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What To Know Before You Buy Lakefront Property

Posted on February 8, 2021 by Miriam Martinez

Before you sign on that dotted line to purchase a lakefront property of your own, there are several important factors to consider.

The post What To Know Before You Buy Lakefront Property appeared first on Homes.com.

Source: homes.com

Should You Cancel Your Renters Insurance?

Posted on February 6, 2021 by Miriam Martinez

As you review your recurring expenses, you probably look for ways to cut costs. If you’re paying for this coverage, but you’ve never filed a renters insurance claim, it might start to feel like an unnecessary expense. If this is the case, you might be wondering if you should cancel your renters insurance. Is this […]

The post Should You Cancel Your Renters Insurance? appeared first on The Simple Dollar.

Source: thesimpledollar.com

5 A.I. Programs That Aims to Make Your Homebuying Journey Easier

Posted on February 5, 2021 by Miriam Martinez

As the real estate industry continues to advance, technology expands into the homebuying journey âÂ making it easier for homebuyers to find the home they love in less time than ever before.

The post 5 A.I. Programs That Aims to Make Your Homebuying Journey Easier appeared first on Homes.com.

Source: homes.com

6 Ways to Summer-Proof Your Home

Posted on January 25, 2021 by Miriam Martinez

Not only are we living through a global pandemic, but we’re also living through what is one of the hottest summers in many states. Here’s how you can protect your home from the summer heat and other woes you may face this season.

The post 6 Ways to Summer-Proof Your Home appeared first on Homes.com.

Source: homes.com

What to Know Before Buying a Foreclosed Home

Posted on January 25, 2021 by Miriam Martinez

If youâve been keeping your eye on real estate home listings, you mightâve seen more foreclosed properties for sale at a reduced price.

With record levels of unemployment and underemployment, many homeowners are falling further behind on their mortgages. Currently, thereâs a federal moratorium on the most common mortgage programs through December 31, 2020. Unless further homeowner protections are in place, the foreclosure market will see an unfortunate rise.

In fact, according to mortgage and real estate analytics company Black Knight, 2.3 million homeowners are already seriously past-due on their mortgages.

As devastating as it is to have more homes undergoing foreclosure, it also means that prospective home buyers, who were otherwise priced out of buying a home, might have greater access to homeownership. Hereâs what you should know if youâre thinking about buying a foreclosed home.

Buying a foreclosed home can be a win-win situation. You get a good price, and (usually) you can easily fix the property up.

Buying a Foreclosed Home

There are many ways you can buy a foreclosed home, depending on what stage of the process the foreclosure is in:

Pre-foreclosure. Many homeowners are willing to sell before theyâve officially been foreclosed on. Depending on how much equity they have, they might need to do a short sale.
Short sale. Homeowners can seek approval from their lenders to sell you the home for less than they owe on the mortgage. The bank will get less than itâs owed, but it still often approves short sales since they usually cost less than a foreclosure.
Auction. Once a home is foreclosed itâll often be auctioned off by the bank. But youâll need cash on hand for this, and thatâs not an option for most folks who need mortgage financing.
Real-estate owned (REO) properties. Alternatively, banks can simply sell the foreclosed home through more traditional markets, just like a normal home.

Itâs usually easiest to buy the foreclosed home once the bank takes over and it becomes an REO property. Thatâs because you can take your time and go through the mortgage underwriting process. You can also work with a realtor, and â importantly â write contingency clauses in the contract that let you pull out of the deal if a home inspection reveals more repairs than you expected.

Related: How to Add Real Estate to Your Investment Portfolio

7 Caveats to Buying a Foreclosed Home

Buying a foreclosed home isnât exactly the same as buying one directly from the homeowner. Youâre potentially buying a home from a bank who took over after the previous homeowners were unable to afford the home anymore. This introduces a few twists into the home-buying process for you.

1. Youâll Need a Realtor Who Specializes in Foreclosed Homes

The world is full of realtors, even including your Uncle Bob and Cousin Carolyn. But not everyone is equipped to handle the nuances of buying a foreclosed home. There are a lot of issues that can crop up â unplanned property damage, squatters, homeowners who settle the bill and try to reclaim ownership, etc.

If youâre serious about buying a foreclosed home, seek out a realtor with extra experience in this area. There are even special designations that some realtors can get, such as Short Sales and Foreclosure Resource (SFR) or Certified Distressed Property Expert (CDPE).

2. Houses Are Sold âAs-Isâ

With a typical home sale, you have the change to get the property professionally inspected before signing on the dotted line. Itâs not uncommon for new issues to arise, and in a normal home buying transaction, you can often negotiate with the sellers to either fix the damage or discount the price.

Thatâs not the case when you buy a foreclosed home. If a home inspection reveals unexpected damage â like the need for a full roof or a septic system replacement â banks often arenât willing to negotiate. Itâs a take-it-or-leave-it sale.

3. Expect to Put In Some Work

The above point is especially important considering that most foreclosed homes do, in fact, need a lot of fixing up.

Think about it: the previous homeowners lost the house because they couldnât afford the mortgage. Thereâs a good chance they also werenât able to keep up with routine maintenance either. From their perspective, even if they did have the cash, whatâs the point of spending money on repairs, if they know theyâll lose the home in a few months?

You can save money by putting in some sweat equity (HGTV, anyone?), but even then youâll need the cash to pay for materials. This also means that the home might not be move-in ready. If you do move in, you might need to put up with construction debris for a little while. On the bright side, though, this does give you a chance to upgrade the home to your own aesthetics.

4. You Might Need Creative Financing

This brings up another issue: how do you pay for those renovations? Generally, you canât just ask for a bigger mortgage to cover the necessary repairs. Most lenders will only lend you as much as the current home appraisal is worth, minus your down payment.

You have a few options, though. You can hold some money back from your savings to pay for it in cash, but this means youâll have a smaller down payment. An alternative is getting a loan from a different lender, like a personal loan, a 0% APR credit card, or even a home equity loan or line of credit if youâre lucky enough to start from a position with equity.

Finally, there are some special ârenovation mortgagesâ available through Fannie Mae and other lenders. These mortgages actually do allow you to take out a bigger mortgage so you can pay for renovations. You might need to provide a higher down payment or have a higher credit score to qualify, however.

5. Watch for Liens on Foreclosed Homes at Auctions

If you have a big pot of cash and can pay for a home on the same day, an auction might be your best bet. But then you have to worry about a new factor: liens.

If the property had any liens attached to it (such as from the previous homeowners not paying their taxes, or a judgement from unpaid debt), youâll inherit that bill, too.

This is usually only the case for auctioned homes. If you buy a foreclosed home as an REO sale, the bank generally pays off any liens attached to the property. Still, it may be worth double-checking if you have interest in a specific property.

6. Be Prepared to Act Fast

Youâre not the only one with the bright idea to get a low-priced, foreclosed home. Chances are good that there are a few other buyers interested in the property, which increases competition. Even though the home is listed at a big discount, this competition can still drive prices up. You might need to be ready to act fast, just the same as in any hot real estate market.

7. Be Prepared to Wait

On the flip side, thereâs a lot of extra bureaucracy involved in buying a foreclosed home once the seller accepts your offer. Thereâs often extra paperwork to fill out or other complications.

For example, the home appraisal might come back lower than expected, which might make it harder to get enough financing for the agreed-on purchase price. If itâs a short sale, it might also take longer for the bank to approve the lower sale price for the home, based on what the homeownerâs mortgage is currently worth.

Pros and Cons of Foreclosed Homes

Buying a foreclosed home isnât necessarily a good or bad idea on its own. It all depends on your own goals â for example, are you willing to figure out financing for repairs to get a deal on the home purchase price? Also consider how important it is for you to have a âmove-in readyâ home with no hassle.

Weigh these pros and cons carefully, and whatâs most important to you when buying a home.

Pros	Cons
Can get a deal thatâs lower than market price	Property is sold âas-isâ and might not be move-in ready
Can customize the home to your specifications with repairs and upgrades	Likely needs a lot of repairs and upgrades
	Requires creative financing for repairs and upgrades
	Foreclosure process is long and might fall through

The Bottom Line

Buying a foreclosed home can be a win-win situation. You get a home at a good price, and (usually) you can bring the property back to good, working order by fixing it up. As long as you go into the deal knowing that itâs not the same experience as a typical home purchase, buying a foreclosed home is a great way to launch into homeownership or real estate investing.

Keep Reading: How to Buy a Second Home that Pays for Itself

The post What to Know Before Buying a Foreclosed Home appeared first on Good Financial CentsÂ®.

Source: goodfinancialcents.com

Best Tips for Shopping at the Grocery Store on a Budget

Posted on January 25, 2021 by Miriam Martinez

Itâs no secret that you can be healthy on a budget, but the real secret lies in how you can stay healthy and on budget.Â Just like adapting to a new diet, staying on budget is all about behavior change.Â In my previous article, I shared tips on eating healthy on a budget, and this time around, Iâm digging a little deeper into how to stay on budget on a shopping trip.Â Since I get groceries at least once per week, both for work projects and for my personal family shopping, I consider myself an expert in saving money at the grocery store.Â Here are my top 10 tips for shopping at the grocery store on a budget, and donât be surprised- some of these tips start even BEFORE you hit the store!

1. Check mail for coupons and ads

Cutting coupons may seem like a blast from the past, but if cutting out little pieces of paper can save $5 for my future, then Iâll be clipping away!Â Each week, your mail includes ads from local grocery stores and coupons from major brands, so tossing that mail out is like throwing away money. Instead, look through that mail to find deals on your frequently used items, and anything special coming up.Â Shopping ads especially help me to plan food for holidays, like for this budget-friendly spread for Fourth of July.

2. Make a grocery list.

I suggest planning out weekly meals and making a grocery list for it. This not only saves a lot of money, but will also save time in the grocery store and help reduce food waste (which is basically wasted money).Â Going into the store with a list makes me feel more prepared and in control of what I spend. Itâs pretty easy to say no to those extra treats in the cart if theyâre not on my list.

3. Shop where you bag your own groceries.

If you have a grocery store in town where you bag your own groceries, chances are that store has the best prices since the savings on staff can be reflected on your receipt.Â Plus, I like to bag my own groceries, as it gives me a final run-through of my purchase to make sure I didnât forget anything, and I get to bag them exactly how I want.

4. Eat before to avoid impulse and unhealthy buys.

The biggest mistake in overspending at the grocery store is going shopping when your stomachâs growling.Â That extra bag of chips gets half-way eaten before check-out at the register, and guess what?!?! It wasnât on your grocery list, in your budget, OR on your meal plan.Â Prevent that mistake by eating before a trip to the grocery store and it will be easier to stick to your plan.

5. Buy seasonal fruit and vegetables.

There are so many reasons why eating seasonally is better- less impact on the environment, more nutrients, and better taste- but buying produce in season is actually a great way to save money and eat healthy. â¯You donât have to spend extra on foods that are imported from different regions when itâs growing in season in your area.Â When produce is in season, itâs in abundance so farmers are able to give a better deal.

6. Buy frozen veggies.

While I stress that fresh is best, there are some times when it just makes sense to buy frozen veggies.Â One reason would be because of cost. If there is a good sale on organic frozen peas, Iâll go ahead and purchase some ahead of time since I can store it in my freezer.Â Another reason to buy frozen is because of seasonality. There is plenty of fresh and juicy corn available in the summer, but when it comes to winter months, I like to pull corn straight from my freezer.

7. Buy deli meat and cheese at the deli.

There is so much emphasis on how pre-packaged foods are more convenient, but these foods are not convenient on my wallet or my diet. When you buy foods that are already packaged, youâre paying for that extra packaging and all the costs that go along with that (from advertising, to transportation, to even stocking it on the shelves).Â On top of that, buying food already packaged up can mean you end up wasting some of that food if you donât use it.

That being said, I am all for soliciting the various departments of the grocery store and getting exactly how much I need, which means I pay for only that.Â I get my sandwich meat and cheese from the deli and what I love is that I can tell them how much to slice, how many slices, and even how thick to make my slices.Â Gone are the days of moldy cheese because I ran out of bread- now I know to shop for exactly what I need.

8. Buy bread and baked goods in the bakery.Â

Speaking of bread, I also buy baked goods at the bakery.Â Not only are these items usually made fresh in stores, they also skip all the fancy packaging and trickle all those savings to you.Â If youâre seriously on a budget, some bakeries even sell day-old goods for a fraction of the cost.

9. Buy meat in bulk, cut and freeze.

While youâre visiting the different departments of the grocery store, donât forget to make a stop to the butcher.Â I like to buy meat in bulk and cut it to freeze for later. Itâs so much cheaper to buy meat like this, and I love the convenience of having options to use in my freezer.Â My biggest tip is if youâre going to make chicken, get the whole chicken because thatâs considerably cheaper than one thatâs cut. Aside from using just the meat, you can also make a delicious chicken broth with the carcass, which is a great way to use the whole animal and also save money even more!

10. Buy Bulk Bin items.

You know those bulk bins at the grocery store?Â That section is like gold to me since every time I visit it, Iâm saving money!Â Since Iâm usually developing recipes, itâs just easier to purchase the exact quantity of something, that way I know exactly how much something costs.Â Whatâs even better is that I only have the amount needed for the recipe, and that leaves me with less food to waste each month. I absolutely dread throwing away food, because itâs like throwing away money, so by buying some ingredients in bulk, I know Iâm using up what I need.

Using ingredients from bulk bins, Iâm going to make aebleskiver, or Danish Pancakes.Â Ever since I got a special pan, Iâve been obsessed with making these fun-size pancakes.Â I usually donât purchase separate pans for specialty foods, but I really got my moneyâs worth for this pan since I use it a few times each month.Â Yes, I could buy these ingredients packaged up ahead of time, but itâs happened where I think I have enough flour for a recipe (usually after I already mixed up the other ingredients), but I donât have enough so I have to waste my time with an emergency trip to the store.Â But ever since I started using bulk bins, I know I have enough for my recipes every time, and when it comes to eating healthy on a budget, everything adds up!

The post Best Tips for Shopping at the Grocery Store on a Budget appeared first on MintLife Blog.

Source: mint.intuit.com

How to Buy a Second Home that Pays for Itself

Posted on January 14, 2021 by Miriam Martinez

Recent data from the U.S. Census Bureau shows that home sales were up more than 17% in June 2020 from the month before, and up more than 13% compared to the year prior. Those who have the means to buy a second home are wise to take on mortgage debt (or reorganize their current debt) in todayâs low interest environment.

Those who have the means to buy a second home are wise to take on mortgage debt in todayâs low interest environment.

With low 30-year mortgage rates, owning a rental property that âpays for itselfâ through monthly rental income is especially lucrative with a significantly lower mortgage payment. If youâre curious about buying a second home and renting it out, keep reading to find out about the major issues you should be aware of, the hidden costs of becoming a landlord, and more.

Important Factors When Buying a Short-Term Rental

The issues involved in buying a rental home varies dramatically depending on where you plan to purchase. After all, buying a ski lodge in an area with seasonal tourism and attractions might require different considerations than buying a home in a major metropolitan area where tourists visit all year long.

But there are some factors every potential landlord should consider regardless of location. Here are a few of the most important considerations:

Location. Consumers rent vacation homes almost anywhere, but youâll want to make sure youâre looking at homes in an area where short-term rentals are popular and viable. You can do some basic research on AirDNA.co, a short-term rental data and analytics service, or check competing rentals in the area youâre considering.
Property Management Fees. If you plan to use a property management company to manage your short-term rental instead of managing it yourself, you should find out how much other owners pay for management. Also, compare listing fees for your second home with a platform like Airbnb or VRBO.
Taxes. Property taxes can be higher on second homes since you donât qualify for a homestead exemption. This means higher fixed costs each month, which could make it more difficult to cover your mortgage with rental income.
Competition. Check whether a rental area youâre considering is full of competing rentals that are never full. You can find this information on VRBO or Airbnb by looking at various rentals and checking their booking calendars.
Potential Rental Fees. Check rental sites to see how much you might be able to charge for your second home on a nightly, weekly, or monthly basis.

5 Steps to Rent Your Second Home

Before purchasing a second home, take time to run different scenarios using realistic numbers based on the rental market youâre targeting. From there, the following steps can guide you through preparing your property for the short-term rental market.

1. Research the Market

First, youâll want to have a general understanding of the rental market youâre entering. How much does the average short-term rental go for each night or each week? What is the average vacancy rate for rentals on an annual basis?

Research your local rental market, the average price of rentals in your area, various features offered by competing rentals, and more.

Action Item: Dig into these figures by using AirDNA.co. Just enter a zip code or town, and youâll find out the average nightly rate, occupancy rate, revenue, and more. Although some of the siteâs features require a monthly subscription, you can find out basic information about your rental market for free.

2. Know Your Numbers

You need to know an array of real numbers before renting your second home, including the following:

Average nightly rate
Average occupancy rate
Fixed costs, such as your mortgage payment, taxes, and insurance for the rental
Property management fees and costs for cleaning between tenants
Additional fixed costs for things like trash pickup, internet access, and cable television
Costs for marketing your space on a platform like VRBO or Airbnb, which could be a flat fee or 3% of your rental fee depending on the platform

Youâll use these numbers to figure out the average monthly operating cost for your second home, and the potential income you might be able to bring in. Without running these numbers first, you wind up in a situation where your short-term rental doesnât pay for itself, and where youâre having to supplement operating expenses every month.

Action Item: Gather every cost involved in operating your specific short-term rental, and then tally everything up with monthly and annual figures that you can plan for.

3. Buy the Right Insurance

If you plan on using your second home as a short-term rental, youâll need to buy vacation rental insurance. This type of homeowners insurance is different from the type youâd buy for your primary residence. Itâs even unique from landlord insurance coverage since you need to have insurance in place for your second home and its contents.

Some vacation rental policies let you pay per use, and they provide the benefits of homeowners insurance (like property coverage, liability, and more) plus special protection when your property is rented to a third party.

Action Item: Shop around for a homeowners insurance plan thatâs geared specifically to vacation rentals. See our top picks for the best homeowners insurance companies out there.

4. Create a Property Management Plan

If you live near your second home, you might want to manage it yourself. Thereâs nothing wrong with this option, but you should plan on receiving calls and dealing with problems at all hours of the day.

Many short-term rental owners pay a property management company to communicate with their tenants, manage each rental period, and handle any issues that pop up. Property managers can also set up cleanings between each rental and help with marketing your property.

Action Item: Create a property management plan and account for any costs. Most property managers charge 25% to 30% of the rental cost on an ongoing basis, so you canât ignore this component of owning a short-term rental.

5. Market Your Space

Make sure you appropriately market your space, which typically means paying for professional photos and creating an accurate, inviting listing on your chosen platforms. Your property manager might help you create a marketing plan for your vacation rental, but you can DIY this component of your side business if youâre tech- and media-savvy.

Action Item: Hire a photographer to take professional photos of your rental, and craft your rental description and listing.

Risks of Purchasing a Short-Term Rental

Becoming a landlord isnât for the faint of heart. Thereâs plenty that can go wrong, but here are the main risks to plan for:

Government roadblocks. In destinations from New York City to Barcelona, government officials have been cracking down on short-term rentals and trying to limit their ability to operate. New rules could make running your business more costly, difficult, or even impossible.
Your home could be damaged beyond repair. If you read the Airbnb message boards and other landlord forums, youâll find an endless supply of nightmare rental stories of houses getting trashed and rentals enduring thousands of dollars in damage.
Housing market crash. If the housing market crashes again like it did in 2008, you might find you owe more than your second home is worth at a time when itâs increasingly difficult to find renters.
Reliance on tourism. As weâve seen during the pandemic, circumstances beyond our control can bring travel and tourism to a screeching halt. Since short-term rentals typically rely on tourism to stay afloat, decreases in travel can affect the viability of your business, quickly.
High ongoing costs and fees. Higher property taxes, property management fees, cleaning fees and maintenance costs can make operating a short-term rental costly in the long-term. If you donât account for all costs and fees involved, you might wind up losing money on your vacation home instead of having the property âpay for itselfâ.

The Bottom Line

A short-term rental can be a viable business opportunity, depending on where you want to buy and the specifics of the local rental market. But there are a lot of factors to consider before taking the leap.

Before investing hundreds of thousands of dollars, think over all of the potential costs and risks involved. Youâll want to ensure that youâve done comprehensive research and have run the numbers for every possible scenario to make an informed decision.

Related: How to Invest in Real Estate

The post How to Buy a Second Home that Pays for Itself appeared first on Good Financial CentsÂ®.

Source: goodfinancialcents.com

How Much Your Monthly Food Budget Should Be + Grocery Calculator

Posted on January 14, 2021 by Miriam Martinez

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Your grocery bill can add up fast. From dinner entrÃ©es to snacks, the amount you spend directly affects your other financial goals. Luckily, there are some guidelines to ensure youâre not overspending.Â

Use the grocery calculator below to estimate your monthly and weekly food budget based on guidelines from the USDAâs monthly food plan. Input your family size and details below to calculate how much a nutritious grocery budget should cost you. Of course, every family is different. Some love coupons and leftovers, while others prefer fresh fish and aged cheese. Once youâve established your budget, use the slider to adjust your estimate to your spending habits.Â

Getting your food budget on point takes practice. With this grocery calculator and the right spending habits, youâll have enough for your living expenses and exciting financial goals like paying off loans or buying a house.

Grocery Budget Calculator

How many people are in your household?012345678910

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