Housing

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.

If you enjoy reading our blog posts and would like to try your hand at blogging, we have good news for you; you can do exactly that on Saving Advice. Just click here to get started.

Thinking About The Home Buying Process As a Millennial

February 12, 2020 By Susan Paige 1 Comment

You’re a millennial—buckling under the weight of crippling student loans, beginning to pave your way into the workforce, and wondering whether becoming a homeowner is realistically in your future. Buying a home might seem far out of reach, but it doesn’t have to be. In reality, millennials take up about 36% of the home buyer pool, while 64% of those are first-time home buyers. If you’re starting to think about buying your first home, here are some tips you should consider.

Know how to budget

Millennials are generally frugal with conservative spending and investing habits. You don’t want to make the mistake of devoting too much of your savings on your dream home. Yes, it’s important to find a home you’ll love. But make sure to set a price range before beginning the searching process.

If you don’t come up with a fixed amount, you’ll risk falling in love with a home you’ll never be able to afford. In fact, coming up with a price range for your new home is the first step one should take in the home-buying process.

Prepare for the mortgage process

So you didn’t save up enough money to pay in cash? No worries; you’re in the overwhelming majority. Unfortunately this means you’ll have to find a mortgage to suit your needs, but make sure to search around for the right one. The average homeowner spends about 30% of their monthly income on housing expenses, and you’ll need to manage this for an average of 15-30 years.

It’s important to be thorough in order to set yourself up for a financially stable future. Finding the right mortgage may be a tricky process even with a good credit score. You’ll be tasked to read the fine print, compare different lenders, and do your own homework about the mortgage lending landscape. But don’t get lazy; finding an appropriate mortgage could save you thousands down the road.

Remember closing costs and home ownership fees

So you’ve found a mortgage and negotiated a successful offer. Now that the finish line is in sight, you don’t want to drop the ball. In total, buyer closing costs can total anywhere from 3% to 5% of your final purchase. Factor those costs into your budget and consider them before you start the closing negotiations.

In addition, home buyers will face moving fees and general maintenance. Many recent home buyers claim general home maintenance was much more expensive than anticipated. Do yourself a favor by factoring these in from the beginning so you’re not overwhelmed after move-in.

Use your skills

Millenials are the most technically advanced generation when compared to others that are currently taking up a large percentage of the home buyer pool. Use that to your advantage. As the first generation to grow up in a technological advanced society, millennials will be able to navigate the home buying process savily, and sellers are aware of this. In fact, web marketing alone has become a prominent trend in the housing market. Double this with millennials’ conservative spending trends and investing habits, and you’ll be well-suited to start looking for your new home. Real estate agents and sellers are tailoring their tactics for you, so don’t be afraid to go in confident!

5 Reasons Not to Add a Pool to Your Home

February 5, 2020 By Trey LaRocca Leave a Comment

Backyard pools seem to be a staple of success in America. Everybody is talking about their dream home with a nice place for the kids to take a dip. Pools typically raise the value of homes that have them, and can tend to be status symbols primarily, with hardly any use outside of the summer months. There are many reasons, that everybody will rant and rave about, to have a pool. A more rare conversation, though, are the reasons not to add a pool to your home. That is the discussion I will be having with myself today.

Costs

The clear first topic for a website like ours, maintenance costs of owning a pool can be irritating. You have to pay someone to clean it, unless you want to do so yourself. You have to pay to keep it chlorinated, heated, and for the water used to fill it. This is not even to mention how much it costs to dig one. These are massive construction projects that can hit an insane number of roadblocks. Every issue and delay will cost you time and money. Be wary and hire a good contractor– your wallet will come out pretty banged up.

Safety

If you have kids, keeping a pool safe can be a pain. Pool covers are notorious for trapping kids, and having a gate or fence installed can be expensive and ugly. Even with all possible safety measures, slippery concrete will always pose a risk to your children. You have to decide how much you trust your kids, and make sure you educate them on safety around the pool. Just like anything else, you must put a fair amount of effort in to ensure your kids’ safety.

Space

My primary issue with pools is their opportunity cost. What else could that space be doing? Are you in a backyard where you’re going to have to choose between backyard football games and a new pool? Depending on the desired size, you can be losing out on a killer deck area or a beautifully landscaped yard for your kids to run around in. Make sure you don’t have any other big plans for the backyard before you use all of the decent space on a pool.

Seasonal Use

Unless you live in very specific areas, your pool time will be affected by the weather. For most of the year, and in most of the country, it isn’t exactly the right temperature for a swim. This ties in with the space and money issues, and begs the question: Could your money and real estate be put to better use on something more year-round? This should be a serious consideration when deciding whether to add a pool to your home, as you could end up paying to clean and fill a pool you aren’t using most of the year.

The “Special” Factor

My best memories of the pool were walking to the local community pool with my friends. This may make me biased, but I don’t think the pool needs to be something that is around all of the time. Whenever you add something to your home, you inevitably get used to it. For this reason, I think pool days are better spent out with a buttload of people getting out to hang with their community and cool off. As much fun as having everything you could ever want right there in your home is, I think there is something to be said about keeping things special.

Buy it Nice, or Buy it Twice: Save Money by not Going Cheap

January 14, 2020 By Trey LaRocca Leave a Comment

Here at Savingadvice, we know that cheaper isn’t always better. This may be a surprise, given most of our subject matter. Regardless, we know that there are some things that deserve a little more attention to quality than price. This balance is summed up by my favorite word: Value. Value is a principal that is built by comparing the quality of something, how useful it is to you, and how much it will cost. If you can snag something great for cheap, awesome; the reality is, though, that there are some items that make this pretty difficult. So in order to get the best value out of your purchases, here are 3 times when you should buy it nice, or buy it twice!

Cars and Trucks

First things first, do not read this as me telling you to go out and buy a new luxury car. New cars are a terrible value proposition, and luxury vehicles can struggle in terms of reliability. What I am saying here is that just because you “don’t mind bumming it” with a beater, doesn’t mean you should grab that $600 Altima with a blown head gasket. Consider paying around $3000 for a real reliable mainstay. As far as new vehicles go, if you just have to have one, don’t buy from brands that are known to break just because they are cheap. I used to work for a car dealer, and across the street was a massive Kia dealership with constant “blowout” sales. Don’t fall for this trap, which is common with brands like Kia, Nissan, and Chrystler. All of these brands have one thing in common: Their cars do not last. If you have to buy a new car, spend a little more for a reputable brand with a good warranty to get the most out of your money.

Furniture

This one is a very circumstantial call. Now, I’m not saying I think cheap brands like Ikea aren’t as bad as everybody says they are. Although, I do think that there is merit in paying a little more if you plan to live in one place for a long time. That is where discretion comes in. If you are putting together a nice looking dorm for a couple years, go ahead and cheap out a little. On the other hand, if you plan to decorate your forever home, buy with quality in mind. Don’t be afraid to look on the used market for good prices,, just avoid anything that won’t last.

Your Home

Whether it be an apartment, a condo, or your first real house, be picky. Low prices aren’t always good prices, and low-end homes can come with high-end issues. Some even come with severe health risks when bugs, mold, or water damage end up in the mix. Do your research, and if you aren’t experienced in doing so, don’t assume you’ll tackle a dirt-cheap fixer-upper. If you can snag a home for way under value, and have enough money to fix all the major issues in the home, go for it. With that said, do not buy too early and skimp out on a home missing major quality-of-life factors like solid HVAC systems or appliances, assuming you’ll “get to it later.”

The Cost of Future-Proofing Your Home

October 15, 2019 By Justin Weinger Leave a Comment

Mathematicians and nitpickers tell us that the next decade doesn’t “officially” begin until Jan. 1 2021, but most people view the first day of 2020 as the kickoff of the next 10-year time period. What does that mean for your home? It’s a good chance you need to examine the state of your abode’s technology and make sure everything is up to date. Are your kitchen appliances “smart”? Do you have a security system that can actually deter criminals? Is your home safe for older folks who have mobility challenges according to a future-proofing home elevators post? Finally, are you willing to do what it takes to cut down on energy usage?

All those questions and many more, pertain to getting your home in tune for the 2020s. Real estate professionals refer to the process as “future-proofing” the structure to make its long-term resale value rise with inflation. Owners who fail to make the proper upgrades risk a decline in value that could eat in to the potential sales price a decade or more from now. What can the average homeowner do to future-proof a house? Industry gurus say there are four key things to look at.

Energy Efficiency

Some of the most important advances in home tech will be in the area of energy efficiency. Things like solar panels, smart power systems, water utilization programs, electricity management and others will mean lower utility bills for homeowners and a much lower rate of energy usage for entire communities. Even low-tech items like smart thermostats have the potential to reduce overall home electric usage by as much as 20 percent. And that’s just one appliance in one category. Whole-house “smart” grid systems can do even more. It’s possible that the average home in the year 2030 will consume, on average, about one-fourth as much energy as today’s homes consume.

Safety for Old and Young

In-home accidents, mostly due to falls, cause thousands of serious injuries each year. The two most susceptible populations are very young children and senior citizens. Not surprisingly, these two groups of people have frail or underdeveloped bone structures. That means a typical “slip and fall” incident that might have no effect on a healthy young adult could be a serious occurrence for an elderly person or very small child.

Many newer homes are addressing this concern by including home elevators in original home designs. Other homeowners are opting to install in-home elevators for purposes of safety and to boost resale value. Houses with elevators regularly bring higher bids when they go on the market, as opposed to homes that don’t have elevators.

Security

Security system enhancements are an exciting new area of technology for homes. Owners are opting for items like all-around surveillance cameras, smart doors and windows, hard-to-defeat alarm networks that create lots of noise and alert the local police at the same time.

Fire Resistance

High-tech materials that stop house fires before they get out of control will mean lower insurance rates for homeowners who use them. Many new homes are being designed to be not only fire-resistant but truly fireproof.