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Posts tagged financial planning

Does Going Green = More Money?

Apr09
2009
1 Comment Written by Shanna

housegreenmoney

With more and more people moving towards eco-friendly lifestyles, savvy home owners have to ask: how should this affect my property and its future selling potential? Do buyers want to see eco-friendly design choices? And, most importantly, will implementing such choices mean a higher price tag?

While the answers to these questions can depend upon a lot of factors, from local housing markets to the preferences of individual buyers, the bottom line is that going green is a huge focus right now, not just in real estate but in all areas of society. Therefore, it’s a good idea to examine the available options.

Are you planning to live in your home for a while?
If you have no immediate plans to move, green improvements should primarily focus on your preferences. Whether you’re considering updating appliances, renovating with green materials or purchasing an energy-efficient A/C system, you need to ask yourself if you want it. Many times, such green choices create immediate financial savings due to their efficiency, cutting costs of monthly water or electricity; additionally, eco-friendly improvements give you the comfort of doing something good for the environment. If these benefits are important to you, you should get the upgrades. When it comes time to sell, you won’t regret making these improvements you were able to enjoy.

Are you planning to move soon?
If, on the other hand, you are looking to sell your home in the near future, you primarily need to be thinking about what will appeal to buyers.

According to LowImpactLiving.com, “Appraisers [believe] half of the cost of a solar installation can be recouped at selling time … according to The Appraisal Journal, every $1 decrease in energy costs results in a $10 to $25 increase in home values. If this holds true, eliminating a $1200 annual electricity bill translates into at least a $12,000 increase in home price.”

Still not sure?
If all else fails in this decision-making process, here’s another idea: make some green renovations that won’t break the bank. This way, you’ll have the added appeal for buyers without the risk of investment. For an example of smaller green renovations to try, consider these:

Install a Programmable Thermostat. With these, you can control the heat and air while you sleep or while you’re away at during the day. Some even allow you to keep track of your usage on the computer so you know exactly how much energy you’re using.

Add a Water Filter. Choose a filter that you mount on the sink, providing clean water and reducing your need to go through countless bottles. It needs to be changed every so often, so it helps you keep track of how much water you use.

Add ceiling fans throughout. Ceiling fans are a real energy saver because they keep the air circulated and fresh! During the summer, they keep the rooms cool. But during the winter, you can turn them clockwise at a low speed to send warm air downward.

Change water fixtures to low-flowing versions. Toilets, showerheads, faucet heads, laundry appliances and utility sinks can all be equipped with energy-saving gadgets. Lower water bills aren’t just good for you; they’re attractive to buyers!

Posted in Green Living, Tips and Ideas - Tagged going green, Green Living, home ownership, real estate, the cost of green living
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Spring Clean Your Spending!

Mar17
2009
Leave a Comment Written by Alicia

savingmoney

No matter what anyone tells you, purchasing a home is a BIG deal. It marks a milestone and changes your lifestyle significantly. It also adds major costs to your monthly spending. If you are considering buying a new home soon, spring clean your spending now.

What does this mean? It refers to paying off debt, spending less on a regular basis, considering all of the costs that go into buying a home and successfully being prepared the day you move in!

With that said, here are costly areas to consider for your budget:

Down payment
Moving costs
Closing costs
Refurbishing costs (new paint, furniture)
Cleaning costs

Those are just initial expenses. Then the major costs begin, which include the new mortgage payments, the possible HOA fees, the new electric, water, cable bills, etc.

How do you successfully pull it off and come out on top? You’re already reading this article full of valuable information and considerations, which is a positive first step! Next, put the information into action.

First, make small changes that will significantly save you money in the long run. Prepare dinners instead of eating out, rent movies instead of going to the theater and walk instead of driving! Better yet, use your spare time to declutter your storage areas and to dispose of what you will not be bringing to the new house. This chore might just take up all your free time and therefore allow you to save money!

Use this newly saved money to pay off your credit card and loan debt. Eliminating or decreasing major monthly payments will lessen your financial burden and will help you acquire a pre-approval.

Get preapproved for a mortgage at Guaranteed Rate. This step is vital in making sure that you are fully aware of your new costs and how they will fit into your current financial situation. Also, in this economy, preapprovals are a major bonus in the eyes of home sellers.

Head over to Guaranteed Rate. Before you search for a new home, map out your current income and your monthly costs so that you know exactly what you can afford. Keep this reasonable price range in mind as you search for a home.

Costs to consider with a new home:
Monthly mortgage payment
Down payment
Electric, water, cable, phone bills
HOA fees
Insurance
Repairs

Look for homes with Energy Star appliances, well systems, upgraded insulation or skylights. These types of features can lower your monthly payments. Consider what perks you will obtain from HOA fees and if they are worth it for your lifestyle. Always keep a practical scenario in mind.

In this economy, knowing what you can and cannot afford is your best bet on a healthy future. If you keep this advice in mind, you will decrease your stress levels, increase your financial stability and successfully live the American Dream!

Posted in Buying Tips, Tips and Ideas - Tagged spending, spring cleaning
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