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A hallway in your home can function as much more than just a way to get from Point A to Point B. In fact, when done right, hallways can serve as highly functional storage areas for your family’s stuff. This article from BrightNest offers some helpful storage solutions on how to do it right.
More coat hooks. Coat hooks running all the way down a hallway is a great way to increase storage and keep coats and umbrellas off of the floor. Plus, this will open up extra closet space. You can also add a shelf above the coat hooks for books and decorations.
A bench with storage. Adding a bench to your hallway, particularly around the entranceway, is a great multi-purpose furniture move. You can use the bench to take shoes on and off, and the bench can become additional seating during a party. If you get a bench with some cubbies underneath, you can fill it with shoes, pet gear, umbrellas or living room blankets.
Slim bookshelves. Remember, bookshelves aren’t just for books. You can hide less pretty things like cleaning products and rain gear in cute bins on bookshelves. You can put up framed photos, which are a much more economical solution to displaying art than a large oil painting.
Upgrade your key ring to a flexible wall organizer. A good principle for hallway storage is to expand up and not into the room. So upping your wall organizer game will help keep your daily necessities off the floor and out of the way. A hanging mail organizer can hold keys, sunglasses, running gear and purses.
The increasing costs of renting a home or apartment are affecting the home decisions of more than just the millennial generation. This article from Amy Hoak of MarketWatch highlights how high rents could be affecting the decisions of baby boomers, providing some solid reasons why owning a home is a safer bet than renting.
Rising rents have been cited as a reason millennials aren’t moving out of their parents’ basements. But higher rents could force some boomers to move in with their children.
So says Don Lawby, president of the Real Property Management franchise, a property management company based in Utah. He says it is shaping up to be a crisis for some boomers for the following reasons:
Rental growth rates are the highest they’ve been since the recession, said Ryan Severino, senior economist and director of research for Reis, Inc., a provider of commercial real estate information. Reis data shows that rents rose more than 4% over the last 12 months.
“Vacancies have been tight for a very long period of time,” Severino said. “That kind of environment gives landlords leverage to raise rents.” Rents are eventually expected to taper off, however, as more apartment inventory hits the market, he added.
Yet some don’t see that tapering off happening soon. A recent Rent.com survey of more than 500 property managers predicted rents would rise an average of 8% over the next year. Eighty-eight percent of property managers surveyed said they raised their rent in the last 12 months. The report also found that rental vacancies were at a 20-year low.
The steep rise in rents is a reason why it is often safer for seniors to be homeowners, Severino said. You can bet that rents will go up over time, he added.
For some of us, keeping our kitchen properly stocked can be difficult – and costly. In this U.S. News article from Geoff Williams, a collection of chefs and home improvement experts offer their professional advice on how to manage your kitchen at home in the most successful and economical ways.
If you’ve ever felt overwhelmed in your kitchen, it’s understandable. After all, if your job doesn’t involve food preparation, you spend most of your time thinking about something completely different. Many amateur foodies know exactly how to run a kitchen, but not everyone is a natural-born cook.
However, if you don’t know what you’re doing in the kitchen, it could be costing you. According to the nonprofit organization Feeding America, the country wastes 70 billion pounds of food every year. If you have appliances that are energy hogs, that’s even more money down the drain.
U.S. News asked a handful of home-improvement experts, chefs and the like how they manage their own kitchens. If you know what you’re doing, much of what follows is common knowledge, but if you’re clueless about culinary arts, these suggestions may be your life raft.
Staples.
Since you can’t have entire grocery aisles in your kitchen, you need a selection of go-to items to grab when you’re trying to get something on the table for dinner, without ordering pizza. Chef Erika Gradecki, owner of a personal chef business Food For Your Soul, in New London, Connecticut, always has the following in her kitchen:
Spices and herbs. If you aren’t a personal chef and just want a few must-have spices and herbs, Gradecki would pick Italian seasoning.
“This is usually a combo of thyme, oregano, basil, rosemary and sometimes marjoram,” she says. “It doesn’t have to be a fancy brand, and doesn’t have to have exactly all of those. It’s cheaper than buying those herbs separately, and they complement each other well.”
She also recommends buying cumin. “This is a great spice for anything from soups, chili and stews to meats, curried foods, etc. It gives you a little kick without too much spice,” she says.
And keep all-purpose seasoning on hand, Gradecki advises. “Usually salt, pepper and garlic salt as a base,” she says. “Some add turmeric or a few other additions to the mix. Like the Italian seasoning, this is a great go-to if you’re on a budget, and it seasons just about anything.”
Condiments. The biggies are cooking oil, [cooking] spray, sugar, brown sugar, baking soda, baking powder and molasses, Gradecki says.
Old-fashioned oats. “Different from quick-cooking oats, which are cut smaller and get pretty mushy when cooked, old-fashioned oats are able to keep [their] shape when cooked. They’re a great source of fiber, which keeps you fuller longer, and can be used for breakfast, baking and more,” she says.
Rice. It’s versatile, not to mention cheap and filling, she adds.
Butter, eggs and milk. Most recipes call for at least one of these, Gradecki says.
Of course, everyone has their own definition of “staple.” Carlo Filippone, chef and CEO of the Clifton, New Jersey-based Elite Lifestyle Cuisine, which delivers chef-prepared meals to homeowners, agrees that eggs are vital, but also suggests having spinach, natural peanut butter, lean poultry, potatoes and mixed greens in-house as often as possible, because they all work well in a variety of meals. (OK, the peanut butter, he says, is for snacking.)
For Cheryl Rios, a Dallas-based business owner who cooks daily and comes from a large Sicilian family, pasta and olive oil are necessities.
“If you can only afford these two items to always have, then you always have a meal on hand,” Rios says. “If you’re really broke, fry some garlic in olive oil, boil the pasta, then drain and mix them together. If you have Parmesan cheese, sprinkle on top, and if you have breadcrumbs, fry them up in the garlic and olive oil and add to pasta.”
Kitchen tools.
You could become overwhelmed, and very broke, trying to anticipate every cooking utensil you might need, especially if you’re stocking your first kitchen. But the basics include: a pot, skillet, casserole dish, spatula, baking sheet, plates and silverware. Beyond that, knives are always handy, says Anna Carl, a consumer scientist at Whirlpool Corporation’s Institute of Home Science.
“You don’t need a specialized knife for every task,” Carl says, but she recommends having “a basic chef’s knife with a broad cutting blade, a bread knife with a serrated blade and a basic paring knife for peeling and small jobs.”
Every year, our family tends to carve the same face onto our pumpkin. Triangles for eyes, a simple nose, and a great big smile. (We prefer our Halloween on the “happy” side, rather than the “scary” one.) But every time I see that smiling pumpkin, I can’t help but think he’s somehow laughing at us for all the money we’re wasting every October on new Halloween decorations, costumes, and various other Halloweeny things we’ll be throwing away less than two weeks from now. Scary, indeed. Fortunately, this article from U.S. News collects some great ideas on how to save money this Halloween.
Anyone who loves dressing up for Halloween, carving pumpkins and passing out candy to neighborhood kids knows that the cost of Halloween can add up. Between costumes, candy and decorations, the average American will spend $74 this year, according to the National Retail Federation. While dressing up your child like a ghost can be costly, it’s the grown-ups who end up spending more money on their own getups. NRF reports that Americans spend $1.2 billion on adult costumes while total spending on children’s costumes tops out at $950 million.
Luckily, there are ways to trim the costs without missing out on any of the fun. We consulted some of the smartest frugal spenders around to find out how they plan to get the most out of the holiday while staying on budget. Here are their best tricks:
Go retro with your games. Rachel Jonat, founder of The Minimalist Mom blog, is hosting a Halloween party for her 5-year-old son that will feature old-fashioned games, including bobbing for apples and musical chairs. She’ll decorate with pumpkins and simple crafts that she can recycle. Instead of gift bags, she’s doing a science experiment that involves microwaving soap that the kids can take home with them. “It’s cheap, fun – and not candy,” she says.
Take advantage of your community. Jonat plans to buy secondhand costumes for her three children from local stores, and her family also attends free Halloween events hosted by local businesses and organizations. When they go to the local pumpkin patch, they’ll only buy pumpkins and skip the pricier hay rides and other attractions. “We’ll still make a day of it and have a lot of fun without spending a lot,” she says.
Recycle candy. Ashley Langston, founder of the Frugal Coupon Living website, suggests browsing Pinterest to get ideas for how you can turn leftover Halloween candy into Thanksgiving and even holiday deserts. That way, you won’t waste the candy bars that didn’t get passed out. She also suggests giving out pencils, erasers and stickers that are cheap and plentiful at party stores. If you have leftovers, they can be repurposed for school or art projects.
Get creative. You might have the costumes you need around the house already, suggests Lauren Greutman, a contributor to the U.S. News Frugal Shopper blog and founder of iamthatlady.com. “We often find dress up toys very useful during Halloween,” she says. Old ballet costumes for girls can also come in handy – add some $5 fairy wings, and you’re ready to go trick-or-treating.
One of the most important factors in determining the path of your mortgage process is your debt-to-income ratio. This article from Lisa Prevost, appearing in The New York Times, explains how a debt-to-income ratio is determined, and highlights some ways to reduce a ratio that’s too high.
A mortgage applicant with a high level of debt relative to income is not an appealing risk for lenders. Therefore, first-time home buyers should ensure their debt-to-income ratio is within accepted limits if they are counting on a quick approval.
A borrower’s debt-to-income ratio is one of the most critical factors in the loan review process because it helps determine an individual’s ability to repay. It is calculated by totaling the borrower’s monthly debt obligations and dividing that number by gross monthly income.
The debt figure includes monthly payments on any outstanding loans, credit card balances and child support obligations, as well as the proposed mortgage payment and associated housing expenses, such as maintenance fees, real estate taxes and property insurance. It does not include utility expenses. But if a borrower has a deferred student loan – meaning payments aren’t yet due – 1 percent of that loan balance is counted into the monthly obligation. (For loans backed by the Federal Housing Administration, the figure is 2 percent.)
The gross monthly income figure is more straightforward: This is income before taxes and other automatic deductions.
A borrower with monthly debt obligations of $3,500 and a gross monthly income of $8,500, for example, would have a debt-to-income ratio of 41 percent. That is approaching the limit of what Fannie Mae and other government agencies backing loans like to see.
Technically, a ratio of 43 percent is the ceiling for a “qualified mortgage,” as defined by the regulations put in place in 2014 requiring lenders to ensure borrowers’ ability to repay. But Fannie will approve borrowers with ratios as high as 50 percent when the higher debt is strongly compensated for by other factors, said Mark Yecies, an owner of SunQuest Funding, a brokerage in Cranford, N.J.
“You usually need 12 months of reserves to get a ratio approved over 45,” Mr. Yecies said, referring to levels of cash on hand. Other requirements might be a higher down payment, sterling credit, or both.
Every year at this time, Zillow highlights the best U.S. cities for kids to go trick-or-treating. Among the top 10 cities on this year’s list:
Other top cities include Charlotte, Las Vegas, Portland, Dallas, Seattle, Nashville and Jacksonville. Details behind the results are outlined in this article from Zillow’s Alexa Fiander.
It’s our favorite time of year again – Halloween! Bring on the haunted houses, creepy costumes and goodies galore.
Halloween also means it’s time for Zillow’s annual roundup of the best cities in the U.S. to take your little creatures trick or treating.
Zillow’s research team has been data crunching around the clock to nail down the winners, introducing a new and improved methodology that allowed us to identify areas with the greatest share of population under the age of 15, and where homes are closest together. After all, trick or treating is way more fun with other kids and when you can get the most candy in the shortest amount of time.
Today’s college graduates have several terrific choices around the world for cities to call their home while starting their new career. But you don’t have to move to Amsterdam, Santiago or Sydney to make it happen – because there are several U.S. cities that top the list, as highlighted in this HubSpot article by Lindsay Kolowich.
Thankfully for all you recent college grads out there (and your parents), the job market’s looking up for folks who’ve recently gotten their diploma. More employers plan to hire recent college graduates in 2015 than in previous years, according to the National Association of Colleges and Employers (NACE).
And for those of you about to graduate, things are looking good, too: Two-thirds of employers who responded to NACE’s “Job Outlook 2015 Spring Update” survey reported they expected to increase or maintain current hiring levels for the Class of 2016.more
Woohoo! But … where do you actually go about finding these jobs?
When college graduates decide where to move to begin their careers, they aren’t just packing up and heading in droves to the usual suspects, like New York and San Francisco. In recent years, a surprising number of cities both in the U.S. and around the world have shown they can offer more entry-level job opportunities, higher incomes, better quality of life, lower cost of living … and in some cases, all four.
We’ve scoured the web for studies, reports, and news stories to find some of the best places in the world to start a career after college graduation.
Austin is one of the top tech hubs – not just in Texas, but in the whole of the U.S. It’s home to offices of some of the country’s top employers, including Google, Apple, Facebook, Cisco Systems, eBay, Blizzard Entertainment, Samsung, and more.
“Entrepreneurs say it’s easy to start a business there, networking is top-notch, taxes are low, regulations are light, and hiring is a breeze,” writes Jose Pagliery for CNN.
But Austin isn’t just a twin of San Francisco: First of all, it has a low cost of living compared with other capital cities in the U.S. Notably, it was #1 on WalletHub’s list of cities to start a career based on quality of life, #3 for population growth percentage, and #11 for entry-level opportunities.
If you’re intrigued by a lively music and cultural scene, Austin’s friendly, funky vibe might just be the cherry on top. It’s a liberal city in an otherwise conservative state, and ranks #1 for “small business friendliness” according to a survey from Thumbtack.
For college graduates interested in public policy, government, nonprofits, and a growing startup scene, Washington D.C. is a great place to start and grow a career. Mashable gives it the #1 spot for networking opportunities. College grads will also be in great company, as almost one-third of the city’s population is between the ages of 20 and 34.
WalletHub ranked it #3 in both quality of life and professional opportunities. And according to Fortune Magazine, it has a “reasonable cost of living for a city of its size.” The well-functioning public transportation system also spans to close by Virginia and Maryland, which have even more affordable housing options.
If that hasn’t convinced you, then here’s the kicker: D.C. was named the best U.S. city for single people, scoring highest in the U.S. in “mating opportunities,” according to WalletHub. After all, with 58% of the population being single, there are plenty of fish in the sea.
The combination of plentiful entry-level opportunities for young professionals, quality of life, and a gorgeous setting makes Denver a great place for young people to live and grow their careers – especially those who love the great outdoors.
According to WalletHub, Denver is #8 on a list of 150 cities for professional opportunities for entry-level workers, and #13 for quality of life. WalletHub also found the “extraordinarily varied local economy generates lots of jobs, relatively high starting salaries, and robust income growth.”
The city’s also well known for its vibrant art scene and the virtually unlimited list of things to do outside, including skiing, snowboarding, and hiking at over a dozen nearby local mountain resorts. It has a whopping 300 days of sunshine most years, and 80 miles of trails within the city limits alone.
Houston was #1 of 150 cities on WalletHub’s list for the highest starting salaries adjusted for cost of living. In fact, the median annual income there is 3X higher than in Honolulu. And although Houston is the United States’ fourth most populous city, its real estate prices don’t reflect that, according to CNN.
The city has a great entrepreneurial business climate with little government intervention. The Atlantic called it “America’s #1 job creator” in 2013 after it became the first major city to not only regain all the jobs lost in the downturned U.S. economy, but also the first city to add more than two jobs for everyone one it lost after the crash. That’s just impressive. Its most lucrative industry? Energy, as you may have guessed, given its proximity to oil.
Raleigh is one of the smaller cities on our list, but it’s become a go-to spot for college graduates interested in financial services, software, energy, retail, and its famous “Research Triangle.” The triangle is formed by three cities: Raleigh, Durham, and Chapel Hill – all three with major research universities. You’ll also find the 7,000-acre Research Triangle Park here, too, which is one of the best tech research and development centers in the United States.
Along with a solid economy, it’s been rated with a high quality of life (it’s accessible to both beautiful mountains and beautiful beaches) and low cost of living. Forbes named it the #1 place to raise a family in the U.S.
That’s right: Another city in Texas made the shortlist. Why? Because of its many opportunities for entry-level employment, along with a healthy balance of low cost of living, high salaries, and low unemployment, according to a study by Apartments.com and CareerBuilder.com.
Dallas is home to the headquarters for a lot of major corporations, including J.C. Penney, GameStop, Dr. Pepper Snapple Group, Dave & Busters, Frito-Lay, and Rolex. Its most thriving industries? Telecommunications, technology, and manufacturing. And CNN reports that startups have been flocking there because of its low taxes and minimal government interference.
With its stable economy, low cost of living, and relatively high salaries, Minneapolis has earned its place as one of the best places to start your career after college. It was named one of Fortune Magazine’s top cities for finding a job, and is host to many well known companies like Target, 3M, General Mills, Wells Fargo, and the Mayo Clinic. According to NerdWallet, “Minneapolis is young, affordable and thriving economically, making it a solid choice for recent graduates.” The most popular industries for job seekers are in marketing, banking, and retail.
If you’re into staying fit, then you’ll fit right in, as that’s something the city’s well known for. It ranked #2 in the American Fitness Index’s list of fitness cities, and more than 80% of the city’s residents say they engage in physical activity for at least 30 minutes per day. It’s no wonder, seeing as the city’s full of parks and trails that encourage an active lifestyle.
When it comes to buying a home, there are several myths that could be keeping potential new homeowners from moving forward in the process of purchasing and owning their dream home. This article from GOBankingRates aims to clear up some of the most common “mythunderstandings” about home buying.
First-time buyers tend to make assumptions about down payments and other facts about the home buying process. The truth is that regulations on mortgage financing have changed since the subprime mortgage crisis upended the industry and kicked off a global recession in 2008.
Federal regulations initially tightened lending standards to prevent defaults and foreclosures. The new standards used stricter assessments to determine whether prospective buyers had the ability to repay their mortgages. In January 2014, however, regulators changed those rules after real estate groups and consumer advocates claimed that millions of Americans would not be able to qualify for housing loans. As a result, the proposed 20 percent down payment rule was dropped. Banks now are only required to document that a borrower has the means necessary to afford a mortgage as long as it does not exceed a certain threshold of debt.
Here are some other facts to dispel myths about the home buying process.
MYTH: A big down payment is required. According to Bank of America, between 5 percent and 20 percent of a home’s purchase price is required for a down payment. Lenders typically require private mortgage insurance for down payments under 20 percent. The purpose of PMI is to protect the lender if you default on the mortgage. PMI typically costs between .05 percent and 1 percent of the loan amount annually. So PMI of 1 percent on a $100,000 mortgage, for example, would cost $1,000 a year or about $83 a month.
Richard Airey, senior mortgage originator with Finance of America Mortgage, said that the 20 percent down payment requirement “is probably the most common misconception I encounter.” He said loans from the Federal Housing Administration require a down payment of 3.5 percent of the home’s purchase price. Loans from the Department of Veterans Affairs and the U.S. Department of Agriculture require no down payment for eligible buyers.
For buyers who only have a small down payment, there could be a way around paying for PMI, said David Hosterman, a branch manager with Castle & Cooke Mortgage. “Consumers can choose to do what is called borrower-paid single premium mortgage insurance to avoid having monthly mortgage insurance,” he said. “This is typically an up-front charge the borrower has, which allows them to buy out of the mortgage insurance for the life of the loan. This is typically only allowed on conventional loans.”
He also said national, state and county programs offer grants to home buyers with specific guidelines that must be met. “For instance, some require that consumers complete a home buying class before obtaining the grant,” he said.
MYTH: I need perfect credit. Your credit report is separate from your credit score. Your FICO credit score, which is a measure of your credit worthiness, is based on your credit report from the three credit reporting bureaus. Scores range from 350 to 850. You can qualify for a conventional mortgage with favorable terms at the 720 level and up. First-time home buyers can secure an FHA loan with a credit score of 620 or above.
Buying a home with bad credit is not impossible. “Borrowers can qualify for government loan programs with a FICO score as low as 580,” Airey said. “These loan programs include VA and FHA loans. The USDA requires a 620 FICO score. Conventional financing requires a 640 score or above.”
Generally, better financing terms are available for those with higher credit scores. Buyers with lower credit scores will pay higher interest rates for mortgages.
MYTH: Fixed-rate loans are best. This myth is based on the belief that mortgage payments on an adjustable rate mortgage can skyrocket along with interest rates. But what’s more important to consider is the length of time you intend to stay in the house.
Katie Miller, vice president of mortgage lending at Navy Federal Credit Union, said a 30-year fixed-rate mortgage works well for those who intend to remain in the home for about that long.
“If you are planning on staying in the home for anywhere from four to seven years, consider a shorter-term fixed rate or even an adjustable rate mortgage,” she said. “For example, Navy Federal offers a 5/5 adjustable rate mortgage that only adjusts once in 10 years and has a lower rate than the 30-year fixed-rate loan. Remember, the longer the fixed rate, the higher the interest rate.”
MYTH: Location is most important. A quiet neighborhood of homes with white picket fences might be one vision of the American Dream, but Miller suggested that savvy buyers instead seek “hidden gems.”
“Some of the best deals are found in areas that haven’t reached their full potential,” she said. “Look at the community you are buying in. Is construction planned? Are there new housing units being built? Try to glimpse into the future and what the area will look like in five to 10 years.”
You’ve put your home up for sale, you’ve prepped it for weeks to make it look as beautiful as possible for your big Open House event… and the only people who come and see it are your neighbors, who’ve been waiting to find out just what the inside of your home looks like. While Open Houses have traditionally been a valuable selling tool, have they lost their effectiveness among today’s more digitally focused home buyers? Here’s the article from U.S. News.
Despite all the changes technology has made in how houses are bought and sold, one standard feature of the process remains: the Sunday open house.
Shortly after a house goes on the market, the listing agent will set aside a Sunday afternoon to welcome prospective buyers (plus nosy neighbors) to see the house at its best.
But has the open house gone the way of the landline and outlived its usefulness? It depends whom you ask. Some agents believe modern life has rendered open houses unnecessary, while others believe they are more important than ever.
“It’s very, very important you have open houses, especially the first few weeks when [the home is] on the market,” says Steven Aaron, head of the Steven Aaron Realtor Group at Keller Williams Beverly Hills. “It makes it convenient for the buyers to come and see the house without an appointment.”
Craig McClelland, COO of Better Homes and Gardens Real Estate Metro Brokers in Atlanta, agrees about the importance of open houses.
“I think it’s a great way to expose the house to people who are driving around,” McClelland says. “People want that instant gratification. … People want to see it now.”
But some agents say that, far from finding open houses convenient, today’s buyers want to see homes on their own schedule. Kevin Kudrna, a team leader and broker for Redfin in Colorado Springs, Colorado, says he tells his sellers that the chance of selling a home to someone who attends an open house is so small that it’s not worth the trouble.
“In 2015, an open house isn’t what it used to be,” Kudrna says. More than 90 percent of buyers start their searches online, according to the 2014 National Association of Realtors’ Profile of Home Buyers and Sellers, and the photos and videos let them rule out many homes without having to visit. “When the Internet started to bring all the listings online, people didn’t have as much of a need to go into the houses.”
Kudrna does admit there is an advantage to open houses. “When someone is looking into the neighborhood, it’s right there in front of them,” he says. But, he adds, “There are so few [open houses] it doesn’t provide much opportunity.”
Kudrna deals with a lot of buyers who are relocating and searching from afar. For those clients, he does personal tours via FaceTime or Skype. Even for local buyers, the photos and virtual tours provided with many listings may take the place of Sunday drives through neighborhoods, he believes.
