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One of the most exciting parts of becoming an adult is moving out of your old place and starting your own life. However, as is the case with most major life events, moving out comes with a lot of added responsibility. Part of this duty is knowing and understanding your budget when shopping for the perfect apartment, condo, duplex, or rental house. So how much should you really spend on rent?
The 30 Percent Threshold
The first step in deciding how much you should spend on rent is calculating how much rent you can afford. This is done by finding your fixed income-to-rent ratio. Simply put, this is the percentage of your income that is budgeted towards rent.
As a general rule of thumb, allocating 30 percent of your net income towards rent is a good place to start. Government studies consider people who spend more than 30 percent on living expenses to be âcost-burdened,â and those who spend 50 percent or more to be âseverely cost-burdened.â
When calculating your income-to-rent ratio, keep in mind that you should be using your total household income. If you live with a roommate or partner, be sure to factor in their income as well to ensure youâre finding a rent range thatâs appropriate for your income level.
If youâre still unsure as to how much rent you can afford, consider an affordability calculator. Remember to consult a financial advisor before entering into a lease if youâre unsure if youâll be able to make rent.
Consider the 50/30/20 Rule
After youâve set a fixed income-to-rent ratio, consider the 50/20/30 rule to round out your budget. This rule suggests that 50 percent of your income goes to essentials, 20 percent goes to savings, and the remaining 30 percent goes to non-essential, personal expenses. In this case, rent falls under âessentials.â Also included in this category are any expenses that are absolutely necessary, such as utilities, food, and transportation.
Letâs consider a hypothetical situation in which you make $4,000 per month. Under the 50/20/30 rule with a fixed income-to-rent ratio of 30 percent, you have $2,000 (50 percent) per month to spend on essential living expenses. $1,200 (30 percent) goes to rent, leaving you with $800 per month for other necessary expenses such as utilities and food.
Remember to Budget for Additional Expenses
Now that youâve budgeted for rent and essential utilities, itâs time to make a plan for how youâre going to furnish your apartment. One of the biggest shocks of moving out on your own is how expensive filling a home can be. From kitchen utensils to lightbulbs and everything in between, it can be pricey to make your space perfect.
For the most part, furniture falls under the 30 percent of personal, non-essential expenses. Consider planning ahead before a move and saving for home goods so that you donât go into major debt when it comes time to move out.
Be on the Lookout for Savings
If your budget is slightly out of reach for your dream apartment, try to nix unnecessary costs to see if you can make it work. Look for ways to cut down on utilities, insurance, groceries, and rent.
Utilities: Water, heat, and electricity are all necessities, but your TV service isnât. Cut the cord on TV and mobile services that may not serve you and your budget anymore. Consider swapping out your light bulbs for eco-friendly and energy-efficient light bulbs to cut down your electric bill.
Insurance: Instead of paying monthly renters insurance rates, save a fraction of the cost by paying your yearly cost in full. If you have a roommate, ask to share a policy together at a premium rate.
Groceries: Swap your nights out for a homemade meal. You can save up to $832 a year with this simple habit change. When grocery shopping, add up costs as you shop to ensure your budget stays on track.
Rent: One of the best ways to save on rent is to split the bill. Consider getting roommates to save 50 percent or more on your monthly rent.
A lease is not something to be entered into lightly. Biting off more rent than you can chew can lead to unpaid rent, which can damage your credit score and make it harder to find an apartment or buy a home in the future. By implementing these best practices, youâll hopefully find a balance between finding a place you love and still having room in your budget for a little bit of fun.
Sources: US Census Bureau
The post How Much Should You Spend on Rent? appeared first on MintLife Blog.
The coronavirus pandemic has brought about a new appreciation of backyards and other outdoor spaces. With many of us spending hours and hours at home, we’re all looking for places to relax other than the living room sofa and kitchen. If you have a yard with ample space for you and your family, consider yourself blessed.
But in 2021, outdoor space owners might want to consider taking it up a notch with one of the most sought-after features: an outdoor kitchen.
âI looked at this as an investment our family would enjoy for the next 20-plus years,â says lifestyle expert Evette Rios, who recently embarked on her own outdoor kitchen project.
For people who dream of spending even more time cooking outside and enjoying their backyard, an outdoor kitchen is a must. And now’s the time to get to work to ensure your kitchen is ready when the warm, sunny days arrive.
Take a look at the tips below from experts who have successfully completed outdoor kitchen projects of their own.
1. Set a budget
Outdoor kitchens are not a cheap investment, but the price range is really broad. The cost of an outdoor kitchen ranges from $5,406 to $21,699, according to HomeAdvisor.com. Therefore, there are many ways to tailor your kitchen to your budget.
That being said, you should always prioritize durable materials in an outdoor kitchen.
âInterior furnishings afford a bit more leeway on where you splurge and save,â says HGTV starÂ Laurie March. âBut for outdoor kitchens and living spaces, performance and durabilityâwhen it comes to cabinetry and appliancesâwill always be worth it.â
2. Seek out American-made products
Photo by Brown Jordan Outdoor Kitchens
March says COVID-19 has caused major global supply chain interruptions, which has made acquiring building materials and appliances difficult. But sourcing for your outdoor kitchen might be easier if you opt for American-made products.
âI selected Brown Jordan Outdoor Kitchens, which are manufactured in Connecticut. It made the process so much easier,â says March.
She says it wasnât only about convenience, but also craftsmanship, quality, and the company’s established history.
3. Order appliances early in the planning process
Appliances are what will make your outdoor kitchen shine. But youâll want to order them sooner rather than later because some companies have long lead times or backordered items.
March advises finalizing appliance picks first and ordering as quickly as possible.
âItâs easier to store them until youâre ready to install rather than have to wait for them to arrive, which can add substantial time to your project,â she says.
4. Design with four seasons in mind
Photo by Chicago Green Design Inc.
Rios highly recommends designing your outdoor kitchen for year-round enjoyment. For example, in her outdoor kitchen, she knew she wanted durable, high-quality cabinets to keep contents dry even in rain or high humidity.
âHeating elements in different zones of the outdoor space are also crucial,â says Rios. âIn the kitchen, our pizza oven helps keep us warm during food prep, and the fire pit is a cozy spot for guests to gather.â
If you have a covered outdoor space, she recommends planning and budgeting for ceiling-mounted heat lamps, or invest in one or two free-standing, mobile heating units.
5. Find the right people for the job
March says homeowners should do their homework and hire the right professionals to guide them through their vision, flag any potential pitfalls, and elevate the overall aesthetic.
âFor me, bringing a landscape designer onboard brought the whole vision for our outdoor kitchen and yard together,â says March.
Rios says itâs also important to lock in a trusted contractor and installer to ensure the vision and layout for your outdoor kitchen is doable and within your budget.
6. Have fun with color
Photo by DeGoey Designs
Rios says an outdoor kitchen is the perfect space to have fun with color, whether taking cues from the surrounding landscape or going bright and bold.
âBlues and greens can so easily play off of surrounding elements outdoors. Iâm over the all-white kitchen, and I think outdoor kitchens are the perfect opportunity to embrace brighter hues,” says Rios, who used a beautiful juniper-green, powder-coat finish on her outdoor kitchen cabinetry.
7. Design based on how youâll use your space
âAsking yourself the right questions as you think through design options can provide a lot of helpful guidance,â says March. âHow do you want to live outdoors? Whatâs not working with your current or past space, and how could it rise up to meet you a bit better?â
She says itâs also important to consider whoâs going to use the outdoor kitchen space. Does it need to be wheelchair-accessible or suitable for pets and kids?
âThese details will dictate so much of your design,â says March.
For her space, she envisioned how it could pivot from a space to cook to a space to entertain. The big, open shelf she installed, for example, serves as additional landing space for items she brings out from the indoor kitchen.
The post How to Dine Al Fresco Year-Round: 7 Outdoor Kitchen Design Tips for 2021 appeared first on Real Estate News & Insights | realtor.comÂ®.
Looking to turn your house into a healthy haven to protect your family from COVID-19? Try these six products to transform your space.
*Cover image sourced from Home Depot.
The post 6 Products You Need to Keep Your Home Germ-free and Sanitized in 2020 appeared first on Homes.com.
With so many dining rooms being converted into part of the living room or kitchen these days, dining room design has kind of fallen by the wayside. But if youâre one of the lucky homeowners to have hung on to a formal dining space, youâve got an opportunity to make some amazing modern updates. Here are 7 affordable ways to breathe new life into an old dining room:
#1 Perk things up with paint.
Are your dining room walls still the same color they were when you moved into your house 10 years ago? If so, thereâs a good chance the colorâs a little past its prime. In fact, it may also be doing an injustice to your furniture and the updates youâve made in adjoining rooms as well. Refresh the walls with a paint shade that makes you feel comfortable and cozy. The room will reflect that feeling.
#2 Modernize the lighting.
Are outdated chandeliers and lamps gathering dust in your dining room? Consider sending them packing and installing some recessed lighting and pendants in their place. Pendant lights, in particular, come in a wide variety of styles and colors sure to add some new pizzazz to your space.
#3 Repurpose another room.
If your dining room is located in an undesirable space — a cramped corner of the house away from the kitchen, for example — pick a new place for your table and chairs. Put them in the kitchen, if you have the the space. Or, place the dining table somewhere right in your living room, where thereâs easy access to the TV and stereo. You should always feel comfortable during a meal, and being confined to an area you donât enjoy doesnât contribute to that feeling.
#4 Add some visual appeal.
Visual appeal doesnât stop at paint and lighting. Itâs also important to consider how wall decor may increase the interest and comfort of the room. Blank walls may make it easy to zone out and focus on your meals, but your guests will surely enjoy looking at something a little more interesting. Depending on your budget and the size of your dining room, consider hanging potted plants and colorful pieces of art. Just be sure to balance wall decor with other elements in the room so your space doesnât feel like itâs cluttered with stuff.
#5 Throw in a rug.
One of the worst sounds to hear is a chair scratching against the floor as you go to get up from the dining table. So fix the issue. Add a rug underneath the table and chairs to make things soft and cozy. Choose a rug that isnât too thick with fibers. Otherwise, your chairs can get stuck and twisted. Of course, youâll also want to make sure that the style and color of your rug complement the rest of the room.
#6 Use dividers.
Many newer homes combine kitchen and dining spaces. If you want to create a dedicated dining space, think about incorporating a room divider. Itâs much cheaper than installing a wall â and you can add shelves, plants or a sliding door to further divide the two spaces. Plus, the flexibility of the divider allows to revert back to the bigger space any time you like.
#7 Build in.
Howâs your dining room designed? Do you have a table that sits in the middle with four chairs around it? If you want to make the room more functional â and create more storage in the process â think about ditching the clunky furniture and opting instead for built-ins like bench seating, china cabinets and buffets. A professional can create custom built-ins to suit any style.
The post 7 Creative and Quick Dining Room Updates first appeared on Century 21Â®.