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5 Reasons to live HERE!

Thu, 12 Oct 2023 19:37:35 GMT

Are you considering a move to California and wondering which part of this beautiful state might be the best fit for you? The Central Coast of California is an incredible region with a lot to offer potential residents. From stunning natural scenery to a laid-back lifestyle, here are five compelling reasons to consider making the Central Coast your home.

Breathtaking Scenery : The Central Coast of California boasts some of the most awe-inspiring natural beauty in the state. With its rugged coastline, pristine beaches, majestic cliffs, and picturesque vineyards, this region offers a diverse range of landscapes that appeal to nature enthusiasts and outdoor adventurers. From Big Sur's dramatic cliffs to the serene beaches of Santa Barbara, the beauty of the Central Coast is unparalleled.
Mild Mediterranean Climate : If you're a fan of mild, Mediterranean-like climates, the Central Coast is the perfect destination. The region experiences a moderate climate with warm, dry summers and cool, wet winters. This pleasant weather allows for year-round outdoor activities such as hiking, biking, and enjoying the numerous beaches in the area.
Thriving Culinary Scene : The Central Coast is renowned for its exceptional culinary offerings. From farm-to-table dining experiences to world-class wineries and breweries, food enthusiasts will find a diverse range of dining options to satisfy their taste buds. The region is also known for its fresh seafood, locally sourced produce, and a vibrant farmers' market culture.
Community and Culture : The Central Coast communities are known for their close-knit, friendly, and welcoming atmospheres. Whether you choose a small coastal town or a larger city like San Luis Obispo, you'll find a strong sense of community and an active cultural scene. The region hosts various events, festivals, art exhibitions, and concerts that bring people together to celebrate their shared interests and passions.
Access to Outdoor Activities : If you love the outdoors, the Central Coast is an outdoor enthusiast's paradise. The region offers a plethora of outdoor activities, including hiking, biking, surfing, sailing, fishing, and whale watching. With its abundant parks, reserves, and access to the Pacific Ocean, you'll have countless opportunities to explore and enjoy the great outdoors.

In conclusion, the Central Coast of California is a remarkable place to live, offering an unbeatable combination of stunning landscapes, a pleasant climate, a rich culinary scene, a sense of community, and a wide array of outdoor activities. Consider making the move to this captivating region for a fulfilling and enriching living experience.

Am I Ready to Buy a House?

Danica@econcept.biz (Danica A) — Tue, 03 May 2022 22:35:48 GMT

So lately you’ve found yourself asking, “ am I ready to buy a house? ” Homeownership is a major milestone that many people dream of reaching one day. However, there are a variety of factors to consider when making one of the biggest financial decisions of your life.

So, if you’ve been thinking about becoming a homeowner, but aren’t sure if you’re prepared, you’ve come to the right place. We’ve laid out 8 questions to help you decide if you’re finally ready to buy a house. See how many you can answer yes to and if now is the right time for you to begin your homebuying journey.

1. Do you have money for a down payment?

Although the common perception is that first-time homebuyers need to have a 20% down payment to purchase a home, that’s simply not the case. Typically you’ll need a minimum down payment of 3.5% to 10% for an FHA home loan, and a minimum of 3% to 5% for a conventional loan.

For example, let’s assume you’d like to purchase a home that costs $300,000. Your lender will require a downpayment of at least 3% of the sale price of the home, depending on the type of loan you choose and qualify for. In this example, 3% of $300,000 equals a $9,000 down payment.

It’s important to remember that the larger your down payment, however, the lower your monthly payments will be and the less interest you will pay during the life of your loan. Another drawback to a low down payment is that you’ll have to pay private mortgage insurance (PMI), which protects your lender in case you can’t pay your mortgage. If you put down less than 20%, you’ll probably have to pay for PMI, which is added to your monthly mortgage payment.

2. Do you have a solid savings and emergency fund?

While you may have saved enough for your down payment, don’t forget to account for closing costs which include legal fees, lender fees, taxes, etc., and usually total 2% to 5% of the home’s purchase price. Also, during the home inspection, you may find a few home maintenance items that you’ll want to take care of sooner rather than later, such as a leaking septic tank or cracks in the walls or ceilings. This is when additional savings will come in handy.

You should also make sure you have some emergency funds set aside. When you’re renting, you have the wonderful luxury of calling up a landlord whenever there are issues with the property. So when the heater stops working in the middle of winter, you don’t have to spend thousands of dollars to fix it. Or, when your washing machine breaks during a cycle, you won’t be responsible for calling a repairman to take a look. But once you become a homeowner, all of that responsibility falls on you. So, if you’re going to burn through your savings on a down payment, hold off on buying a house until you have a larger safety net.

3. Is your credit score in pretty good shape?

Many potential homebuyers worry that they won’t be able to buy because of a low credit score. However, you actually don’t need perfect credit to buy a home and there are many loans and first-time homebuyer programs available for buyers without perfect credit. That being said, a higher score will help you qualify for a lower mortgage rate, saving you money in the long run.

One of the most common questions first-time buyers ask is, “ what credit score is needed to buy a house ?” While there’s no hard-and-fast rule for this, you’ll likely need a minimum credit score of 600 for approval. To qualify for the most favorable rate, however, work on improving your credit score and wait until you have a score of 700 or higher.

4. Do you have a handle on your debt?

Don’t panic – you don’t have to be completely debt-free to buy a home. Between student loans, car payments, and other bills, most mortgage companies know that it is unrealistic to expect borrowers to be totally debt-free these days. They primarily want to know that you’ll be able to afford your mortgage payment based on how much money you have coming in versus what you need to pay out to other debts.

To figure this out, lenders will look at your debt-to-income ratio, which is an estimation of how much of your monthly income goes towards debt payments. To find your current ratio, you can use a debt-to-income ratio calculator . So long as your debt ratio is at least 43% you can still qualify for a mortgage.

5. Have you crunched the numbers to make sure you can afford the monthly expenses?

To figure out if you can afford the monthly expenses, you’ll first need to calculate your mortgage payment. An online mortgage calculator can estimate this for you, however, affording a home is so much more than just the mortgage payment. Other financial aspects of homeownership may include:

Property taxes and insurance
Home Owner Association (HOA) fees, if applicable
Home expenses (sewage, garbage, internet, etc)
Utilities (water, electricity, etc.)

Before you decide to make the transition from renting to buying a house , make sure you’ve done the math and can afford all of the monthly expenses that come with being a homeowner.

6. Do you have a steady job?

Stable employment and income show lenders how much house you can afford and are important indicators for qualifying for any mortgage. But even if you can demonstrate financial stability on paper, you should only buy a house if you think your income will remain steady for the foreseeable future.

A nightmare scenario for most homebuyers is losing their job just after they close or move into a new home. So if there’s any uncertainty about your income or employment, wait until things settle down before buying a house.

7. Do you need more space?

While money is obviously an important consideration, there are many other factors to think about when asking, “am I ready to buy a house?” One of which is the thing we all seem to need more of currently – space.

With so many of us spending most of our time at home, maybe you desperately need a designated home office or an extra room for a home gym? You may want a larger backyard or an area for a garden. Do you have kids or are you expecting a baby soon and you need more room? If this sounds like you, then now may be the time to consider buying a home.

8. Are you planning on staying put for a while?

There’s no rule barring you from moving shortly after buying a home. But as a homeowner, you’ll have a chance to build equity. The longer you own your home, the more equity you build, and the more money you’re likely to make when you sell it. Ideally, you should live in a house long enough to make a profit. So, if you can’t commit to an area, continue renting until you’re ready to put down roots.

Figuring out if you are ready to buy a house is a personal decision and one that means taking a hard look at different aspects of your life: finances, lifestyle, job situation, and long-term goals. But if you’ve answered yes to all of the above, you might just have an answer to the big question, “am I ready to buy a house?” If you’re still unsure or you have specific questions relating to your situation, reach out to a mortgage lender or real estate agent who can give you professional advice.

8 Reasons to Hire a Property Manager

Danica@econcept.biz (Danica A) — Tue, 03 May 2022 21:31:26 GMT

If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort.

While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property, and don't mind devoting several hours per month to the task, in many cases this just isn't practical---especially if you hope to expand your business. With this in mind, here are some critical tasks a property manager can help you with:

1. Setting the tight rental rates:

While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a thorough market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.

2. Ensuring that your in compliance with housing regulations and property laws:

There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.

3. Collecting and depositing monthly rent payments on time:

If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.

4. Marketing and advertising your property:

Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.

5. Finding the right tenants:

Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.

6. Managing tenants:

In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.

7. Maximizing the profitability of your time:

By having a property manager take care of the day-to-day aspects of running your income property, your free to spend your time identifying further investment opportunities or otherwise furthering your career.

8. Maximizing the profitability of your money:

Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 6-10%, which is generally less than the money you save by hiring a professional to take care of your property.

How Much Does it Cost to Move?

Danica@econcept.biz (Danica A) — Tue, 03 May 2022 19:01:00 GMT

Whether you live in a one-bedroom apartment or a mansion, the thought of moving all your belongings to a new address can be daunting — not to mention the cost to pack and transport them. If you’re considering a move or preparing for one, here’s what you can expect to pay.

What’s the average cost of a move?

The typical cost to hire professional movers and rent a truck ranges between $868 and $2,383, with the average being roughly $1,624.

If you’re hiring a mover for a cross-country trek, however, things get much more expensive, averaging $6,060. Moving the contents of your two-bedroom house 1,000 miles, for example, can cost between $4,000 and $6,000, according to a home remodeling website.

Keep in mind that every moving company has its own pricing, and costs are generally based on the size of your home and the distance you’re moving, as well as the weight of your furnishings and whether you’ll need them stored for a time while you relocate.

There are always extra expenses, too, like gas and lodging or replacing items damaged during the move. Most people don’t think about moving costs. They don’t think about the transition costs into their new place, such as buying brooms or a lawnmower if they are coming from an apartment to a house.

Tax implications of moving

Unfortunately, most folks who move won’t be able to take advantage of the moving expenses tax deduction, which was pared down significantly by the Tax Cuts and Jobs Act. The deduction is still available for active-duty service members who’ve been transferred, though. If you’re not sure of your eligibility, the IRS has a helpful tool for determining whether you qualify .

Moving costs to budget for

Sometimes, even with the best planning, best movers and best intentions, things happen. You could still end up paying more than you thought you would. Beyond the price of the moving company itself, here are some other costs to consider ahead of a move:

Be sure to budget for packing supplies, like boxes, packing tape, bubble wrap, markers for labeling, moving blankets and mattress bags. These costs can add up, and you’d be surprised how many boxes you can go through when stowing your belongings away.

If the homes you’re moving between are only accessible via a tight road, you might have to pay the movers to transfer your stuff from a big truck to a smaller one. That could cost between $250 to $500 more to get everything reloaded.

Your auto insurance might change with a new address, which could impact your overall budget. Moving can affect your car insurance rate even if you’re relocating within the same city but to a different ZIP code. Furthermore, you’ll likely need liability coverage if you don’t already have it, so it’s best to check with your provider to confirm.

Expect the unexpected. You never know what might come up, so it’s best to leave room in your budget in case hidden moving costs you didn’t plan for arise.

Money-saving moving tips

The day and month you move can affect the overall cost. For instance, summer months are a popular moving window because kids are out of school, so your costs could be higher then due to demand.

Moving anytime between October and April can be less expensive, as well as during November through the New Year’s holiday. Moving mid-month and mid-week can also get you a deal, because it’s often much more convenient for folks to move on a weekend or at the end of the month.

Here are a few other ways to keep costs lower:

Ask for boxes from anyone you might know who has recently moved.

If you’re relocating for work, ask your employer if they’ll reimburse you for some or all of your moving costs.

Check your homeowners insurance policy to see if it covers your move. This can save you from paying for coverage you already have.

Donate or give away items you no longer need, or sell them to a consignment shop, before you pack up. The less stuff you have, the less your mover will charge to take it all to your new place.

Get your family or friends to pitch in.

Preparing to relocate

If you’re contemplating a move to a new city, start by determining the cost of living in the area.

Once you know where and when you’re going, do your research and look up moving company profiles through the Better Business Bureau. Check out how long they’ve actually been in the industry — you don’t want a fly-by-night company.

After choosing a mover, inquire how much it’ll cost — get this in writing — and when the company expects payments. You may be on the hook for a 10 percent deposit to hold your moving date, according to the BBB, and then have to pay for at least part of the remainder before the company completes the move.

Lastly, during the time leading up to moving day, get everything as organized as possible. This is your journey, and moving can be tumultuous. Remember to make sure your boxes are labeled for what rooms they go in. That will make everything better for everyone.