Wednesday, December 11, 2019
Tuesday, December 10, 2019
4 Ways to save Money in 2020 starting Today
4 Ways to save Money in 2020 starting Today
2020 is around the corner what is your resolution? Lose
weight, eat healthy, save money? All good but without a plan it will all go up
in flames within a few months into the year.
If one of your resolution is to save money, here are four easy ways to do that. Plan, write it down, make it plain and execute.
If one of your resolution is to save money, here are four easy ways to do that. Plan, write it down, make it plain and execute.
1. Create a budget. Creating a budget is one quickest way to visually see where your money is going monthly. A budget does not have be a complicated process, or use a special software. Start by getting all your fixed expenses down (housing, phone, cable & Wi-Fi, utilities, student loans, car payments ,car insurance), get your variable expenses down by getting your average expense for the past 3 month(food, entertainment, clothing, gas, charity giving, credit card payment).Comparing all your expenses to your income should show clearly if you need to make adjustment . There is always room for adjustment by reducing expenses and getting rid of some expenses. Creating and following a budget should not be restrictive or onetime event. To save money this New Year find out where your money is going to, create a budget and plug any leaking holes. Continue to tweak your budget by reviewing periodically and adjusting.
2. Automate your savings. In your budget create an expense item for your savings. Saving should be part of the budget and the easier way to make sure to save is to direct your payroll or bank to automatically send your set amount to your savings account. Ideally every one need to have an emergency saving fund to take care of unplanned expenses and the suggestion is to have at least 6 months worth of expenses saved. Only 40 percent of Americans can pay for unexpected $1000 expense according to a recent survey from Bankrate.com, anything above can push lots of American over the edge, the best way to avoid this is to automate your savings monthly.
3. Turn your raise to savings. Are you getting a salary raise in 2020? Use that raise well by increasing your savings by the net amount of the raise. Instead of planning to spend the raise, add to your schedule savings if building up the emergency fund, alternatively if you already have your emergency fund, invest the raise by increasing your contribution towards your retirement plan. Don't have retirement plan? No better time to start than now.
4. Pay off your credit card. Stop giving your hard earned money to credit cards companies, the longer you carry balance the more interest you pay is just like throwing money away. Be truthful to yourself and understand your spending habits. First get out all your credit cards statement and look at the interest rates,you will be shocked to see that if you are just making minimum payments monthly most of your payments is going towards interest. New year resolution save money by paying off your credit cards, stop carrying monthly balance, stop charging if you will not pay off balance monthly. It all goes back to your budget, if you cannot afford to pay off monthly then you don't need to use the card.
Start your 2020 right by planning your strategy to save money now, plan it, write it down and execute. It does not have to be painful, but with determination and continual action you will finish 2020 richer than 2019.
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Tuesday, December 3, 2019
WHAT TO REPAIR BEFORE YOU PUT YOUR HOUSE IN THE MARKET FOR SALE
WHAT TO REPAIR BEFORE YOU PUT YOUR HOUSE IN THE MARKET FOR SALE
When you’re getting ready to put your home in the market for sale, it’s of the upmost importance to ensure you are showing it in the best light. Taking time to highlight its strengths and fix up some of its possible weaknesses can make a big difference in how fast it sells. Here are our top five recommended repairs to make before selling your home.
Repaint walls.
Giving your home a fresh coat of paint is one of the most cost-effective ways to spruce it up, and generally, it can be a do-it-yourself project. Make sure cover any walls with scratches and chips and consider updating any accent walls with a more neutral coat.
Repair floors.
Hardwood floors are a very desirable feature in a home, so you want to ensure they look their best by fixing scratches or dull areas. If your carpet is worn or stained, consider replacing them. And don’t forget the tile in your kitchen or bathrooms. Re-grouting can go a long way in making dingy tile work look brand new!
Refresh the landscaping.
Show buyers your home is the full package by dressing up the outside as well as the in. Clean walkways and driveways, plant seasonal flowers and plants, trim hedges and trees, install outdoor décor pieces and fill in mulch and gravel.
Fix your fixtures.
Leaky faucet? Rusted drains? Loose drawer handle? Making these small fixes can make a big difference to potential buyers with detailed-orientated minds. Improve your kitchen. An outdated kitchen can be a real eyesore in a home. Updating cabinetry, repairing or replacing countertops, and installing new faucets and sinks may be worth the investment.
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Monday, October 28, 2019
How to Use Your Home as an Investment When You Downsize
How to Use Your Home as an Investment When You Downsize
Guest Article by Jim Vogel
Downsizing your home in retirement has become
a popular move for seniors. This trend isn’t surprising considering all the
benefits - from a reduced burden of home maintenance to an increase in your
financial freedom. You have great reasons for downsizing, and these reasons
certainly play a role in where you end up moving. Before making this decision,
though, don’t forget about the question of what to do with your current home.
All the same reasons for downsizing impact this decision, too, especially when it
comes to your financial future.
Can You
Afford to Sell?
If your first thought is to sell your home
when you downsize, you’ll need to explore all the financial implications. To
start, can you sell your home for more than the cost of where you plan on moving?
According to CNBC, many housing markets are so tight that
it’s hard to find a less expensive home, even when you’re looking for fewer
square feet. Be sure to research your local market and how the price of your
home compares to what’s available to buy. If you plan on renting rather than buying another
home, this may not be as much of a concern, but keep in mind that rent tends to
go up over time.
Another thing to remember is that there are costs associated with selling your
home. Besides the commission that goes to your real estate agent, you may also
need to pay for repairs, upgrades, and staging to get your home ready to sell. Depending on how
much work your home needs, combined with the potential sales price, selling
could be a decision that has a major payout - or it could end up setting you
back.
Can You
Afford NOT to Sell?
As an alternative to selling, you could keep
your home and rent it as an investment property. Of course, this only works out
financially when there’s room in your budget to buy (or rent) a new home
without selling the one you’re in. To help determine if this is doable, start
by researching how much you can afford on a new home. This figure will depend
in large part on your current income, any savings you can
use as a down payment, and what your monthly expenses come to.
The last thing you want is to get in over your
head by buying a home you can’t afford. This rule holds true
regardless of age, but seniors who are living on a fixed income should be
especially cautious about any investments. According to The Street, most
retirees spend more on housing than any other category of
expenses, including healthcare. The upside is that, while there’s little you
can do to reduce other major expenses, you can
make a housing choice that’s cost-conscious.
What
Other Costs Should You Expect?
If you think your budget may allow for keeping
your current home to use as a rental, there are a few other key factors you
don’t want to overlook before making this big decision.
Costs of Homeownership
In addition to your mortgage, remember that
there are other costs of homeownership that won’t go away if you decide not to
sell. According to Acts Retirement-Life Communities,
two issues that may influence your decision to sell are if you have high
property taxes or if your maintenance costs are more than you can manage.
Costs of Being a Landlord
If you keep your home as a rental property, be
sure to account for other costs of being a landlord. In addition to regular
maintenance, there are costs to get the right insurance,
incorporate your business if you choose to do so, and hire an attorney should
you need to evict a tenant.
The ideal situation is to come up with a
figure where your rental income is greater than your expenses. If you run the
numbers and this is the case, and if you can afford to not sell, becoming a landlord may be a smart move. The decision
ultimately comes down to what works in your favor financially and what feels
like the right solution for you personally.
Photo credit: Rawpixel
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Tuesday, October 22, 2019
For Sale in Bowie- 1106 Kingsdale Ct, Bowie, MD
1106 Kingsdale Ct, Bowie, MD
$ Click for current price
4 BEDROOMS | 4 Baths (3 full, 1 half ) BATHROOMS | 2006 SqFt
Large Detached For Sale in Bowie- Special Financing available for qualified buyers!!!
Presented By:
Showing Agent:
Keji Ogunleye
Associate Broker
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD, DC,VA
License #: 585497
Fairfax Realty Elite, Inc
301-613-2043
Licensed In: MD, DC,VA
License #: 585497
Offices in Bowie, Greenbelt, Silver Spring, Rockville & Georgetown
Wednesday, October 16, 2019
Real Estate investors doing flips tips for selling quickly.
Real Estate investors tips for selling quickly.
1. Change the roof.
If the property roof is over 15 years old go ahead and change that roof. The
roof may not be leaking, but it shows that is worn out and nearing the end of its
useful life. The inspector will definitely point this out once you get a buyer.
Avoid a deal breaker by changing the roof during rehabbing the house.
2. Invest in a
humidifier. If your property have a basement then you need to get a humidifier
to circulate the air. When a property is vacant many times the basement will
start to have suffocating odor, and this odor sometimes are mistaken for moldy odor.
Mold is one thing you don't want to be associated with your property. Once a
buyer hears or smell unpleasant odor that deal may die
immediately. To avoid moldy odor once the rehab work is completed put in a
humidifier to help circulate the air. An investment of just under $500 in
humidifier will avoid headache of cancel contract down the road. The
beautiful part is this is an investment that keeps yielding, because you take
your humidifier with you when you sell the house, available to be used for
the next property.
3. Don't over
buy. It may seem common knowledge buy low sell high, but I have ran across a
lot of investors that over buy, and when is time to sell they are priced over the
comparable of similar properties. To avoid losing money, don't over buy, avoid
the lure of buying at all cost and overlook the whole purpose of investing in
the first place. Be very very conservative in your expectation of your final
price. What your property sells for is not in your control. The market,
appraiser, lender determines final price, however what you have control over is
your acquisition cost. Remember always aim to buy low, sell high.
4. Don’t over improve.
Over improvements will not get compensated for over price house. The final
sales price of any property are determined by market, what the buyer will
pay for it and what the lender will finance it for. Is very important to know
who the potential buyers of the property are going to be. Will this be first
time buyer, a move up buyer or high end buyer knowing the type of buyer
should help determine the type of items to buy and to use for the rehab of the property?
Buying high end appliances for entry level properties is waste of money, use
that extra money to replace the roof, buy washer and dryer. Remember high end
appliances, or light fixtures will not make an appraiser amount higher, invest
wisely.
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