Lets think of the best-case scenario – you purchased your new home and you were approved for a mortgage! Congratulations! Now time for the “fun” part – time to move! It is no doubt that moving brings forth not only a lot of happiness, but likely a lot of stress as well. Typically, there are two types of people – one that loves to move and start a new adventure and one that despises the whole process. There are a lot of factors that come along with moving that you have to make sure you take into consideration. Most of these factors revolve around cost.

Your first option is to do everything yourself. If you are a family of two (husband and wife) there is usually only so much that two people can do. You can ask family and friends to help with big items, but you will still want to invest in a moving truck. Also, it would be nice to repay your family and friends for their help in some way shape or form – so that will cost some amount of money. It depends on the type of moving truck you decide to rent as far as what the cost will be; but at the minimum, it will be about $20 per day for the rental of the moving truck.

Another option is to hire a moving company if you are moving locally. For some quick numbers…a one bedroom apartment will cost anywhere between $200 and $500 to pack up and move within a three to five hour time span. A four bedroom house will cost anywhere from $800 to $2,000 to move and can take up to ten hours (or more) to pack up and move. The amount of time and money for spaces in between these two sizes will vary. If you have thought about hiring a company from the start and saved enough money for it, sometimes it is the most efficient way. It is also less stress as well!

If you are moving out of state, the prices will be more expensive – especially if the movers are bringing your possessions to your new home. The cost for something like this depends on the distance you are moving as well.

You do have the option to do a combination of things. For instance, you could hire people to pack your belongings in a rental moving truck and you drive to the new destination.

Luckily there are a lot of options for you! Whatever it is, we recommend you factor them in when you are starting the process of purchasing a new home. It will be less of a surprise (and less stress!) when it comes time to move.

If you are opening your home to a loved one who is elderly or your elderly family member (or friend) is living alone, there are some things to take into consideration so not only are they safe, but tasks that they need to get done can easily get done. Falling is a huge danger that the elderly have. It is estimated that as many as 5,000 people a year will die shortly after falling. That is a significant number! Keep in mind that there are about 75% fewer fall when someone can be cared for in their own home instead of a facility.

If a room is cluttered, it will be more difficult for someone to get around with a walking aid. Make sure all rooms have a limited amount of furniture and other “stuff.” Also, be careful of any rugs that have the potential to be tripped on. It would be best to remove any extra rugs in the home as well.

When it comes to the bathroom, there is a lot to take into consideration. For the bathtub, rails would be helpful to get in and out of the bathtub. A non-slip matt on the bottom of the tub would also be helpful. If possible, a walk-in shower would be the most conducive and safe. Depending on the size of a person, a toilet may be too low to the ground for comfort and safety. There are options to adapt the seat to make it higher.

When it comes to the kitchen, there is a lot that can be done! Counter tops, drawers, and shelves that are higher up would be easiest for the elderly to reach for. If cooking is still on the table and possible, a talking scale or a scale with big numbers, would be most beneficial. There is also a great deal of kitchen gadgets that can be changed out for older gadgets.

We thought that this information would be important to the ever-growing population of people who care for their elderly family members. If you have any other tips, please share them so others will be able to benefit as well.

Fall is coming! For some of you, that means time to do a major remodel. If you’re planning on doing some, if not all, of the work yourself, it makes sense why you’ve waited for it to get cooler outside. If you are not able to pay for the remodel out of pocket, there are some options for you. Keep in mind that remodeling adds value to your home.

If you were already considering refinancing the mortgage you currently have, you have the option to add extra to your loan and take some money out to finance your remodel. We would not recommend that you decide to refinance in order to remodel – that is not a wise decision.

There is an option to take out a personal loan for a remodel. Personal loans tend to have higher rates though. It makes sense as the lender has a greater risk since nothing is up for collateral.

Home improvement loans are available as well – in the form of a second lien. You can either take out an equity loan or a home equity line of credit.

If you are able to afford paying for any of the remodel in cash, we would recommend you do that and then finance the rest. It is always wise to minimize the amount of your loan as much as you can.

If you decide to go with a remodel, do not forget to take before and after photographs. They are always fun to look back at!

Right now, home equity is flourishing. To make it simple, home equity is the value of your property minus the loan on your property. Home equity is important when you want to sell your home or refinance your mortgage. There are a few ways you can build equity in your home.

One very simple way to build home equity is by paying your mortgage when it is due. As long as your mortgage is not an interest-only home loan, you pay your interest and some of your principal.

A homeowner also gains home equity if the value of their home increases. This is not something a homeowner has any control over as if the value of a home decreases, their home equity will decrease as well.

When paying your mortgage each month, if you pay a larger payment than what is due, you will be paying more toward the principal of your loan. This helps you to pay your mortgage quicker, thus gaining home equity quicker as well. If you do not want to (or are not able) to pay larger payments each month, you can also get on a biweekly payment plan. By paying in this fashion, you will save in interest and build home equity faster.

Making improvements to your home, when the value is more than the coast, your home equity will be increased. If you are a handy person and able to do some of the work on your own, you will save on labor cost. Keeping up with your home, maintenance wise, will also create more home equity. For example, if your air conditioning is in good shape, when you go to sell the home, the potential buyer will not request a repair.

Keep in mind that if the house looks good when you go to sell it (a fresh paint job, plants and flowers everywhere, a clean home, etc.) the more likely the house will sell for more.

Building home equity does not have to be difficult. As you can see, there are some easy ways to build it.

Ten years ago, it was very common for homeowners to have a home loan with an outstanding balance that was more than the value of the property. Now, thirty seven percent of homeowners in the United States do not carry a mortgage according to Zillow. This means that the homeowner is “free and clear.” Not only do they not have any further payments due, but also there are no liens on the title.

Homeowners paid their loan off on schedule or ahead of time. Some homeowners paid a prepayment or extra payments. Some of these “free and clear” homeowners also include those who may have the ability to pay cash up front. The term “free and clear” is a term associated with not having a mortgage as you still have to pay for ongoing home maintenances, utilities, etc.

There are a few factors that have increased the number of “free and clear” homeowners in 2019.

Recently, there have been record low mortgage rates. Some homeowners have decided to refinance into loans that carried a shorter term but their monthly payment stayed the same.

A majority of homeowners who fall into this category decided not to acquire any additional debt the last ten years. This has given homeowners the opportunity to make extra payments or pay more each time a payment was made when they were able to.

Another reason the amount of “free and clear” homeowners has increased is because currently there is an older population of homeowners. This older population has not moved for thirty (or more) years so of course they have been able to pay off their mortgage.

Just like anything in life, things can change in a moments notice!

According to the Pew Research Center, between 2006 and 2016, there were 8.7 million renters! In more than 20 big cities, there are more renters than homeowners.

Just like paying your mortgage in a timely manner, paying rent (and utility bills) in a timely manner can increase your credit score. Rental payments can be reported to Experian, TransUnion, and Equifax. Those are three credit rating agencies. In the FICO 9 model, paying your rent back 100% perfect can increase your credit by almost 20 points.

Receiving a “reward” for paying rent on time is something that is likely to encourage renters to do it consistently. If you are renting from a large property management company, they are likely in some type of relationship with a Rent Payment Service. This type of agency is likely to report if renters meet the payment deadline. If you are renting from a private landlord, it is less likely for a Rent Payment Service to know you are paying rent on time. There are some groups you can join – PayYourRent, Cozy, or RentTrack. These groups ensure that your rental payment is reported.

If you want to increase your credit score before getting a mortgage, a great way to increase it is by paying your rent on time, consistently! Not only will you raise your credit score, but you are likely to have lower interest rates for home loans (car loans and insurance too!) available to you.

Redfin, a real estate brokerage, recently did a study that stated that homes that were lived in sell for more than vacant homes. On average, vacant homes sold for $11,000.00 less. The study also indicated that on average, a vacant home took an average of six extra days to sell. To some, it makes sense – empty homes are not as appealing. Also, imperfections are easier to see if rugs, coffee tables, beds, etc. are not in the home.

Even though homes that are occupied sell for more and quicker, on average, it is important to keep in mind that the home needs to be neat and decorated well. You can hire a staging company for this if your real estate agent does not offer it. Living in the house is a fine line…clutter and old looking furniture is likely to not help the house sell.

When potential homebuyers look at a house, they want to be able to visualize what the house looks like. If it has furniture from the 1960s, it will be hard for the potential homebuyer to look past it.

If you are on the hunt for a new home, keep this statistic in mind and remember that when you purchase the home, all the nice furniture will not be in the house when you move in! Also remember that statistically speaking, vacant homes sell for less!

Homes for Heroes Grant

Are you or one of your loved ones a hero? If you are questioning what  “hero” is considered to be, think: (current and former) firefighter, paramedic, law enforcement, military, nurses, doctors, teachers, etc. The reason this is mentioned is because there is a program called Homes for Heroes. If you quality for it, you are eligible to save money on buying or selling a home. Through the program, you can work with a real estate specialist when buying a home, or a mortgage, title, and inspection specialists when selling a home.

You do not need to work with every specialist, but each one you work with helps you to save money. Most homeowners choose to work with each one they have available to them so they can maximize their savings.

We are not affiliated with the program but want to make it known for potential homeowners, who are heroes, out there. The program is run through the Homes for Heroes Foundation. The foundation is a nonprofit and private charitable foundation that gives grants to eligible heroes to help with housing or emergency financial assistance. Within the last ten years, 28,000 heroes have saved over $45 million on their real estate transactions and $4 billion sold in real estate to heroes.

If you or someone you know is considered to be a hero, we suggest you take a look into this option!

Getting Your Home Ready to Sell Tips

Once you’ve decided to sell your home, which we know is not an easy decision in itself, there are some suggestions we have to help get your home ready to sell. We want your house to sell as quickly as possible, as we are sure you want as well. Making small changes to attract attention to your home and make it stand out is the key.

To start off, we would recommend you really do a spring-cleaning! Not only that, but also depersonalize your home. When potential buyers enter a clean, decluttered home, they will feel like you’ve taken good care of the home. Having it clutter free will also make the home seem bigger. It will be tough to depersonalize your home if you are still living there, but not having a personal touch to the home will make it more appealing and less distracting for potential buyers.

You should do this all along, but keeping up with routine maintenance and repairs is very helpful when getting ready to sell a home. People who may potentially buy your home will take your house apart! They will look at every nook and cranny. By keeping up with the home, the home will be very attractive and appealing.

This may be common sense, but we want to remind you that a clean home may increase the likelihood of it selling! It makes a great first impression. You need to make sure you are consistent, though. Just because your kitchen is spotless, do not mean it is okay to slack in the closet department. Again, a potential buyer will look at everything!

There are staging companies you can hire to help make your home more appealing when it comes to decoration. The companies will bring their own furniture, artwork, etc. to help compliment the home.

Professional photographs will help your home to sell quickly. Although it is another expense, it will be a payoff in the end. High-quality and beautiful photographs will help your home stand out against everyone else.

If you have already sold a home, did you follow any of this advice? Are there any more pieces of wisdom you could share with potential sellers?

Five More Cities Millennials are Loving

Like we talked about last week, there are some cities millennials have fallen in love with lately! The cities we speak about today, like last time, are in no particular order.

Option number one: Denver, Colorado

Denver is known as one of the most “green” and active cities. It is very pedestrian friendly, which is great for millenials who enjoy the great restaurant and brewery scene that Denver has. Although it is cold, the outdoor activities associated with the cold, skiing, hiking, road biking, etc. are activities millenials enjoy. The average rent is also fairly affordable.

Option number two: Nashville, Tennessee

Nashville is extremely diverse. Although country music is well known, the food scene is incredible as well. Job growth is increasing steadily as well. The average cost of rent is also one of the least of all cities we have discussed so far.

Option number three: Pittsburgh, Pennsylvania

Pittsburgh is extremely accessible and affordable. They also hold the title for the fourth highest density bar in the United States. Job opportunities and job growth are also another reason millenials are enjoying the cold, but prosperous city.

Option number four: Columbus, Ohio

Three great characteristics of Columbus for millenials are: steady job growth, affordability, and diversity. Columbus is also very family-friendly and has great restaurant options. For those millenials with a business brain, Columbus is ranked as “one of the best cities to start a business from the ground up.”

Option number five: Sioux Falls, South Dakota

Sioux Falls is so affordable that most people (even millenials) own a house there and do not rent. They also have a low unemployment rate! If finances are important to you, Sioux Falls is very budget-friendly. They are also known to be very pedestrian friendly, have great culture, and delicious food/drinks. Although there are other cities that pride themselves on nightlife, Sioux Falls is great for families.

If you’re looking to relocate and put down roots in a new city, which would you choose?