SJ Real Estate

Five Things to Do With a Windfall Other Than Spend it Right Away

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Five Things to Do with a Windfall Other Than Spend it Right Away

Perhaps you have won the lottery, received an inheritance, or cashed in one of your investments, and now you have a large sum of money you don’t know what to do with.

Although it is tempting to cruise around town in a brand new sports car it is important to think carefully about how to spend your newfound cash.

To give you some ideas on the smartest way to use your new wealth, here are five things to do with a windfall other than spend it right away:

1. Erase Your Debt

Your new found money will allow you to clear up all of your debts, which will lift a huge financial burden off your back and give you a lot of freedom. Start with the debts with the highest interest first, such as your credit card debts.

2. Create an Emergency Fund

Calculate how much money you would need to cover your living expenses for 6 months. Take this amount off your windfall and place it into a savings account. This money will be your fail safe. In case of an emergency, such as you hurt yourself, become ill, or lose your job, you will have enough money to live comfortably until times get better, without having to go into debt.

3. Invest in Your Home

If you spend your windfall on a renovation for your home, there is a good chance that you can increase your property value enough to make it more than worth it. Talk to estate agents in your area to determine which type of home improvement will increase your home’s value the most, but usually kitchens and bathrooms are the best rooms to update.

4. Buy a Vacation Property

Consider putting your newfound wealth into a holiday home overseas in a popular destination. You will be able to enjoy lounging on the beach there, and when you are not using it you can rent out the home to tourists to cover the costs. Later on in life when you want to retire, you will always have the option of moving there!

5. Live Off the Interest

If you won a million dollars in the lottery, you could spend it right away on a huge house and a car and then have nothing left. Or, you place it in an investment account and have it earn 6% annually. At this rate you would have approximately $5,000 per month or $60,000 per year without ever touching your initial sum. You could easily live off this amount and never have to work again.

These are a few ideas of what you could do with your money if you are lucky enough to receive an unexpected windfall.

Do you have any other ideas of how you could use your windfall?

4 Simple Tips For Staying Organized With Kids

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4 Simple Tips For Staying Organized With KidsIt can be challenging to be organized when you have children. But this is only because, as a devoted parent, you want to be sure your child has everything they need to become happy, well-rounded adults some day.

This usually means you’ll be bringing your kids to extracurricular activities, play dates, fun events and family outings. It also typically means that over the years there will be a steady stream of school supplies, toys, new clothes and maybe even a musical instrument or two. So how can busy parents stay organized with kids? 

Share A Calendar

Depending on how you prefer to organize your days, consider sharing a digital or paper calendar with the entire family. Family members can add events as needed and everyone can access the latest updates. This way, no one gets caught off guard when the dinosaur diorama is due on Monday morning or your child’s ballet recital gets moved from Friday to Saturday afternoon.

Don’t Be Too Detailed

Toys and art supplies have a way of ending up on the living room floor no matter how many tidy storage bins are in your child’s room. Try keeping a large wicker laundry basket in the corner of the living room and let your child pile their things randomly inside the basket. This allows for fast cleanups and doesn’t require you to supervise the “organization.” It also lets smaller kids feel like they’re being a big kid by helping to straighten up.

Store Papers In Accordion Files

Keep accordion folders on hand in the kitchen for when your child comes home with artwork or papers with A grades. Have one accordion file for each month, because they will fill up fast. At the end of each month, go through and filter out anything you don’t want to save permanently. With this method you’ll automatically have your child’s best papers saved according to date.

Do Things On The Same Day

It’s surprisingly helpful to make a practice of always doing certain things on certain days. For instance, every Saturday is bath night, or every Wednesday is change the sheets day. This lets kids know what to expect in their lives and makes it easier for parents to remember things. 

Children add so much joy to parents’ lives. When you’re organized, you’ll probably find that you have even more time to share with your little loved ones.

Need some extra space for the kids in your life? Call your trusted real estate professional to help you find your next dream home today!

 

 

 

 

Smooth Move: Do These Six Things When Transitioning Towns

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Smooth Move Do These Six Things When Transitioning TownsIt can be physically and emotionally challenging when moving from one town to another. There are lots of things going on at once; the actual packing and moving your belongings, saying goodbye to friends, changing jobs and just getting used to a new way of living.

It can be stressful, but it doesn’t have to be. Try these six tips for a smooth transition.

1. Let Go

Try to look forward instead of back. You will certainly want to remember all the wonderful moments you’ve had in your “old” town, but give yourself permission to be excited about your new place to live. Leave the past in the past while still treasuring the times you shared with friends and loved one. This will enable you to fully open yourself to new possibilities.

2. Learn Your Way Around

Do some exploring in your new town. If possible, stroll or bicycle around to acclimate yourself to your new surroundings. If it’s too far away and you haven’t yet moved, use Google Earth’s street view to wander around virtually. Locate the places you’ll definitely need, like the post office, coffee shop and dry cleaners. 

3. Join Local Groups

Do a search for Facebook groups in your new town and ask to join. You’ll get a sense of the community and get better tuned into what resources are available and what people are talking about. Try searching Meetup groups in the new town for activities in which you’re interested.

4. Plant Roots

Make your new house a home by planting some pretty perennials out front or creating a vegetable garden out back. When you literally plant roots, you’ll feel more like you really belong.

5. Get Involved

It’s hard sometimes to make new friends as adults, especially out of work. But if you make an effort to get involved in the community, you’ll likely find that people are eager to get to know you. Keep your eyes and ears open for ways to join in with community events.

6. Fling Open The Doors

Say yes to life. You’re in a new town, and this is the perfect time to start new projects, try new things and meet new people. Try doing something new at least once a week. You just might find a new favorite activity or a new friend.

These six tips for transitioning to a new town will help you begin your new life with a positive outlook. Remember, there’s no time like the present to start the future!

One of your best assets to navigate the properties in a new town is an experienced real estate professional. Be sure to make contact with your wish list before you start your search.

 

 

How Color Can Affect Your Home and Psyche

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How Color Can Affect Your Home and PsycheAre you dreaming in color of your future new home? You probably can’t wait to get your hands on a paintbrush and a bucket of beautiful new paint. But how will you choose the colors to decorate your new home?

If you’ve been to a paint store recently, you know there are thousands upon thousands of shades to choose from. Choose wisely, because color can affect your home and psyche.

Shades of Purple

Whether you call it purple or eggplant or violet or plum, purple evokes feelings of warmth and vitality in a home. The dustier shades of plum are ideal for walls in the dining room, where taste buds are tantalized. Light lavenders and lilacs are perfect for a little girl’s room, perhaps dotted with white and yellow daises as a border around the baseboard.

Crimson Reds

Red is a dramatic color to use in the home, yet it works in many contexts. Try dark red in a bathroom with dark wood cabinets for a sophisticated look. Burnt red in the bedroom is sultry and inviting. A statement wall of red in a home office denotes serious business and power.

Bluesy Blues

Blues can evoke serenity and peace, but they can also spark creative thought. Blue green colors are ideal for vintage kitchen themes, whereas navy blue in a boy’s bedroom is a classic look. Try white tinged with blue for your new home’s ceiling; it’s said to make a room feel more spacious because it simulates the sky.

Going Green

Kelly green isn’t a color that most people would use in the home, but sage green is perfect for a bedroom in which you want to instill tranquility. Sea foam green is a classic choice for a bathroom even if your home is miles from the ocean. Lime green can be surprisingly uplifting, especially when used in the kitchen. 

Pinkies

Though little girls seem to adore pink, it’s been psychologically shown to be a color that induces upset. It’s not a particularly passive color, but in pastel shades, pink can be soothing, especially when combined with calmer colors like beige or blue. 

Sunny Yellow

If you want a room to feel happy, consider painting it a shade of yellow. Yellow makes you smile; it’s cheery and friendly. Of course, if you get into the neon shades of yellow, it can have the opposite effect, so to stay safe, stay on the lighter side of yellow.

Color can certainly affect the way your home looks and feels, and how you feel in it. The wonderful thing about paint is that it’s an easy way to make a house a home.

If you are in the market for a new home, be sure to contact your trusted real estate professional.

What’s Ahead For Mortgage Rates This Week – June 10th, 2019

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What’s Ahead For Mortgage Rates This Week – June 10th, 2019Last week’s economic releases included readings on construction spending, public and private sector jobs and national unemployment. Weekly reports on mortgage rates and first-time unemployment claims were also released.

Construction Spending Little Changed in April

Census Bureau readings for April showed a minor dip in construction spending as compared to revised figures for March. $1,295.5 billion was spent on a seasonally-adjusted annual basis and missed the expected reading of $1,314.7 billion.

March construction spending was revised to $1,299.2 billion. Falling mortgage rates were good news for home buyers, but concerns over global economic disputes and higher materials prices concerned home builders.

Mortgage Rates Fall as Initial Jobless Claims Hold Steady

Freddie Mac reported lower average mortgage rates across the board. 30-year fixed mortgage rates dropped 17 basis points to 3.82 percent; the average rate for 15-year fixed rate mortgages fell 18 basis points to 3.28 percent and the average rate for 5/1 adjustable rate mortgages fell eight basis points to 3.22 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages.

Initial jobless claims were unchanged with 218,000 first-time claims filed.  Monthly labor reports issued for May showed sharply lower jobs growth for public and private sector jobs.

Public and Private Sector Jobs Growth Dips in May

In a potential warning of slowing economic growth, public and private sector job creation fell far short of expected readings in May. The Labor Department’s Non-Farm Payrolls report showed 75,000 new jobs in May as compared to expectations of 180,000 new jobs and April’s reading of 224,000 public and private sector jobs created.

ADP’s report for private sector jobs growth was equally dismal for May; 27,000 jobs were created as compared to April’s revised reading of 271,000 private sector jobs created. Mark Zandi, who developed ADP jobs reporting, said “The economy is weakening; growth is slowing and slowing sharply.” The national unemployment rate was unchanged at 3.60 percent, which matched expectations. Analysts said that signs of slower economic growth could lead the Federal Reserve to implement monetary easing. 

What‘s Ahead

This week’s scheduled economic news includes readings on inflation, retail sales and consumer sentiment. Weekly reports on mortgage rates and new jobless claims will also be released.

Renovations That Improve Resale Value And Those That Don’t

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Renovations That Improve Resale Value And Those That Don'tThose who want to renovate a home usually do this to make it more spacious, improve its condition, and to add amenities. However, it is also important to consider if the renovation has the potential to add value to a home.

Unless the plan is to live in the same place for life, there is a strong likelihood that, at some point, the home will go on the market for sale. It is nice if it sells for a high price and there is some profit for the seller in the transaction.

It is not the amount spent on renovations that is the key consideration. In fact, spending a lot of money making certain renovations may not improve the sales price, when the home sells. This guide helps decide between renovations that add value and ones that do not add value.

Renovations That Add Value

Renovations that add value are those things that almost everybody wants, which include:

  • Upgraded Kitchen: Having a professional-style cooking area and all the appliances with matching stainless steel-finishes creates an attractive upgraded kitchen. Many appreciate having an island area in the center for use as a working area when cooking large meals that doubles as an eating area for breakfast.
  • Luxurious Master Bedroom and Bathroom: Homes with a large master bedroom with big windows and a king-sized bed usually sell for a top price. If the master bathroom has a large renovated bathroom with a big tub, then this is a plus.
  • Extra Bedroom: Having another bedroom puts a home in a higher-valued category.
  • Lots of Closet Space: Many think that adding an extra bedroom is sufficient; however, adding extra closet space is also a great idea, especially when adding walk-in closets with his/hers vanity areas that are accessible from the master bedroom.
  • Green Systems: Solar energy systems that reduce the monthly utility bill are desirable. Energy-efficient windows are also attractive.
  • Smart Home Systems: These systems offer computer control of the home for energy efficiency, security, and convenience for the occupants.

Renovations That Do Not Add Value

  • Carpeting: Carpet colors are a matter of personal taste. If the carpet is not brand-new or thoroughly cleaned, it will lower the interest in the home. It is better to have nicely-finished wood or tile flooring with rugs strategically placed to create different usage areas. Offer to sell the rugs for their value with the home or to take them away.
  • Excessive Front Yard Decorations: There are a few homes that have so many garden gnomes in the front yard that adding another one is nearly impossible. Avoid this because not everybody appreciates this style.
  • Swimming Pools: For many, this is potentially negative. The cost of building a new, in-ground, swimming pool is not usually an amount recouped in the selling price. Some like pools; however, many others do not like the idea of continual maintenance and monthly expenses. Families with young children may see pools as very dangerous.
  • Bright-Orange Exterior Paint: It is not surprising to learn that most people do not like houses painted this color and other garish colors. Even if the paint is new, they do not usually sell for a higher price.

Summary

In general, in order to add value with renovations, do the things that most people appreciate. Complete the project for a budget to add to the purchase price of the home that will not exceed the average market value of a home of a similar type.

Homeowners who follow this general rule, get to enjoy the renovations and get their money back, perhaps with some profit, when the home sells.

If you are in the market for a new home, be sure to contact your trusted real estate professional.