Should You Invest in a Single or Multi-Family Rental Property?

Are you ready to start building or expanding your real estate investment portfolio? If so, you are probably weighing your property options carefully, especially when it comes to choosing between a single-family or multi-family purchase.

Both types of properties offer their own benefits and challenges. It is important that you look at each type carefully before making your decision and taking the leap. Once you take a closer look at the details of a single-family and multi-family home, you are likely to see that one better fits your portfolio more clearly. Some of those details include performing regular daily tasks like rent collection and property management.

Take a few moments to explore some key facts about single-family and multi-family real estate properties to see which one offers you the best short-term and long-term success with your next investment.

Single-Family Rental Properties

The idea of buying a single-family structure is often extremely appealing to future landlords that are interested in factors like long-term capital appreciation, substantial tax write-offs, and passive rental income.But there is much more to learn about this type of real estate investment.

Initial Lower Cost

Single-family rentals come with one huge advantage, which is a lower investment cost to get started. New real estate investors find that these properties cost less and require less upfront capital. Depending on the market where you plan to launch your real estate management business, you can find homes for far below $100,000—often under $50,000—particularly in the South and Midwest regions. Multi-family rental units in the same areas may cost well over $1 million.

Steady Growth and Strong Portfolio-Building Potential

If you have your sights set on building your portfolio steadily and profitably, a single-family property is an excellent choice—especially if you are considering buying one or more additional properties per year. With this strategy, you will have an amazing portfolio and serious cash flow over the next decade or two.

Quick Piece-By-Piece Liquidity

There may be times when you need additional cash flow for personal and business emergencies. You will find that funds are available through your rental investments, and it is far easier to sell a single-family unit than a multi-family property. More importantly, by doing so, you do not risk losing your entire portfolio, particularly if you have already invested in a few more single-family properties.

Multi-Family Rental Properties

Many first-time and more experienced real estate investors have their reasons for choosing multi-family properties that you might appreciate, too.

Cost-Per-Unit is Less with More Potential for Rental Income

Each multi-family unit is likely to cost far less than a fully single-family home while still allowing you to charge a similar rental fee. For instance, if you invest in a duplex, you may be able to charge the same monthly rental fee for each portion of the duplex that you would charge for asingle-family domicile.

Easier to Finance

Buildings that feature five or more units are eligible for commercial loans, which are actually easier to obtain than residential loans. Such loans are based more on the investment factor associated with the building than an assessment of your assets and liabilities.

Give Each Type of Property a Closer Examination Before Making Your Decision

Both types of properties offer several solid ways to build your portfolio whether you’re looking to purchase now or in the future.Just be sure to weigh out the pro’s and con’s and evaluate which property type is best for your financial goals.

Author Bio

Patrick Freeze is the President of Bay Management Group, which manages about 4,000 units in the Mid-Atlantic Region. The company is overseeing more than $700 million worth of real estate as of October 1st, 2018.

How to Estimate Your Startup Costs

Before you launch any sort of business, it is essential that you calculate how much money you are going to need during those first crucial weeks and months. So many businesses struggle because they are not properly equipped to get through this initial stage until they are properly on their feet.

Of course, it may be possible to acquire more funding through sources like smallbusinessloans.co, but you won’t be able to keep doing this forever. Even if you can’t forecast exactly how much you are going to spend launching your business in the first place, you can at least have the best estimate possible. Here are the three keys steps involved in getting the best idea of your startup costs.

List Your Asset Spending

The first thing that you need to work out is how much you will be spending on your business assets. If you are starting a physical business rather than an online one, some of the things you may need include items like furniture, equipment, and the cost of the actual premises itself. Perhaps you will be making and selling products rather than offering services, in which case you will need to list everything involved in making and selling your products. If you are starting an internet business, your asset list will probably be shorter, but there are still some vital things that you need. For every item on the list, make an estimate of what the cost will be, trying to be as accurate as you can. For example, you could contact real estate agents to find out about prices of office space. The internet is obviously extremely useful in helping you to work out your asset spending.

List Your Expenses Spending

There are plenty of things which you purchase when you are starting a business which don’t count as assets. For example, while it may seem like computers and office equipment should be on the asset list, they can be deducted from your taxable income as expenses. Other common expenses include the amount that you spend building your website, renovating your office space, and paying your employees. Your startup costs will be a combination of your assets and your expenses.

Work Out How Much You Need to Get Started

There are a number of different theories involved in working out how much you need to get started. Remember, it is always better to overestimate rather than underestimate. Some people say that it is best to cover six months worth of expenses while others think that you need to be more conservative and cover a year. You also need to come up with sales forecasts for the months ahead but don’t bind them to yourself too tightly as you may find out that you don’t sell as much as you had initially thought.

Don’t fall into the trap that causes many startups to fail, and make sure that you have enough money to give you the best possible start in business.

Simple Switch-Ups To Save Your Business Money

Whether your business is going through a tough time or you’re simply looking to cut your expenditure, a cost-cutting exercise could be very beneficial. When people think of cost-cutting, they usually associate it with cutting jobs, but that’s not what this article is about. Here, cost-cutting refers to cutting down your business expenses by making simple switches to save money. Want to know more? Read about the switch-ups you can make to save your business money today.

Slash your utilities

Changing your utility providers should be one of the first things you do to cut costs in your business. It might take a bit negotiating, but it’s possible to cut a lot of money off your annual bill through haggling or changing providers. In addition to cutting the supplier costs, you could also find other ways of lowering your business’ utility bills to reduce those monthly outgoings.

Cut your tech spend

While your business might rely on technology to carry out day to day functions, does it need so much of it? If you take some time to analyze how your business uses technology, you might find that it’s not being used as much as you thought. Find ways you can cut your spend such as switching to a leasing company instead of buying outright and switch your phone contract providers. Even switching to a different tariff could provide you with some savings, so try exploring the different options available to your business.

Switch your external contracts

Whether you work with external marketing agencies, payroll, fulfillment companies or other external contracts, remember to review your agreements regularly to see if you could be getting a better deal elsewhere. You could save money by switching to another supplier, like Red Stag Fulfillment who could provide the same if not better service at a lower rate than your current fulfillment company. Going through a tendering process could be the best way to ensure you make savings while getting quality suppliers competing for the job. Think about your approach to choosing suppliers and whether there’s anything you can do differently to save money.

Move to online systems

There are many business functions that can now be used online to save businesses money, while also providing further security. There are many benefits of cloud computing that can make your workplace more productive as well as save on server costs, while online payroll and accounting software are also useful for your business. Price up the different costs of moving to online systems versus what you pay now to help you get the most bang for your buck.

While there are some active solutions for how you can save money for your business, there are also some proactive work you can do avoid hefty business costs. Protecting yourself against common business financial woes will help you avoid costs that could affect your business’ finances, undoing all of your other savings efforts. Give serious consideration to how your business can save money and start reducing your spend now.

Small Changes For A Huge Financial Shift

When it becomes clear that you might need to try and get your finances in order, it can be hard to know where to begin. There is so much involved in the process that it can be challenging just working out the problems and their associated solutions. Fortunately, there is always something you can do, and at the end of the day the important thing is that you begin somewhere, wherever that might be. In this article, we are going to look at some of the small changes that can drastically add up to make a big difference to your finances. Many of these will be especially useful if you are struggling to come to terms with your financial situation, so let’s take a look.

Put Your Debts In Order

No matter how much debt you have, it helps hugely if you can find a way to put them in order of priority. This mens that you know which is the one that needs paying off first, which is second, and so on. If you get this right, you can then begin to pay off your debts much more quickly than if you don’t know whether you’re coming or going. To begin to prioritise your debts, you will first want to look for any that might be on the verge of causing a big problem in your daily life. If you have had bailiffs threatening to come round for a particular debt, then that is clearly the priority. Put those debts at the top of the list first.

But then what? Well, then you want to look at what debt is actually going to cost the most in the long term. This means sitting down and calculating the costs of the whole debt, including the interest, so that you can know exactly how much you will have to repay. This is often a scary moment, and it’s rarely a nice feeling to see your debts laid out like that, but it is also one of the most sensible things you can do in order to get a better understanding of the true extent of your debts. Once you have your debts in priority order like this, you can then begin to pay them off - and in a way which will be much more logical and will be a lot quicker than if you were just paying them all off basically at random.

This first change is small, but if you have any debt at all it is likely to be profound in what it can do for your financial situation. Of course, you might not have any debt at all, in which case this won't apply. Either way, once you have your debts cleared, or at least are beginning to, it is time to start thinking about saving a little money.

Change Your Savings Account

If you have had your savings account for longer than a year, you might be able to benefit from switching it over to another provider. Savings accounts generally have generous upfront interest rates, which often last for six months to a year, and after that will drop again. For something like a cash ISA, you can remove the money whenever you want - so you might as well make the most of hat and put it into a new savings account with the introductory interest rates. This is a change which s easy to do, and yet could make you hundreds in interest over the course of the year. Of course, it does depend on how much money you put into it - but it is still going to do something for you either way.

If you do decide to do this, you will want to make sure that you know exactly what savings account is currently going to be the best for you. You need to shop around, as this is not the kind of thing you can easily rush into. You might find it helpful to look online for advice on which savings accounts to use - there is a plethora of information out there, and much of it will be incredibly useful if you are keen on finding the best option. Get this right, and you might be much better off, so it is worth considering if you are in a rut and would like to make a big change in an easy way.

Ask For Help

There are many times in life when asking for help is clearly the best way to go, and yet many of us can find it extremely difficult to do. When it comes to finances, a lot of people struggle especially with asking for help, as it can be so embarrassing. However, we all need assistance from time to time, and appreciating that will help you to understand that there is no shame in asking for help. Of course, there are many different kinds of help that you might need for your money situation, and it’s good to know what they are so that you can understand what you actually need to ask for, and what you might be okay without.

One of the most common kinds of help in finance is when people need a little legal help understanding a difficult or dense situation. Money and the law are tied up together very intricately, and it can help to have a professional work it out with you. A number of pro law firms offer services in the financial area, and this can be especially useful if you are facing a difficulty, such as unpaid debts for example. This kind of help can often save your skin, so it’s worth remembering that it is there when you need it.

Besides legal help, you also have the help of friends and family. This is good to have, but it is also probably the most embarrassing situation for most people. If you are in need of actually having to borrow money, it can feel like a shame. But everyone is in this situation from time to time, and it’s worth remembering that if it happens to you too. It might just be that you need to borrow a small amount for a short period of time, which can be frustrating but is not the end of the world. Or, if things have really taken a downturn, perhaps you need to ask for quite a lot more. Either way, there should be no shame in it, and you should feel free to ask your friends and family for help - as long as you are fair about it, and pay back anything you might need to borrow.

Invest In Something

There is often this general idea that to invest successfully you need to have a lot of special knowledge or to have a certain amount of money to begin with. But if you have a basic understanding of how money works and you have a dollar to spare, you can start investing today. What’s more, it just might be one of the most sensible decisions you have ever made. Investing is a sure sign that you are starting to take money seriously, and it can be another one of those small changes which could make a big difference further down the line.

What you invest in is up to you, but if you only have a little money consider going for something relatively new. Investing in Bitcoin could be a good start, for example, or some simple binary options trading. Whatever it is, just make sure only to invest what you can afford to lose. Other than that, keep your fingers crossed - and who knows, you could be in luck.

Understanding The Real Cost Of Getting An Education Today

Parents dream of the day when their child will finish school and head off to university to train for their careers. However, the cost of attending colleges these days has begun to skyrocket, and so it’s vital that everyone understands the full implications of that strategy. Sure, everyone wants their kids to get the best job possible when they mature, but most folks have no idea how much that dream is going to cost. In an attempt to set the record straight, this post contains all the information you could need if your little ones plan to go to university during the next couple of years. Make sure you don’t overlook anything, or you might have some nasty surprises. 

Course Fees

Depending on the nature of the course the individual wants to take, they will have to pay a lot of money to their chosen college. Sometimes it can take up to five years to achieve a passing grade, and that means most students leave university with thousands of dollars worth of debt according to USA Today. Considering that, it’s vital that all parents start saving for their loved one’s education as early as possible. While it’s possible to get some loans to cover the cost, that just leaves the student with substantial debts before they’ve even started working. For the best savings, be sure to:

• Consider an array of universities

• Start saving early

Student Loans

There are two types of student loan that most people take out. The first one is often to cover the cost of course fees, and so the money goes straight to the college. In most instances, young people don’t have to start making repayments until they find a job. However, the second type of loan is for books and other equipment the individuals might require, and the payments will begin immediately. It’s critical that everyone takes a look at their options when they finally achieve their qualifications. Refinancing deals like those available from refinancestudent.loan and similar online portals could help families to save a small fortune in the long run. That is especially the case if the current debt incurs high rates of interest.

Living Expenses

It’s impossible to ignore the fact that students need to keep a roof over their heads and food in their bellies while dealing with their debt. During a five-year degree course, those costs are going to add up. For that reason, everyone must use some common sense when it comes to paying for those expenses. Students should try to find part-time jobs that will assist in reducing the burden on their parent’s bank balances. On average, estimates suggest that people at a university will spend between $15,000 and $25,000 on living expenses during their three or five years at college. You’ve got to find that money from somewhere!

With a bit of luck, people who read this article carefully should now have a better idea about the real cost of getting an education today. Use the advice to ensure you don’t overlook anything essential and nothing stands in the way of your child’s future. There are scholarships and schemes for young people who don’t come from wealthy backgrounds. Maybe you should take a look at some of those?

Doctor Doctor, Why Are You So Expensive?

Most people dread the day that they get injured seriously enough to go to the hospital. Of course, pain is a big driving factor in this, as no one wants to experience it at any level. It’s instinctual to avoid this sort of sensation. But, along with this, people also dread going to see the doctor because of the price. The average American spent around $10,000 (US) on health care, in 2012 alone, and this number has risen greatly since. But, why exactly are medical treatments so costly?

Before a medical treatment is able to be used on humans in normal conditions, it has to be developed and tested extensively to make sure that it performs the right role. There are many stages to this process, some of which can cost millions alone. This leads to a heavy cost in developing any type of medicine, and this price is usually passed on to hospitals. Without proper funding, these medical organisations have to then pass the costs down to their patients.

Of course, the financial side of medicine wouldn’t be an issue if profit wasn’t a factor in it all. But, unfortunately, most new medicines and treatments are developed and made by private companies, with funding from the government. This makes medicine into a product, instead of a public service, forcing people to pay for it. For example, the biggest pharma company in the world, Bayer, made over €4,110 million in 2015, mostly from selling their treatments to people who can’t live without them.

Like most troubling financial areas, there is a lot of work you can do to make sure you’re not subject to excessive fees when you need medical help. A lot of people will already be protected in one shape or form. But, it helps to make sure that you have the right level of protection for you, as well as some provisions for the future.

Protecting Yourself

One of the best tools you have to help you in the case of steep hospital bills is insurance. Recognising that people can’t afford to pay for their health, loads of companies have popped up over the years offering to cover the costs for you. In return, you will give them a monthly premium, contributing to the pool of cash they have for people that need it. Using a comparison site, you can find loads of great deals on this sort of cover. But, you might already be covered as a benefit from your employer.

Finally, a lot of people don’t have any sort of plan in place to help them in the case that they get injured by someone else. If this happens to you, for whatever reason, it isn’t fair that you should have to cover huge medical costs. Instead, the person responsible should have to pay for this, making sure that you get back on your feet as fast as you can. A company like Gruber Law can help you with this, giving you support in court and helping you to seek compensation. Along with this, though, you could also consider getting some legal insurance to handle this for you.

Hopefully, this post will inspire you to start preparing yourself for the harsh reality of medical bills and hospital payments. Not a lot of people can afford this sort of cost in their life. So, it makes sense to work hard against it. You have the time to protect yourself, and there’s no need to wait for a better time.

Are Your Bad Habits Costing You Money?

Everyone picks up a bad habit now and then—it’s completely normal. Using a bit of extra money on entertainment or food that is a little out of your budget is fine as long as you don’t overdo it. Sadly, very few people know the meaning of “enough is enough” and their bad habits will eventually start costing them too much money. But let’s delve into the financial side of bad habits and try to identify what bad habits are costing you too much money.

Living out of your means

If you find yourself constantly buying luxury items, going out to eat all the time and taking a taxi everywhere you go, then you probably live quite a lavish life. Not many people can afford to treat themselves so often, which is why you need to stop and take a look at your budget to see if you’re actually capable of sustaining such a lifestyle. If you’re not, then it’s a bad habit that is costing you far too much money. Make sure you live within your means to avoid debt and spend more money on things that matter, such as your necessary expenses or savings.

Bad driving skills

Going back to driving school or taking a couple of extra lessons won’t harm you. It doesn’t cost much money and it will help increase your confidence and give you a knowledge boost that will make you safer on the road. Negligence or carelessness on the road can end up costing you a lot of legal fees, even if your car is insured. Take care and drive properly. Swallow your pride and take a couple of extra driving lessons so that you don’t run the risk of colliding into others, or else, causing an accident.

Not looking for deals

When you buy something, be it on the internet or in the store, do you ever look for deals? If you don’t look for the best prices available, then chances are you’re wasting a lot of money that could otherwise be saved. For instance, if you own a tablet or smartphone device yet you continue to buy physical copies of books, then consider looking up eBooks and digital versions of magazines instead. If you’re buying in bulk, then take a look at wholesale stores on the internet to see if you can get a better deal. Lastly, make sure you’re actually buying things based on their weight and quantity, not just the price alone.

Coffee habits

How much does a regular cup of coffee cost for you? If you’re paying around $2-3 for a single cup at your local coffee store (a modest price) then you can expect to be paying anywhere from $500 to $780 in a single year on just coffee alone. While that $2-3 price tag doesn’t seem much on a single day, your coffee addiction is costing you a considerable chunk of money each year. Instead of going out to buy coffee, consider making it at work or switching to another drink such as water for more health benefits and savings.

Stretch The Budget: House Bargain Tips

When you have finally crunched the finances, factored in your moving costs, and got your final figure that you can afford to spend on a new property, the hunt begins. 

This can be a pretty dispiriting time, especially as you find yourself constantly faced with more expensive properties that you would love but just can’t afford. It’s not a pleasant feeling when you feel your budget can’t move and there’s nothing to inspire you that you can afford - so how do you get the absolute most for your money?

Good Neighborhood; Low Price

We all know that where a house is located is as important regarding the purchase price as the actual construction of the property. So perhaps the best suggestion would be to look for lower-priced areas, even if it means sacrificing the things you want in terms of local connections and amenities.

That would work, but it’s always going to feel like a compromise. Instead, look for good neighborhoods such as those on http://www.manausa.com/southwood.php, but that also have more affordable offerings. They do exist; it’s vital you don’t just discount an area because you’re put off by the highest prices of the most expensive properties. Always look for smaller properties that might be able to give you the location that you want, for a price you can afford. 

Time It Right; Make Offers Correctly

The longer that a house has been on the market, the more receptive you will find the owners when it comes to making an offer. 

There is an art to making offers on property that have been on the market for awhile. You will sometimes see advice that suggests you should go in at a low price, but this can actually put the seller’s back up. If you make an offer that is so low to the point of feeling offensive, they’re not going to be receptive to future offers.

Instead, decide what you can afford, then offer around 15% below that. This gives you some room to manoeuvre if they counter-offer, but also should stop the offer being so low that it upsets the seller. You can also be sure that you’re going to be able to afford it should the offer be accepted, so don’t worry about making too high an offer - this is about affordability for you, not just hunting to get a good deal. 

Move At The Right Time Of Year

If you’re able to, try and time your move to coincide with autumn and winter. The property market tends to heat up around spring and summer, as families look to move before the onset of a new school year. If you can be hunting and making offers outside of this peak time, you not only lower the competition for good houses, but you also take advantage of the lower prices. 

At the very least, try and avoid May - according to http://www.huffingtonpost.com/, it’s the best month for sellers - which mean it’s going to be the most expensive time for buyers!

Mistakes Making A Mountain Of Your Moving Costs

You’ve got the new home, you’ve got the down payment or deposit gone, you’ve finished with conveyancing and agents and all of that lengthy process. Now moving day is coming up and you may feel that your budget is quite tight. You can’t afford an expensive process, so what mistakes do you need to navigate to make sure you avoid that?

Moving absolutely everything

If you haven’t given much thought to what you’re taking with you, you might find that you have many more boxes that you expected to be taking. Simply put, this might be down to the fact you’re taking a lot of unnecessary junk. Take the time to make an inventory of everything in the home and find what you really don’t want or need anymore. Instead of bringing it with you, sell it to make some quick cash that can work against your expenses. If you can’t, then simply donate it (which might earn you a tax cut) or bin it if nothing else works. You’ll have less packing to do, and less stuff to pay to move.

Not knowing what you need in advance

You should have everything itemized and packed long before you talk to any local movers. Once you know exactly how many boxes you have and how much space you’re going to need, you can get into specifics. Rather than asking for estimates, you should be able to get a direct quote based on how many vehicles and what kinds of vehicles you will need to take all your belongings from one location to the next. Make sure you confirm ahead of time that there are no hidden costs involved in any quotes, too.

Not getting what’s there for free

If you haven’t packed yet, then reconsider how you do it. If you get boxes and packing materials from either the moving company or your local supply stores, you’re spending money that might be unnecessary. A lot of businesses such as grocery stores, hardware stores, and the like might have boxes they would otherwise crush and recycle. You can get it free from them. Instead of bubble wrap or packing peanuts, you should consider using paper to pack your boxes. Blankets, sheets, and even old socks can fit just as well. So long as your possessions are well cushioned, the material isn’t the most important thing.

Make the distance

If you’re moving long distance, there are a few ways to prepare in advance. Rather than having the moving company help you unpack and set up all night, extending your costs, just have them bring the boxes in and leave. You can save money and unpack yourself the next day, bringing an overnight bag to spend the night there. If it’s a very long distance and you’re moving your stuff yourself, see if you can stay at a relative’s or a friend’s on the way there instead of having for fork out for a motel.

Moving day can be surprisingly expensive on top of quite a labor. But it doesn’t have to be. The tips above are going to help you prepare in advance not just to budget things but to make the move as painless as possible.

On the Road Again: The Best Ways To Fund Your Driving Experience

Nowadays, more and more people are taking to the roads. Whether for practical purposes (like getting to and from work, doing the school run and making trips to the store for groceries), social means (visiting friends and family) or further travel (road trips to discover the wider world). It makes sense. Though public transport has come on leaps and bounds in the past few years and should be used when possible, there are certain freedoms that being able to drive will afford you. For example, traveling easily out of hours, getting to and from isolated locations and traveling long distances on a smaller budget. But getting on the road is a relatively long and expensive process. Here’s a complete guide to getting on the road.

Passing Your Test

The first step towards getting on the road is passing your test. The theory component is the cheapest and (arguably) simplest part of the process. You should be able to pass this one first time, as long as you revise effectively. So learn everything you could possibly need to pass this part of your test without having to fork out for multiple attempts. The more difficult part? Your practical test. You can’t dive straight into this part of the test. You will have to have some sort of lessons first. This might be an intimate experience, with your sufficiently qualified family members or friends teaching you on private land. It could be more professional, with a professional driving instructor. The first is favorable in terms of cash flow: you are likely to spend less money learning from those you love. However, you will likely have to take more lessons on public roads before taking to the test center. A qualified driving instructor will be up to date with the rules of the road and have much more teaching experience than most other people. They will know what you will face at the test center and essential maneuvers that you will be asked to demonstrate. This will, expectedly, be more expensive. Lessons vary in price according to the instructor, location, time and number of lessons booked in advance. However, the average person will spend around $800 for their driving lessons and test. This will vary according to the individual but is the guideline amount that you should look at spending. If possible (and there’s no rush to pass your test), you should consider saving this money yourself. It is the first step of the process towards driving, so to have it paid for in full and out of mind will lessen pressure on you during an already stressful time. Try taking 10% out of each pay packet and saving it in a bank account until you have the right amount to pay in full. Paying in full will often result in you being offered discounts, reducing the overall price.

Investing in Your First Vehicle

Your first vehicle will ensure that you feel all of your hard work and investment was worth every second and penny. Having your own means of transport at hand twenty-four hours a day and seven days a week makes the world your oyster. You’re no longer bound by timetables and off-peak rail fares. But it’s also a big investment. Chances are that besides your home, your vehicle will be one of the most expensive investments that you make during your entire life. Remember that your first vehicle needn’t be your ideal vehicle. There are chances that you’ll have a few bumps and cause a few scratches or dents to the exterior, as you get used to navigating the roads. So we’d recommend reducing your losses by starting out with a second hand or used vehicle. You won’t lose as much value if you do have any minor incidents. It’s much less serious to cause a scrape on a low-value car than a brand new, fresh from the showroom motor.

Subsequent Vehicles

Once you’re used to the road and have more confidence in your driving abilities, you might like to start looking at updating or upgrading your motor. Now may be the time to start looking for a new vehicle. Most of us won’t be able to afford a brand new car outright. Unless you’re extremely financially efficient and have plenty of savings put aside, chances are that you will have to borrow to be able to get the car that you truly want. This is not a negative thing. It’s positive! But you need to know the options available to you. Most people opt for one of two techniques: getting a car on finance or taking out a loan. Finance means that you will choose a vehicle from a dealership and pay them back regular, smaller amounts until you have paid for the motor outright. What’s in it for the dealer? Cars on finance usually have high interest rates, meaning they earn back more than the car is worth. If possible, check out lending information online and see what alternative loans are available to you. Borrowing cash means you can purchase the car outright from a dealership and then pay back your alternative lending source. These will often have lower interest rates, meaning you can pay back the costs in small installments, but save yourself more money as time goes on. This allows you to choose the exact car that you want, without needing to break the bank to get your hands on it.

Essential Extras

The journey doesn’t end once you’ve passed your test and have your vehicle. There are essential extra costs that you’ll need to keep on top of. These should all be considered in your general life budget. Use previously dispensable cash to cover fuel costs, road tax, and insurance. You should also try to keep some extra savings aside for use in times of need to keep you on the road, even if times are hard. We all become recipients of unexpected expenses that take us by surprise. Think of repairs to your vehicle that you don’t want to claim for on your insurance.

Top 7 Financial Rules To Live By In Your Twenties

With your teen years behind you, it is easy to feel that you know it all in your early twenties. This is when being an adult really starts. This is also when you have to take charge of your own finances. The decisions that you make now will affect your financial situation for years to come so get some advice if you need to and be cautious. This is how you set up your finances for life by setting the strongest foundations in your twenties.

Get skilled up

Your finances will never be in order if you are nor earning anything. If you can develop a career rather than staggering from one job to another you will give your finances a fighting chance. To do this you need skills and qualifications so if you failed to get them in your teens, now is the time to start. Continuously look out for more highly paid jobs and money-making opportunities.

Set a realistic budget

Avoid running back to the bank of Mom and Dad by setting a realistic budget. If you want to make a big purchase you could save up for a few months. If it is urgent you can use visa platinum to buy it and then pay for it over the coming months. Just make sure that you know exactly how much you have to spend each month.

Control your accommodation costs

Don’t try to live beyond your means when it comes to your accommodation. These are costs that you will have to pay every month. Buying and renting property can be a minefield so get some expert advice to lead you through it. This is your biggest monthly outgoing so get it right.

Think about your reputation

Missing loan repayments in your twenties is something that you could regret in your forties because it will damage your credit rating. Just don’t do it. It can take ages to recover your credit score once it is damaged.

Call in the security

You don’t want to get scammed out of your hard-earned money by fraudsters so clean up your internet security. Change your passwords regularly and share them with no-one. Avoid using on-line banking on shared computers.

Set up a filing system

You cannot keep track of your finances if you have bank statements and bills strewn all over your home. Set up a filing system and keep your documents in date order. This makes it so much easier to find that vital piece of information when you need it.

Think to the future

Living for the moment is a great approach to life but it can leave you in financial hot water. You have no choice but to think about the future when you are in your twenties. Will you want to start a family soon? This is also a time when you need to think about how you will provide for yourself in your retirement.

Desperate Times & Desperate Measures

There are certain points in life when your personal finances can take a hard hit. During these situations, it can be quite difficult to stay afloat and ensure that you have enough money to thrive. You might find that your income is drastically limited. Or, it’s possible that there is so much money flooding out of your account that you can’t afford to pay everything you owe. In these types of situations, you might think there is no hope of recovery.

However, there are always options if you want to get back on your feet and improve the situation. Here are some of worst case scenarios and the best ways to handle them.

Redundancy

You might find that you have suffered a job loss and an event like this can be a total shock to the systems. You will recover eventually, but it can take an average of six weeks for a person to find another job. That’s a long time to be unemployed, and your pay-packet might run out long before that point. As such, you will need to think about how to keep your finances healthy and in the green. There are a few options to consider here.

You may want to think about making money while you are looking for a job. This will help fill in the gap that your loss has left and make paying the bills a little easier. You should be looking at something similar to a side hustle like working online. For instance, you can make quite a lot of money by answering surveys.

On top of this, you should make sure you’re seeking out something like job seekers allowance. Remember, the government should help people who are actively looking for work.

Injury

A severe injury can put you out of a job or limit your career options. If the injury was an accident, you might want to consider claiming on damages. Someone is always liable, particularly if the injury occurred at work or on someone else’s property. You should look into the possibilities here because by contacting a local injury attorney, you can get the money you need to survive. You should think about speaking to an injury solicitor whenever you suffer an accident. You never know if it could develop and severely alter your quality of life. Unfortunately though, if you leave a claim too late you limit your chances of being successful.

Debt

Finally, you might find yourself dealing with unmanageable levels of debt. People fall into debt for a variety of reasons from paying off medical bills to living past their means. If you find yourself facing so much debt that the amount isn’t diminishing, you should consider seeking out specialist help. For instance, you can use a debt consolidation service. Consolidating your debt makes it easier to pay off and can even limit how much you actually owe.

Alternatively, you can consider using your assets to get rid of your debt. If you own your house, put it up for sale and downsize until you can get back on your feet.

These are some of the worst financial situations imaginable. However, if you take the right steps, you will get through them.

Moving Home Is Stressful Enough, Here’s How To Stop Money Becoming Another Issue

Buying a new property is undoubtedly one of the most exciting chapters in your life. On the other hand, it’s also a process that will often leave you wanting to rip your hair out. Whether you’re purchasing a first home or selling your current place to finance an upgrade doesn’t matter. Finding ways to reduce the strain is always advised, and removing the financial stress is easily the best way to do it.

Knowing that the financial elements are being handled in an effective manner will mean that there’s one less factor to worry about. In turn, this can allow you to concentrate on ensuring that the new home is the perfect place for your family to grow. Besides, a property is the biggest purchase you’ll make for several years while the mortgage will impact will influence your life for very years. Quite frankly, getting this step right isn’t only important for your peace of mind. It’s equally pivotal for your financial freedom.

Even if you aren’t a first-time buyer, you’re unlikely to be well rehearsed in the process. Given the significance of getting the process right, acquiring external support is always advised. Experts at Coldwell Banker Roth Wehrly Graber ensure that both the selling and buying processes remain legal. Moreover, using this support guarantees that your best interests remain at heart. The risks involved with trying to handle the assignment personally simply aren’t worth taking. Besides, the time that they’ll into will be far better spent find the perfect property and turning it into a home.

The price of your accepted bid isn’t the only figure that needs to be considered. In addition to paying for expert services, which also include surveys, you’ll face various other fees. Meanwhile, you need to think about the cost of moving vans as well as the impact the size of property will have on household bills.

With so much money flying around, it certainly pays to have an emergency fund in place. Let’s face it; the chances of encountering an unexpected expense are a lot higher than you’d probably like to admit. By mastering the stock markets and other investment opportunities, you’ll soon have a safety net for if things do go wrong. Quite frankly, this could be your greatest asset as you look to overcome those financial fears. You might not need to dip into those funds, but it’s important to have them there. No new homeowner wants to suddenly take on another form of debt.

Moving signals a new chapter in your life, which makes it the perfect chance to get rid of the waste. Selling unwanted goods will create more space for the new home, and could raise valuable funds. Experts at Time suggest that the average US household hoards a lot of products. Selling those on eBay before moving could reduce stress during the move as well as financially.

Ultimately, preparation is the operative word throughout the process. Gain the help of a winning team of experts to overcome the challenges ahead while taking the personal steps needed to smooth things over. You’ll be enjoying your new home in no time.

The Right Moves To Make The Right Deal As A Homebuyer

Buying a home is a huge decision with huge financial and legal implications. Even making the best calls possible puts you in a place of great long-term responsibility. It can be one of the most effective and reliable investments you make in your life, but there are plenty of ways it can go wrong as well. Buying a house is all about making the right decisions with the options and information available to you. Here, we’ll look at how you avoid some of the biggest mistakes that home buyers commonly make.

The right budget

You shouldn’t be agreeing on any sales before you have a clear budget laid out. Most people will consider the budget primarily for the buying of the home, but you need to have cash available for all parts of the sale. This includes inspections, any independent valuations, the use of contractors like realtors and conveyancing services. Do your homework on the costs you can expect. Whether you’re using a loan or your savings, make sure you have more than enough to cover all the different parts of the budget.

The right intel

Once you have the money set aside, you want to make sure that it’s going to the right house. Nowadays, a simple viewing isn’t enough and can even be considered naïve. You need to take into account as much detail about the home as you can find out. This might include getting in touch with real estate experts to find out more about the area, about potential problems or even potential developments that could increase the home’s investment potential. It also includes getting an independent idea of how much the house is worth so you have a point from which you can negotiate the seller down from the market price. The intel should also include a thorough investigation of the home so you can spot any work that you might have to do (or get the seller to agree to do) and figure out how that will impact the overall cost of getting the home up to your standard.

The right protections

Sometimes a deal doesn’t go the way you want and there’s little you can do about it. However, you want to make sure that your budget isn’t taking too big a hit from these false starts. When buying a home, most buyers will be required to put in an earnest money deposit. This deposit guarantee that a buyer is intent on buying the home and is usually released when the sale is complete. However, that deposit is lost based on the contingency clauses around the home. These clauses can include situations like the buyer not attending a viewing at a certain time or not securing money within a reasonable time-frame. It’s important to look at your specific circumstances when signing contingency clauses. Pay attention to deadlines and ask the seller if you can move any that you know you won’t be able to meet. Missing said deadlines, even by a day, can have costly effects on the process.

Buying a home isn’t something that should be done with little preparation. It’s too easy to spend more money that you would like on a home that doesn’t truly fit your needs. It’s also too easy for the process to go wrong and take a big chunk out of your finances when it does. Stick to the tips above and you’ll be able to mitigate some of the greatest risks and ensure that you are making the right deal for you.

Cut The Cost Of Moving Home

It’s something that we all need to do at one point or another. But apart from it being surprisingly stressful as an event, there are also a number of ways in which moving home can be quite expensive, too. Regular readers of this blog will know that we are all about helping you to save money and become more financially sensible, so in this post we are going to look at the process of moving home with a view to understanding how you might make it more financially sensible. Let’s take a look at some of the vital things you can do to make moving home cheaper and easier on your wallet.

Sell Your Unwanted Stuff

In a moment, we will get into how to actually cut the existing costs of your moving day. But before the day, you might as well do everything you can to get some money in which you can use for the move. And one of the best ways to do that is to simply sell your unwanted belongings. When you do this, you are essentially killing two birds with one stone. To begin with, you are helping to free up space and so make the actual moving process a lot easier. But you are also crucially getting some more money in, which is also likely to be a big help.

Compare Removal Quotes

If you decide to use professional movers to help you on the day, then it is in your interest to compare the quotes of the different companies available to you. It is also a good idea to remember to use a company which is relatively local to you. This is because a local company is likely to be both cheaper and to know the local area better, meaning - if you’re paying by the hour - that it is likely that they will waste less time, and therefore less of your cash. Make sure you spend a good amount of time comparing the different companies before you settle on one, and that way you will be much better off. Take a look at mountainmovingllc.net by way of example.

Find Used Boxes

Of course, it goes without saying that you will need to find something to pack everything into. But this doesn’t mean that it has to cost you money. There is really no need to buy brand new boxes, as this is pretty much just a waste of money. Instead, go to your local supermarkets and other stores and ask them for any spare boxes they might have lying around out back. Chances are, they will have plenty, and there is a good chance that you will actually be helping them by getting rid of them! But most importantly, you will also save yourself a relatively significant amount of money on the whole. Another place to get boxes is at your local tip. They will probably be happy to help you out if you need any boxes for your move, and you should find that this will help you a lot when it comes to moving day. Take a look at https://www.lovemoney.com/news/11415/five-ways-to-cut-the-cost-of-moving-home for more tips of this kind.