Home » Posts tagged 'Buying a house'
Tag Archives: Buying a house
- Account Management
- Apartment DIY
- Apartment Hunting
- Apartment Life
- Auto Insurance
- Auto Loans
- Biohazard Cleanup Guide
- Borrowing Money
- Breaking News
- Building Credit
- Car Insurance
- Car Maintenance & Rentals
- Cash Back
- Checking Account
- Commercial Real Estate
- Credit 101
- Credit Card News
- Credit Cards
- Credit Repair
- Crime and Safety
- Early Career
- Elderly Care Guide
- Estate Planning
- Extra Income
- Family Finance
- Financial Advisor
- Financial Clarity
- Financial Planning
- Financing A Home
- Find An Apartment
- First Time Home Buyers
- Flood Insurance
- Food Budgets
- Frugal Living
- Growing Wealth
- Health Insurance
- Home Buying
- Home Buying Tips
- Home Decor
- Home Design
- Home Improvement
- Home Loans
- Home Ownership
- Home Solutions
- HVAC Tips & Guide
- Identity Theft
- Law & Tax Tips
- Life Insurance
- Luxury Homes
- Money Management
- Money Tips
- Mortgage News
- Mortgage Rates
- Mortgage Tips
- Office & Business Tips
- Paying Off Debts
- Personal Finance
- Personal Loans
- Photography Tips
- Real Estate
- Saving Energy
- Savings Account
- Selling A House
- SEO & Marketing Guide
- Side Gigs
- Starting A Family
- Student Finances
- Student Loans
- Work From Home
Can you retire at 50? On average, people usually retire at 65. But what if you want to retire 15 years earlier than that likeÂ at 50? Is it doable? Below are 10 easy steps to take to retire at 50.Â Retiring early can be challenging. Therefore, SmartAsset’s free tool can match you with Â a financial advisor who can help to work out and implement a retirement income strategy for you to maximize your money.
10 Easy & Simple Steps to Retire at 50:
1. How much you will need in retirement.
The first thing to consider is to determine how much you will need to retire at 50. This will vary depending on the lifestyle you want to have during retirement. If you desire a lavish one, you will certainly need a lot.
But according to a study by SmartAsset, 500k was found to be enough money to retire comfortably. But again that will depends on several factor.
For example, you will need to take into account where you want to live, the cost of living, how long you expect to live, etc.
Read: Can I Retire at 60 With 500k? Is It Enough?
A good way to know if 500k is possible to retire on is to consider the 4% rule. This rule is used to figure out how much a retiree should withdraw from his or her retirement account.
The 4% rule states that the money in your retirement savings account should last you through 30 years of retirement if you take out 4% of your retirement portfolio annually and then adjust each year thereafter for inflation.
So, if you plan on retiring at 50 with 500k for 30 years, using the 4% rule you will need to live on $20,000 a year.Â
Again, this is just an estimation out there. You may need less or more depending on the factors mentioned above. For example, if you’re in good health and expect to live 40+ years after retiring at 50, $500,000 may not be enough to retire on. That’s why it’s crucial to work with a financial advisor.
|Get Matched With 3 Fiduciary Financial Advisors|
|Managing your finances can be overwhelming. We recommend speaking with aÂ financial advisor. TheÂ SmartAssetâs free matching toolÂ will pair you with up to 3 financial advisors in your area.
Hereâs how it works:
1.Â Answer these few easy questionsÂ about your current financial situation
2. In just under one minute, the tool will match you with up to three financial advisors based on your need.
3. Review the financial advisors profiles, interview them either by phone or in person, and choose the one that suits yourâ needs.
Get Started Now>>>
2. Maximize your tax-advantaged retirement accounts.
Once you have an idea of how much you need in order to retire at 50, your next step is to save as much as possible at a faster rate. If you are employed and you have a 401k plan available to you, you should definitely participate in it. Nothing can grow your retirement savings account faster than a 401k account.
See: How to Become a 401k Millionaire.
That means, you will need to maximize your 401k contributions, for example. In 2020, and for people under 50, the 401k contribution limit is $19,500. Also, take advantage of your company match if your employee offers a match.
In addition to the maximum contribution of $19,500, your employer also contributes. Sometimes, they match dollar for dollar or 50 cents for each dollar the worker pays in.
In addition to a 401k plan, open or maximize your Roth or traditional IRA. For an IRA, it is $6,000. So, by maximizing your retirement accounts every year, your money will grow faster.
3. Invest in mutual or index funds. Apart from your retirement accounts (401k, Roth or Traditional IRA, SEP IRA, etc), you should invest in individual stocks or preferably in mutual funds.Â
4. Cut out unnecessary expenses.
Someone with the goal of retiring at 50 needs to keep an eye on their spending and keep them as low as possible. We all know the phrase, “the best way to save money is to spend less.”
Well, this is true when it comes to retiring 15 years early than the average. So, if you don’t watch TV, cancel Netflix or cable TV. If your cell phone bill is high, change plans or switch to another carrier. Don’t go to lavish vacations.
5. Keep an eye on taxes.
Taxes can eat away your profit. The more you can save from taxes, the more money you will have. Retirement accounts are a good way to save on taxes. Besides your company 401k plan, open a Roth or Traditional IRA.
6. Make more money.
Spending less is a great way to save money. But increasing your income is even better. If you need to retire at 50, you’ll need to be more aggressive. And the more money you earn, the more you will be able to save. And the faster you can reach your early retirement goal.
7. Speak with a financial advisor.
Consulting with a financial advisor can help you create a plan to. More specifically, a financial advisor specializing in retirement planning can help you achieve your goals of retiring at 50. They can help put in a place an investment strategy to put you in the right track to retire at 50. You can easily find one in your local area by using SmartAsset’s free tool. It matches users with financial advisors in just under 5 minutes.
8. Decide how you will spend your time in retirement.
If you will spend a lot of time travelling during retirement, then make sure you do research. Some countries like the Dominican Republic, Mexico, Panama, the Philippines, and so many others are good places to travel to in retirement because the cost of living is relatively cheap.
While other countries in Europe can be very expensive to travel to, which can eat away your retirement money. If you decide to downsize or sell your home, you can free up more money to spend.
9. Financing the first 10 years.
There is a penalty of 10% if you cash out your retirement accounts before you reach the age of 59 1/2. Therefore, if you retire at 50, you’ll need to use money in other accounts like traditional savings or brokerage accounts.
10. Put your Bonus, Raise, & Tax Refunds towards your retirement savings.
If retiring at 50 years old is really your goal, then you should put all extra money towards your retirement savings. That means, if you receive a raise at work, put some of it towards your savings account.
If you get a tax refund or a bonus, use some of that money towards your retirement savings account. They can add up quickly and make retiring at 50 more of a reality than a dream.
Retiring at 50: The Bottom Line:
So can I retire at 50? Retiring at 50 is possible. However, it’s not easy. After all, you’re trying to grow more money in less time. So, it will be challenging and will involve years of sacrifices, years living below your means and making tough financial decisions. However, it will be worth it in the long run.
- How Much Is Enough For Retirement
- How to Grow Your 401k Account
- People Who Retire Comfortably Avoid These Financial Advisor Mistakes
- 5 Simple Warning Signs Youâre Definitely Not Ready for Retirement
Speak with the Right Financial Advisor
You can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning to retire at 50, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post How To Retire At 50: 10 Easy Steps To Consider appeared first on GrowthRapidly.
If you’re a die-hard Supernatural fan like us, you’re probably still reeling from the show’s finale and coping with the fact that there won’t be any new Winchester adventures for us to follow. But weâre not here to talk about that, but rather snoop into the private life of one of the series’ leading men. More specifically, Jensen Acklesâ house — which we actually think Dean Winchester would approve of.
The actor starring in CWâs longest running show and his wife Danneel opened up their 7,500-square-foot home in Austin, Texas to Architectural Digest, giving us a rare glimpse into the heartthrob’s home and personal life.
As the story goes, the couple was relocating from Los Angeles and initially considered buying a house down the road when they noticed this property (that wasnât even for sale). But since they fell in love with it, the couple went ahead and asked the previous owners if they’d be willing to sell. And since it’s not easy resisting Jensen Ackles’ charms, they managed to convince the owners so the Acklesâ moved on to the next step â- redecorating the house.
To help out, they hired architect Paul Lamb and interior designer Fern Santini and together they came up with some brilliant ideas on how to best revamp their already-stunning new house.
âIt was imperative that the house express the Ackleses — young, bold, and irreverent,â Lamb told AD.
Jensen Acklesâ house, which boasts five bedrooms, revolves around Danneelâs decorating outlook of âmore is more is more!â There is a lot of color, texture, a lot of wood work going on to make it look like a lake house and endless decorations with some of the coolest background stories.
Let there be music
In Supernatural, Jensen loves music. Remember his spontaneous Eye of a Tiger outtake? Still fun to watch! Thereâs definitely more of where that came from in real life, since Jensen did his best to create an amazing acoustic sound in his house.
The living room is scattered with guitars and all across the shag rug lie comfy and colored floor pillows. All this because the couple loves having friends over, sitting on the floor, singing and playing the guitar.
Jensen was excited to talk about one of his favorite features of the house: âThe hand-scraped wood floors undulate quite heavily, and weâve got these giant beams and wood all around that feel like youâre in the hull of a giant ship.â âWhat that does is it creates an amazing acoustic sound,â he continues. âWeâve always had music in our lives, and we wanted to pass on that tradition.â
Jensen’s kick-ass bar
Theyâve taken care of the music, and to complete the ambiance they got rid of the formal dining room (that nobody used anyway) and replaced it with a kick-ass bar.
Placed on one end of the large living room, the bar is made out of black walnut with black and white veined marble. The cabinets were specially made to light the expensive bourbons it holds inside.
The master suite
Thereâs a master bedroom swaddled in Trove wallpaper bearing vintage photography of 1920s opera boxes.Â The wallpaper is covered in sections by Japanese-inspired barn door panels âbecause sometimes you need an audience and sometimes you donâtâ.
The master bathroom has a beautiful
bathtub sitting in front of a large window that provides a stunning view to the
The Mr. and Mrs. own two separate counters, because, you know, it just makes things easier in the mornings; and the inspiration for their master bathroom shower came from an Architectural Digest story featuring a steel and glass shower in the home of Neil Patrick Harris.
Jensen Ackles’ bright, wood-framed home
Thanks to exposed beams, larger expanses of windows, and rich wooden ceilings, the architect managed to simplify and open the spaces. They simply tore down walls to let more natural light into the home.
Jensenâs favorite space is the breezy two-story screened porch that transformed the entire profile of the house; and his favorite piece â a custom long table made using a 2,000-year-old cypress log.
Parents of three
Jensen and Danneel have three beautiful children, so they had to choose the decor and furniture according to their needs as well. It appears that the coupleâs eldest daughter would make a great interior designer once she grows up. The six-year-old girl, JJ, helped pick out all her own bedroom decor.
Unsurprisingly, the kidsâ favorite toy is a rolling acrylic table from the â50s, placed in the kitchen. Everybody loves a happy kitchen!
Jensen Ackles’ home is full of hidden gems
The actorâs house is a personalized, eccentric, yet highly livable place. It was designed to resemble the Laurel Canyon bungalow the couple had once lived in and itâs a testament to the old school, Austin-style lake house.
The space is filled with all kinds of eccentric and eclectic objectsâsome useful, some decorative, some both. The decorations could be found in abundance in Austin during its bohemian period (the Acklesâ are active supporters of local art), as well as in late-60s California.
More beautiful celebrity homes
Rob Loweâs Gorgeous House in Montecito is Back on the Market for $42.5 Million
Luxurious Malibu Estate Previously Owned by Kelsey Grammer On the Market for $20M
âHunger Gamesâ Actor Josh Hutcherson is Selling His Celebrity-Magnet âTree Houseâ in Hollywood Hills
Jessica Albaâs Los Angeles House is a Pinterest-Perfect Dream Home
The post Inside Supernatural Star Jensen Ackles’ ‘Very Hip’ Lake House in Austin appeared first on Fancy Pants Homes.
Imagine finding your dream home, then, a week before closing the deal, losing your jobâand the house. House hunting during the coronavirus pandemic is no picnic.
COVID-19 has caused seismic changes not only to real estate markets, but also to the lives of home buyers hit with layoffs, furloughs, and other financial challenges. Just ask Katerina Rieckel, a digital strategist, knitwear designer, and first-time home buyer who, with her husband, was set to close on a glorious farmhouse in upstate New York in March.
But about a week before sealing the deal, Rieckel was laid off, which meant that she and her husband, a claims adjuster, could no longer afford the place.
As a part of our new series, “First-Time Home Buyer Confessions,” we asked Rieckel to share her story, and the hard-won lessons she wants to share with other first-timers.
Let her experiences show that even unemployment doesn’t need to spell the end of a house huntâalthough it may require you to dust yourself off after a loss and try, try again.
Location: Troy, NY
House specs: 1,544 square feet, 3 bedrooms, 2 bathrooms
List price: $249,900
Price paid: $245,500
2020 has been a wild one. How did you end up buying a home in the middle of a pandemic?
We started looking for a house a year ago, about halfway through the summer. At the time, both my husband and I had recently got new jobs, so the first issue we ran into was getting pre-qualified for the mortgage without a long track record at those companies. We also both felt pressure, as our jobs were very new.
What were you looking for in a house, and what was your budget?
We were looking for a house in the country that was move-in ready, private with at least 5 acres. We started off with a small budget, max $200,000, which made our choices more narrow.
Our search continued well into the winter, and around January 2020, we finally saw a house that was all we ever dreamed of and more. It was over our budget, at $229,000, but it had been listed for over a year, so we felt there was a good chance we could get it for less than the asking price.
What did you love about this house?
It was a beautiful, slate-blue farmhouse sitting on top of a hill, surrounded by woods. The house was warm and inviting, with chickens running around, as well as a big diving pool, and a workshop in the basement connected with a two-car garage. We got along with the owners really well, and we were going to keep the chickens. Everything went very smoothly, until just over a week before closing.
So what went wrong?
It was March, and COVID-19 hit hard. The digital marketing agency I worked for had clients pause their work for unknown time. I was laid off, which meant we couldn’t afford the house anymore, and had to back out of the deal.
I was crushed. We didn’t know what was going to happen, and the country was under a lockdown. We had plans for my parents to come visit us in our new house, but instead, I ended up with no job, no house, and I couldn’t see my family, since they live in Europe.
In the summer, I was very fortunate to get my job back. So we resumed our house hunt and began to search for a new contender.
When you started the search again, how had COVID-19 changed the market?
The housing market in upstate New York got totally crazy. I heard there were houses being sold within hours. The market was just incredibly competitive, and not many houses were being listed, as a lot of people didn’t want to let strangers in their house during the pandemic.
We saw about seven to 10 houses in person, but they usually ended up disappointing us, with some strange arrangements. For example, one house had around 25 acres, but half of that acreage was on the other side of the road, behind other people’s houses, which made it almost impossible to use.
With such a competitive market, how did you end up finding the right house?
Finally, around halfway through the summer, I saw a house listed that I hadn’t noticed before. I called on it right away and set up a showing that evening.
The real estate agent told me we were really fast, as he had just relisted this house. Someone had been buying it, but backed out of the process because of personal reasons.
How did you know this house was the one?
The house had over 10 acres, it was in the country, and about 35 minutes to Troy. It was move-in ready, but definitely needed upgrades, as it looked like it got stuck in the ’80s.
Even though we didn’t like the style that much, we felt instantly comfortable and decided to put in an offer that same evening. It was partly due to the pressure of the market, but in the end, we are really happy we made this decision.
What surprised you most about the home-buying process?
Nothing prepares you for the amount of aggravation you have to go through. Buying a house is like getting a second job for about three months.
What’s your advice for aspiring first-time home buyers?
Don’t trust the photos! The photos got me a few times. For example, a lot of times, the photos of the house are taken so that you can’t see the neighboring houses.
You think, “Wow, that looks so private!” Then you drive there, and you realize there’s a house sitting right next to it. Since privacy was very important to us, we got disappointed a few times by this. We started doing drive-bys first, before going in with a real estate agent, whenever possible.
Anything else home buyers should look out for?
Call the real estate agent and ask a lot of questions before you even go see the house, like what the property and school taxes areâvery important around here.
You also want to know what kind of heating the house has, as electric bills can really add up over the winter.
The driveway can also be a huge issue, which is why I think the first house we were buying was for sale for such a long time. It had a pretty steep driveway, which was definitely an all-wheel drive kind of thing in the winter.
We also changed who we were financing with while we were going through closing. We needed someone well-informed about the economy, who knew what they were doing and was ready to act fast.
Our first mortgage broker didn’t tell us as soon as interest rates started to go upâand basically sat on the information for a while. This is when we stopped trusting this person and went to work with a bank instead.
Maybe the best advice is not to fall in love with a house too quickly, since there can be so many setbacks that you will not see coming.
The post ‘I Lost My Jobâand My Dream House’: How This First-Time Home Buyer Bounced Back appeared first on Real Estate News & Insights | realtor.comÂ®.
Looking to buy a home soon? There will be upfront costs of buying a house.
You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.
In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.
If you are interested inÂ comparing the best mortgage rates through LendingTree click here. Itâs completely free.
What is an upfront cost?
An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.
What are the upfront costs of buying a house?
Upfront cost # 1: Private mortgage insurance cost.
If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.
LendingTree: A Better Way to Find A Mortgage
LendingTree.com is making getting a mortgage loan simpler, faster, and more accessible.Â Compare the best mortgage ratesÂ from multiple mortgage lenders all in one place and at the same time.Â LEARN MORE ON LENDINGTREE.COM >>>
Upfront cost #2: inspection costs.
Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.
Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.
Upfront cost # 3: loan application fees.
Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.
Upfront cost # 4: repair costs.
Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.
Upfront cost # 5: moving costs.
Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving
Upfront cost # 6: Appraisal costs.
Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.
Upfront cost # 7: Earnest Money Costs
After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.
Upfront cost # 8: Home Associations Dues
If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.
In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.
Click here to compare mortgage rates through LendingTree. Itâs completely FREE.
MORE ARTICLES ON BUYING A HOUSE:
10 First Time Home Buyer Mistakes to Avoid
How Much House Can I afford
5 Signs Youâre Better Off Renting
7 Signs Youâre Ready to Buy a House
How to Save for a House
Not All Mortgage Lenders Are Created Equally
When it comes to getting a mortgage, rates and fees vary.Â LendingTree allows you to view and compare multiple mortgage ratesÂ from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better.Â Get started today >>>
The post 8 Upfront Costs of Buying a House appeared first on GrowthRapidly.