How To Increase Your Home Value

Read a home decorating magazine or watch a cable-TV home improvement show, and you might easily conclude that any upgrade will pay off when you sell. This is simply not so because even in good times, not all projects have widespread appeal. You’ll earn back virtually your entire investment in a kitchen or deck, but less than 75 cents on the dollar if you add a home office or sunroom, according to "Remodeling" magazine’s annual cost vs. value survey.

What’s worse, some renovations can even hurt you in the eyes of home buyers, a costly problem if you hope to sell in a softening market like today’s.

The Swimming Pool:

In some areas, especially hot-weather spots like Arizona and Florida, a pool is a must-have. In the Southwest, adding one boosts your home’s value by 11 percent on average, according to a National Association of Realtors study. But elsewhere it can just as easily turn off buyers, who worry about affording the upkeep and insurance. And if the most likely buyer of your home is a family with small children, think long and hard before installing a pool.

"People with younger children may be leery of houses with pools for safety reasons," says Barry Graziano, a real estate agent with Prudential Rand Realty in White Plains, N. Y. "I’ve had families walk away. A pool can cut down on the number of people who will want to buy your house."

The Addition:

You’ve thought about how that great room and master bedroom wing will let the family spread out. But what you probably haven’t considered is what the space will look like from the outside.

"A badly designed addition can kill your resale value," says Sal Alfano, the editorial director of Remodeling. "People focus on the floor plan and the flow, but not on how it fits into the neighborhood or even the house itself."

Watch out for boxy, poorly detailed additions and be careful of a style that will look dated when you throw your open house. Spotting the trend that’s on its way out is trickier than you think. While it is easy to assume that sleek red European kitchen cabinetry is tomorrow’s harvest gold fridge, other design staples that seem like sure bets can quickly drift into obscurity too.

That’s what Mark Johnson, a Whirlpool design manager, says is happening to stainless-steel appliances. "For a period of time, people aspired to a commercial kitchen" he says. "What I am seeing is more interest in warmer finishes."

You want a design trend with legs. Johnson says custom panels that dress appliances in maple or mahogany finishes are likely to remain popular for several years. Also, think about the materials for hardware like hinges and light fixtures. Polished brass or anything shiny is out. Brushed nickel is a better option. Johnson is betting that oiled-bronze finishes will take off next.

The Jacuzzi:

The elaborate master bath is okay, but the big circular tub with 15 jets that can pulse or massage is risky.

According to Holly Slaughter, brand manager at RealEstate.com, you’re better off with an oversize shower that has a rain showerhead and multiple jets (think of it as a car wash for humans).

Baby boomers have little time to spend hanging out in the bathtub, and parents with small kids prefer a conventional tub. Ultimately, don’t expect a future buyer to pay up for the luxury you considered an essential.

How To Find a Family Dentist

Most parents consider the family doctor of the utmost importance, and he certainly is. You wouldn’t trust your children’s health to just anyone. But many parents fail to plan ahead regarding their children’s dentistry. Often, it is not until you need an emergency dentist that you even consider who might be best to do oral surgery on your toddler’s mouth or if you trust the dentist who cleans your teeth to do an invasive root canal.

Consider Your Dental Insurance

The first step to finding a family dentist may be your dental insurance. Some dental plans require you use a certain provider or give you a list of preferred providers. If this is the case with your dental insurance, you have much less investigation to do. If you dislike your preferred dentists, you might consider changing insurance packages or buying independent dental insurance.

Make an Appointment

Your next step is to make an appointment. You can make an appointment to meet and discuss your family’s needs, or you can just ahead and make an appointment for a cleaning. The dentist’s chair side manner is most telling about his services, so you’ll want to take him for a test drive before taking your child to see him.

While the gentleness of the procedures is important, so are the type of office environment and attitudes of the employees. Most children are hesitant if not down right terrified of the dentist so you want you dentist to be understanding of this concern and even to have planned for it with a basket of toys or magazines geared directly at children.

Test Drive the Dentist

If you were comfortable during your own appointment, go ahead and make an appointment for a consultation for your child. If your child seems comfortable, you may go ahead with a routine cleaning just to let her experience and familiarize herself with the dentist, or if you sense the dentist is a bad fit for your children, you can end the consultation and move on to the next possibility.

Get Input

With so many dentists available, your best bet to finding a good family dentist may be to ask friends and families to recommend a dentist their family is comfortable with. Then, armed with a few recommendations, give each dentist an interview or let him do a cleaning to see if you agree that he is the dentist for your family.

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How to Estimate New Home Construction Costs

Before applying for a traditional or stated income construction loan, you must accurately estimate construction costs for your new home. While the overall project may seem daunting, estimating construction costs is far simpler than you may think.

Select a Blueprint

Your first step to building a new home is to decide on the home you want. Be sure to include any architect or design fees into your budget as these are almost always the first set of building costs.

Select Materials

Your next step is to select building materials for all areas of the home. Will you be using brick on all four walls for both stories? Stone? Don’t forget to include your flooring materials as well as doors and windows.

Contact the Experts

Unless you are a general contractor yourself, you most likely aren’t already in contact with the many subcontractors you’ll need to complete your home. Visit with a general subcontractor or find subcontractors in all areas of construction (excavator, mason, carpenter, roofer, siding contractor, plumber, electrician, heating/AC contractor, insulator, drywall installer, finish carpenter and painter) to discuss the project.

Obtain Contractor Estimates

If you are going to work with a general contractor, he will use his contacts and expertise to obtain a total estimate for most construction – perhaps including materials. If you are planning to work as your own general contractor, you’ll need to obtain an estimate from each subcontractor.

Total the Estimates and Costs

Make a spreadsheet of all estimates and costs you have to date. Keeping track of estimates electronically should make the process less time consuming and allow you to keep track of your budget when construction begins. Then add in building permits, insurance, fees and legal costs. The resulting number is the total estimated construction cost.

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How to Buy Your First Home

Buying a home is one of the primary goals of most citizens. There is nothing like the satisfaction of owning your own property. But buying your own home can be a challenge, especially if you are a first-time home buyer. Here’s how to buy your first house.

Clean Up Your Credit

The first step to buying a new home is to clean up your credit. A home loan is a huge undertaking and the bank is going to want to be sure you are worthy of the risk. Pay off old loans and close all the little credit cards you don’t use or need any more. Leave your oldest cards open, however, unless they charge a fee – these show how long you’ve had credit.

Save Up for a Down Payment

Unless you’re entitled to a government loan, it is likely you’ll need at least 5% of the home’s price to put down when you buy. You’ll also need cash for closing costs which can be another 2-3% of the home’s price. Stash money away in a safe place or get help from family to set up a small nest egg so that you’re ready to buy when the bank checks to be sure you can actually afford the down payment on the home.

Establish the Budget

Before you shop, you should take the time to figure out your budget. A very rough guideline is that your new home should cost no more than twice your annual salary. If you make $50,000, your home should be $100,000. Obviously co-borrowers can afford more. Think about your future before deciding on an expensive home, however. If one of you will be staying home with future children, a smaller mortgage payment might be beneficial. Add up your monthly obligations, take out money for savings and other odds and ends and look at the amount you can pay monthly without feeling pinched.

Get Pre approval

If you’ve worked with a monthly number rather than a broad total, head online to a free mortgage calculator to see exactly what your payments will be with mortgage, taxes and insurance each month. Then, when you’ve reached a number you’re comfortable with, apply with a finance company to become pre approved. Getting pre approval on a mortgage tells sellers that you are a safe buyer and that you can get the loan when the time comes for money to change hands.

Shop For Home Loan Options

Finally, with your pre approval complete, contact a realtor or browse listings yourself and start shopping. By staying carefully within your budget, you’ll find the perfect home in no time at all.

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How To Pay Off Debt

Hopefully you are not one of the hundreds of thousands that find themselves in over their head in debt. If you are however, you can find additional free information. Regardless of your current financial situation this article will serve to help you become more debt aware and possible save you a lot of money.

I’m sure you’ve heard, "Debt never sleeps" or "Debt is your second boss". How about "You are paying the credit card to let you work?"  It’s true, debt can compound as much as 21% each and every month. Still, all hope is not lost. Take a look at the list below and see if there is anything that you can do to reduce and pay off your debt.

• Pay twice the minimum:
  First, you need to make more than just the minimum payment.  Honestly, if you make just the minimum payment, you are playing right into the banks hands.  You need to eat out less, not drive as much, stay at home on the weekends, etc. So that you may put that money toward paying off your debt.  If your minimum payment is $125 a month, then pay $250 a month!  Let go of a few of the luxuries so that you can relieve the burden.
• Snowball your debt payments:
  Second, you need to find out which credit cards/debt has the highest interest rates.  If you can consolidate your debt into one payment with a low interest rate, you will count your lucky stars in the end.  When you consolidate your debt, you save hundreds, if not thousands of dollars depending on your interest rates.  We highly recommend using the popular program of “Debt Help for Women”
• Use your savings:
  You could also use your savings to pay off the debt.  This is obviously a hard thing to do. However, if you become a slave to debt, it’s good to dig yourself out of that hole first, and then you can focus on building your savings account again.
• Try to get a loan from your life insurance policy:
  Many policies have a hard cash value? If yours does, you can borrow against your policy. In essence this is like giving yourself a loan because you are borrowing money that you own. The interest rate is usually far below other loan rates, and you will have more time to pay back the money. Be sure though that you do bay it back though. The downside to this type of loan is that you could die before it’s paid back. If this happens, the outstanding balance and interest will be taken from the overall value of the policy payable to the beneficiary.
• Family and/or friends:
  Family and friends are always a good source to help in time of need. Make sure it’s a friend who you have established a good trust line with. Otherwise, you will lose your friends and distance yourself from your family.
• Try a home equity loan:
  Home equity lines of credit are also a good way to pay off debt.  You can borrow the small amount and pay it off as a second loan on your home.  This is another way to consolidate your debt into one loan.
• Use your 401k:
  Do you participate in a 401k qualified retirement plan through work or your home business? Many plans let you borrow 50% of the account value, or $55,000; whichever amount is smaller. Interest rates vary from a point or two above the going prime rate. None the less, it will be much cheaper than high interest credit cards. Again, this is a form of consolidation. There are some setbacks though as the loan and interest have to be repaid with your tax dollars. You have to pay back the loan within five years or less. If you go to another job, you have to pay back the loan in full when leaving. If it’s not repaid, then you will have that amount treated as a distribution to you and you will pay taxes on it also. If you are under 59 there will be an additional 10% tax for early withdrawal. You should check up on your plans to see specific details per plan.

The last thing that Creditors want you to do is to run. They want to know where you stand.  If you can talk to your creditors and let them know where you are at, you might be able to negotiate new terms. If however, you could use some help with your debt, please click the link below for FREE information about debt help in your area.

CreditServicer.com provides free assistance for consumers seeking help with ChexSystems or bad credit. We also offer a variety of financing options such as bad credit loans and credit cards.

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How to Live Within Your Budget

If you realize that you are in desperate need of a budget to control wild spending, take time to create one properly. Do your research to determine the amount you should be spending on various bills and items, and distribute your cash to meet those goals. Then, once the budget is set up, you can begin the truly hard work as you learn to live within your budget.

Reduce Payments

The first step for many people who are looking to live within a budget is to reduce payments. Your home is most likely your largest payment and you may be able to reduce your mortgage payment if you refinance or decide remortgages are applicable and helpful in your situation.

Seriously consider refinancing if you would be able to reduce your payments and plan on staying in the house long enough to recoup the cost of the new loan.

You might also consider selling an expensive car or trading it in for something less expensive if you are not upside down on payments. See if there is a way to raise your deductible to reduce your insurance payments, and limit or remove perks such as cable and cell phones if you find they are costing you more than they are worth.

Spend Wisely

Once you’ve cut as many payments as possible, you must begin to focus on spending your money wisely. More money than most people realize is spent on extras and splurges throughout the month. So rather than use a debit card or credit card to buy a little something new or pay for dinner and movie, pull that budgeted money out in cash in the beginning of the month. Use it to pay for your frivolous purchases (which you should never give up completely), and when it’s gone, it’s gone.

Make lists to reduce the amount you spend at the grocery store. Plan meals by the day and schedule the nights you’ll be getting take out or going out to eat. Then buy only the ingredients for the meals and possibly a few snacks. You may find that avoiding random items in the grocery store helps trim your tummy fat in addition to your spending.

Save Your Money

Be sure you are creating a savings account as part of your new budget. In fact, create two. One should be for long-term goals such as additional retirement savings, college funds, and large trips or purchases. The other should be savings for all of those things that seem to pop up over time. By saving a small amount every month, you will be able to pay cash for a new water heater or to fix a leaky roof. That will help keep the rest of your spending consistent with your budget.

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How To Consolidate Debt

When you realize that your bills are overwhelming you and your minimum payments are getting to be too much to bear, many immediately think of declaring bankruptcy. This may seem like an easy out, but in actuality is a decision that can affect your life in a far more negative way than by simply paying off what you owe.

But if paying off what you own is virtually impossible in your current situation and you can’t find another source of income to bridge the gap, consider debt settlement or credit card debt consolidation help. To consolidate debt you need to follow these steps.

Find Your Debt

Before you can do anything else, you must find all of the debt you owe to others. Make a list of the credit cards you have, the balances, the minimum payments and the interest rates. Be sure to find all of the credit cards including gas cards and department store credit cards.

Add It All Up

When you’ve assembled everything, your next step is to see exactly how much you owe and how much you’re currently paying every month. The number will most likely be shocking, but that’s okay – this is exactly what you’re trying to fix. When you know how much you’re currently paying and who you’re paying it to, you can move on to the next step.

Create a Budget

Paying the minimum payments on credit card debt isn’t enough to ever really clear the debt completely, but you should know if it’s even possible for you. Create a budget of all of your monthly bills. Be sure to include:

• mortgage or rent
• car payment
• insurance (life, car, home, renters, etc..)
• maintenance costs for your home and car
• utilities
• student loans
• cable
• phones
• clothing
• recreation
• savings
• groceries
• other spending

Then add in all the minimum credit card payments you’re making every month. Subtract the total from your paycheck – is there anything left? That money goes immediately to paying more on your debt. But if you are currently spending more than you’re making, and there isn’t anything you can cut such as cable, spending or clothing, you need the help of a professional.

Work with a Professional

Much of what a professional does you can do yourself. A professional debt counselor will help you understand how your payments are currently affecting your debt and look for ways to make a bigger dent in the debt without hurting your credit score. If there is no other choice, that professional will negotiate on your behalf with the credit card companies to reduce what you owe or lower the interest rates so that your payment has a bigger impact.

He may also help you find ways to consolidate your debt. Consolidating your debt means you find a single instrument to pay off all your loans and credit cards and then you simply pay on the single loan. This can actually improve your credit if you qualify for a good loan program.

A debt consolidation loan can be a secured loan such as a home equity loan or an unsecured personal line of credit or other type of loan. Be sure to understand the details of the loan and work only with a lender and professional you trust. A quality professional can help you reduce your debt amount, then find a suitable loan to cover all of the outstanding amounts.

Once your debt is consolidated, each payment will make a large impact on the bottom line and before you know it, you’ll be living debt free.
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How To Get a Cash Advance

Sometimes you just need a little cash in hand before your paycheck clears the bank. When something comes up like an emergency trip to the hospital or a surprise bill, payday loans can have the answers you are looking for. Here’s how to use a payday loan, or how to get a cash advance.

A cash advance and a payday loan are different terms for the same thing. A cash advance is a very short term loan based on your paycheck. It is not a debt management solution, but can help bridge the gap of a few days when you need cash before your check hits your account.

Find a Cash Advance Center

Your first step in obtaining a cash advance is finding a center or bank that offers payday loan services. Many traditional banks do not offer these type of loans, so your best option maybe a storefront establishment.

Bring a Copy of Your Paycheck

The premise of a payday loan is that you are about to receive a paycheck, but need the money sooner. So head to the center and bring along your paycheck. Speak with the representative and fill out paperwork to arrange a small loan, usually well below $1,000. The cash advance center will look at your information, your bank account information and your old paycheck to determine if you are worthy of a loan.

Sign Off

If you are approved, and most borrowers are, you will be told to sign off on the loan. The fees on the loan are a substantial percentage of the loan itself, and payment terms are strict. You will most likely have to provide your bank account information for insurance purposes.

Then, when all paperwork is in order, the cash advance center will write you a check for the requested amount.

Repay the Loan

Be sure to repay the loan on or before the due date. The interest rates on cash advances are already very high, and failure to pay on time can bring additional fees. The lending center might also pull the funds directly from your bank account which can make your account negative and earn you additional fees.

Be careful to not create a cycle of debt with cash advances. If you find yourself borrowing money before every paycheck, you most likely are spending beyond your limits and hurting yourself in the long run.

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How To Understand Your COBRA Rights

COBRA, or Consolidated Omnibus Budget Reconciliation Act, gives you the right to continued group insurance under most circumstances for a limited time. COBRA benefits are usually more expensive than the group rates you paid while employed as your former employer is no longer footing part of the bill, but in many cases is less expensive than independent insurance. For some situations, it might be the only method to keep insurance for situations like ongoing treatment and pregnancy.

What is COBRA?

The Untied States Government passed the Consolidated Omnibus Budget Reconciliation Act in 1986 to extend health care coverage that might otherwise be terminated. It gives you options when it comes to healthcare.

Who Qualifies?

There are many situations that qualify you, your spouse or your dependents for COBRA benefits. In most cases, unless you were fired for gross misconduct, you, your spouse and dependents all qualify. Other circumstances also allow for benefits including death, divorce, qualification for Medicare, reduction in working hours and if a child outgrows dependent status.

Why COBRA?

If you were laid off or chose to leave a job, but don’t have another one with benefits already lined up, COBRA might be a nice way to bridge the gap without having to find other insurance. Benefits can last for one to three years and once you are approved, you can continue with the same methods of treatment you’ve been using up to that point. This is especially important for those with ongoing treatments for long term diseases, conditions and pregnancy where finding other insurance with the same coverage might be almost impossible.

COBRA benefits are often a bit less expensive than a similar plan through independent insurance.

What Do I Do?

When you leave a position or come into another situation which entitles you to COBRA benefits, you will receive a letter from your former employer within 14 days. You then can apply for benefits and your specific situation determines approval. Generally you have up to 60 days to apply, and coverage begins on the first day you would normally have had coverage – even if you elect the plan 60 days after that time.

For additional information, the United States Government has a list of FAQ available here.

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How to Plan Your Estate

It can be depressing to think about, but every adult should spend time planning and preparing their estate. When you are ready, here’s how to plan your estate.

Retirement Planning

Retirement planning and estate planning overlap, but are not necessarily the same thing. Your estate is the bulk of your assets when you die. Presumably, those assets helped sustain you during your retirement. So when planning for retirement, you must also give some thought to your estate as well.

Assess Your Situation

The first place to start in estate planning is to assess your situation. How much money do you have in retirement funds? How much will you realistically be spending each year? Are you trying to retire early? Will your retirement funds be enough to last through the end of your retirement?

Tally up all of your assets. If your total net worth is over one million dollars, you should strongly consider a trust. Even if your total is less than one million, a trust will allow you to set conditions on how your money is distributed after your death. It also offers protection from government taxes.

Set up Your Will

If you do not already have a will in place, set one up immediately. This will save time and legal proceedings when you pass, even if you have no funds left in your retirement accounts. A will specifies who receives what from your estate. Speak with a lawyer or financial planner to have a will set up to maximize your estate.

Set up a Power of Attorney

You must also have a power of attorney to execute the will. Your power of attorney allows someone to act on your behalf, so it is necessary to have a power of attorney in place before you become incapacitated in any way.

Set up a Medical Power of Attorney and Living Will

You need to specify your plans for hospitalization and life support. You can set up a plan telling doctors to keep you on life support as long as humanly possible, or you can ask to not be resuscitated or kept alive solely by machines. A medical power of attorney or healthcare proxy will act on your behalf when you become unable to make your own medical decisions.

Start Distributions

The government has powerful estate tax laws that are changing a bit now, but will solidify in a few years. This means that any estate over $1-3.5 million can be taxed at almost 50% by the government. It is important to set up a trust to protect the assets when you are gone, or you can begin distributing funds now to avoid the tax burden. You can currently give an individual $12,000 a year (or $24,000 if you’re married) tax free. You can also pay unlimited amounts of education and medical bills on behalf of someone else or set up charitable donations tax free.

Explain Your Plan

Finally, you need to explain your plan to your family. Be sure others have a copy of your documents and explain your desires and rationale. This will help avoid confusion or even conflict at the time of your passing.

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