Month : April 2015

Home Ownership

Best Tips For Renting Your Home

If you’ve been trying to rent out your home for a while, there’s a good chance that you’re getting to a point where it all seems pointless. You’ve got your landlord insurance from a company like Endsleigh insurance, you’ve made sure that all safety checks have been done and that all the fixtures and fittings are set. Even after all these arrangements have been made it can still be a struggle trying to get your house out there. Here are a few quick hints about how to make your house stay in the minds of the people that are viewing it.

1. Potential tenants are likely to be viewing a lot of houses and so every little personal detail makes a difference. Welcoming touches like flowers, mirrors and one or two pieces of ornamental decoration can really add a bit of character to an empty house.

2. If you’re planning on leaving the house furnished for your first tenants, make sure to mention this. It can make the difference between a yes and a no. If they know they aren’t going to have to worry about furnishing the place when they move in, you’re more likely to be able to get your house started as a money maker.

3. Understand the market that you are targeting. If you’re trying to appeal to students decoration isn’t going to be as important as the proximity of bus stops or train stations. A young professional couple might be eager to know about supermarkets and shopping centres nearby whereas an older family might be more interested in the local area and what there is for them to do on family days out nearby.

These simple steps won’t get the house filled on their own, but they might just be the missing link you need. It’s important to also look at insuring a flat that you are renting out to avoid any excessive payments should something go wrong. If you want to find more information about insuring a flat that you are renting out, you can visit websites such as endsleigh.

Insurance

Homeowners Insurance and Natural Disasters the Facts You Need to Know

Natural Disasters happen each and every day. Some of the most common disasters that can disturb our lives include major weather storms such as a snowstorm, a big rainstorm, a hurricane, a tornado, and so on. Other common natural disasters seen all around the world include tsunamis, volcano activity, and more. The only protection that you really have from these types of devastating events is your homeowners insurance. By having the right insurance, you can rest easy knowing that if a natural disaster does occurs you and your family will be protected and will be able to survive, both emotionally and financially, anything that the world throws at you. If something does happen here are some insurance claim tips. The largest single investment that most consumers make is in their homes and there are various types of insurance that can help you.

  1. The first type of insurance is known as property damage coverage. This type of insurance will help you pay for damage that is done to your home and any personal property that you may have at your disposal. Even if you have something such as a tool shed, a barn, a detached garage, or another structure on your property, this can be covered as well. Having property damage coverage can be very important, as the coverage will pay portions of the current cash value of any items that are destroyed in a natural disaster. If a hurricane comes and rips the roof off of your house, this coverage can help you in a big way.
  2. Having personal liability coverage is also very important when facing the threat of a natural disaster. Having personal liability coverage can allow you to have coverage for accidents that occur both on as well as off of your property. If you cause any type of injury or damage, you will be covered up to a certain amount. The policy will pay for the cost of defending you in something such as a court of law, as well as any other expenses you come across. Typically, basic liability coverage is around $100,000 for each occurrence and these coverage limits typically do not come with a deductible.
  3. Medical payment coverage can come in handy if you ever face a natural disaster that impacts your life and your home in general. Medical payment coverage is a type of coverage that is going to pay if someone outside of your family gets injured at your home. You may not even be at fault, but having this coverage will pay for the medical expenses that occur within one year of the accident at your home. If someone is acting foolish on a trampoline in your backyard and injures himself or herself, your insurance can cover this. The medical payment area of your homeowner insurance policy comes with coverage limits, but they can help with these costs.
  4. Homeowner insurance can cover significant amounts of additional living expenses. If a natural disaster takes place and does so much damage that you need to move into a motel or apartment temporarily, this coverage will help you pay for that. They typically pay up to 20% of the policy limit on your dwelling with these expenses.
  5. The key tips here when you are thinking about homeowner’s insurance as it relates to potential natural disasters, are that you need to shop around and educate yourself. You need to figure out which coverage you need and which you do not need. This can go a long way in making sure that you are safe and covered.

Natural disasters are no joke and you should do all that you can to be sure your insurance covers your losses.

Author Bio: Chuck Henry works for a company that provides information on home insurance http://www.homeownersinsurance.net

Retirement

Re-examine and Re-balance: Retirement Investing and Your Taxes

No one likes taxes, but everyone has to pay them at some point. Income and investment tax is the most burdensome because it takes away money you’ve rightfully earned. About the only way to mitigate the damage is to do some kind of tax planning. Even if you live off of investment income, you can still manage your tax bill. The trick is to start early, re-examine your financial situation every year, and re-balance investments as needed. 

Diversify 

Diversification is usually something you hear when it comes to investments, but tax diversification can also be a decent idea. If you have all of your money wrapped up into a traditional IRA or 401(k), you’re going to pay income tax on all of the money inside of the account eventually. 

With traditional accounts, you must start taking money at age 70 1/2. If you don’t, there’s a hefty 50 percent penalty on money you should have taken but did not. The IRS requires you to take a minimum withdrawal amount (called a “required minimum distribution”) based on your life expectancy. 

Converting some or all of your pretax money to other accounts might make sense. If you have the option to convert to a Roth IRA, for example, consider doing so – especially if you think that tax rates will climb in the future. 

Even if tax rates remain the same, it could still make sense to convert. You’ll pay the same amount in tax if rates remain flat regardless of which account you’re invested in, though an after-tax account allows you to hedge against higher taxes in the future. 

Finally, a fully taxable account removes you from the game of tax hedging altogether. It’s risky, but only if you don’t plan on using common stocks or long-term investments not subject to income tax. 

Allocate Assets Wisely 

Sometimes, the best move is to simply buy basic common stocks. Why? Common stocks are subject to long-term capital gains rates which are relatively low compared to income tax rates. While you do still pay tax on the money, you have more control over when you pay the tax and the future is a little more certain since you’re not relying on the government to give you a perpetual pass on taxes with a Roth IRA. 

Additionally, you don’t have to follow complicated retirement plan rules. All you have to do is hire someone to help you pick a good investment. 

Re-balance The Taxation of Accounts 

This can get tricky. if you’ve kept all of your money in a traditional IRA, there’s only one way out – pay tax. However, if you’ve remained relatively diversified, there’s a lot you can do to slosh funds around and keep a defensive tax position. 

For example, you can shift taxable gains from stocks into your Roth IRA indirectly. A simple way to do this would be to contribute more money from your paycheck than usual to your Roth. Then, offset the decrease in income by taking profits from your taxable stock. Over time, you have the opportunity to recover the capital gains tax and possibly the additional income tax paid for the contribution. Of course, this can get a little messy at tax time, so it’s probably best to hire a tax professional and file taxes online so that you minimize the paperwork involved. 

Use Tax-Free Investments 

Using tax-free municipal bonds is one way to get around paying tax on investment gains, and you don’t even need a tax-deferred investment account. You can use a regular taxable account. Most muni bonds pay reliably and are a simple way to hedge against rising taxes without adopting fancy or complicated tax planning schemes. 

Jeremy S is a personal finance consultant. He likes to keep his clients up to speed with the latest money saving developments.

Investing

6 Ways You Can Invest in Real Estate in Morrisville, Vermont

Investing in real estate is a viable investment option especially in an area like Morrisville, Vermont where you can find a lot of commercial and residential real estate opportunities to put your money into. Check out about Investors Choice Lending, if you are a self-employed real estate investor looking for a local real estate lending.

There are different ways you can invest in real estate. All of these options require different levels of risk and will give you different levels of returns. You will also require more time commitment with options such as buying property to fix and flip.

Below are some of the ways you can start investing in Morrisville VT real estate

  1. Buy property and rent in the long term

Whether you are investing in commercial or residential property, renting has very high returns if you choose the right property and find the right tenants, as stated by the Park Ridge commercial property brokerage service.

When buying property to rent out, you should buy one that is below the current market value, then repair it to attract higher rent.

A good real estate agent should help you choose the right property that will guarantee good cash flow.

  1. Buy property, fix it and then flip it

Fixing property can take a long time, so you should be quite sure this option is the right one for you.

Below are a few things to look out for when buying property that needs fixing:

  • Be sure that the people will want to buy the house after it’s been fixed. Buy in an area that is already populated to ensure the fixed house will sell fast and for a good price.
  • Find a good contractor who will fix the property properly and within a very short time.
  • Get your budget right. If you underestimate how much it will cost you to do the fixing, you will be stuck with a half-done house and will go at a loss.
  1. Buy a home and sell it in the medium to long term

Your residence may not bring you rental income, but if your home costs less than the market value, you can sell it for a profit in the future.

You can also buy a residence and later turn all or part of it into a rental property, all while paying a well-rated home mortgage.

  1. Invest in property out of town

There is no limit when it comes to investing in real estate. You can still invest in Morrisville, Vermont even if you don’t live there.

All you need is a good realtor and property managers who will take care of your investment interests.

  1. Buy a vacation home and rent it

You can buy a home in Morrisville, Vermont to use during your vacations and still have it making you rental income when you are not using it.

  1. Renting in the short term

You can rent your property in the short term as you wait for the value to appreciate so that you can sell it.

Be careful with this option though as market prices can take long to appreciate, and if you don’t price your rental well, it could cost you money.

Now that you know about the different real estate options available, talk to your real estate agents in Vermont and put your money in a good property.

Do What You Want

Spread Your Passion

By now you should be de-cluttered and know what your passion is, or at least have an idea. If you don’t, it’s ok. It’ll come to you.

So today we’re going to go deep into your mind again. This is a very important part because we’ve been trained since a very early age that we need to have 9-5 corporate job. It’s the norm but that doesn’t mean it’s the only way. Packing up ship and sailing across the ocean to form a colony wasn’t the norm but it turned out for the best.

We’re blazing a trail to a new way of living. Actually doing something that you love and making money doing it isn’t that far out there. Think about it this way, if you love something, you’re going to know about it in and out. There are other people that enjoy what you’re doing as well and are going to want to know as much as you. So how are they going to learn?

You!

You’re going to help spread your passion and they are going to show their appreciation by paying you for your knowledge. It’s a win win situation.

But the deep question you need to ask yourself is Do you believe you can do what you want and make a living? did you say yes?

If you say yes then you are making a commitment to actually take the knowledge you are going to learn in the rest of this course and put it to use. You don’t have to jump into this world head first. I kinda didn’t. I had a full time job while I was building this world. Then I was let go from that job before I was ready to jump in but I took it in stride.

There’s never going to be a right time and I promise you that once you enter the world of doing what you want you will be more free, creative and happy than you ever were before. Your brain will just burst with new ideas, why? Because it turns in to survival mode which makes it a dangerous thing. You’re going to try things you never thought would work….and it’s going to work.

You know what you need to do but sometimes you need a kick in the ass to actually go through with it.

So today you need to write on a piece of paper: “Why am I not making a living doing what I want?” and then write down your answer. Make it a list if it’s more than 1 thing, it probably will be. Then next to each thing that’s stopping you, write out how important is that thing in your life. If it’s not important then mark it off and forget about it. Then comes the important things. Brainstorm different solutions that can help turn those stop’s into go’s. The Internet is a massive place of information, use it. I promise you someone has had the same hangups as you. Learn from others.

This is what’s going to get you from stopping yourself from doing what you want. Only you are creating those blocks. They aren’t saying no, you are. So once you find a solution that you will find satisfactory then you will have destroyed the mind blocks that are holding you back.

If for some reason you can’t find a solution then let me know or leave a comment below and we’ll see what we can come up with. 

This is a big project that the rest of this course hinges on, so I’m going to give you a couple of days to get through this. You can do this. I know you can because I can and I promise you I didn’t think I could do it either. But you have to get past yourself and actually believe in yourself.

I’ll talk to ya in a couple of days and we’ll get into the good stuff.

Live Your Passion