Housing

7 Hidden Costs of Home Ownership

July 31, 2020 By Tamila McDonald Leave a Comment

Many first-time home buyers experience a rude awakening. Often, they don’t anticipate many of the hidden costs of home ownership. Which is something that ultimately leaves them reeling if they aren’t financially prepared for emergencies. Luckily, it is possible to essentially learn from the experience of others. As many generations of home buyers before them have been down that road. With that in mind, here’s a look at seven hidden costs of home ownership that every prospective buyer needs to keep on their radar.

1. Property Taxes

While most home buyers understand that they’ll have to pay property taxes, only a few have an accurate idea of what that’ll look like. It isn’t uncommon to incorrectly estimate what you’ll owe. However, with a bit of diligence, it’s possible to track down a reasonably accurate number quickly. In many cases, you can find it in the MLS listing. Otherwise, most municipalities have a search tool that allows you to look it up.

Additionally, many don’t know that the cost of property taxes usually gets wrapped into your monthly mortgage payment. The lender uses that approach to help ensure you remain current, putting the money into your escrow account until it’s sent to the proper municipality, usually in two annual installments.

2. Lawn Care

If you previously lived in an apartment or in a rented property where the landscaping was handled by the owner, it’s easy to overlook how much lawn care can cost. Buying all of the necessary tools can set you back several hundred dollars at a minimum. If you opt to have it handled by a professional, routine maintenance may run $100 or more a month, while more in-depth upkeep could cost several hundred or more for a single appointment.

3. Pest Control

Another cost that renters don’t shoulder but homeowners often need to handle is pest control. Usually, preventative treatments are the best approach, as they stop potential infestations before any trouble can occur.

However, depending on the kinds of treatments involved and the size of the property, that can easily run several hundred dollars a year. While that is far less than the cost of dealing with an infestation and any resulting damage, it’s still a big bill that many new homeowners don’t expect.

4. Missing Appliances

When you buy a home, it isn’t uncommon for every appliance to be left in place except refrigerators, washers, and dryers. While you may be able to delay picking up a washer and dryer, living without a fridge isn’t necessarily an option.

Since a refrigerator can cost anywhere from a few hundred to several thousand dollars, it can be hard to squeeze into a budget after handling all of the home buying-related expenses. If you need a washer and dryer too, that could run an additional several hundred to more than $1,000, depending on what you buy.

5. HOA Fees

Purchasing a home that sits in a homeowners’ association (HOA) zone usually means paying monthly or yearly dues. These funds support the HOA’s operation as well as cares for various community assets or services.

HOA fees can run the gamut. Some may be a few hundred dollars a year, while others are several hundred dollars a month. That’s why knowing what they are in advance is essential. If you fall behind on your dues, there can be consequences, including a lawsuit against you or a lien on your property.

6. Repairs for Damage Due to Negligence

Even if you get a home inspection before you buy your house and no major issues are spotted, that doesn’t mean everything is squared away. Inspectors may not spot every problem, even if they are fairly diligent, as some are hidden from view.

While new homeowners might assume that certain kinds of damage are covered by their homeowners’ insurance, if the damage is due to negligence, it usually isn’t. That means, if the previous owners didn’t perform proper routine maintenance, your insurer might not have to foot the bill. Instead, it will be solely your responsibility.

7. Utilities

New homeowners usually understand that they’ll have to handle their own utility bills. However, it isn’t uncommon to underestimate their size. If your house is larger than your last rental property, you may not realize how expensive it is to heat, cool, or otherwise power. Similarly, if your rental property had water, sewer, and garbage costs included, you might not understand how much these usually run.

In some cases, you can get estimates by calling the utility company and inquiring about past data on the property, or averages in your neighborhood. However, these won’t be based on your level of use, so they can still be inaccurate.

Ultimately, it’s critical that homeowners understand the potential impact of all of the costs above, ideally before they move into a new house. That way, they can get accurate estimates when possible or, at least, understand that these expenses are part of the equation. Then, they can plan accordingly, ensuring a surprise cost doesn’t become a budget-buster. If you’re looking to buy a property as an investment you could always avoid all these costs of home ownership by investing in a service such as Roofstock.

Do you know of any other hidden costs of home ownership? Share your thoughts in the comments below.

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Use These Tips to Pass Your House to Your Heirs Tax-Free

July 29, 2020 By Kathryn Vercillo Leave a Comment

You would like to pass a house tax-free to your heirs. After all, you want to give them a gift, not the burden of taxes. But how do you do that? Here are some key tips:

Tips to Pass a House Tax-Free Through a Will

When you do your estate planning, you can make a plan to pass your house tax-free to any heir(s) that you would like. For most people, this is the best way to make sure that you’re passing along the home with the least cost to anyone.

The most important thing is to consider the total value of your entire estate (not just your home). If the value is over $11.58 million (this is called the unified federal estate gift and estate tax exemption amount; the amount is as of 2020), then you’ll have estate taxes. If it’s under that amount, you won’t have taxes. Therefore, you can pass a house tax-free through a will if your assets are below that amount. Note this amount is federal; check with your state about local maximums to make sure that your heirs won’t owe any state taxes on the inheritance.

Things to consider:

Make sure you, and your heirs, understand the capital gains taxes that your heirs may have to pay when they sell the property. The great thing about using a will to pass a house tax-free is that it generally gives you the best option as far as this goes.
If you owe any money to Medicaid upon your death, they can place a lien on your property, which can impact your heirs

Use an Irrevocable Trust

If you do have an estate that exceeds the $11.58 million amount then you might want to consider putting the house into an irrevocable trust instead of simply including it in the estate will. Specifically, you might want to look into a qualified personal residence trust.

Once you pass away, the house will go to the heir(s) you’ve designated with the trust. However, if you sell the house, the money goes into the trust; it can’t be cashed out should circumstances change. (Hence, the term “irrevocable.) So, this is not a move to take lightly but it’s something to consider if you have a high-value estate and want to pass a house tax-free to your children or other heirs.

Tips to Pass a House Tax-Free As a Gift

You can gift a house to your children. Don’t you have to pay taxes on that? Not necessarily. If the value of your home is less than the $11.58 million mentioned above, then you probably won’t have to pay taxes on it nor do your children. You do, however, have to file a gift tax form when you do your annual taxes. As long as the value is below that amount, it should just be a matter of filing the piece of paper but not paying any fees.

Review the total value of your estate and your home.
File a gift tax form with the IRS in the year that you gift the home (unless the home is worth less than $15,000)
Offset the total amount of the gift by first using your annual gift-tax exclusion ($15000); note that this is per donee and per donor (so if you and your spouse jointly own the property and you gift it to multiple children then you can increase the exclusion amount accordingly.)
Again, make sure you and your heirs are both aware of the capital tax gains. If your child eventually plans to sell the home, they may pay more if you gift them the house than if you will it to them.
Do not apply for Medicaid within five years of gifting your home to your child. The details on this depend on exactly what your assets are worth but generally speaking there’s a transfer penalty if you gift assets just before applying for Medicaid.

Can You Sell the House and Gift the Money?

Some people really want to pass on their home to their children. And some children really want their childhood homes. But in many instances, it’s more about the money/value than about the home itself. If that’s the case in your family, then you might think about selling the house.

You can sell the home at current market value then gift that money to your child. You can gift it in a will or trust or give it to them directly.
Gift up to $5.49 million to one person are allowed without having to pay taxes on it. You will still need to file the aforementioned gift tax form with the IRS.
Another option is to sell the home to your child at a very low price. The plus side is that they get the house, then they can sell it themselves at a higher value when the time is right for them to do so. The downside is that they may have to pay higher taxes when they do.

Can You Sell The House to Your Child for $1?

This was a common practice for awhile. You technically sell the house, so it’s not a gift. However, this isn’t something that flies anymore, legally speaking. Of course, you could sell the house to your child for $1 if you wanted. But the rest of the value of the house is considered a gift. Therefore, the gift tax rules are still relevant. Moreover, if your child sells the house, they have to report that entire difference as a gain, which impacts taxes.

If you want to sell your house to your child, your best bet as far as taxes go is to sell it to them with a small down payment as a seller-financed sale. You’ll carry the note for the balance. Your adult child will make affordable payments. You can even offset what they pay you by gifting them up to $15,000 per year (which is low enough to not qualify for that gift tax.) Since you’ve sold the home, it’s no longer part of your estate, so you don’t have to worry about that come tax time.

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Is It a Good Time for Me to Get a New San Francisco Apartment?

June 18, 2020 By Kathryn Vercillo Leave a Comment

I have lived in my San Francisco apartment for nearly a decade. It’s a great spot with a lot of light, in a walkable location, and my neighbors are wonderful. However, it has a few problems with it, and I’d love to have a place with a yard for my dogs. Therefore, I frequently think about moving to a new spot. It just hasn’t been realistic due to consistently rising apartment costs. Then COVID-19 hit, and it has me wondering – is not a good time to make the move?

COVID-19 and the San Francisco Rental Market

I’ve been eyeing the changes in the San Francisco real estate market (both buying and renting) just out of curiosity. I like to keep up with things like that where I live. And San Francisco has always been a fascinating market to me. It doesn’t typically have the ups and downs of other real estate markets. Prices go up and up. But an increase in housing construction combined with a recent outflow of people due to. COVID-19 means that the real estate market is actually changing a lot here in ways I haven’t seen since moving here.

COVID-19 put a lot of people out of jobs. Of course, many tech jobs were safe because those people were able to easily work from home. But all of the people working in restaurants and bars and retail and so many other businesses have been out of work since things shut down in March. And even though things are starting to re-open, it’s slow and there remains a lot of job loss.

How San Francisco Reacted to People Unable to Pay Rent

I’ve been lucky in that I can continue to pay my rent. My understanding is that people who were unable to pay rent were allowed not to thanks to an eviction moratorium. However, all of that back rent adds up, The rent isn’t canceled; it’s just delayed. What repayment looks like seems unclear at this time, as we are still in the midst of the pandemic effects. But rent here is exorbitant, and people who can’t pay one month will find it difficult to catch up on back rent when that time comes due.

Many San Franciscans Up and Left

I’ve noticed quite a few U-Haul trucks in the city lately. Therefore, I wasn’t too surprised when a new article came out emphasizing that a lot of people are packing up and leaving the city. Many of these people are just breaking their leases and heading out of town. According to the San Francisco Chronicle, one in thirteen city renters have broken their leases since coronavirus struck.

Here are some facts according to this article:

Nearly 8% of San Francisco renters have broken their leases.
Most of these are people are under age 25 and have moved back in with their parents.
This could cost local landlord more than $15 million in lost rent this year.

It’s a Renter’s Market in San Francisco

As a result of all of this, renters have an upper hand right now in a market where that is rarely the case. In the past, if I planned to rent a new San Francisco apartment, here’s what I would expect to do:

Be the first one to show up the second that it went on the market.
Bring first and last month’s rent plus a deposit as a cashier’s check to my first visit to the apartment.
Bring proof of my income and a letter of recommendation from at least one previous landlord.

In other words, it is a competitive market. I would go in assuming that I would have to woo the landlord. In contrast, right now, landlords are wooing new tenants. In fact, I’ve seen something happen here that was common in my Arizona hometown but I’ve NEVER seen it in San Francisco: apartment buildings are offering the first month of rent for free!

Why Would I Want to Move to a New San Francisco Apartment?

There are a lot of things that are so great about this apartment. Honestly, most of the time, I love the place. But there are some really strong reasons that I’ve considered moving:

It’s a one bedroom apartment and if I could ever afford to have a second room for an office / craft studio, that would be amazing.
There’s a coin-operated shared laundry that is broken more often than not. How luxurious it would be to have in-unit laundry!
I have a deck that my dogs can sun on but there is no yard. Especially as the older one ages, I would so love for her to have a yard.
There are a lot of things falling apart in the building. There is a mouse problem. It’s not kept up very well.

So, there are some decent reasons to move. None have been motivating enough to date. I pay a low price for the city since I’ve been here so long. I think it’s amazing to have the terrific neighbors that I do. Moreover, I wouldn’t be able to afford a place with a second bedroom anyway so that reason is a moot point.

More than anything, it’s just a “grass is greener” thought that happens from time to time. So I suppose that I’m not overly motivated to move.

But The Timing Might Convince Me To Move

Although there aren’t strong reasons to make a move, the San Francisco rental market situation definitely has me considering the possibility. It seems easier than ever before to actually qualify for a place as a renter. Plus, with landlords feeling more lenient, it’s less of a problem to apply for a place with my two large dogs. In the past, apartments have said “no thanks” because they have their pick of tenants but that’s just not the case right now. So I could possibly get a place I love more, with a yard for them, at a reasonable price.

What Are San Francisco Rents Right Now?

All of that said, the reality is that rents are still high in this city. They may be lower than in the past, but they aren’t low. I’ve had my place nearly a decade, and the landlord is only allowed to raise the rent a small percentage each year. Therefore, I pay less than $2000 per month for a one bedroom place in a popular neighborhood. Looking at it realistically, could I get something better for the same or less? Probably not.

The Chronicle reports that rents are down somewhere between 9% and 15% since last year. However, rents had been climbing year upon year for a long time. So those rates are still much higher than I currently pay. As Curbed reports, the average price for a one bedroom apartment rental dropped from $3700 to $3360 per month. That’s still a lot more than what I’m paying for my place.

The one caveat is that every now and then my partner and I discuss what moving in together might look like. He has a studio and I have my apartment. We could definitely pay less combined if we moved in to a one-bedroom place together. And we could likely still pay less even for a two bedroom (which is likely the only way we would consider it anyway). But it’s early in our relationship. And while it’s common for people in San Francisco to move in with each other quickly precisely to save on rent; I’ve also known far too many people who ended up stuck living with a ex for a long time because moving out was too expensive here. So I’m not sure either of us wants to make that move just yet.

It’ll be interesting to see what happens with the San Francisco apartment rental market in the year to come. Do you have any predictions?

Everything You Should Know About Mortgage Forbearance

June 12, 2020 By Kathryn Vercillo Leave a Comment

Many people struggle to make their mortgage payments. When a disaster hits, such as the COVID pandemic, those payments become even more of a burden. It’s important to understand that you do have options. Mortgage forbearance is one of those options. Of course, like any financial choice, it has pros and cons. Here is everything that you need to know to make an informed decision about whether or not mortgage forbearance is right for you.

What is Mortgage Forbearance?

Mortgage forbearance, much like student loan forbearance, is a means to reduce or eliminate your mortgage payments for one or more months. It is available for many people who are financially unable to make their mortgage payments at this time. If you find yourself unable to pay your mortgage, it’s important to call your lender to discuss your options. This is one of the options that you should discuss.

Mortgage forbearance has always been an option for home loan borrowers who find themselves facing financial problems. Due to the coronavirus and its associated financial challenges, more people than ever are seeking mortgage forbearance. In fact, the CARES Act specifically includes regulations for mortgage assistance in consideration of this issue.

That said, mortgage forbearance is only a short-term solution. Depending on your loan terms, you may qualify for anywhere from one month to one year of paused mortgage payments. Most forbearance programs fall into the 3-6 month range. Your mortgage is many years long. It’s a way to pause the payments as you get back on track. It doesn’t reduce your overall loan payments. Arm yourself with information about the pros and cons before you decide to go this route.

Benefits of Mortgage Forbearance

The number one benefit of mortgage forbearance is that it provides you with a means to pause or reduce your mortgage payments. This is a way of working directly with your lender during a time when you face financial difficulties. By doing so, you give yourself the best chance of coming out of those financial hardships with few or no penalties to your loan terms and credit report. If you can’t pay your mortgage, don’t ever just fail to make the payment. Call the lender to discuss the options. Mortgage forbearance is a crucial option.

So, to summarize, the biggest benefit is a pause or reduction in mortgage payments, allowing you to catch up financially during tough times. In conjunction with that, it’s a means of keeping yourself in good standing with your lender. It keeps your credit score safe during the period of forbearance. Obviously, it’s a way to keep your home from going into foreclosure.

Downsides to Consider

Pausing your mortgage payments sounds like a great option. If you can’t pay your mortgage, then it just might be your best choice. However, it’s important that you fully understand the terms of this agreement. Some of the potential drawbacks or downsides to consider include:

Your forbearance program eventually runs out.

When it does, you’ll have to make payments again. This could be in one month or one year, depending on the terms you work out with your lender. In some cases, you may need to make even bigger monthly payments once you start paying again (in order to catch up). You may even have to make. lump sum payment to pay it all back at once! Alternatively, the lender may extend the life of the loan.

If you get to the end of the forbearance period and then miss payments, it will negatively impact your credit score. If you can’t meet the terms of the forbearance during the program, it will also negatively impact you. If your financial difficulties are short-term, then the forbearance option makes sense. However, if you don’t see your finances improving in the relatively near future, you might want to consider alternatives.

You may have trouble getting a new home mortgage loan for awhile.

According to Forbes, these programs can lead to negative impact on your ability to qualify for home mortgage loans including refinancing even from the best mortgage refinance lenders in 2020. Yes, it’s true that forbearance doesn’t impact your credit score. And yet, lenders can see that you took this option. They may choose not to support your applications for assistance in the near future as a result.

Your mortgage may cost you more in the long run.

Interest will likely continue to accrue throughout your paused payment period. Ultimately, this means that you’ll pay more overall for your loan. If you can make your mortgage payments now and skip that added interest, that’s your best bet. If you can’t make your payments then the extra interest could be a small price to pay to stay in good standing with your mortgage lender.

It doesn’t kick in right away.

If you have a mortgage payment due immediately then this might not help you. It typically takes a month or so for the new agreement to kick in. Therefore, there’s a good chance that you will still have to find a way to make this month’s mortgage payment even if you can pause future payments.

There might be a better option.

This is only one option. It might not be your best one. The CARES Act covers mortgages from people who have federal loans such as Freddie Mac and Fannie Mae loans. Several states, including New York and California, have also created new rules for mortgages in response to COVID-19. Private lenders can make their own decisions. If you have a home loan with a credit union, for example, then they might work with you in ways that give you better terms than forbearance.

Should You See If You Qualify for Mortgage Forbearance?

Weigh the pros and cons before calling your lender. If you are definitely unable to make your mortgage payment – in full or in part – make that call. When you do decide to make that call, make sure to ask about all of your options. Each lender has different programs with different terms. Mortgage forbearance is only one choice. You may discover that there’s another plan more suitable to your specific needs. It is very easy to make rash impulsive financial decisions when you feel the strain of dire financial straits. Keep your head on straight and approach the problem calmly in order to find the solution that’s best for you both today and in the future.

Want to Save Money on Your Electric Bills? Follow These 3 Tips!

March 24, 2020 By Trey LaRocca Leave a Comment

Depending on where you live, your electric bill could vary pretty widely. For many in the US, though, it becomes a major burden on a monthly budget. With summer coming down the line, a triple-digit bill in the mail is a reality for a solid portion of the population. With so many looking down the barrel of this issue, it is important to know how to cut these costs without living like a caveman. We don’t want anyone sweating like mad in their living room, and we aren’t gonna have you unplug everything in your place when you aren’t using it. With that said, here are our 3 tips on how to save money on your electric bills:

Get a Smart Thermostat

This one benefits you in two ways. The first is that many electric and gas companies will give bill credits for customers that buy a qualifying smart thermostat. These credits can pay for a substantial amount of the cost incurred by getting the device, and make sure to check how and if your providers participate in this kind of program before buying. The second way is the more obvious one: they are smart. These thermostats give you the ability to change and monitor home temperature from anywhere. They also often use a function that automatically turns off your climate control when you get far from home and turn it back on when you get back inside of the “geofence” radius. All of these functions work in the background to save you money on your electric bills. Not only are smart thermostats convenient, but they also save you some serious cash.

Use Your Windows

Sometimes when your house gets a little stuffy, it is still reasonably comfortable outside. The instinct to hit the thermostat is a strong one, but before you do, pop outside for a second. If it is still pretty nice and cool outside, consider just opening windows and sliders to get some airflow in. Use a fan in or near one of these windows, and see if that does the trick. Oftentimes this will serve the same purpose as the AC without the same hit to the budget. Not only that but it also just feels better to get some fresh air in the home, as stagnant air can often feel far more stuffy and muggy than what comes in from the window.

The “Dark Hour”

A really useful technique, financially and otherwise, is to take an hour every day to turn everything off. If it has to happen at night, a light or two is fine. The point of this time is to get off the screens, shut down all the tech and sit and enjoy your family. If you live alone, take some time to read a book or clean the place up a little bit. Hell, shut off the lights in the bathroom and take a relaxing candle-lit bath and just relax. This can be beneficial in so many different ways, so much so that the financial benefit is really just a bonus. this one is my favorite, as it costs nothing and really helps you connect with yourself and your family.

Moving To A New City and Buying A House-Follow These Steps

March 11, 2020 By Tamila McDonald Leave a Comment

If you’re trying to relocate and but a house at the same time, it’s a challenging task. Coordinating a move can be surprisingly stressful. Add to that the challenges that can come with purchasing a house when you don’t already live in that area, and you could easily become overwhelmed. Luckily, the situation isn’t impossible. If you’re buying a house in a new city, follow these steps to achieve success.

Estimate Costs Before Buying A House In a New City

First and foremost, you need to get a firm grip on what you need to spend both for your move and your new home. Packing up and heading to a new city can be incredibly expensive, and often involves costs people don’t expect.

Spend time gathering accurate numbers for your moving costs. This includes moving company or truck rental fees, packing materials, storage units, and anything else you might have to cover before you get settled in a new house. Then, set that amount of money aside, ensuring you don’t spend it on anything else.

Once that is done, you’ll have a good idea of what you have left for home purchase costs. Along with a down payment, you need funds to cover your earnest money, home inspections and appraisals, closing costs, and anything else that you either have to or want to handle with cash.

After completing those calculations, you need to do more math and figure out how much you can spend on the house itself. You need to factor in all costs, such as the mortgage payment, insurance cost, property taxes, and more. At that point, you’ll know what price point you can look at when you start your home search.

Research the Housing Market and City’s Neighborhoods

Once you know your budget for buying a house, it’s time to figure out what your money can buy. Get online and conduct some searches based on what you can afford to spend. See if you can easily find options in that area or if your choices are limited. For example, can you get into any neighborhood or just some of them? Can you live in the city, or do you have to look to others outside of your target destination?

You’re not trying to find the right house yet. Instead, you’re striving to understand what your money will or won’t get you. If it turns out that you have to stick with specific neighborhoods, then you’ll want to shift your research efforts and learn as much as you can about those areas. This can include anything from crime rates to school district performance statistics. You should also look at employment rates, local job opportunities, commuting and public transit options, walkability scores, access to core amenities, and anything else that influences your quality of life.

Take a House-Hunting Exploration Trip Before You Move

Ideally, you want to be able to see what the various neighborhoods have to offer in person before you commit to a house. By scheduling a house-hunting trip in advance of your move, you can explore the areas where you are likely to buy and even look at some available properties.

Connect with a realtor that specializes in your target area. Have them find a few listings that align with your criteria and take a day to explore them. Make sure you also leave room in your trip for some excursions alone. You want to see what these neighborhoods are like not just in broad daylight (when you’ll probably be touring houses), but also at night. Similarly, checking out the locations on weekdays and weekends is wise.

Go to the City to Find Your Ideal Home

In many cases, you’ll need to make multiple house-hunting trips before you actually move. But, once you select target neighborhoods, that doesn’t mean you should buy a house in that area site unseen. Instead, it’s best to make a trip before you make an offer and see it in person. That way, you won’t be caught off-guard by something that wasn’t in the listing’s pictures.

Make Your Choice Well Before You Move

It’s important to understand that it typically takes 30 to 45 days to close on a home once the processing starts. However, it can go longer, especially if there are any unique aspects to your application or something unexpected occurs. For example, if your home inspection reveals a problem you want or need the seller to fix, that may result in a delay if it takes time for them to address the issue.

That timeline doesn’t factor in a few other activities as well. If you have a back-and-forth with the seller about the price, that can add days or weeks to the process. Similarly, any time between making an offer and it being accepted isn’t in that 30- to 45-day window either. For regular sales, that can add a couple of days. With a short sale, waiting for a reply to an offer can take several months. Foreclosures may only take days for an offer to be accepted but can take longer as well.

You need to take those timelines into consideration. If you don’t, then you may end up in your city without a place to live. If that happens, you could get stuck in hotels or a short-term rental.

Ideally, you want to be able to get the process well underway before you actually move. Otherwise, make sure to have a backup housing plan, just in case everything takes longer than expected.

Do you have any tips that can help someone buying a house in a new city? Share your thoughts in the comments below.

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