipped households is still miniscule.
That may change, however, as domestic prices for solar installations continue to decrease and property values rise.
The Pros And Cons Of Solar
While there is global agreement on the need to encourage cost-effective, non-polluting renewable energy sources, it is also acknowledged that solar effectiveness is not equal in all locations or situations.
Several Southwestern states boast abundant sunshine, a high percentage of roofs that face in the proper direction for solar capture, and high consumption of electricity, including the the need for air conditioning. Experts predict that California could supply 74 percent of its total electrical needs if its roofs were clothed in solar panels.
On the other hand, Nevada, with a much smaller population and a different climate, only has the ability to supply 14 percent of its total need. The truth is that solar is not equally beneficial in all locations.
Solar Costs On Par With Grid Electricity
Even so, according to information provided by the Union of Concerned Scientists, more than half of U.S. states have reached or are close to the point where rooftop solar costs are on par with grid costs for electricity. In areas where utility companies offer net metering, solar producers can return excess energy for credit, which results, in the best of cases, in a monthly electricity bill that is extremely low, perhaps even zero.
Before committing to rooftop solar panels, homeowners should ask some pertinent questions. An investment in solar is still pricey, even though installation costs have dropped by about 50 percent over the past decade. With government incentives of various kinds, the total cost may dip to $10,000 or below for an average size home.
On average, the payback on that initial investment will be long-term, even though monthly savings on electrical bills can be immediate. Panel leasing is a popular option, with no initial down payment required, although the lease term may extend for 10 or even 20 years. Another option in some areas is to invest in a solar farm or cooperative.
Important Questions For Homeowners
Pertinent questions include personal motivation: Are solar panels simply a way to save money or do they demonstrate eco-consciousness and a concern for quality of life? Owners should also consider how long they plan to own a specific home before investing in rooftop panels.
Current data suggests that buyers will pay a premium for solar-equipped homes. A study by Energy Sage confirms that buyers in some states are more “pro-Solar” than other U.S. residents, but notes that the national value boost is around $15,000 for an average solar home, and higher in select locales. That equates to between $3 and $4 per kilowatt of solar power generated.
Even though the added value is not uniform throughout the country, it is obvious that rooftop solar panels are emerging as mainstream home amenities.
Mar 8, 2016 | Homeowner Tips
With the increasing flexibility of the modern workplace, there are many more businesses offering their employees the opportunity to work from home. While this shift in the job market has created a bevy of new options for freelance workers, it can also be a good reason to turn a spare room into a spanking new office. If you’re working from home, here are some tips for a stylish transition.
Prime It With Paint
Outside of lighting, the color and upkeep of the walls is going to have a huge impact on the way your spare office will look. Before even considering placing furniture or putting up pictures, decide on the perfect shade of paint that will keep you inspired and will go with the rest of your house. This will easily brighten the room, and prep it for its future purpose.
Start With Good Lighting
There are few things that will change the ambiance of a room like light, so make sure the room your changing up has a great set of windows or the kind of fixture that will provide effective illumination. Since many people have a hard time focusing in the orange or bright light that can come in certain work settings, a well-lit place may make all of your work seem a little bit easier.
Decide On A Desk
Many people put any old clunker of a desk in their spare office since it will do the trick, but if you’re making the decision to renovate your spare room for work, it will be worth it to choose a desk you’ll want to work at. Before going desk shopping, measure out the length and width of your spare room so you can make a desk purchase that will work for your new office.
What’s On The Wall?
Beyond the supply of pens, paper and a computer, it might seem like the extras of your office situation can be kept out of the equation, but a few pictures can add a lot. While you may want to add some photos of family and friends, it might also be helpful for your work-time diligence to put up a picture that adds a shot of color and will inspire your best work.
There are a lot of great options for a spare room, but if you work from home an office can be the ideal renovation. If you happen to be sprucing up your spare room to sell your home, you may want to contact one of your local real estate agents for more information.
Feb 11, 2016 | Homeowner Tips
Many people romanticize the idea of paying off their home mortgage early so they can enjoy their home in retirement, but when it comes to the later years of life, a big house can actually be too much to handle. If you’ve started to consider a smaller home and are wondering why it might be a good decision for you and yours, here are a few things you may want to consider.
It’s Much Easier To Maintain
It is often the idea of the palatial estate with a pool that homeowners get excited about, but when it comes to reality, the larger the home, the harder it is going to be to take care of and maintain. If you don’t have a maid or a butler, a smaller home will enable you to spend a lot more of your free time doing things that you love instead of being bound to a house that is full of repairs and maintenance that needs to be completed.
Save On The Big Home Bills
One of the worries associated with getting older is having the ability to maintain your lifestyle in old age, and a smaller home can actually alleviate many of the high costs that go along with having an oversized home. A smaller home will not only minimize your insurance and taxes, it can also positively impact the amount you pay each month for heating and electricity, so you’ll notice the savings right off the bat.
The Freedom Of A Downsized Lifestyle
One of the best things about downsizing to a smaller home is the huge sense of responsibility that can be left in the dust. Instead of being held back by all of the stuff required to fill a big house, a small home means there is less to worry about. This may mean you’ll have the option to go on longer vacations or can even relocate to a hot climate for the summer months, and you’ll only need someone to come by and water the plants every once in a while!
There are plenty of people that decide to downsize later in life since it can actually be a great way to save money and have a lot more freedom. If you’re considering your smaller home options and are curious about what’s available on the market, you may want to contact one of our real estate professionals for more information.
May 29, 2014 | Homeowner Tips
Each year around April, we can find ourselves becoming a little more tense at the thought of what is about to occur: tax time.
Instead of falling into the trap of procrastinating your taxes, however, it’s much more beneficial to face tax time head-on and do your research on your applicable deductions well in advance.
Your home is good for many things, but using your home to reduce your tax burden may be one benefit you haven’t thought of.
Here are some tax benefits that can be leveraged with your home, and some ways to lower your tax bill in 2014.
Deduct Interest On Home Loans
Though interest paid on personal loans isn’t deductible on your tax return, interest paid on mortgages is.
Home mortgage interest, for both your primary residence and a second home such as an investment property, can account for a large bill near the end of the year, and can significantly decrease your tax bill for 2014.
Interest paid on a line of credit for your home or a home equity loan is also usually deductible, and you may also qualify to deduct the insurance premiums on your private mortgage if this was a requirement from your lender. Ensure you keep your Form 1098 from you lender, and be sure not to miss each of your interest deductions.
Deducting Points Paid For A Better Rate
If you paid points in order to get a better interest rate on your home mortgage, the IRS will allow you to deduct these, too. If you meet the requirements for this deduction, one of which is that you paid the points in the same year that you purchased your primary residence, be sure to add the points to your list of deductions.
Deduct Property Taxes
Property taxes are also deductible on your tax return, and since they make up a significant portion of your home expenses each year, they certainly shouldn’t be excluded from your list of deductions in 2014.
As an annual deduction for the entire period you own your home, ensure you don’t forget about your first year in your home. If you’ve just purchased your home, the property taxes would have been split between the seller, the previous homeowner, and you, the buyer, at the time of the property transfer. Your portion of your first year’s property taxes for the home is also fully deductible.
Tax-Free Sales Gain
If you’ve owned and lived in your home for a minimum of two years and are ready to sell, you likely qualify for up to $250,000 dollars of tax-free profit, or up to $500,000 for married couples.
If the sale falls short of the two year mark, the IRS provides some tax relief if the sale is due to a list of unforeseen circumstances, such as changes in employment or health. Be sure to see where you qualify, and leverage the sale of your home for tax-free sales gain.
Having the ability to leverage your home in order to lower your tax burden is, of course, another benefit of being a homeowner. Often, reaping the full benefits of tax deductions is a simple matter of doing your research or speaking with a professional to get the information applicable to you.
