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Fine-Tuned Finances

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9 Financial Considerations to Make Before Home Improvements

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Undertaking home improvements can be an exciting endeavor. Whether planning to renovate your kitchen, remodel your bathroom, or add a deck to your backyard, it’s essential to consider the financial implications before diving in. Making informed decisions about home improvements can help you work efficiently and manage your finances.

1. Establish a Realistic Budget

Before you start any home improvement project, establish a realistic budget. Consider the scope of work, materials, labor costs, and any additional expenses that may arise during the project. Research the average costs for similar projects and consult with professionals for accurate estimates. A well-defined budget will help you prioritize your spending and make informed decisions.

2. Explore Financing Options

If your home improvement project requires a significant investment, exploring different financing options is important. Home equity loans, personal loans, or credit lines can provide the necessary funds. Research the terms, interest rates, and repayment options for each option and choose the one that suits your financial situation best.

3. Consider Return on Investment (ROI)

Some home improvements offer a higher return on investment than others. Consider the potential increase in your home’s value when deciding which projects to prioritize. For example, kitchen and bathroom renovations often yield better returns than more personal or unique upgrades. Assess the long-term financial benefits to ensure your investment pays off.

4. Research Contractors

When hiring a contractor for your home improvement project, it’s essential to do thorough research. In 2021 alone, 108,069 roofing contractor businesses were in the US. Check their credentials, read reviews, and compare multiple quotes to find the best fit for your project.

5. Get Multiple Quotes

Obtain multiple quotes from different contractors before finalizing any contract. Be cautious of significantly low quotes, which may indicate subpar quality or hidden costs. A comprehensive comparison will help you make an informed decision and avoid unexpected financial surprises.

6. Prioritize Maintenance and Repairs

While focusing on aesthetic upgrades is tempting, it’s important not to neglect essential maintenance and repairs. Ignoring structural issues or necessary fixes can lead to more significant problems down the line. Allocate a portion of your budget to address maintenance or repair needs before embarking on cosmetic improvements.

7. Assess Insurance Coverage

Before starting any home improvement project, review your insurance coverage. Certain renovations or additions may require updates to your homeowner’s insurance policy to protect your investment adequately. Consult with your insurance provider to understand any needed changes and ensure you’re adequately covered throughout the construction process.

8. Account for Air Conditioning Expenses

According to the EIA, around 87% of homes in the US have air conditioning. If your home improvement project involves changes to your HVAC system, consider the impact on your air conditioning expenses. Upgrading to energy-efficient air conditioning units or improving insulation can lower your cooling costs in the long run. Factor in these potential savings when making decisions about your project.

9. DIY vs. Professional Work

Decide which tasks you can confidently tackle and which require professional expertise. While DIY projects can save money, some home improvements require specialized skills and equipment. Attempting complex projects without adequate knowledge can lead to costly mistakes and repairs. A professional can help you understand the materials you might need and advise on things like mesh, as a hexahedral mesh is a 3D generalization of a 2D quadrilateral mesh. Weigh the pros and cons of DIY work versus hiring professionals to ensure the best outcome for your project and budget.

Consider these financial factors before making home improvements to ensure a smoother and more financially sound project. Proper planning and consideration will make your project rewarding without damaging your finances.

4 High-End Home Renovations That Give Big Returns

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Home renovations are best approached in a conscious way and with ample time for planning. This is because they can be quite costly to pull off, making it important to ensure that the returns to your finances are worthwhile. On this note, not all home improvement projects are created equal. Some may give better returns than others, and in different ways. If you want to know about some of the high-end renovations that give big returns, read on to see four of them.

1. Improving the Exterior

The first home improvement that you want to do in order to get the best returns is to improve your home’s exterior space. This includes working on the landscape, adding or removing trees as you see fit, and getting decorative elements. A well-manicured lawn that’s free of bald patches can give your home’s curbside appeal a serious boost. This means that it’s a good idea to pay a professional to improve your home’s exterior spaces. You can benefit from an exterior space improvement even if you don’t have a space large enough for a heliport, or the need for one. Note that there are five times more heliports in the United States than there are in any other country. There are also roughly as many heliports as every other country around the world combined!

2. Replacing the Driveway

Your home’s driveway is another part of your home that can give you amazing returns when you work on it. This is because, together with the other exterior spaces, a beautiful driveway helps increase your home’s curb appeal. The material that your driveway is made from will dictate the kind of care that you need to take of it. Different materials will also have different lifespans, with an asphalt driveway normally lasting for 15 to 20 years, according to The Spruce. Your driveway can also affect other elements of your home, like the foundation. This makes keeping your foundation in good shape one of the best things that you could do.

3. Adding a Patio

If your home doesn’t have a patio, note that a fashionable patio addition project can add between eight and 10% to a home’s value, according to Space Wise. This means that adding a patio to your home could pay for itself and leave you with a beautiful home that’s more functional. You and your family will have a brand new space to pass the time while at home. When the weather is nice enough, you could even play a game or two on your patio and lounge until after the sun has set. Do research before getting started to make sure that you get the best patio for your home, all things considered.

4. Remodeling the Kitchen

The fourth home improvement project that could give you amazing returns is remodeling the kitchen. This can be an expensive project to do depending on how much you intend to get done. It can be reasonable to do if you space out the project and work on one item at a time. For instance, you could upgrade the countertop to a brand new one or make adjustments to the lighting. Start with the most cost-effective upgrade if you want and work your way up to the rest of them. Soon enough, you’ll have an amazing kitchen that can boost your home’s value more than you expect.

Do these four high-end renovations that can give your home a lot of benefits, starting with the one you feel is the easiest for you. Doing this can help you to get the motivation that you need to continue with the rest of the projects and also gather your finances. Work with professionals to increase your odds of getting the job done right

3 Simple Ways You Can Make More Money on Your Home

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When the time comes to sell your house, you want to be sure that you’re getting the right bang for your buck. That said, there are certain ways you can actually make more money on your home when it hits the market. Here are a few ways you can increase the value of your house.

1. Spruce Up the Landscaping

It’s amazing what a big difference the landscape can make to your home’s value. This is especially true if it’s done right. You should follow a schedule and work with professionals so that you can be sure of the quality you’ll get. Homeowners, according to Bob Vila, should invest 10% of the value of their homes in landscaping. When they do this, it will be easier for them to keep the home in a good state throughout.

Sprucing the landscaping need not take a large chunk of your finances. This is because you could opt for native plants instead of a manicured lawn, for instance. This will be more affordable for you and you can get a chic look that’s also unique and unlike what other people in the neighborhood most probably have. This is a definite plus because it will make your home more memorable for the people who pass by to have a look at it.

2. Maintain Your Roof

The roof is one of your home’s largest and most important elements. This makes it crucial for you to keep it in good shape. When potential buyers come to look at your home, you can be sure that they’ll notice if the roof looks solid and is clean. They will understand that you take great care of your house and so there’s a lower chance of finding issues with it if they buy. Note that, according to Bob Vila, if your roof is more than 10 years old, it’s recommended to get it inspected by a roofing contractor.

If you find any issues with it during the inspection, don’t delay in getting them fixed. This is because doing so will ensure that it stays in a good state for a considerable part of its lifespan. No matter the season in which you do the inspection and find issues, it’s important to remedy them instead of assuming that the roof will hold up since it’s not a harsh season. Even temperature changes are enough to add to the damage that your roof has, so deal with it early enough to keep it functional and aesthetically pleasing.

3. Paint an Accent Wall

Last but not least, you should consider painting an accent wall that will give the room a breath of fresh air. This is a great way to keep things vibrant in a manageable way. This is because if the new homeowners decide that they don’t like the color or pattern on the accent wall or they simply get tired of it, they don’t have to repaint the entire house.

If you need to find a great painter to work with, you could simply do a search online. This will point you toward a number of good painters in your area since about 900,000 domains are registered every single week. Remember to read their reviews so that you know what you’re signing up for and you have a chance of getting a painter that will do a stellar job and make your house instantly worth more.

In these three simple ways, you can make a better amount from selling your home without tying up your finances. Plan for the upgrades well so that you know how much you need to pay for them and have time to find professionals to do them. This will give the house you’re selling more appeal and it may also teach you a thing or two about how to make your own home look amazing.

Still Renting in the Outer Banks in 2022? Why Not Consider Buying in 2023?

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Outer Banks rentals have always been popular among “the summer people” who come from all over the U.S. to North Carolina and prefer everything from a small oceanfront condo to a big estate that can accommodate an extended family. If you work with a reputable realty company that is familiar with the area, you not only get the service you need to make your vacation stay seamless, but you might also get tips on purchasing an oceanfront home rather than wasting your money by renting.

According to a recent Outer Banks realty and construction report, despite the pandemic, the real estate market in the Outer Banks has managed to keep ahead of the market shifts. Some experts say the market was so good in the first half of 2022 that it might never be duplicated. Home values increased, while many oceanfront properties have been purchased above the asking price not within weeks or days but within hours.

Values in the Outer Banks are said to have increased by nearly 50 percent or more, setting real estate records for units sold and overall sales volume. Housing inventory is said to have begun its expansion in February of 2022. The number of days available homes spent on the market fell due to a depleted housing inventory. But in the second part of 2022, the inventory is said to have started creeping back up.

Average home prices in the Outer Banks are said to be leveling off, which could be the result of a “new bottom” in the sales market.

An Outer Banks Market Summary

What drives the Outer Banks economy? Tourism. Most homes are investment properties or vacation homes. This is said to require a “strong buyer” who can afford to put 20-25 percent down on a prospective property. That’s said to be a major down payment in this difficult real estate market and a time of spiking inflation.

During the previous real estate boom prior to the COVID-19 pandemic, you could borrow cash relatively easily. Some borrowers were, in essence, unqualified. But in the new market, the borrower is generally expected to be overqualified.

Real estate professionals are looking for home purchases that involve at least 10 percent cash. This factor alone proves that the Outer Banks market is solid and not subject to a bubble that is about to burst anytime soon.

Referred to as the Northern Beaches, the Corolla area in the Outer Banks is said to have achieved the most turnover in two decades. New buyers are also spending money on remodeling. Construction professionals concur that the number of building permits applied for and granted over the latter half of 2022, thus far, has been outstanding. In theory, this should result in a massive spike in Outer Banks rentals and new homes sales over the coming years.

According to reports, new construction has been steady over the last half year. New subdivisions have sprung up in Kill Devil Hills and Corolla in particular. The lot prices remain “relatively low for the market.” Interested buyers should take into consideration that new constriction can give you more of what you wish for in a home than a remodel can.

Outer Banks Real Estate Predictions for the Second Half of 2022

During Q1 and Q2 of 2022, interest rates rose, the stock market tanked, and new buyer activity slowed as a result. However, new properties are being listed daily, so it should be a good time for buyers to return to the Outer Banks real estate market, even with rising interest rates.

However, construction and real estate experts agree that in Q3 and Q4 of 2022, new property listings will continue to rise due to a lack of “aggressive buyers.” The Fed has certainly agreed to raise rates another .75 percent as 2022 closes out. But quantitative tightening can only last for so long before easing begins again.

Real estate experts say they don’t feel like a “buyer’s market” will reemerge before 2023. But they believe there are terrific opportunities to buy as 2023 moves toward 2024. It’s all a matter of buyer patience and researching where you will likely find excellent bargains. You might even find a rent-to-own situation that meets your needs.

The Budget Homeowner’s Guide To Keeping Your House Safe

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Nobody said that running a home was going to be cheap. Houses are the most substantial investment most of us will make in our lives. From the initial down payment to the running costs, they’re a constant investment that likes to keep us on our toes. What’s one thing you want to do with an investment so substantial? Protect it.

Below, you’ll find the budget homeowner’s guide to keeping a home safe.

The Prime Danger Suspects 

Many things can compromise the safety of you and anyone else inside your home. The first is one that many wouldn’t consider prime, but factoring in that more than 50% of houses in the US have mold damage to some degree, we’d call it a prime danger. Mold is a pesky type of fungus that grows everywhere and is typically harmless until they find a nice damp spot to set up camp in.

Once they land on a damp spot – they grow. When they develop in the damp, it becomes dangerous to stay near them because it’s easy to inhale the mold spores thanks to the humidification of the air. Plus, the large black spores characteristic of mold aren’t the prettiest to look at. Mold typically invades the structures of your home, such as the walls or floorboards, which can compromise the integrity of the said structure.

Mold isn’t the type of thing you wait to go without intervention, and insurance that covers mold is few and far between. One-part bleach to four-parts water is an effective killer, but for mold that has infiltrated the plaster of the wall, you might find you need the plasterboards replacing.

That’s why it pays to check whether the home insurance you have covers mold or not. Most policies discount mold unless it has caused damage to the walls, ceiling, or floor. To protect against mold, ensure rooms are properly ventilated, especially in the kitchen or bathroom, to prevent steam from settling onto surfaces and forming a nice damp spot for mold to move to.

Another prime danger suspect is fire. In the US, an estimated 358,500 homes fall victim to a house fire which sometimes causes irreparable damage. Of course, most home insurance policies do cover fire damage, but prevention is key. Fire safety experts recommend switching plugs off, limiting the number of appliances linked to one outlet, and minimizing the use of fire hazards such as candles.

Experts also recommend that homeowners run a monthly check of their fire alarms to ensure they’re working. A simple monthly alarm check saves millions of lives a year.

Protecting The Structure Of Your Home

Multiple issues could compromise the structure of your home, so let’s start at the top. In the US, the natural elements can wreak havoc on roofing, causing broken tiles, roof collapses, and many other problems that a homeowner shouldn’t have to deal with. Keeping things on a budget, you can protect the roof by ensuring you carry out regular inspections to check for loose or broken tiles or anything that might mean the roof structure has been compromised.

While a damaged tile might not seem like a big deal, it can lead to leaks, further damage and might prove detrimental if a storm comes along. A broken roof and a tropical storm are a recipe for disaster. Staying on the topic of roofing, you can enquire about applying metal roofing. Metal roofing is far more robust than tiles and might be a better roofing material if you live in an area that’s prone to hurricanes, for example.

Keeping Intruders Out

One of the obvious safety risks of owning a home is the danger of intruders. According to statistics, there are roughly 2.5 million burglaries a year in the US, and the number only seems to be on the rise. There are obvious precautions you can take that don’t cost a dime. For example, you should ensure every door is locked before you go out, not just the front and back door. The garage door is often forgotten about, as is shutting all the windows.

Homeowners can also keep social media content about holidays to a minimum, change the locks every few months, and limit the number of people who have a key to the house.

Moving more upmarket — but still cheap for a budget homeowner’s guide — fake security cameras can also deter people away from your home. When big brother is watching, people are less likely to come knocking – or barging in where burglars are concerned. Amazon has a large array of fake home security cameras that look like the real deal.

Experts think up to 67% of break-ins could be prevented with a home security camera system.

A home should be a haven. A place you can go to at the end of a busy working day and feel at peace – yet every homeowner knows multiple things can burst that peaceful bubble. The tips above are just a few of the measures homeowners can put in place to keep their homes safe on a budget.

5 Ways to Sell Your Home for More Money

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Sell Your Home for More Money

You know, a house can never be a home until you finish the mortgage payments. And in these difficult economic times, that may be hard to do. There is no shame in realizing you can’t afford your home and need to sell it. The real shame is not realizing the unwitting, self-sabotaging acts you may be committing that prevent you from selling your home. There are strategic ways that you can sell your home for more money.

You can research potential buyers so you can know who is more likely to buy than not.

Sell Your Home for More Money – The Basics

Make sure you create neutral aesthetic visual environments around your home.

This creates the psychological effect of the prospective homeowner mentally imprinting themselves in your home.

Get rid of any wall-to-wall carpeting. You’re assuming that a homebuyer wants to deal with the expensive maintenance involved.

Think strategically beforehand about how home buyers mentally assess home purchases relative to your circumstance. You will sell your home for more money.

Here are 5 tips.

 Research Your Potential Homebuyer

In this economic environment you can’t afford to hope that your online real estate listing will be read by your ideal homebuyer.

For example, did you know that most new home buyers hate buying a home with a pool? It can cost thousands of dollars annually to maintain a pool.

And it will cost a lot more than that for a new homeowner to remove it.

Also, pools can be absolute nuisance magnets for a homeowner.

Your neighbors, restless neighborhood kids, and complete strangers walking by may surreptitiously invite themselves when you are not around.

If someone hurts themselves or dies in a pool, even while trespassing, a pool can also become a lawsuit magnet.

So, make sure you mention in your ad that your home has a pool. Or, strategically search online for homebuyers looking for a pool.

Instruct your realtor to target house flippers and real estate investors if your property is in poor shape or requires renovation.

There are many homebuyers and companies looking for properties to aesthetically improve to later inflate profits. Research such potential buyers.

You may find prospects willing to pay for your home on your terms.

This process will probably require a lot of time sacrifice and the need for attentive online searching skills.

You could even hire people part-time to help you research or recruit home buyers.

It will be worth it.

Make a detailed list of target buyers you may be able to persuade relative to the selling appeal of your property.

Know who you are selling to and how to reach them. That is the best way to sell your home for more money.

Speaking of which, the best way to screen potential home buyers to your advantage is to hold a property viewing.

Just do it in a strategically aesthetic manner.

Create a Neutral Aesthetic for Home Viewings

A lot of home sellers lose the sale long before they realize it after opening their home for viewings.

Before you open your home for viewings by potential sellers, remember to make the internal décor neutral.

Take down family pictures and any signature furnishings. Store collectibles, art, and stylish curtains in the basement.

Your vintage, antique vinyl record collection, for example, should be moved to a storage unit long before scheduling a viewing.

Why?

You don’t want potential homebuyers to see you, your family, and your life during a viewing.

Your home should have minimal furnishing to allow the potential home buyer to see themselves living in your home in the future.

During a home viewing, the potential home buyer should be able to mentally project themselves living in your home.

That is hard to do, and hard to make a sale, if they are looking at your family photos and lived in furnishings.

Potential home buyers may feel like strangers in someone’s home, and not like potential home buyers.

If you want to sell your home for more money, you must make potential homebuyers feel like they have viewed their new home before they buy it.

That can only happen if you make the aesthetics of your home look as pleasing but as neutral as possible.

And that brings me to my next point – get rid of the wall-to-wall carpeting.

Remove Your Carpeting

Carpeting is an American in-door aesthetic tradition for many homeowners. In fact, almost 50% of the business flooring market in the United States is based on rugs and carpeting.

The average carpet costs about $1,800 per 300 square feet.

Because of the proclivity for mold and dirt to destroy carpets, you must get them cleaned regularly.

The typical carpet cleaner charges by square feet or by the room. So, you could pay up to $75 per room or $300 per 1,500 feet.

Because of the financial maintenance responsibilities for carpeting, and realities of natural wear and tear, you may need to replace it every 5 to 15 years.

There is no doubt about it – maintaining a wall-to-wall carpeted home.

So, why do you think a potential homeowner will want to deal with such maintenance hassles.

Unless you know your potential buyers are interested in such, it’s a big assumption to make.

Carpeting is such a personal aesthetic choice to make for a homeowner. And its never good to assume that your aesthetic style choices are interchangeable with others.

Have you ever visited someone’s home and noticed they owned gaudy-colored, deep shag carpeting like a 1970s style refugee?

Now imaging showing a potential homebuyer your own lime green shag carpeting during a property viewing.

You may be better off removing your carpeting and having your hard wood floors underneath professionally cleaned.

Hard wood floors give off a neutral habitat aesthetic and will help you sell your home for more money.

They also offer a visual invitation for a prospective homebuyer to project themselves living in your home.

Time to Repaint Exteriors and Interiors

Prospective home buyers are an extremely fickle-minded bunch. Keep this in mind if you want to sell your home for more money.

Did you know that home buyers are visually repulsed by certain home interior and exterior color aesthetics?

Bold, brash, customized, and eye-popping primary colors are not popular with most home buyers.

A 2013 National Home Color Survey found that home buyers favored 6 neutral colors, especially on exterior walls. These colors include:

  • Beige
  • Black
  • Gray
  • Taupe
  • Slate
  • White

Make sure you paint your front door black and your exterior walls a pleasing shade of yellow.

According to a 2018 Zillow study, home sellers made $6,271 over their selling price if their home had a black-colored door.

Paint your exterior walls a light, creamy, or warm shade of yellow and you might make $3,408 over your initial selling price.

Paint your living room a light taupe shade, or a tan hue of pink or peach, and you might make $2,800 over your asking price.

Aesthetics mean everything when you want to sell your home for more money.

Depending on the size of your home, a full exterior and interior paint job can cost $4,200 at the minimum.

Neutral tones mean everything if you want home buyers to psychologically project themselves in your home.

Update Your Landscaping

A homebuyer will notice your landscaping before even seeing your house. So, if you need to freshen up your curbside landscape, invest in an aesthetic update.

A professional landscaper may cost you $50 to $100 per hour. Depending on your curbside flowerbed space, that could cost you hundreds or thousands of dollars.

You can save yourself a lot of money and spend a weekend removing flowerbeds yourself. Then just replace it with a fine even layer coating of fine, new mulch.

Remember the profitability of neutrality.

A curbside neatly arranged with fine mulching will allow the homebuyer to mentally project their own future flower bed project.

And, it will cost a lot less to do that yourself then pay landscapers.

Reassess Why Buyers Would Want to Buy Your Home

Don’t get the idea that just putting your home up for sale means it will automatically sell.

The real estate and housing market are notoriously volatile.

It takes up to 3 months to sell a house in the best of economic circumstances. It isn’t out of the question that you may end up waiting months or years trying to sell your property.

Research your potential buyers to the best of your ability. Game the system to your benefit as best you can.

The typical home sold for $330,600 in July 2020.

Don’t leave the potential for maximum home selling profitability to chance.

Not in these difficult economic times.

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Checklist of Things to Do When You First Move in Your Home

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Move-in Checklist

Did you know that you could buy a new home now for $330,600 as of August 2020? In 2019, the average price of a new home was $400,000. If you are lucky enough to have bought the home you want at these prices, finalizing the paperwork is just the beginning of your work. You should have a move-in checklist to optimize how much you can get done within the several days it will take to move in.

Move-in Checklist Basics

So, here is a checklist of things you should do on moving day and even before moving into your new home.

Keep in mind that this is a basic move-in checklist for you to consider.

You may need to remove or add items on a personalized checklist as it relates to your current circumstances.

Deep Cleaning

You would think that unpacking would be the first thing to do on your move-in checklist.

However, before you even start moving in your belongings, you should start a deep cleaning of the house.

Invest in soap, sponges, washing rags, mops, disinfects, bleach, cleansers, and other cleaning products before the big move.

Then spend a day or two cleaning your new home thoroughly before boxes, furniture, and belongings arrive.

This is a good idea to do early on so you’re not trying to clean around or move new furniture and appliances later.

Move-in Checklist

Dust, sweep, and clean out every nook and cranny. Clean out the stove, oven, fridge, and any other appliances present.

Scrub out the kitchen sink and all bathroom surfaces. Don’t bother cleaning the toilet seat – just get a new one.

Plan out sections of the home to clean and take it one area at a time. A deep cleaning will help make the place feel new, clean, and ready for move-in day.

Source New Contractors and Professionals Via Neighbors

Take a break from unpacking and make a point of saying hello to the neighbors.

On top of being neighborly, you want to network and make friends who refer you to local businesses and contractors.

For example, you are now in the market for a new mechanic, plumber, dentist, barber, and so on.

Check up on any referrals yourself, don’t just take what you hear for granted.

Update Your New Address Status Officially and Personally

Start updating your new address status officially and personally weeks before you move into your new home.

Contact your local post office to have them forward your mail and periodicals to your new address. Most post offices will forward mail for up to a year.

Next, you will need to make government services, financial institutions, creditors, and so on, aware of your new address.

Make sure your bank, credit card company, or credit union is aware of your new address.

Get a new driver’s license and/or state ID. Update your vehicle’s registration and insurance if your moving to another state.

Update Social Security, or other government benefits, about your address change online, via phone, or office visit.

Make sure your personal doctor and pharmacy are updated about your home address.

Do you shop online often? Visit every online retailer you’re registered with and update your address.

Make sure your family, friends, acquaintances, and employer are updated with your new address.

Move-in Checklist Priority – Update Your Security

Updating your new home’s security should be in the top 3 of your move-in checklist on day one.

Changes all of the locks. Don’t dilly-dally on that point, get it done on day one.

Install an aesthetically pleasing steel security door screen gate or door guards on your front and back doors if needed.

Check all of your windows to make sure they are secure. You may need to install window gates.

Look for any weaknesses in the security of your new home.

Strategically Prioritize What to Unpack

Moving into a new house can be an exciting but overwhelming experience. The need to do so many things can cause a stressful, paralyzing effect.

Unpacking is pretty much the first thing to do on a move-in checklist. However, there is no need to be overwhelmed.

Depending on the size of your new home, you may a need a few days to get everything unpacked. So, think strategically – prioritize what you need to unpack now.

Unpack everything you need for the kitchen, bathrooms, and bedrooms first.

You need to eat. And, you will need to shower and clean yourself off after a long day of unpacking before going to sleep.

Maybe then you can put up some curtains, lay some rugs, and add a few other decorative touches and flourishes.

Start unpacking the essentials and everything else will follow.

Get Your Utilities Set Up

When I moved into my first apartment, it was a sublet in a private home. So, I had to get my own utilities set up in my own apartment separate from the homeowner.

The previous resident left without paying their last outstanding energy bill payment. To make matters worse, the energy company representative I spoke with on the phone decided I was that resident trying to dodge the bill.

I had never moved anywhere before and it was a big hassle. Finally, I had to go to the main office for the energy company to get the matter settled.

If I had spent a few weeks getting those utility matters settled before moving in, it would’ve been a less stressful situation.

Getting your utilities set up (and there will be more than one) before moving in should be high on your move-in checklist.

Try to Set Up Utilities Before Moving In

You should try to set up utilities in your new home 14 days or more before you even move in.

Why?

Depending on where you live, you may have to set up utility accounts for:

  • Electricity
  • Gas
  • Sewer
  • Trash pick up
  • Water

The utility company has no idea that someone new has moved in unless you or the previous occupant informs them. Even then, the wheels of bureaucracy move very slowly.

If you are moving close to your previous residence, call before you move. You may be able to call beforehand and transfer your utility service.

If you are changing utilities, call up the previous provider and supply them with your new address. You may have final bills that overlap your move-in checklist period.

In the worst-case scenario, you may need to set up a new utility account with a new utility company. (Or perhaps multiple new utility accounts.) You really want to get started on that weeks before you move in.

On move-in day, make sure that all your utilities are operational and running. If you have problems on day one, call the utility company and don’t let issues like that linger.

Customize Your Move-In Checklist

Depending on the size of your new home, the quantity of your move-in checklist duties will vary.

Don’t be overwhelmed.

Make a list and prioritized what needs to be done and unpacked in a sensible order according to your preset needs.

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THE THREE R’S OF BUDGETING YOUR MONEY

The Three R’s of Budgeting Your Money

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There is only one rule to know about making a budget – don’t go over your budget. A budget helps you understand how much money you make, how much you spend on bills, how much money you waste, and how much you must save to achieve a future goal. If there is one skill that you (and most Americans) need to perfect now, it’s wisely budgeting your money.

I understand that there is a lot of emotional and financial suffering going on right now. No one wants to hear, “Are you budgeting your money correctly?” as if in a condescending manner.

There is nothing I write here that will be condescending. Part of adulthood 101 is learning how to budget when becoming independent.

Making a budget is free. You have access to the information, which is your own personal finance records.

And most importantly, budgets reveal unfortunate truths – you may be partially or fully to blame for your financial problems.

Over 70% of Americans spend over $5,400  annually on impulse buys they don’t really need or want. (Many people impulsively buy unhealthy food, among other things.) That adds up to over $54,000 over a decade! Another statistic contends that the average American will spend over $300,000 on impulse buys over a lifetime.

Making a budget is a discipline that must be learned. But it is worth it to realize a better financial future.

So, here is a great way to ease into the concept of budgeting. You must keep in the mind the three R’s of budgeting your money:

  • Review
  • Revision
  • Redo

I’ll give you a basic primer on what it means to budget too.

But first, let’s talk about why budgeting your money is so important.

Because in 2020, you are probably not to blame for your current financial problems.

Budgeting Your Money in 2020

Budgeting your money in 2020 is so important because many people don’t have enough of it now.

The coronavirus pandemic has caused globally reaching economic traumas and consequences that has touched everyone.

Over 56 million people have been forcibly unemployed since March 2020. Besides one week when 6 million people applied for unemployment benefits, over 1 million Americans have applied for unemployment benefits weekly since March.

Americans who were receiving $600 weekly unemployment benefits since March are incrementally losing those benefits now.

Eviction protections empowered by the CARES Act are ending now. Tens of millions of Americans are facing imminent eviction now. Eviction is a threat that will face a generation of Americans for the foreseeable future.

Food banks in the United States are being strained to the breaking point.

Many such organizations worry they won’t be able to match continued and increasing demand for food insecurity help.

If you are living in the United States right now, you are probably having to learn to live on a lot less than before.

Budgeting your money more concisely will help you make the most of what you have now.

Budget 101

A budget is a personalized finance plan that details your estimated income, expenses, debts, and projected financial goals.

A budget can detail how much money you earn and spend on expenses and bills within a given time period.

For example, a budget can tell you how much money you spend on groceries, utility bills, rent, mortgage, or a car note within a week, month, or year.

You should keep your receipts and make records of the things you pay for.

Then you should assess if you are spending money on things you want instead of need. Impulse buying is the prime killer of budget and future financial goals.

A good budget will tell you how much money you need to save, and what you must sacrifice, to achieve a future goal.

Make budgeting an introductory challenge for yourself. Spend two weeks to a month keeping a weekly budget. Make a purchase diary to record impulse buys. You’ll create hard data on your personal finances that will starkly tell you how well you are managing your money.

A budget is a spending plan for your household and your life.

Budgeting your money, and being honest about your spending habits, may be your best options for improving your personal finances.

If you are still on the fence about budgeting, just remember the three R.

Review

One theme that is always going to come up when it comes to budgeting your money is the time sacrifices involved.

If you are not used to budgeting, you first have to start by creating a budget.

What do you need to buy at the supermarket? Steer clear of impulse buys and you’ll save more money.

What bills can you do without? Do you really need a 300-channel cable subscription package? How much money will you save by downgrading?

Instead of taking on more debt, can you sacrifice, save more money, and calculate when you will reach your goal?

The first month or two of budgeting will involve you assessing what works and what doesn’t.

In the beginning, you will have to review your budget plan. That way, you will know what is effective and what is wasting your time.

Reviewing your budget should be a continual part of your budgeting process.

Which brings us to revision.

Revision

You can’t just create one budget and use it or refer to it for the rest of your life. You are going to have to revise your budget often.

After reviewing your budget, you are going to learn what works, what doesn’t, and what you need to do to balance your finances.

And, if you can sacrifice the things you want now to achieve greater financial goals later.

Your financial information, income, expenses, and bills are always in a state of flux. You may get a raise, become unemployed, buy a house, and so on. In such situations, your budget must undergo revision.

There may come a time when revising a budget may not be enough.

Budgeting your money is important. So, you may have to redo your budget.


Redo

Your personal finances and professional life may change so drastically that you just have to redo your budget.

The personal budget you drafted 2 years ago is moot if you got a new job, bought a home, moved to a new city, expanded your family, and so on.

As your personal circumstances change, you have to redo your budget accordingly.

Stick to Your Budget

Most people don’t make budgets because they are time-consuming and require meticulous financial recordkeeping.

Budgeting your money requires you to make time on a weekly, monthly, and annual basis to assess your personal finances.

Those are small sacrifices to make to ensure more money in your pocket and a better financial future.

Stick to your budget. Save more money than you spend. Focus on paying down your debt.

A budget may save you the trouble of hiring a financial advisor to point out a problem you can find out yourself for free.

Here are some great and free budgeting templates.

Just keep the three R’s of budgeting in mind and maintaining a budget won’t be a problem.

Read More

If you are serious about getting your budget together consider reading a copy of Dave Ramsey’s The Total Money Makeover. It’s one of the best books on personal finance written in decades. Ramsey’s work has sold millions of copies and helped hundreds of thousands of people build budgets and cope with their debt problems. It retails for $12 bucks on Amazon which makes it an inexpensive investment considering the invaluable information this book has to offer. Make sure you get a copy!

 

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The Best 10 Suburbs in Brisbane for Real Estate Investment Right Now

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Editors note: Fine Tuned Finances usually has a US audience, however we’ve seen some demand to cover issues in Australia so we are publishing this here.

Why should suburbs in Brisbane be at the top of your consideration for investment in 2020?

There are the obvious perks of having great weather, beaches, and a bustling arts and music scene. Australia’s newest university is also due to open in 2020 with a campus at Moreton Bay.

Apart from this, Brisbane’s population has increased by 1.43% since 2019 and is set to increase to over 3 million by 2035.

This population boost gives good reason for house prices to be on the rise. As demand increases in suburbs around Brisbane, they become keen candidates for investment.

If you’re ready to take advantage of this predicted increase in property demand, here is a rundown on the top 10 areas of Brisbane to invest in.

  1. Springfield

With Springfield’s plans to expand its CBD to a massive 2.6 million square meters of public facilities, it’s difficult to look past.

Investment into Springfield’s commercial and care facilities are expected to top $85 billion.

It goes without saying that with this kind of investment into public assets employment will be on the rise, likely taking real estate value with it.

  1. Keperra

Keperra is a family-friendly suburb 9km north-west from Brisbane CBD.

With a much lower entry point of $550,000, Keperra is one of the more affordable options for first home buyers and investors.

Mitchelton is only 2.6km away, holding a median house price of $660,000. It is likely this will end up having a positive impact on Keperra’s property market.

Other factors to consider are Keperra’s above-average family income and high rate of employment in health and social care.

Having a train station is another plus as suburbs with access to train services have increased 40% in value over the past 10 years.

  1. Stafford Heights

Stafford Heights is another affordable option for first homeowners and investors with a median sale price of $620,000.

The fact that it is only 8km from Brisbane’s CBD is another bonus for accessibility to amenities. These include a plethora of primary and secondary education facilities.

The Prince Charles Hospital, Westfield Shopping Centre, and restaurants are also easily accessible.

  1. Bridgeman Downes

Bridgeman Downes has a median house value of $785,000. This, along with its rising population, increasing rent, and low property vacancies, makes it a low-risk option for investors.

It’s also 85% owner-occupied which gives it the vote of local residents seeking quality of life as well as a worthwhile investment.

Being only 13km from Brisbane’s CBD also ticks Bridgeman Downes off for the convenience of amenities factor.

If you’ve found that this is an opportunity you are not prepared to risk losing, these mortgage brokers will help you secure your place in this suburb.

  1. Everton Park

The median house price in Everton Park is $615,000 which puts it in the more affordable price range for families and investors.

Everton Park is known as a lifestyle suburb with easy access to the popular ‘foodie laneway’ as well as parks, shops, and retail stores.

Lifestyle suburbs attract renters and buyers who are looking to establish their families. They are serious buyers who won’t throw their houses on the market at the first sign of trouble.

  1. Tarragindi

The Brisbane suburb of Tarragindi is just 8.3km to Brisbane’s CBD with easy public transport via busses to the city. This suburb is also well suited for families looking for easy access to shops, parks, cafes, and restaurants.

Tarragindi is further up in the median house price range at $791,250.

If you are looking for a safe bet for your family home and have a bit of extra cash, Tarragindi is an option definitely worth exploring.

  1. Ashgrove

Ashgrove is an area with favourable demographics when it comes to family incomes and job security. The majority of people work in education, healthcare, and technology industries.

Also home to Ashgrove State School and many others in the catchment, education is an appealing factor for families.

Just 5km from Brisbane’s CBD, it’s little wonder that Ashgrove has a median house value of $979,000.

  1. Chermside West

This area of Brisbane is 9-10ks from Brisbane’s CBD with the appealing factor of being 80% owner-occupied.

Chermside West is evolving as it is being occupied by a younger demographic, possibly to take advantage of the state school catchment.

The west also has a much higher median house price of $625,000 and is a high demand area for real estate. This is in contrast to Chermside, which has a median house price of $580,000 coupled with low demand.

  1. Cannon Hill

This suburb is just 7km from the CBD and boasts plenty of parklands, schools and a train line into the city for employment prospects.

It has a fairly even split between landowners, purchasers, and renters.

Between 2011 and 2016, Cannon Hill saw a reasonable population growth of 23% with the weekly family income taking a leap over the past decade.

Most common jobs are health care, social work, construction, and retail, making Cannon Hill sturdy ground for job security.

  1. Mansfield

Mansfield has a reputation for high-quality schools, which is a major drawcard for families. About 51% of occupants are families with young children.

Mansfield is only 10km from Brisbane’s CBD. It is likely that the huge investment in the cities facilities will boost Mansfield’s popularity.

A median sale price of $691,000 isn’t unrealistic for younger families, especially being so close to employment in the CBD.

Final Notes on Suburbs in Brisbane for Investing

Brisbane is currently the hot spot in Australia for investors. This is due to its population growing so rapidly and huge investments into public facilities and infrastructure.

Making a good property investment always comes down to varying personal and financial factors.

Suburbs in Brisbane have all the right ingredients for a rewarding investment. It still pays to personally inspect property before purchasing to avoid unwelcome surprises.

Want to learn some other helpful real estate tips?

Make sure you take a look at the rest of our blog. Here are some of our best articles:

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