Brenda Maggy's Blog
Sharing living expenses with your partner or roommates can be a difficult and confusing issue for many.
Life would be made much easier if there was just one bill to pay on your home that includes everything.
Recently there have been attempts to bring such a suction into fruition. Many homeowners and renters have turned to apps that help them split expenses, or have signed up for mortgage agreements that cover stray expenses like property tax and private mortgage insurance.
In this article, we're going to give you a few tips on splitting the bills in your home to make things easier for you, your spouse, and your roommates.
Who pays what?
Many young couples are often left wondering who should pay which bill, especially when you share so many services.
However, there's a big difference between sharing a Netflix account and sharing a car. One solution is to use the bills that report to credit agencies for whoever needs help building their credit score.
Putting credit cards under the person with the lowest score’s name can help them build credit even if they're simply listed as an “authorized user” which means you can take advantage of good interest rates and build credit at the same time.
Paying the mortgage
It can quickly become tiresome having to write two different checks each month for your mortgage or rent. To solve this problem, you can either alternate payments (you pay a full month’s rent or mortgage one month and your spouse pays the following month), or you can choose to pay bi-weekly, which will help you pay off your mortgage sooner.
The best apps to use
If you live with your spouse, you likely aren’t overly concerned with splitting all of your expenses 50/50. Chances are whoever has the higher income will foot the bill for the larger expenses.
However, if you have roommates there’s a bigger chance you’ll want things to be split evenly between you and the other members of the household. That’s where apps come in handy.
First, sit down with your roommates and go over all expenses. Write down each bill that you share: rent, heat, electricity, cable, internet, gas, insurance, and so on.
Then, decide who is responsible for making the payment on those bills. Even if you decide to split them all evenly, one person will have to be responsible for sending out the check each month.
Once you’ve determined which bills you have and who is going to pay them, it’s time to find out how you’re all going to contribute.
One way is to open up a shared account. Doing so can be messy, however, if you’re using that account for multiple bills. Some banks and services also charge a portion of the transfer, so you’ll each be losing money each month, and the amount depends on how many bills you have.
Some apps and services you can use to split bills and transfer money include Splitwise, Mint, PayPal, and Chase’s QuickPay. The benefit of apps that don’t transfer money is that they are often free and don’t collect transfer fees. So, if you’re comfortable with handling money by hand, you could save in the long run.
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Establishing a competitive initial asking price for your house often can be difficult. Fortunately, we're here to help you determine the ideal asking price for your home, regardless of the current housing market's conditions.
Now, let's take a look at three tips to help you set the right initial asking price for your home.
1. Study the Housing Market
How does your residence stack up against the competition? Evaluate the prices of comparable houses in your city or town, and you can narrow your home price range.
Furthermore, it helps to examine the prices of recently sold residences in your area. With this housing market data, you can find out whether you're preparing to enter a buyer's or seller's market. Then, you can map out your home pricing strategy accordingly.
2. Conduct a Home Appraisal
A home appraisal offers a valuable learning tool for a home seller. It allows a seller to receive expert insights into the value of his or her residence. As a result, a seller can get a property valuation from a home appraiser and use this figure to establish a competitive home asking price.
In addition, it may be beneficial to conduct a home inspection prior to listing your house. An inspection enables you to learn about any problems that may affect your house's value. And if you choose, you can use a home inspection report to prioritize assorted home repairs that may help you boost the value of your house.
3. Collaborate with a Real Estate Agent
If you're unsure about how to price your residence, there is no need to stress. In fact, you can hire a real estate agent to receive comprehensive support at each stage of the home selling journey.
A real estate agent is happy to help you assess your house and determine the right price for it. He or she is unafraid to be honest, and as such, will offer unbiased home pricing recommendations. That way, you can establish a competitive price from day one of the home selling journey and increase the likelihood of a quick home sale.
Also, a real estate agent goes above and beyond the call of duty to assist a home seller. This housing market professional will set up home showings and open house events to showcase your residence to prospective buyers. Plus, he or she will keep you up to date about offers on your residence. A real estate agent will even negotiate with a buyer's agent on your behalf to ensure you can maximize your home sale earnings.
Perhaps best of all, a real estate agent will respond to your queries throughout the home selling journey. If you ever have home selling concerns or questions, you can simply talk to your real estate agent and receive expert support.
Take the guesswork out of pricing your residence – use the aforementioned tips, and you can set a competitive price for your home in any housing market, at any time.
Even though most of the details of selling your home are usually handled by other people -- hopefully competent professionals -- it still can be a stressful experience.
Major life changes are a "mixed bag" when it comes to the effect they have on your mental equilibrium. On one hand, change can open up new doors of opportunity and give you a fresh lease on life. On the other hand, it forces you to step out of your comfort zone and deal with the element of unpredictability.
While every situation is different and there's no panacea for the stress that accompanies life transitions, here are a few strategies that will help make the road less bumpy.
- Choose an experienced real estate agent or Realtor who will provide the guidance, day-to-day support, and expertise you need to avoid many of the pitfalls and frustrations of selling a house. If you know you're in good hands, you'll have less of a tendency to worry about how things are going. The ideal real estate agent will instill confidence in you, provide you with regular progress reports, and do everything they can to make sure the sales process and other logistics keep moving forward and staying on track. They'll also provide you with good advice on how to effectively stage your home to improve its marketability.
- Go with the flow. Accept the fact that you'll need to keep your home immaculately clean, every day, to make the best possible impression on prospective buyers. There are also plenty of other tasks and challenges you'll have to deal with along the way. Sometimes it helps to remind yourself of the famous serenity prayer written by American theologian Reinhold Niebuhr back in the 1930's: "Grant me the serenity to accept the things I cannot change, courage to change the things I can, and wisdom to know the difference."
- Get enough sleep every night: Nothing undermines one's coping ability, patience, and resourcefulness more than struggling against a sleep deficit. Getting enough sleep, which is somewhere in the neighborhood of eight hours a night, is more crucial to one's physical and mental well-being than many people realize. When you prioritize getting a full night's sleep, you'll generally be able to think more clearly, keep setbacks in their proper perspective, and do a better job of rolling with the changes.
The home inspection may seem like a standard thing that you need to go through in the process of buying a home. Really, you’re paying for the home inspection, and it’s a huge opportunity for you. As a home buyer, you should look at the home inspection as an educational event for homeowners. You’ll learn a lot about the history of the property that you’ll be living in. From water that may have been present in the basement to a leaky roof, you’ll get to know your new home and how everything works.
When you hire your home inspector, he or she may seem like they are talking to experts. For this reason, it’s a good idea to ask questions during the inspection so that you can clarify what the inspector is talking bout.
Is This Problem Urgent?
It’s a good idea to see how soon any problems in the house need to be fixed. If the roof needs to be replaced within 3-6 months and your finances are tight, it’s something that you’ll want to know about. While home inspectors will reserve their opinions about a property overall, professionally, they can tell you how big of an issue certain things are. You may need to hire a certified professional who specializes in a certain area like plumbing or electricity for further evaluation in many cases. For your own knowledge, it’s a good idea to know what needs to be done around the property and when.
You’re never going to remember where everything is in the house on the first pass. It’s a good idea to carry a notepad with you when you’re going through the home. Make notes of any major issues, where they are, and how to fix them. This way, even after the inspection report is sent, you’ll have something to refer back to.
Is This At The End Of Its Lifespan?
Your home inspector will take a look at all of the moving parts of the home that you’re about to purchase. This includes the appliances. Is the dishwasher on its last leg? Will you need a new refrigerator very soon? Is that creak in the floor more than just a problem with a floorboard? If you find out what to expect from both the major and minor issues in the home, you’ll have a better idea of what to expect from the property overall.
Home inspectors give you an overview of the condition of a home. Inspectors will tell you that there is no home that comes completely clean when it comes to an inspection. Even a brand new home that was just built will have some issues. While it may not be the most fun to find out that your new home needs a new roof, at least you and your realtor will know what needs to be brought to the negotiation table if you decide to go through with the purchase of the home.