Month: July 2020

How to Save Money When You Own a Home

Owning a home is a smart investment that allows you to build wealth and equity for yourself. It gives you the freedom to live and decorate how you want on your own property, a far cry from the typical rental experience. That said, it can also be financially demanding in a variety of ways, some of which you may not find out about until after you close escrow. In order to maintain your financial stability, you may be searching for ways to reduce your homeownership costs. To figure out how you can reduce your expenses, we must first look at some of the most troublesome areas in your homeowner’s budget. 

Some of the largest expenses of homeownership include:

  • Mortgage payments (and mortgage insurance): Mortgage payments are based on the cost of the home, your credit score, income, type of home loan you have, and more. According to the latest U.S. Housing Survey, the median mortgage payment is $1,100. 
  • Property taxes: Property taxes are required for state and local taxes. Property tax is based on the value of your home and is determined by an assessor. These taxes are used to fund programs and services within the city or county you live in. Property taxes can range from several hundred dollars to several thousand.
  • Maintenance and Repairs: The need for maintenance and repairs is an inevitable aspect of homeownership. While some may be on the cheaper side (insulating the attic), others can throw a wrench in your monthly budget (pipes bursting). According to Discover, you should plan on setting aside 1% of your home’s value per year to go towards repairs.
  • Utilities: From keeping your house cool during summer to enjoying hot showers after a long day, not to mention having the family stream all day, utilities can add up. Combined, utilities can cost upwards of $300 per month.
  • Homeowners association fees: In some communities, HOA fees are required in order to help maintain the operations and aesthetics on behalf of residents. According to Investopedia, these can average around $200 a month, but can be as high as $700 per month. 

Whether you are a new homeowner or have had your family home long enough to have raised your children in it, saving money in any way you can, can lessen the burden of homeownership substantially. While it might seem difficult—let’s face it there are many costs of homeownership that aren’t so flexible (HOA fees and repairs)—there are a variety of ways to save money when you own a home, starting with these 3 tips. 

#1: Refinance or Pay Off Your Mortgage

Mortgage payments are likely one of the biggest expenses in your monthly budget. Depending on your mortgage terms, you may be able to save money by refinancing. If you are in a better financial position when you refinance (like having a significantly higher credit score), you can qualify for a lower interest rate. Lowering your interest rate can save your substantially over the lifetime of your mortgage.

However, if a lower mortgage payment isn’t sufficient to help with your financial situation, you may also want to consider a reverse mortgage. Reverse mortgages, like those offered by GoodLife, are loans available to senior homeowners who need to supplement their retirement income. If you fall into this category, this type of loan may allow you to pay off your current mortgage, so you can eliminate it from monthly expenses.

#2: Reduce Your Property Tax Bill

While property taxes can vary significantly by state, and even sometimes by county, they are still a notable cost that virtually every homeowner has to pay. According to WalletHub, the average property tax bill in the U.S. is $2,279. For some homeowners, like those who live in states like New Jersey or Connecticut, property taxes are more than double the average.

Whether you live in a state with high property tax rates or considerably lower property taxes, you can benefit by finding ways to save when tax season arrives. There are several ways you can save on your property tax bill: 

  1. Exemptions: Exemptions can apply to a certain group of individuals, such as senior citizens, or a percentage of the property. For example, some states exempt a portion of the home’s value from taxes. 
  2. Deductions: Deductions are a tax benefit that reduces your taxable income, and in turn, lowers your total tax bill. Some common tax deductions homeowners qualify for include mortgage interest and insurance, property taxes paid (on your home, land, or a rental property), and home equity loan interest.
  3. Credits: Credits are a tax benefit that directly reduces your tax bill. There are a variety of tax credits that may apply to property owners such as energy efficiency credits and local tax credits. 

If you’re unsure of whether you qualify for one of these tax savings methods, you may want to speak to a tax professional who can help you make that determination. 

To avoid large increases in your tax bill, make sure to do research before making additions or upgrades to your home. For example, adding a pool or expanding the size of your home may increase the value of your home, meaning higher property taxes.

#3: Make Your Home More Sustainable

According to Move.org, the average cost of utilities for U.S. homeowners is $398.24. This includes: 

  • $110.76 for electricity
  • $72.10 for natural gas 
  • $70.39 for water
  • $14 for trash and recycling
  • $85 for cable TV
  • $60 for internet

If you’re looking for long-term ways to save money as a homeowner, making your household more sustainable may be an effective way to cut down on your bills (now and in the future). From lighting and appliances, to more eco-friendly materials, you can use sustainable alternatives to save money and reduce  your household’s carbon footprint at the same time. 

While it might be hard to see how this would be an effective way to save money on your home when you’re making a substantial financial investment, the savings you’ll see over time is well worth the trade-off. And, with more and more of these solutions available, the more affordable options there are. If you don’t have the money to invest in making these changes on-hand, there are special types of loans that can be used to make updating your home possible. 

Some examples of ways to create an eco-friendly home include:

  • Installing solar panels
  • Switching to a low-flow toilet and faucets 
  • Using a smart thermostat
  • Upgrading your insulation 
  • Adding ceiling fans 
  • Updating lighting fixtures with energy-efficient bulbs

If you’re not sure where to start in your home, determine what utilities are costing you the most and start by taking steps to integrate more energy-efficient solutions in your home.

Start Saving

While it might seem like a lot of effort, even implementing one of these strategies can have a big impact on your budget. Finding ways to cut down on your expenses in these three areas can also help you start a fund for the inevitable repairs and maintenance over the years, college savings, or retirement planning. Whether you are simply trying to live a more frugal lifestyle or have specific savings goals, navigating the expenses that accompany homeownership can help you make the most of your investment.

Author Bio

Alexis Maness has a Bachelor of Science in Integrated Marketing Communications and is a contributing editor for 365businesstips.com. As a professional content writer, she has over five years of experience and is a contributing writer for several San Diego magazines. Alexis specializes in topics related to business, marketing, finance, and hospitality and tourism.

Pandemic House Hunting: What To Do

Since the COVID-19 pandemic started, most industries slowly (or abruptly – depending on the industry) came to a grinding halt. Adjustments for the new normal had to be made for businesses deemed essential. Meanwhile, more frivolous ones have no choice but to wait until everything blows over.

How is real estate faring while all of this is going on? Are people looking for a new home going to have to shelve their future until further notice? The good news is that there are practical ways to adjust to this situation without compromising your health and others’.

Do shelter-in-place research

Like most businesses, real estate all over the world has turned to digital means to keep going during lockdowns and quarantines. Now is the actually best time to do your “home” work.

While you are sheltering-in-place, go online and do some research.

  • Bookmark reliable real estate sites, blogs, forums, and social media pages.
  • Use choice keywords to narrow down your search for the following factors:
    • Locations – Google Maps is a great tool for scouting locations.
    • Neighborhood – Areavibes.com is a good way to check the safety of the neighborhood.
    • Dimensions
    • Price range
    • Proximity to schools and businesses
    • Amenities
    • Yelp rating
    • and other factors to help you determine the best possible candidates for your future home.
  • Lookup reputable Property Managers to help you fine-tune your search and provide a pre-approval list.

Go on virtual house tours

Plenty of real estate agencies currently feature virtual house tours using creatively edited videos and slideshows to highlight the properties’ best assets. This is when you can fill in your research with visuals and see if everything is a good fit for what you’re looking for.

These properties are ones where you can go on a virtual tour, and end up getting a good idea of their important aspects:

  • A house tour that offers a 3D walkthrough experience where you can navigate the interiors with ease (like you are in an actual showing).
  • Properties that allow 360° virtual tours so you can “see” all the corners and areas typically not show on traditional slideshows and picture galleries.
  • A virtual tour or “unboxing” of new properties where a presenter does the touring and describes the look and feel of each room and amenities for you.
  • Home and property tours that also give visual information while you “tour”, as if an agent is walking and explaining things right there beside you.

Does the house have the kind of curb appeal you want? Is the layout making the most of the property’s floor plan and dimensions? Is the neighborhood quiet, clean, and offering the kind of convenience you need? Are there unexpected features like sophisticated finishes, natural lighting, a garden, and other factors that other properties do not have? You can go on as many virtual house tours as your heart desires to look for that perfect house (and all its amenities) today.

Avoid red flags

Here is a section on what not to do. Since it has become easy to window-shop for properties with a few clicks, it has also become easy to get scammed by shady real estate agents hard-selling iffy properties. So as not to get conned, consider the following red flags and do your best to investigate (or avoid them altogether):

  • There is no video tour or even enough pictures to give you a clear idea of how the property looks and feels like.
  • If there are pictures or a slideshow, the dimensions are exaggerated or warped.
  • The location leaves much to be desired – such as near busy, noisy roads or somewhere with an unsavory reputation.
  • It has recently been renovated after a disaster – and is back on the market right away.
  • The house has been listed for sale for quite some time (and nobody seems to be interested).
  • The price tag seems too good to be true.

Consult with a reputable Property Manager

A Property Manager can help you fine-tune the research and home tours you have done so far. They are professionals who are well-versed in the language of real estate and all of its requirements. They can help you come up with a list of what to accomplish prior to the actual viewing and purchasing of your future home.

Look for a Property Manager with experience in crisis situations and have exhibited adaptability in seemingly unforeseen circumstances. Those are the best ones who will have your back no matter what. They can help you with controlling costs and negotiating contracts to your favor. And given the current situation, they will insist on safety and health protocols for everyone involved – and not jeopardize it with haphazardly thrown-together site viewing and hard selling.

Fortunately, everything can be found with just a series of clicks. You can look up Property Managers with impressive portfolios and impeccable reputations with just a few keywords and reviews. Now more than ever, the Internet is your best tool for preliminary house-hunting. Use it freely to your advantage.

Bio: Elisha Finman is an experienced RE executive proficient in operations, finances and team building. His track record includes managing a portfolio of New York City multifamily residential buildings. Skilled in all areas of RE management including setting rents, leases, collections and legal, evictions, violations hpd-dob-ecb, building maintenance and instituting cost savings and efficiency measures.

A cheap pool for your home

Summer means pool time. For many of us, a pool is the epitome of having a good time. Especially in summer holidays a pool is one of the things we don’t want to miss.

But if you usually visit a public pool or leisure centre, that might not be an option right now. On the other hand, building your own pool at your home is a big and expensive venture.

As we have around 39ºC (102ºF) right now, I happen to find myself desperately searching for a cheap pool solution. Little did I know I would find the hot trend of the summer.

What about a stock tank pool at your home?

What is it, you may ask. Well, it happens that these inexpensive farm items were originally designed to water livestock. Now, it seems people have discovered them for their own pleasure. They are appearing in gardens across the world.

It’s a great idea, inexpensive and has a certain charm to it. How can you get one?

Choose a “pool” size

First step would be to find your local farm item supplier and see what options are available. In most areas the biggest round troughs are the most popular. Naturally, they would offer the best swimming experience.

Pick the right spot

Next or at the same time you need to decide where to set it up. You will need a spot with a level foundation. This means it needs a solid, level base free of any rocks or sharp edges.

Add pumps and chlorine

Of course, you like to enjoy your pool for as long as possible. Therefore, you will need to add a few things to keep it clean and safe. I found a very detailed description on how to do it (it has very nice pictures of stock tank pools as well that might give you some ideas). Check it out at Hey Wanderer blog

If you rather buy a house with a pool, check out find cheap holiday homes.

You have a house for sale? List it with us for free.

Smart Home – what does it mean?

We encounter the expression “smart home” everywhere today. But it means much more than clever refrigerators and intelligent lighting. Smart home is when your house “thinks” and makes your everyday life as easy, safe and pleasant as possible. Thanks to a smart home, you save precious time. Smart devices organise annoying routine tasks for you. The goal is comfort, entertainment, energy saving and security.

Smart Home how does it work?

The principle can be summed up in the following; Various electrical devices and sensors are interacting and communicating with each other. Often, you can control Individual devices and even entire systems remotely. In this way, a simple and complex process can be automated.

How does the communication work?

Lying by the pool and starting the oven with a roast for dinner? Or making a coffee while still in bed with your smartphone? With Smart Home, such comforts have long ceased to be a vision of the future. At home, the devices communicate using standards such as WLAN, Bluetooth, KNX data cables or even directly via the power line.

All are proven standards and almost all current smart home devices and systems can be installed and operated very easily today – via an integrated display, smartphone, tablet or even a voice control.

Which devices can be controlled in a smart home?

In principle, every electrical device and system can be controlled smartly. Therefore, it is often possible to optimize comfort, safety or efficiency at once. Lighting, heating and air conditioning systems are typical areas of application for smart homes such as controlling canopies, blinds and shutters. Entire lighting concepts can be conveniently controlled and automated.

A message on your smartphone as soon as your laundry is finished?

Thanks to Smart Home, this is not a problem.

But it gets even better, entire home security systems can be controlled as well. While you are away, it is very easy to check that everything is fine at home using your smartphone. If someone rings at your door you can even see who it is and answer at the intercom. You simply access your intercom and cameras at home via the Internet.

Want to buy or sell your home? List it with us today.

How to Find Cheap Land for Sale in Texas

You are making a wise decision if you are planning to find cheap land for sale in Texas because buying a property in the other states can break the bank. If you see the estimated value of the combined areas in the United States, the total will be around 23 trillion dollars. 

If you will look for land in Texas, the average value per acre is only around 7,500 dollars. The agricultural property is one of the reasons for its reasonable price, which makes Texas one of the ideal places to look for cheap lands.

Why Buying Land in Texas Is More Practical

There are a few reasons why buying land in Texas is more practical. The most obvious is that most areas in Texas are agricultural. Moreover, here is why purchasing an estate in Texas is the right choice, especially if you will use it for agricultural purposes.

  • Local government is less strict on controlling the state’s real estate development.
  • Agricultural lands provide a massive amount of reduction in annual taxes.
  • Financing companies are willing to lend to farmers and landowners.
  • You can be eligible for the Federal income tax Schedule F.

As you can see, if you will use the land for farming, wildlife conservation, and timberland, you can save a great deal in Texas.

How to Find a Cheap Land

Now that you know that Texas offers a better deal than with any other estates, you can lower the price more if you know how to buy one at a lower price.

Aside from paying for the land, you also need to consider the other variables like tax receipts and land surveying. Most often, the new owner pays for tax receipts. You also need a service of a land surveyor to ensure that you are getting the exact land measurement for the price you paid.

Image by David Mark from Pixabay

The common types of properties that are cheap are the property, foreclosed, and government-owned. The only con is that it is not easy to find these properties on your own. You need to contact a bank to ask for foreclosed properties or ask help from mediators like land brokers, auctions, and realtors.

Sometimes, you can find the best deal on e-commerce websites like e-Bay and Craigslist.

The best way to acquire the lowest price is to buy a land that is away from the city and establishments offering essential goods, such as grocery stores, schools, and gas stations. Next is to find the owner and haggle directly. If you are lucky, you can come across the owners who are willing to bargain for a low price to get rid of the property.

As you can see, it is not difficult to find cheap land for sale in Texas.

Author: Kelsey Mickens

Keep your home covid-19 free

Many things changed since the arrival of the Covid-19. This is also true when it comes to your home. Many took measures to make it easier to keep the house clean. Most important of all, many changed their behaviour of what they do first when they come home.

There are some basic procedures you should do to protect your home.

In order to do that, you need to organize the entrance of your home and observe a few guidelines. Traditionally, in some countries people already do this for many centuries.

It doesn’t need to be a big space, only large enough to be organized in a “dirty zone”, an “in-between zone” and a “clean zone”.

The “dirty zone”

There should be a space right at the front door, where we can take off your coat, leave your bag and keys, take off and put away your shoes. Ideally, you would clean the soles of your shoes with disinfectant.

In this area you always keep a rug on the floor, a hanger to hang your bag and coat, a trash can with pedal, a bottle of disinfectant or diluted bleach and a disposable paper roll (to clean/disinfect your shoes). If you like to add some comfort and you have some additional space you can put a chair as well.

The floor and the rug should be washed regularly.

The “in-between zone”

In the “in-between zone”, always keep some alcoholic gel. Here you disinfect your hands or even better, if you have the possibility, wash your hands with soap here.

The “clean zone”

In the “clean zone” you put on your slippers and maybe other comfortable clothes you only use at home. Now you are all ready to use the rest of your home.

What if you have a dog?

If you come home with your dog, you should also clean the animal’s paws every time.

Do not use alcohol or bleach to sanitize the dog’s paws as he might lick it.

Did you create different areas at your home? Leave a comment below and let us know.

Do you like to buy or sell your home. List it on www.listproperty4free.com