According to the 2016 State of the Nation’s Housing Report from the Joint Center for Housing Studies of Harvard University, over 21 million people spend more than 30% of their income on housing. This suggests that millions of renters in the U.S. are cost burdened or “rent poor” because financial experts typically agree that housing should take up no more than 30% of an individual or family’s income. A report from CNN Money confirmed the financial burden of being “rent poor,” as poor Americans spend approximately 72% of their income on … [Read more...] about Rent Poor? How Spending on Housing Is Crippling Your Budget
You don’t need to renovate a house floor-to-ceiling to make it more valuable. There are plenty of little things that’ll help - here are just a few of them. Renovating a home you’ve invested in can be a difficult, stressful task and not just because tracking down the right contractors can be a tall order. You want to squeeze as much value out of your property as you possibly can, whether it’s your home or a property you’re looking to sell quickly. But, not all the changes have to raise your stress. You might be surprised at how much … [Read more...] about Five Little Touches That’ll Add Value To Any Home
If you were selling your car you would give it a good clean inside and out as well as fixing a few minor faults in order to get the best possible price, so it makes a lot of sense to take the same approach when selling what is probably your biggest asset of all, your home. If you are planning on selling your house it would be a good idea to walk around your property and make a list of the sort of jobs that you could tackle yourself, which is a better idea than waiting for someone else to find the sort of fixable faults that help drive the … [Read more...] about Home Inspection Tips for Sellers – DIY Pre-Inspection Tips for Listing Your Home
The following is a guest post by Hank McKinsey, a stay-at-home-dad and home blogger at homebyhank.com. If you’d like to find out more about guest posting on Money Q&A, please read our Guest Posting Guidelines.
Your home is more than a just a place to live. It is a financial investment. It’s easy to forget that any home project, from changing the wall color to installing new cabinets, can alter your home’s value. Ideally, each upgrade should increase the value and make your home more marketable.
Three fun and ‘kid … [Read more...] about
In many markets and today’s economy, most of your home improvement projects and remodeling projects are not going to make you money. You won't see a good home improvement return on investment for all your remodeling projects. The money that you spend remodeling your bathroom, adding a deck, or finishing a basement will unfortunately not translate dollar for dollar in new home equity. If you spend $10,000 remodeling your master bathroom, that rarely converts to $10,000 in added home equity if you were to put your home on the market … [Read more...] about Only Certain Home Improvement Projects Will Pay You Back
Recently, Consumer Reports reported that 75% of first-time homebuyers are planning to skip buying a starter home. Many future homeowners want to skip a step and purchase the home of their dreams. But, this can be a mistake.
Buying a starter home can help future homeowners save more money for a larger home in a better area in the future. For many years, buying a starter home was the normal path to homeownership for young individuals and couples. But, that trend seems to be dying out.
You Should Not Skip Buying a Starter Home
Here are a few … [Read more...] about
If you’re a homeowner who wants to make some extra money but you don’t have enough money saved up to invest in a rental property just yet, renting out a room in your primary residence might be an option.
Over one-third of Americans are renters, which means demand is consistent for non-homeowners seeking places to live without the burden of a down payment and mortgage.
Tips for Homeowners Renting Out a Room
Even if you only have one bedroom available, there are a few things to consider before renting out a room in your home:
Host … [Read more...] about
Moving out from the family home as a first time renter is an incredibly exciting, yet exhausting and stressful process for many people. Whether you’re a young college student or a professional who’s been living with their parents to save money, eventually leaving the nest and finding a place of your own is pretty much inevitable. However, taking out a mortgage right after leaving the parents’ home would be financially unfeasible for most people, which means your first independent living experience will probably be renting a room or … [Read more...] about 4 Problems You Might Face as a First Time Renter (and How to Overcome Them)
Remodeling your home can cost you a fortune if you’re not careful. This is especially true if you purchased a house that needs renovations and remodeling. But, you can find several smart ways of financing a fixer upper and saving you a pretty penny in the process. Financing a Fixer Upper So, how do you finance a home remodel? What are the ways for financing a fixer upper? Here are four ways that you can finance your remodeling project without breaking the bank. Taking Out a HELOC One way for financing a fixer upper is to take out a home … [Read more...] about Four Different Ways for Financing a Fixer Upper Home of Your Dreams
According to Mother Jones, the median income for Millennials has decreased by 10% since 2000 while average home prices have increased significantly from where they were in 2000. This massive gap is caused by a combination of stagnant (or even deflated) wages and a housing market roaring back to life after the 2008 era crash. It is often preventing many people under 35 from being able to purchase their own homes. Student loan debt isn't helping either. But, should you consider saving for a down payment and buying a house with student … [Read more...] about Can You Save for a Mortgage Down Payment With Student Loan Debt?