Americans Weigh in on Their Ideal Retirement

What’s your idea of a dream retirement? A sunny beach shack in the south? Or maybe a mountainside mobile home is more your speed?

According to a recent survey of 2,000 Americans from Provision Living, makers of senior living communities, living scenarios for retirement years are becoming increasingly more varied. Here are some of the most notable findings:

- While the average dream age to retirement is 60, millennials have a different scenario in mind, targeting age 56 as the ideal age to retire.

- While nearly 79 percent of respondents would opt to retire right here in the United States, for the 21 percent who prefer to retire abroad, Italy is the country of choice.

- The top 10 cities to retire in are:

1. Miami
2. San Diego
3. Denver
4. New York
5. Orlando
6. Honolulu
7. Los Angeles
8. Portland
9. San Francisco
10. Seattle

- The ideal retirement location is a city or town with a population of 52,000.

- The ideal retirement home style is a one-story ranch located along the coast/beach.

- When it comes to the size of the ideal retirement home, boomers say 1,150 square feet, but millennials would like something a little larger, reporting 1,890 square feet as their ideal size.

While retirement may seem like a lifetime away to younger survey respondents, the reality is that it’s best to start planning and saving now in order to create the ideal retirement scenario. As many as 43 percent of millennials have less than $5,000 in their retirement accounts.

But just how much money do you need to have an enjoyable retirement? According to the survey, the ideal savings to have by retirement is $610,000—with millennials saying that it should be $687,000, and baby boomers saying it should be around $574,000.

4 Simple DIY Projects for a Healthier Home

All the green smoothies and exercise in the world won’t keep your body healthy if you’re living in a contaminated environment. In order to help keep your body happy and thriving, try these four quick and easy DIY projects to improve your home’s health.

Inspect for Mold
Mold spores are everywhere, but when living in your house, they can give you pesky allergies or endanger your life.

To ensure your home doesn’t have any dangerous mold growth, do a walk-through and know where to look. Mold loves humid, damp areas. This means your bathroom, washing machine, kitchen, attic and basement are prime real estate for all types of mold.

If you spot a suspicious area, use an at-home mold testing kit to determine if it’s harmful. Certain types of mold (like black mold) require professional remediation, so don’t try to remove it yourself. However, you can treat most molds with a bleach solution, proper drainage and a dehumidifier. Just make sure you’re on the lookout to keep your home safe.

Install a Smart Thermostat
Smart thermostats do so much for your home. Not only do they help you save money on energy, but they can also monitor your air quality. Smart thermostats like Nest’s send an alert to your smartphone if it notices air problems. That way, you can make the necessary changes to breathe better. Installation of most smart thermostat models is relatively simple. Just make sure the product is compatible with your home, and follow the instructions carefully.

Change Air Filters
If you have an HVAC unit, you have air filters. These hardworking filters sift out impurities in the air so that they don’t wind up in your lungs. If you’re super sensitive and live with furry friends, replace your air filters every month or two. If you don’t use the heating and cooling system often, you can stretch that to twice per year. You could also purchase air purifiers for your home to keep pollutants down.

Dust and Vacuum
Sorry to add to your chore list, but keeping a clean home is essential to your health. Dust doesn’t just look dingy; it’s made of pet dander, human skin cells, dirt, grime, pollen and a lot more icky stuff that causes all sorts of health issues.

Do your lungs, eyes, sinuses, ears and immune system a favor by getting yourself a wool duster or disposable duster product. Then, run your duster along the backside of appliances, the tops of ceiling fans, under furniture and other places large collections of dust might be hiding. Once you see how dirty your duster gets, you’ll be glad everything you picked up isn’t floating around in the air anymore. Finish by vacuuming all the carpets in your house to remove more dust and other particles.

Staying healthy is a 360-degree endeavor requiring you to mind what you put in, on and around your body. Follow these tips to tackle an essential part of home health and add to your overall well-being.

Source: Fatima Puri/RISMedia’s Housecall

Buying Your First Home? Simple Tips to Keep the Process Running Smoothly

While buying your first home can be nerve-racking, paying attention to the following items will go a long way toward putting your mind at ease as you make your way through the process.   
 
Get your finances in check. Just because you have money in the bank doesn’t mean you will qualify for a mortgage. Meet with a financial advisor and get a handle on what you can truly afford. If you want to do the numbers yourself, make sure to create a comprehensive list of every possible expense—loans, student debt, monthly expenses, etc.—and don’t rely on your lender to figure out a total for you. Lenders look at your debt-to-income ratio and not necessarily your day-to-day spending habits.
 
Choose an agent. Buying a new home will likely be one of the biggest decisions of your life, therefore, it’s important to take your time when choosing an agent. Not only do you want someone who is willing to communicate on your terms, you want to be sure your agent knows the neighborhoods you’re interested in. Whether it’s the most experienced agent—or an eager up-and-comer—do your homework before choosing an agent to guide you through the process.  
 
Get pre-qualified. Once you know how much home you can afford, be sure the bank agrees by getting pre-qualified for a loan. While the pre-qualification process is not a guarantee that the lender will offer you funding, it does take into consideration your credit score and income level in order to determine how much the lender might be willing to offer through a mortgage program. The next step is to get a prequalification letter so that when you find your dream home, you can offer proof that you can get the financing to buy it.
 
Shop for lenders. Mortgage rates are still low, but that doesn’t mean you should jump at the first one that comes along. Compare and contrast at least three to five lenders to find the one that best serves your interests. It’s also important to disclose that you’re a first-time buyer, as it could potentially make a difference in the types of programs a lender offers you.
 
Seek out first-time homebuyer programs. There are a slew of programs specifically designed to assist first-time homebuyers with benefits such as down-payment assistance and no closing costs. Others offer first-time buyers competitive interest rates that are designed to make borrowing easier. Be sure to understand the various resources that are out there to help you.
 
To learn more about buying your first home, contact me today.

Be Smart About Your Smart Home When Selling

While smart home technology makes our lives simpler and more efficient, when it comes time to sell your home, things can get tricky if you don’t take the proper steps to protect yourself.

According to The Mortgage Reports (www.themortgagereports.com), begin by making a thorough list of all the devices in your home. Be sure to think this through carefully as you’ve probably come to take much of this technology for granted as it’s become woven into your daily life.

Once your list is in place and checked twice, divide it into items that are “fixtures” versus personal property. Fixtures are items that are physically attached or built into the home and intended to be a part of it. For example, a built-in microwave is a fixture, whereas a microwave on the countertop that you plug in is considered personal property that would go with you.

That said, any item in the house could be identified in the sale agreement as a fixture, according to The Mortgage Reports. In other words, what’s determined to be a fixture versus personal property is ultimately agreed upon between buyers and sellers. Be sure to list every device and system that’s staying in the house as a fixture in the sale agreement.

Be aware, however, that the smart devices and systems you leave behind can hold a lot of user-supplied data and information. While the U.S. is moving toward privacy policies similar to the General Data Protection Regulation (GDPR) recently enacted in Europe, the misuse of digital information should be a concern for all users of smart home technology.

Unfortunately, there’s no uniform way to remove all personal data from devices, so sellers will need to go through each system and remove their information. This may involve transferring ownership and billing to create new passwords. Refer to owner manuals and tech support to determine the best way to do this.

Securing your smart home devices when selling may be a time-consumer task, but it’s well worth it in order to protect yourself and the buyer you’ll be handing the keys to.

Source: Themortgagereports.com

When and How to Negotiate the Price of Your New Home

You might be able to purchase the house of your dreams for less than the asking price. If the owner is in a hurry to move or the house has been on the market for months and you are the first person to make an offer, the seller might be willing to shave thousands of dollars off the price or to make concessions in other areas to sweeten the deal.

When to Offer a Lower Price
An owner who has to move by a specific deadline is motivated to sell. Someone who is moving for a new job will want to wrap up the process of selling the house in time to relocate and start over. If the deadline is fast approaching, the owner may be willing to cut a deal. You can ask the real estate agent why the owner is selling the house, but he or she may not be able to tell you.

How to Negotiate
If you want to offer the seller an amount below the asking price, make a reasonable proposal. The seller may be willing to make a counteroffer and negotiate, but not if you make an absurdly low initial offer. You might be justified in making a low offer if the house is in foreclosure or has been on the market for months because it is overpriced.

Submit a written purchase offer specifying the price you are willing to pay. The purchase offer should explain what will happen if you are unable to obtain a mortgage or if the inspection uncovers major problems. It should specify any additional terms, such as any concessions you are seeking. The offer should be accompanied by “earnest money,” a small but significant sum of money to demonstrate that you are genuinely interested in the house. Set a short time limit for the owner to accept or reject your offer. That can help you avoid getting into a bidding war with other potential buyers.

If the owner makes a counteroffer that is lower than the asking price but higher than what you are comfortable paying, you don’t have to accept it. No matter how much you love the house, you shouldn’t borrow more than you can afford to repay.

If the owner is unwilling to budge on the price, he or she might be willing to make other concessions. You could ask the owner to make repairs, leave behind appliances, or pay some of the closing costs.

If you and the seller are unable to agree on a price, be prepared to walk away. You may find another house you like even more at a lower price in the near future.

Don’t Be Afraid to Negotiate
Depending on the market and the owner’s circumstances, the seller might be willing to significantly lower the price of the house, but you won’t know unless you make an offer. Your real estate agent can provide you with advice and guide you through the negotiation process.

How to Transform a Modestly Sized Room into a Palace

A spacious home with grand vaulted white ceilings filled with light isn’t in the budget for every homeowner, but creating a space that feels open and airy can be achieved even in the most Lilliputian abode. Decluttering, playing with light effects, and limiting the amount of large objects you have in a single room will change how you interact with it and the way it feels. Every room in your house should make you feel like you can stretch your arms, take a deep breath and have room to spare.

Declutter
Is every shelf of your bookcase full of random stuff? Can you never seem to keep the clutter down? Finding a proper place for things will help you open up some spaces in your house. Pockets of clutter are everywhere and finding them will make your house feel open. A bookcase shoved full of rubbish will bring a room in a few feet even though it isn’t adding any actual bulk, and knowing that the second you open your desk drawer it will explode with scarves, scraps of paper, and other clutter will limit the amount of space in your house. For much of your clutter you can ask yourself: Will I use it this month and does it make me happy? If the answer is no, toss it.

Open Space
If clearing out your house doesn’t add the space you want, or if it’s light that make your home dingy, try playing some tricks with color or mirrors, or just get rid of the dust in your home. You can play with color in your home to add space and depth. White is a great default color because it adds light and goes with everything, but playing with color gives you the opportunity to carry the eye throughout the room. Painting a room a light shade of green, while doing the ceiling in an off shade will force the eye upward, giving the impression of a higher ceiling. If gem-tones (like emerald, sapphire, or a deep garnet shade) are what you're after, try painting just the ceiling and the far wall in that shade; it adds depth to a room and makes it appear longer. Whatever you colors you decide to paint, continue it with a central, simple theme that you can carry around the room. If you decide to paint the walls a very light pastel green, adding accents of pastel green throughout the room will throw the eye and give an impression of space that might be missed with a more complicated theme (like using brocade fabrics, or a multi-color spectrum).

Mirrors are perfect if you need to expand on a small space or just add light to a dim room. There are several key locations for a mirror to be set that may seem counter intuitive to their purpose. While it might seem most pragmatic to set a mirror right by the door, often times there isn’t enough light there. Placing a mirror opposite a window or in any sunny location will bring more light to a room. You can even place one next to a window as a way of ‘faking’ a window. If your tiny home is extraordinarily well lit but you want more space, placing a large mirror as the centerpiece for a wall can trick someone into thinking there is another room. Just make sure to not place mirrors in direct view of each other in a narrow room. Reflections of a mirror on a mirror will create a shadow and bring the size of the room down.

Limit Furniture
Do any rooms have two desks or is there an extra huge couch in the living room? If those extra pieces of furniture aren’t getting used, they are just space-wasting pieces sitting in your house. Pick one large piece of furniture as a focal point for each room of your house and keep the other pieces small enough to function as satellite pieces. It’s often best that the largest piece of furniture be the thing that is going to be used the most. So if you do more work in the living room than TV watching, consider getting a smaller loveseat and chairs so you can devote more space to the desk. If you have a huge bed in your bedroom, don’t add a large desk in the room unless you take your work home with you often.

Take some tips from home stagers to make smart furniture location decisions. Place furniture along walls, but with enough room to walk around to force the attention to a central location in the room. This is best done when each room has a central purpose. If you are designing around multi-purpose rooms, consider easily removable furniture. Like a desk that folds into the wall, or a longer folding table that can be tucked into a corner when not in use. These key furniture decisions will give you more space where it is needed and allow you more room to breathe.

Giving yourself an endless amount of space might not be possible in your current home, but you can still get the feel of a large house with these tips.
 
Source: RISMedia's Housecall

Should You Buy a Bigger House Than You Currently Need?

If you’re looking for a long-term home for your family, you want to find a house that’ll be able to accommodate your changing needs and lifestyle. It sometimes makes sense to buy a bigger house than you currently need, but you should think carefully before you do so.

Reasons to Buy a Large House

If you plan to have children in the near future, look for a house with extra bedrooms. Think about how many kids you’ll likely have and plan accordingly. You might also want to look for a house with a family room or an area that can be used as a playroom. An open floor plan can give children plenty of room to play and can make it easier for adults to keep an eye on them.

If your parents might move in with you when they get older, you can look for a house with a guest room, suite or in-law apartment. That’ll make the transition easier by allowing you to avoid the need for future renovations.

If you frequently have guests visit at the holidays or throughout the year, it’s a good idea to look for a house with a guest room. Your visitors will feel comfortable in their own space, and your family won’t need to move to different rooms or make space for air mattresses.

If you like to entertain family and friends, a house with a spacious kitchen can make it easier to manage the preparations. A dining room or deck with enough room for a large table and chairs can give you plenty of space for everyone to gather.

Is a Big House a Good Idea?

When choosing a house, layout is often more important than square footage. A house with many small, cramped rooms wouldn’t be right for a family that enjoys entertaining. A smaller number of spacious rooms or an open floor plan would work better.

When deciding whether to buy a large house, it’s important to separate legitimate current and future needs from things that would be nice to have. It only makes sense to spend tens of thousands of extra dollars to buy a house with extra rooms if those rooms will actually be used. Otherwise, you’ll simply be wasting your money.

Consider all the additional costs you’d incur by purchasing a large house. Your property taxes, utility bills and maintenance costs would all be higher than they’d be with a smaller house. Estimate the monthly costs and figure out whether you can afford them without becoming strapped financially.

Think It Over

A house is a major long-term investment, so you want to choose wisely. Consider how your life could change in the coming years. Choose a house that will continue to meet your needs, but don’t fall into the trap of buying a bigger house than you can afford. Think carefully about your current and future lifestyle, and choose a house that will meet your needs and budget.

8 Ways to Boost Your Home’s Value

Improving the look and functionality of your home goes a long way toward boosting its value. But what types of renovation are today’s buyers looking for?

If you are thinking of remodeling, a national survey by Consumer Reports reveals the most sought-after amenities:

• Kitchens top the list – Buyers want a clean, updated and well-organized kitchen. A new coat of paint or modernized lighting can be inexpensive starts. Increasing the value exponentially are quartz counters, attractive cabinetry, and stainless steel appliances.
• Workable floor plans – Regardless of the size of your home, strategically increasing the living space is sure to boost its value. A more open floor plan, a finished basement, or a dedicated playroom or office space appeals to the needs of young families.
• Energy efficiency – Buyers are interested in energy costs and efficiency. Energy Star appliances, high-efficiency windows, and LED lighting help to lower the cost and increase your home’s ‘green’ appeal.
• Updated systems and surfaces – Central air conditioning and updated mechanical systems, including water heaters and gas heat, can increase a home’s value by 3 to 5 percent.  A newer roof and hardwood flooring are also much in demand.
• Allowance for aging in place – As people are living longer and the number of senior citizens continues to increase, buyers see the long-term value of walk-in showers, comfort-height toilets, and master bedrooms on the main floor.
• Color and light matter – Fresh paint, natural color schemes, and window treatments that let in the light will improve the look as well as the value of your home.
• The great outdoors – Up your home’s curb appeal by keeping lawns and shrubbery neatly trimmed. Also high on buyers’ wish-lists are a water-smart yard, a deck or patio, and a built-in grill.
• Smart technology – Some high-tech features may lose value as technology continues to evolve. But security systems, whole house generators, and programmable thermostats controllable by smart phones will add value for their efficiency and convenience.

Your home is likely to be your greatest investment, so making steps to boost its value will pay off in the long run. 

5 Insurance Tips for Newlyweds

Whether you and your significant other are currently engaged or just recently tied the knot, congratulations! Marriage is an exciting step for a couple.

Combining your lives also means combining your finances, so you’ll want to make sure you’re well prepared for the future together–especially since money can become a source of conflict for many married couples. Although most newlyweds focus on creating a joint savings account and budget, it’s also important to not overlook insurance.

With that in mind, the folks at Allstate offer these five insurance tips for newlyweds:

Assess your insurance needs. Make sure you have the right amount of coverage for your newly combined possessions. Don’t forget to insure your beautiful and costly-to-replace engagement ring via an insurance rider to your homeowners policy. In addition, you may want life insurance to help repay the mortgage and take care of your children, should one of you die unexpectedly. Depending on your age and personal health situation, you may also want to consider disability insurance.

Consolidate your financial relationships. You each may have an accountant, insurance agent and financial planner. Now that you’re a family, you should choose a single relationship in each area – whether it be a current advisor or someone new to both of you. You can rely on referrals from family or friends, or ask for a referral from other professionals you currently deal with and trust. For example, your insurance agent is likely to know financial planners in your community. A financial planner may be able to refer you to a local attorney or accountant.

Update your records. Make sure you are the beneficiaries of each other’s existing life insurance policies.

Combine your “just in case” files. This’ll make sure you can quickly find important financial documents just in case one of you is incapacitated or dies unexpectedly. The files should include insurance policies, wills and other legal documents, such as trusts, durable powers of attorney, living wills and healthcare proxies. Store originals in a safety deposit box, and make sure each of you signs the form to have access to the box.

Consider combining your health insurance. If you both have health insurance through work, compare the coverage to see if it makes sense for both of you to be covered under one of the plans. It’s likely to be less costly to insure an employee and spouse under a single plan. Many plans allow you to add a spouse within 30 days of your marriage without providing proof of insurability. Depending on your personal health situation, you might consider supplemental health insurance, which can help with doctor bills, hospital stays and even non-medical expenses (such as transportation) if you’re dealing with an accident, disability, cancer or critical illness.

By getting your insurance and other finances in order, you’re bound to be better prepared to enjoy your many years together as a married couple.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

3 Tricks for Home Flippers to Sell a House Quickly

Whether house flippers use short-term loans or their own cash reserves to buy a house in need of renovations, many flippers are focused on selling a revamped property quickly. A critical aspect that impacts the ability to achieve this goal is to create a desirable home that buyers are interested in. When you’re preparing to transform an investment property, turn your attention to these important points:

Create an Open Floor Plan
One idea that works well when flipping is to create an open floor plan. Older homes that likely need more renovations may have a closed-off floor plan. This can make the home look smaller than it is and create a claustrophobic ambiance that may turn off some buyers. Depending on the home you invest in, creating an open floor plan may be as simple as tearing down the wall dividing the kitchen and dining room.

For added emphasis, you can also tear down any dividing walls between living spaces and the dining room. While you’re not adding square footage through this process, an open floor plan feels bigger to a buyer and may be more appealing. In many cases, this is a cost-effective way to generate incredible results.

Add Natural Light
To transform the space of your investment home, analyze the natural light. Some older homes were built with minimal or small windows, which result in a dark and gloomy interior that’s not welcoming or appealing to buyers. Consider enlarging existing windows to bring in natural light.

You can also add a few windows or a skylight in the bathroom, kitchen or other rooms that are commonly dark. When you incorporate natural sunlight into a room, you transform the space by making it feel more inviting.

Research Competing Listings
Before you finalize your renovation plans for your next house-flipping project, you should spend time online researching competing listings. You could even visit a few homes to get a better feel for market conditions. When transforming a space, you need to at least bring the home up to a level that makes it directly competitive with other listings in the market.

It can also be advantageous to go a step above the current market conditions. This can make the home more appealing for a faster sale. However, avoid making renovations that are considerably above market level. While the home may be desirable to buyers when you do this, there’s a strong chance you may price the home above market rates. This can make the home too expensive for some buyers.

As you look for new homes to flip and plan the renovations, consider these tips so you can create a finished project that sells more quickly.

Source: Meghan Belnap/RISMedia’s Housecall

Reasons to Set a List Price Below the Competition's

When selling a house, setting the right asking price is critical. If you price your house too high, prospective buyers might not bother to look at it. You could lower the price later, but buyers might have already set their sights on other homes. Sometimes your best bet is to choose a list price below the asking prices for comparable homes in your area.

Dangers of Overpricing a House 
It’s natural to want to get as much money as you can for your home, but setting an asking price too high can backfire. You might attract few interested parties, or possibly none, if your price is out of line with the rest of the local market. Even if someone is willing to pay your asking price, a lender may not approve a large enough mortgage if the appraised value is lower than your asking price.

If you set the price too high and don’t attract a buyer, your house may linger on the market for weeks or months and stop appealing to prospective buyers. People tend to assume that a house that’s slow to sell has something seriously wrong with it and often decide to focus on other houses rather than request additional information.

How to Determine Your Home’s Value
Your real estate agent can perform a comparative market analysis and compare your home to others in the area that are similar in terms of age, size and amenities. That can provide a good starting point to set an appropriate asking price.

Houses that seem similar in many respects may have different values for several reasons. Homes in the same neighborhood may vary widely in terms of price because of their different ages and features, and similar houses in different neighborhoods can have vastly different prices because of their location, proximity to businesses and the quality of local schools.

You can also have your house professionally appraised. An appraiser will be able to take everything about your home into account and come up with an accurate assessment of its value in the current real estate climate.

Reasons to Consider a Low List Price
The first few weeks after you put your home on the market are when you’ll be most likely to attract prospective buyers. If you list your home at a relatively low price, you’ll probably stand out among your competition and receive several offers. That could result in a bidding war that might ultimately drive the final sale price up to, or even above, the typical market price for a house comparable to yours. If you need to close quickly for some reason, setting a low asking price also can help you speed up the process of selling your home.

Choose the Right List Price
Sometimes asking for less than your home is worth is the best way to sell it quickly at a good price. Talk to your real estate agent about how your home’s value compares to others in the area and decide on the best list price.