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The Top Reasons To Downsize When You Retire

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The Top Reasons To Downsize When You RetireIf you plan on retiring in the near future, you might be thinking about moving. The kids might be grown, and you might not want to take care of such a large house. If that is the case, you should consider downsizing. When you downsize your home, you trade in your larger home for a smaller one. What are some of the top reasons why you should do so?

1. Bulk Up Your Retirement Account

The first reason why you should downsize is that you will free up more resources you can contribute to your retirement accounts. If you have been in your house for a long time, there is a great chance that you have paid off almost the entirety of your mortgage. Furthermore, your home may have even gone up in value by tens of thousands of dollars. Therefore, when you sell your house, you should receive most of the proceeds from the sale. You can use the proceeds from that sale to buy another house with cash and still have money left over to add to your retirement account. 

2. Reduce Your Overhead Expenses

You can also reduce your overhead expenses if you downsize your home. Your home insurance and property taxes should go down if you purchase a smaller house. You will probably have to spend less money on utilities, routine maintenance, repairs, and upkeep if you trade in your larger house for a smaller one.

3. Find The Right Location

If you decide to downsize your house, you will also have more flexibility regarding where to live. It is easier to fit a smaller house in an ideal location than a larger one. If you are willing to purchase a smaller house, you should have more options available to you, and you can find the perfect location for your retirement.

Consider Downsizing In Retirement

If you are getting ready to retire soon, you should consider downsizing. This is a great opportunity for you to free up a bit of extra cash for retirement and find the perfect location for your home. Consider taking a look at some of the houses available in your local area, and don’t forget to reach out to a professional with any questions. 

 

The Top Tips To Remember When Moving

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The Top Tips To Remember When MovingIf you have recently purchased a home, you are probably excited to move into your new house; however, the moving process can be stressful. There are a few important tips you need to keep in mind if you are moving soon. Make sure to plan ahead, as there are several ways to save time and money.

Get Quotes From A Few Moving Companies

First, you need to get multiple quotes from multiple moving companies. If you have heavy furniture, it is better to hire a moving company to reduce the chances of your furniture getting damaged. When you talk to moving companies, make sure they can handle the items you have. If you have a grand piano, make sure the moving company is comfortable moving it safely.

Get Rid Of The Items You Do Not Need

Before you move, make sure you get rid of the items you do not need. You may want to start by dividing your items into three piles. Create a pile for items you want to keep, another pile for the items you will donate, and a third pile for the items you throw away. Get a receipt for the items you donate, as you might be able to deduct the value of the items from your taxes as charitable donations.

Pack Up Before The Movers Get There

While you might be able to ask the movers to help you pack, it is better to pack before they get there. Label the boxes so you know where they go in your new house. Movers usually charge by the hour, so if you can save them some time, you can save yourself some money. Remember that moving expenses could be tax-deductible, but talk to an account if you have questions about tax deductions.

Get Ready For The Moving Process

These are a few of the most important tips you need to keep in mind if you are moving soon. While the moving process can be a bit busy and frustrating, if you plan ahead, you can streamline the process. There might even be opportunities for you to save money. Remember that you should get quotes from multiple moving companies before you decide which moving company you go with.

Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of Money

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Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of MoneyIt may seem better to go it alone when it comes to acquiring a mortgage, but there are many benefits associated with using a mortgage professional that can make finding your dream home a lot easier. If you’re currently getting prepared to hit the market and are weighing your options, here are some reasons that a professional who knows the neighborhood will save you money.

Strong Market Knowledge

Many homebuyers can take a look at the MLS listings to find the price of properties selling in the area, but a mortgage professional will know the market without having to look at a book. This means that if you have an ideal house in mind, they’ll be able to determine the right offer for the home you’re interested in so you don’t end up spending time on research and paying more than you should.

Access To Lenders

It may seem like you can get in touch with any lender and they’ll be happy to provide you with a great deal, but because a mortgage professional will have a business relationship with many lenders, they will be able to get you a better rate. While you can approach lenders on your own, there’s a good chance you won’t get as competitive a rate.

Time Is Money

You may have set aside the time to invest into your home search, but trying to find the right home at the right price can end up taking a lot of time. You’ll also need to know the ins and outs of the procedures when it comes to making an offer and closing the deal. The benefit of a mortgage professional is they’ll already have experience at their disposal and will be able to do the legwork for you.

Closing Time

It’s great to find the house of your dreams on your own, but a mortgage professional will be well versed in closing the deal. Instead of having to go back and forth on any home inspection issues or final offers, they’ll be able to advise you so that you can get the home you want at the price you’re looking for.

While many people want to go it alone on the real estate market, using a mortgage professional can save you both time and money in finding the right place. If you’re preparing to buy a home, contact your trusted mortgage professionals for more information.

The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why

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The Type of Home You Want to Buy Determines Your Closing Cost and Here’s WhySavvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.

Prepaid Taxes And Insurance

One of the most significant closing costs relates to prepaid taxes and insurance, and both of these expenses are directly tied to the location and value of the property. Consider that the property tax rate can vary based on the city, county, and state. Real estate insurance can also vary based on the type of construction of the home if the home is located in a flood plain and other factors. These are only a few examples of how the location and property type can impact these fees, and home buyers should consider the costs associated with the tax rates and insurance when selecting a property to purchase.

Third Party Reports

There are several third party reports that are commonly paid for at closing, and these include an appraisal, a survey, a pest inspection and a property inspection. The third party reports may vary in cost based on the size of the home, the amount of land that is being purchased, and even the condition of the property. Those who want to keep their closing costs lower may consider learning more about how these fees are calculated up-front before finalizing their plans to buy a specific home.

Title Insurance Fees

Title insurance fees are another typically sizable expense for home buyers, and this insurance offers protection to the lender if the title is not clean. Title insurance can increase based on the size of the property as well as different factors that are revealed with a title search. This information can be difficult to learn with an initial home search, but home buyers should be aware that title defects can increase closing costs.

The location, size, age and construction of a property all impact the closing costs. Those who are shopping for real estate may be inclined to make a decision that keeps closing costs down, and they can reach out to their knowledgeable mortgage professional for more assistance with their particular situation.

What’s Ahead For Mortgage Rates This Week – August 8, 2022

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What's Ahead For Mortgage Rates This Week - August 8, 2022

Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.

Commerce Department Reports Construction Spending Rose in May

The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared to April’s reading of  0.10 percent growth. Construction spending grew by 8.30 percent year-over-year. Concerns over high inflation and affordability of homes presented ongoing concerns for home builders,

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 31 basis points to 4.99 percent. Rates for 15-year fixed-rate mortgages averaged 32 basis points lower at 4.26 percent. 5/1 adjustable rate mortgages averaged 0.04 basis points lower at 4.25 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.6 percent for 15-year fixed-rate mortgages. Rates for 5/1 adjustable rate mortgages averaged 4.25 percent and were four basis points lower with discount points averaging 0.30 percent.

Initial jobless claims rose to 260,000 new claims as compared to the previous week’s reading of 254,000 first-time claims filed. Continuing jobless claims also rose with 1.42 million claims filed; 1.37 million ongoing claims were filed in the previous week.

Non-Farm Payrolls rose by 528,000 jobs in July, which was more than twice the predicted reading of 258,000 jobs added and more jobs added than in June, when 398,000 jobs were added. The national unemployment rate fell to 3.50 percent in July from June’s reading of 3.60 percent. While job growth suggested increasing economic stability, uncertainty over inflation and consumer concerns about high prices for housing, gas, and food kept optimism in check.

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation and the University of Michigan’s preliminary monthly report on consumer sentiment along with weekly readings on mortgage rates and jobless claims.  

How To Avoid Delays When Remodeling

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How To Avoid Delays When RemodelingIf you have a remodeling project coming up, you have probably been told to plan for delays. Even though it can be frustrating to hear that your project is going to be delayed, with some simple planning, you can prevent this from derailing all of your efforts. What are a few of the most important tips you should follow if you want to avoid delays during your remodeling project?

Choose The Right Contracting Team To Help You

One of the most common reasons why remodeling projects get delayed is that people do not choose the right team to help them. There are a lot of contractors available, but you should always start by taking a look at reviews and ratings of the contracting service before you ask them to sign a contract. Take a look at the Better Business Bureau to see if there are any issues. Then, reach out to the contractor to see if they have handled projects like yours in the past. If they have worked on similar projects, you may have found the right team to help you.

Order Everything Early

Once you have found the right contracting service, ask them to order everything early. A common reason why projects are delayed is that materials are not there when they are needed. If you build in some leeway by ordering the materials early, you can prevent a delay from arising.

Get Everything Written Down

There is a saying that if you don’t document it, then it never happened. If you feel like you have a verbal agreement with the contracting service, ask them for a written agreement. You should always trust what the contractor says, but verify it by asking them to write it down. That way, you can avoid disputes down the road, and you can hold the contracting service accountable.

Make Sure The Project Finishes On Time

These are a few of the most important tips you should follow if you want your remodeling project to proceed on time. It can be frustrating when something goes wrong, but with proper planning, you can minimize the chances of dealing with a delay during your project. That way, you can enjoy the fruits of your labor just a bit sooner. 

The Best Ways To Get To Know Your Neighbors

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The Best Ways To Get To Know Your NeighborsIf you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.

Spend Time Outside

If you want to get to know your neighbors, the best way to do so is to spend time outside. Work on your lawn. Water your plans. Walk the dog. The more time you spend outside, the greater your chances of running into your neighbors. This will make it easier for you to get to know them.

Go To Some Neighborhood Events

Next, you should go to a few neighborhood events if you want to meet your neighbors. There are a lot of communities that have pool parties, barbecues, and events for children. If you go to some of these events, you will have a great chance of meeting the people who live around you, and you can make some new friends.

Ask The Neighbors For Advice

Finally, you should ask the neighbors for advice. If you don’t know when you need to put the garbage cans out, you can ask your neighbors. If you are wondering how often the recycling comes, talk to the neighbors! If you don’t know what to do with old electronics you need to throw out, the neighbors can probably help you. It can take a lot of adjusting if you move into a new area, and your neighbors can help you make the process easier. Then, you can invite them over for a beer or a party to show your gratitude.

Get To Know Your New Neighbors

It can be a bit awkward if you move into a new neighborhood. Your neighbors might appear to know each other already, but how can you get to know them as well? If you follow these tips, you can get to know them quickly, make some new friends in your neighborhood, and have someone to lean on if there is an emergency at your house.

Save Money On DIY Projects Around The House

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Save Money On Your Cost Of Living With DIY Tips Around The HouseIt is not exactly a secret that inflation is a significant issue. With inflation continuing to increase the cost of living all over the world, there are many people who are looking for ways to save money. Home improvement and renovation projects have been popular during the past few years, but many homeowners are starting to put them on hold because of how expensive everything has gotten. What are some of the ways you can save money on your home repair and renovation costs?

Know What You Can Do Yourself

First, you need to think about home repairs that you can complete on your own. It has gotten exceedingly expensive to call the contractor for help. There might be some small issues that you can handle on your own. This might include broken cabinet pulls and slanted doors. On the other hand, you need to think about your safety. For example, you should never work on a gas line yourself unless you are properly certified.

Scale Back The Price Of The Renovation

You might also need to scale back the scope of the renovation project. For example, if you were going with a specialty company for those beautiful kitchen counters, you may want to go with a less expensive option. You might even be able to find a single company that can handle everything for you, which means that you may enjoy a significant discount. 

Consider Going With Used Options

You might be able to save even more money if you go with a used option. For example, if you are looking for a way to save money on kitchen cabinets, consider looking for the second-hand often that someone is trying to get rid of. This is also a great way for you to protect the environment. When you work with a kitchen contractor, see if they know somebody who is looking to get rid of kitchen items. They might give you a discount if you take them off of their hands.

Save Money On Your Repairs And Renovations

These are a few tips you may want to follow if you are looking for a way to save money on repairs and renovations. Make sure you know what you can do yourself and when you need to reach out to a professional. 

The Top Tech Upgrades For Your Home During A Home Improvement Project

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The Top Tech Upgrades For Your Home During A Home Improvement Project

If you want to increase the value of your home, you might be thinking about conducting a renovation project. You can significantly increase the value and appeal of your home if you add some advanced technology. What are a few of the top tech upgrades you should consider adding to your home? Take a look at some of the top options below, and consider reaching out to a professional who can help you.

A Smart Thermostat

There are a lot of people who are concerned about cost-of-living increases. If you are looking for a way to save money, reduce your utility expenses. One of the ways to do so is to use a smart thermostat. You can use a smart thermostat to exert greater control over when your HVAC unit is on and when it is not. Your thermostat can even tell your HVAC unit to stop running when you are not home, which can help you save a lot of money on your utility expenses.

A Smart Refrigerator

If you want to take your kitchen to an entirely new level, you might be interested in a smart refrigerator. A smart refrigerator can help you generate meal schedules, look up new recipes for you, and even make a grocery list for you. Of course, you will probably fall in love with the automatic water dispenser as well. Consider upgrading your kitchen with a smart refrigerator.

A Home Elevator

You might even want to install a home elevator. There are plenty of companies that will help you find an affordable home elevator you can add to your house. There are plenty of financing options available as well. This is a particularly helpful option if you have someone in your home with mobility issues. That way, they don’t need to worry about the hazards of navigating the staircase, particularly at night.

Find The Best Tech Upgrades For Your Home

These are a few of the top examples of upgrades you may want to add to your home. There are plenty of amazing tech upgrades you should explore, and many of them can help you increase the value of your house. Consider working with a professional who can assist you. 

What’s Ahead For Mortgage Rates This Week – August 1, 2022

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What's Ahead For Mortgage Rates This Week - August 1, 2022Last week’s economic news included readings on home price growth, new and pending home sales, and inflation. Weekly reports on mortgage rates and jobless claims were also released.

S&P Case-Shiller: Home Price Growth Slows in May

Home prices rose at a slower pace in May according to the S&P Case-Shiller National Home Price Index. Year-over-year home prices rose by 19.70 percent in May as compared to April’s year-over-year reading of 20.60 percent in home price appreciation. Tampa, Florida led S&P Case-Shiller’s 20-City Home Price Index with 36.10 percent year-over-year home price growth. Miami, Florida followed with 34.00 percent home price appreciation. Dallas, Texas reported a 30.80 percent growth rate in home prices.

The Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac, reported 1.40 percent growth in home prices month-to-month and 18.30 percent growth year-over-year for May. FHFA data covers purchase-only transactions associated with home loans owned or backed by Fannie Mae and Freddie Mac. Analysts said that slower growth in home prices signaled a cooling market after years of rapidly rising home prices.

The Commerce Department reported the lowest number of new home sales since the pandemic. New homes sold at a seasonally-adjusted annual pace of 590,000 sales in June as compared to May’s reading of 642,000 sales. Rising mortgage rates and high home prices eroded affordability for first-time and moderate-income home buyers.

Mortgage Rates and Jobless Claims Fall

Freddie Mac reported lower mortgage rates last week as rates for 30-year fixed-rate mortgages fell by 24 basis points to 5.30 percent; rates for 15-year fixed-rate mortgages averaged 4.58 percent and 17 basis points lower than for the previous week. Rates for 5/1 adjustable rate mortgages averaged 4.29 percent and were two basis points lower on average. Discount points averaged 0.80 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

Fewer first-time jobless claims were filed last week with 256,000 claims filed as compared to the previous week’s reading of 261,000 initial claims filed. Analysts expected 249,000 first-time jobless claims to be filed last week.

The Federal Reserve moved to slow inflation by raising its target interest rate range from 1.50 percent to 1.75 percent to 2.25 to 2.50 percent. Interest rates are expected to rise for consumer loans, credit cards, and variable-rate education loans. The Commerce Department’s personal consumption price index rose by one percent in June, which was the fastest month-to-month growth rate in 40 years. Analysts expected inflation to increase by 0.90 percent.  

What’s Ahead

This week’s scheduled economic reporting includes readings on construction spending and job growth; weekly readings on mortgage rates and jobless claims will also be released. 

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