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The holidays bring a lot of excitement and cheer. But is also a time characterized by a lot of spending. Statistics show that holiday spending goes up every year in the last few years. Unfortunately, holiday expenditure can take a big chunk out of your credit card. It may feel great while the holidays last […]
The post How to Avoid Racking Up Debt During the Holidays appeared first on Credit Absolute.
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Hereâs a real estate tip for folks joining the incoming Biden administration: A rental vacancy has opened up in the tony DC neighborhood of Kaloramaâan area known for foreign diplomats and political heavy hitters.
Ivanka Trump and her husband, ex-presidential adviser Jared Kushner, have decamped for Florida, following in the footsteps of her father, former President Donald Trump.
Now, the couple’s former rental is in search of a new tenant. It’s available to lease for $18,000 a month.
The recently renovated home with six beds and 6.5 baths has all kinds of style points. It’s billed as “one of the most well-known and photographed houses on the planetâgiven its recent tenants.”
During the Trump years when the upscale abode served as the DC home of the first daughter and her family, it attracted protests and candlelight vigils, according to the Washingtonian. The 2017 gathering shown below was to protest Trump’s immigration policies.
Concerned Community members from WA, CA, NM, AZ, TX, ID, VA holding a vigil outside Jared Kushner & @IvankaTrump's house #DefendDACA pic.twitter.com/caGf0mIFah
— Cris Ruiz (@votecris2040) September 5, 2017
On the other hand, the Washington Post recently reported that the mansion’s bathrooms were off limits to the couple’s Secret Service detail. As a result, the security team had to rent a nearby studio apartment at a rate of $3,000 a monthâwhich ended up totaling more than $100,000 over the years, according to the Post.
Bathroom access aside, the 1923 home has been âmeticulously maintained by the landlord and former notable tenants,â the listing asserts. Details of the 7,300-square-foot layout include crown moldings, recessed lighting, and wood floors throughout.
Plus, the âvery contemporaryâ interiors boast high-end finishes and electrical updates made within the past four years.
And you might catch a glimpse of former President Barack Obama and Michelle Obama in the neighborhood. The couple liveÂ just a âstoneâs throw away,â the listing notes. That proximity to power might appeal to a house hunter joining the Biden administration.
Watch: The D.C. Neighborhood That Power Brokers Ivanka Trump and the Obamas Call Home
While new listing photos aren’t yet available, the images from 2017 showcase a modern, minimalist living space in a neutral palette decorated with abstract art.
The living room features a fireplace and plenty of space for oversized furniture. The sleek kitchen with a long, white island looks to have everything you need to whip up a meal (or unpack takeout). The kitchen also has room for a table and adjoins a family room.
A formal dining room features a fireplace and recessed lighting. The master suite includes French doors, another fireplace, and cool tones.
Down south, the home’s former residents are apparently leasing a luxury condo in Miami, according to the Wall Street Journal. But their long-term plans look to involve a 2-acre lot they reportedly purchased on ultraexclusive Indian Creek Island for the jaw-dropping sum of $32 million.
Rodrigo Valderrama with Keller Williams Capital Properties holds the rental listing.
The post Ivanka Trump and Jared Kushner’s DC Home Is Available To Rentâfor $18K a Month appeared first on Real Estate News & Insights | realtor.comÂ®.
Reality TV star Ty Pennington, known for changing peopleâs lives with his energetic personality onÂ the original version of Extreme Makeover: Home Edition, is now looking to cash in on his own home makeover. Pennington has just listed his house — a beautiful and bright 1927 Craftsman in Venice, Calif. — for $2,795,000.
Pennington put his home design expertise to good use and carefully restored the property earlier this year with the help of his trusted interior designer, Patrick Delanty. Delanty, also known to be Halle Berry’s designer, has long been working alongside Ty Pennington, serving as his design director for Extreme Makeover and running his on-air design segments, most notably his presence on The Oprah Winfrey Show, Rachel Ray Show, NBCâs Nightline and Good Morning America.
Just like its reality TV star owner, the home is bright, cheerful and quirky, with colorful interiors exuding creativity and style. The property is listed by Patrice Meepos of Compass.
Tucked away on a one-way street near the beach, Venice Boardwalk, canals and Abbot Kinney’s hot spots, the original 1927 dwelling has 3 beds, 3 baths, and a sizable living room with decorative fireplace, along with a sunken family room with large windows overlooking a newly landscaped, private back yard with koi pond.
The ground level hosts the kitchen, laundry room, and bedroom with direct backyard access, as well as a full bath. On the upper level, there’s a master retreat and a second bedroom.
Ty Pennington added quite a few special touches to the 2,102-square-foot home, including bamboo flooring, baths adorned in vintage-inspired ceramic tile, a master bath sporting a standalone shower and an antique cast-iron freestanding tub, kitchen with concrete countertops and a wraparound, porcelain-tiled porch. There’s also a beautiful backyard that looks like a great place to entertain guests.
While Ty Pennington did not return to host HGTV’s 2020 version of Extreme Makeover: Home Edition (which is hosted by Modern Family‘s Jesse Tyler Ferguson), you can catch the two time Emmy award winner in his other home improvement series, Trading Spaces — which recently restarted airing after a 10-year hiatus.
You can also get more tips from the home design expert from his latest book, Good Design Can Change Your Life, which is an intimate look at Tyâs design inspirations and is full of dÃ©cor advice and tips. While we haven’t yet had the chance to pick up the book ourselves, according to his website the book is part reference, and part behind-the-scenes from Tyâs own home remodeling, which means the Venice home is already a bookshelf hit.
More beautiful celebrity homes
Morgan Brown Re-Lists Stunning West Hollywood Home Amid Split from Actor Gerard Butler
Wayne Gretzky is Selling his $22.9M California Home Designed by âThe Megamansion Kingâ
Chrissy Teigen & John Legend Buy $17.5M Beverly Hills Mansion After Cashing Big on Previous Home
5 Fabulous Homes of Your Favorite Formula 1 Drivers
The post Extreme Makeover’s Ty Pennington Lists Bright and Beautiful Venice Beach Home appeared first on Fancy Pants Homes.
A star-studded home in the heart of Hollywood Hills has hit the market for $30 million this week. Formerly owned by Prince, Elizabeth Taylor, Russ Weiner, and Carlos Booze, this home has a ton of character and charm.
The post Princeâs Former Los Angeles Mansion Lists for $30 Million appeared first on Homes.com.
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The coronavirus pandemic has led to record-high unemployment rates not seen since the Great Depression. And this is particularly worrisome for would-be home buyers.
If you were among the 23.1 million Americans who were laid off or furloughed, you might be worried about your financial future. And if you were hoping to buy a houseâeither now or in the next few yearsâyou might also wonder how your current jobless status might affect those plans.
While the situation might seem dire, unemployment does not mean that home-buying plans have to be put on hold for long. Here’s how to navigate a period of unemployment so that it doesn’t derail your hopes to buy a home.
Can you buy a home if you’re unemployed?
For starters: If you lose your job while in the midst of home shopping or after you’ve even made an offer, you might have to put the purchase on hold.
The reason: Given your reduced income, the odds of lenders loaning you money for a property purchase are slim, unless your spouse or partner has a sizable income that can carry the mortgage alone.
And even if you’re getting unemployment checks every week, that money is considered temporary income, so it canât be used to qualify for a mortgage, says Jackie Boies, senior director of housing and bankruptcy services at Money Management International, a nonprofit providing financial education and counseling.
In short, âunemployment could have an effect on your ability to purchase a home in the short term,â Boies says.
But the good news is that once you find a new job, you can likely resume home shopping without trouble, Boies adds. âUnemployment shouldn’t have a long-term effect on being able to buy a home.”
How long after unemployment can you buy a home?
But even once you do find a new job, that doesn’t mean you can easily buy a house just yet. That’s because lenders like to see a steady history of employment before loaning someone money.
“Regular employment must be reestablished as stable, reliable, and dependable,â says Karma Herzfeld, mortgage loan originator at Motto Mortgage Alliance in Little Rock, AR.
So how long is enough? Lenders typically require borrowers to have six months of employment at their current job, and two years of continuous employment. Breaks in employment older than two years shouldnât affect getting a mortgage.
How unemployment affects your credit score
While unemployment doesn’t jeopardize future home-buying hopes per se, financial experts warn that what can put those plans at risk is how you handle your finances while jobless. Unemployment, after all, can stress your budget in ways that can damageÂ your credit history and credit score.
Lenders check your credit score to assess how well you’ve managed past debts. Scores between 650 and 700 range from fair to good; scores below 650 are considered subpar, which could limit which lenders are willing to loan you money for a house. (You can check your score for free on sites like Credit Karma.)
Credit scores can be damaged in a variety of ways during unemployment. For one, if you get behind on paying bills, this will put some blemishes on your credit history and drag your score down.
Unemployment can also lower your credit score by negatively affecting your debt-to-income ratio, a calculation used by mortgage lenders to compare how much you make against how much you owe.
If you’re unemployed, you may face a double whammy as your income is lower andÂ you’re charging more to your credit cards, thus increasing your debt. Both moves can negatively affect your debt-to-income ratio, which may make lenders leery of loaning you money.
âAny factor that affects income or debt may affect the debt-to-income ratio,â Herzfeld explains.
In sum, hopeful home buyers should be careful not to take on too much debt, even while unemployed. You need to preserve cash as best you can.
âI recommend, if on unemployment, [you] cut back on all discretionary spending and make every effort to keep bills current so that the credit score may not get negatively impacted,â Herzfeld says.
Debt-to-income ratio will likely rebalance once you return to work, as long as you havenât racked up too much debt during the period of unemployment, Boies says.
How to handle your finances while unemployed
âMy recommendation is to always try as best as you can to pay at least the minimum required payment on all monthly debt obligations, otherwise credit may be negatively affected,â Herzfeld says.
Boies suggests reaching out to landlords, credit card companies, utilities, auto lenders, and others to find out what options you have, such as payment plans, deferments, or forbearance. You might also be able to reduce some bills, such as insurance, by reviewing your policy.
âDonât think that if you canât pay that bill, you just can’t do anything about it,â Boies says. âYou need to reach out to see what options they have available to you.â
How to bounce back from unemployment
If your credit score is negatively affected while youâre unemployed, itâs not the end of the worldâbut it will take time to repair.
Six months to a year or more of positive credit rebuilding could get you on track to buy a home, Herzfeld says.
âThe sooner past-due debts can be remedied, the sooner the score may begin to improve,â she says.
The post How Unemployment Can Affect Your Plans To Buy a HomeâNow and Later appeared first on Real Estate News & Insights | realtor.comÂ®.
If you’re torn between buying or building a home, understanding what each option entails will help you make a more informed decision. Here are the pros and cons of each journey.
The post The Pros and Cons of Building vs. Buying as a First-time Homeowner appeared first on Homes.com.
Purchasing a home is both exciting and a major milestone in your life, so you’ll want to be prepared for what to expect to avoid a stressful process. Having an in-depth look at the buyer’s journey can help you make informed and confident decisions.
From finding a real estate agent, negotiating offers to getting your keys on closing day, we’ve outlined all the steps of a home buyer’s journey in our free Buyer’s Guide, which you can download here.
The Buyer’s Guide will cover the buyer’s timeline from meeting an agent to preparing for closing day. We’ve outlined the 8 steps in a home buyer’s journey below.
1. Working With An Agent
Every city is filled with thousands of agents, but not all are equal. We believe it is important to choose an agent that you feel confident with. Before you commit to working with an agent, make sure you have a good understanding of the knowledge and experience they offer. It’s important that you ask your questions before making the decision to work with them.
2. Financing Your Purchase
Before you set a budget and start looking for a home, you’ll have to understand what costs to expect when purchasing a home. Here are some of the major costs involved:
- Down payments
- Mortgage insurance
- Closing costs
You’ll also want to calculate a rough estimate of the down payment that you will be expected to pay. Depending on the price of your home, your minimum down payment can range from 5% to 20%. If you’re interested in learning more about how to finance your home, you can get our free Financing Your Purchase guide here.
3. Searching For A Home
An important part of searching for a home is understanding how the home will fit with your needs and your lifestyle. You’ll want to consider home ownership as well as different types of properties and features.
Types of Home Ownership
- Freehold Ownership
- You purchase the home and directly own the lot of land it sits on
- Condominium Ownership
- For condos, you own specific parts of one building: titled ownership of your unit, along with shared ownership in the condo corporation that owns the common spaces and amenities
- Co-Op Ownership
- You own an exact portion of the building as a whole and also have exclusive use of your unit
Types of Properties
- Detached houses
- Semi-detached houses
- Attached houses
- Condos and apartments
Tip: Depending on your budget and desired location, you may need to be flexible to find a home that meets your needs. By being willing to trade some features for others, you’ll have more options to choose from.
4. Negotiating An Offer
When you are making an offer to purchase a home, the purchase agreement should include the essential components listed below. Your agent can help put together an offer that is compelling, while safeguarding your interests and puts you in a competitive position to secure your new home.
You’ll also have the opportunity to choose the conditions that you’ll want in your offer. Some of these may include a home inspection or a status certificate review.
5. Financial Due Diligence
Whenever you make an offer on a house, you need to provide a deposit to secure the offer. The deposit is in the form of a certified cheque, bank draft, or wire transfer; it’s held in trust by the selling brokerage and is applied towards your down payment if your offer is successful.
There are two types of deposits:
- Upon acceptance
- The deposit is provided within 24 hours of the seller choosing your offer
- The deposit is provided when the offer is made
6. Property Due Diligence
To firm up a deal or educate yourself more on the state of the property, you’ll likely want to have a home inspection if you’re purchasing a house. If you’re purchasing a condo, then your lawyer will review the building’s status certificate.
A home inspector will assess elements of the home such as the walls, windows, plumbing, heating and roof to judge the condition of the home. This process is non-invasive and is essential to help provide buyers with a good idea of the home’s current condition and the confidence of putting in an offer.
Tip: The home inspector will provide a summary of suggested work along with a minimum budget estimate for the repairs needed.
If you’re purchasing a condominium, you’ll need to obtain a status certificate from the condo board or management for your lawyer’s review. This document will include valuable information about the condo’s budget, legal issues, reserve fund, maintenance fees and future fees increases – and the lawyer can help identify potential red flags
7. Preparing For Closing
Before the big day, you’ll want to keep a checklist of what to do ahead of time. Some of these include:
- Review your contract
- Complete a final walkthrough of the home
- Purchase home insurance
- Meet with your lawyer
- Know how much cash you’ll need
- Secure cash required for closing
8. Closing Day
Closing Day is when you’ll finally get the keys to your new home! In addition to bringing the cash required for closing, you’ll have to sign a few more documents which will include:
- Mortgage loan
- Title transfer
- Statement of adjustments
- Tax certificates
For the full details on the home buyer’s journey including examples, advice, pictures and sample calculations, download a copy of our free Buyer’s Guide here.
The post Home Buyer’s Guide: How to Purchase a Property, From Start to Finish [Free Download] appeared first on Zoocasa Blog.
Financial freedom is a goal for many people but what does financial freedom mean? It can mean different things to different people but to me, it means you have enough passive income that you do not need to work if you do not want to. You have money coming that will cover your expenses through … Read more