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{"appState":{"pageLoadApiCallsStatus":true},"categoryState":{"relatedCategories":{"headers":{"timestamp":"2025-01-31T04:01:12+00:00"},"categoryId":33962,"data":{"title":"Home Ownership & Renting","slug":"home-ownership-renting","image":{"src":null,"width":0,"height":0},"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"parentCategory":{"categoryId":33809,"title":"Home, Auto, & Hobbies","slug":"home-auto-hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"}},"childCategories":[],"description":"Buying or selling a home is one of the most exciting transactions in most people's lives. Yet, the ease and convenience of renting is often the better option for many people. Whether you're buying or renting, we've got you covered with useful and practical articles about every aspect of real estate transacting.","relatedArticles":{"self":"//dummies-api.coursofppt.com/v2/articles?category=33962&offset=0&size=5"},"hasArticle":true,"hasBook":true,"articleCount":59,"bookCount":7},"_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"relatedCategoriesLoadedStatus":"success"},"listState":{"list":{"count":10,"total":58,"items":[{"headers":{"creationTime":"2025-01-08T14:51:31+00:00","modifiedTime":"2025-01-08T14:51:31+00:00","timestamp":"2025-01-08T15:01:10+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Renting For Dummies Cheat Sheet","strippedTitle":"renting for dummies cheat sheet","slug":"renting-for-dummies-cheat-sheet","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Discover your perfect place and simplify the renting process with Renting For Dummies. Find rentals, apply with confidence, and make your move hassle-free.","noIndex":0,"noFollow":0},"content":"Whether you’re a relocator moving to an apartment in a new city, a recent grad searching for your first rental house, or an experienced renter stepping up your game, you need a few tools to search for a new place to call home confidently. This Cheat Sheet covers a few critical steps for successfully finding a rental quickly.","description":"Whether you’re a relocator moving to an apartment in a new city, a recent grad searching for your first rental house, or an experienced renter stepping up your game, you need a few tools to search for a new place to call home confidently. This Cheat Sheet covers a few critical steps for successfully finding a rental quickly.","blurb":"","authors":[{"authorId":35363,"name":"Abdul Muid","slug":"abdul-muid","description":"<b>Abdul Muid</b> is the founder and principal of Ivey North, a real estate agency in New York City. Abdul has over 15 years of experience working at top residential firms. At Ivey North, Abdul manages a team of 15 agents who handle both sales and rentals. His expertise includes co-ops, condominiums, townhouses, investment properties, and land sales.","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35363"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How to Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? 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Abdul has over 15 years of experience working at top residential firms. At Ivey North, Abdul manages a team of 15 agents who handle both sales and rentals. His expertise includes co-ops, condominiums, townhouses, investment properties, and land sales.</p>","authors":[{"authorId":35363,"name":"Abdul Muid","slug":"abdul-muid","description":"<b>Abdul Muid</b> is the founder and principal of Ivey North, a real estate agency in New York City. Abdul has over 15 years of experience working at top residential firms. At Ivey North, Abdul manages a team of 15 agents who handle both sales and rentals. His expertise includes co-ops, condominiums, townhouses, investment properties, and land sales.","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35363"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119912972&quot;]}]\" id=\"du-slot-659c0e36a1c7e\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119912972&quot;]}]\" id=\"du-slot-659c0e36a3487\"></div></div>"},"articleType":{"articleType":"Cheat Sheet","articleList":[{"articleId":0,"title":"","slug":null,"categoryList":[],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/"}}],"content":[{"title":"Your Upfront Costs to Move In to a Rental","thumb":null,"image":null,"content":"<p>Sticker shock for moving into a rental is real, and you can avoid it by being prepared and knowing the numbers for your move in advance. Funds are typically due on the day of your lease signing, although these requirements can vary depending on the rental and the circumstances.</p>\n<p>The following list outlines multiple scenarios you should be aware of and estimates costs for them, using the price point of $2,000 (for easy math; prices, of course, will vary). If you hire a broker, their fee is an additional cost, sometimes a percentage of the annual rent. The calculations here assume a broker fee equal to one month’s rent.</p>\n<ul>\n<li><strong>First month’s rent and one-month security deposit:</strong> Some rentals require these two payments to move in. For example, $2,000 + $2,000 = $4,000.</li>\n<li><strong>First month’s rent, one and a half months’ security deposit, and broker’s fee:</strong> In some cases, you may need to pay a higher security deposit and the broker’s fee. For example, $2,000 + $3,000 + $2,000 = $7,000.</li>\n<li><strong>First month’s rent, one-month security deposit, and broker’s fee:</strong> This scenario combines the initial rent, security deposit, and broker’s fee. For example, $2,000 + $2,000 + $2,000 = $6,000.</li>\n<li><strong>First month’s rent, one-month security deposit, and last month’s rent:</strong> Certain rentals may ask for the first and last months’ rents as well as a security deposit. For example, $2,000 + $2,000 + $2,000 = $6,000.</li>\n<li><strong>First month’s rent, one-month security deposit, last month’s rent, and broker’s fee:</strong> In some cases, you may need to cover all these expenses, For example, $2,000 + $2,000 + $2,000 + $2,000 = $8,000.</li>\n</ul>\n"},{"title":"Standard Documents for Your Rental Application","thumb":null,"image":null,"content":"<p>Although the documents you need for your rental application may vary, some are standard requirements. Providing all the requested documents can help improve your chances of having your application approved. Here’s a list of the most commonly required documents for rental approval.</p>\n<ul>\n<li><strong>Rental application form:</strong> No surprise here: Supporting documentation doesn’t do you any good if you don’t submit the actual application paperwork! The application typically requests your full name, current address, previous address, reason for moving, date of birth, Social Security number, salary, and employer name. It may also ask for your consent to request your credit report.</li>\n<li><strong>Pay stubs:</strong> The landlord uses your pay stubs to verify your income can meet the rental payment obligations. Your pay stub will also display your year-to-date income, which should match the salary you’ve already stated. This verification is a standard procedure in the rental application process to determine your financial stability and ability to make on-time payments.</li>\n<li><strong>Employment verification letter or offer letter:</strong> Some landlords require you to provide a letter of employment confirming your salary and hire date. If you’re applying for a rental and haven’t started your employment, you need to submit a letter indicating the job offer.</li>\n<li><strong>Bank statement:</strong> Most landlords require you to submit your current bank. They confirm direct deposits from your employer as part of the due diligence process.</li>\n<li><strong>Investment statement:</strong> Sometimes a landlord asks you to send a copy of your most recent investment account statement to confirm your assets. If your regular income seems insufficient, showing additional assets may help you get approved.</li>\n<li><strong>Tax return:</strong> Landlords use your previous year’s tax return to verify your previous income. In some situations, the landlord asks for two years of tax returns to confirm consistent and reliable income.</li>\n<li><strong>Landlord reference letter:</strong> A landlord reference letter is required for most rental applications, especially if you’re moving from another rental. If this application is for your first rental, a letter from a professor, employer, or colleague who can verify your trustworthiness should be sufficient.</li>\n<li><strong>Photo ID: </strong>Any rental you apply for will require identification. Acceptable forms of identification include a driver’s license, state-issued photo ID, passport, and Social Security card or birth certificate.</li>\n<li><strong>Social Security number:</strong> The landlord uses your Social Security number to request your credit report. You’ve likely provided this info as part of your application form.</li>\n<li><strong>Personal reference letter:</strong> Occasionally, landlords may request a personal reference letter to assess your suitability as a tenant. Lining someone up to provide a reference just in case is always a good idea.</li>\n</ul>\n"},{"title":"Understanding the Benefits of Hiring a Rental Agent","thumb":null,"image":null,"content":"<p>Should you work with a rental agent? In short, yes. Rental agents offer invaluable insights into your prospective neighborhood, serving as experts who enhance your search experience. Most importantly, they grant you access to many desired properties. With connections to numerous landlords, their primary role is guiding you through the process, making it smoother for you and the property owner.</p>\n<p>That experience and access don’t come free, however. Rental agents are compensated through commissions, paid mainly by you (the renter) and occasionally by the landlord. When you decide to work with an agent, discuss their fee structure and when payments are expected. Commissions for rentals are often calculated as a percentage of the first year’s rent or equivalent to one month’s rent.</p>\n"},{"title":"A Few Important Items in Your Rental’s Lease","thumb":null,"image":null,"content":"<p>As a new renter, you may feel overwhelmed by some of the language and the terms in your lease agreement. Before you sign on the dotted line, you should clearly understand the terms and your responsibilities. This list covers some of the most important items.</p>\n<ul>\n<li><strong>Rent payment:</strong> Most leases will include\n<ul>\n<li>A due date for the rent.</li>\n<li>The amount of rent due for each month.</li>\n<li>Any late fees.</li>\n<li>The different methods the rent can be paid.</li>\n</ul>\n<p> \tIf the lease does not indicate these details, the landlord will include that language in the lease rider.\n</li>\n<li><strong>Lease terms:</strong> As the tenant, you must understand the terms and conditions of your lease before signing it. If you don’t understand something, get clarification before signing.\n<p class=\"article-tips remember\">When you sign the lease agreement, you’re legally bound to its terms, so make sure you understand what you’re signing before the lease is fully executed.</p>\n</li>\n<li><strong>Length of your lease:</strong> The length of your lease agreement is the time between the start and end date (including those two dates, obviously). During this period, both you and the landlord are bound to the terms and conditions.</li>\n<li><strong>Utilities:</strong> Verifying what utilities are included in the rent before signing your lease is a good practice. Some rentals include some or all utilities, and some don’t. You don’t want surprises or additional expenses, so make sure that you know what your utility obligations are before moving in.</li>\n<li><strong>Security deposit:</strong> The security deposit is what you pay to ensure the rental is returned in the same or similar condition that you moved into, minus standard wear and tear. Standard wear and tear can include lightly scratched floors and worn carpet, faded paint, and small nail holes from hanging pictures. In other words, the property should have working appliances, including smoke detectors; doors on hinges; floors free of holes; operating windows; and no major debris like furniture you don’t want. Additionally, you should leave it in broom-swept condition. After you move, the security deposit is typically returned within 15–60 days, depending on your state’s regulations.</li>\n<li><strong>Occupants:</strong> Your lease should include all occupants expected to live at the property. It should also discuss what’s permissible regarding guests and the length of their stays; ensure you act within these terms. If you move someone in without prior notice, you may violate the lease.</li>\n<li><strong>Alterations:</strong> Your lease should explicitly state that alterations require approval in advance. That means before you make any changes or upgrades to the rental, you need to get permission from the owner or property manager.</li>\n<li><strong>Pets: </strong>Most properties require pet approval. Your lease will specify whether (and sometimes which) pets are allowed, and you’re accountable for following these guidelines.</li>\n<li><strong>Renter’s insurance:</strong> Most rentals require you to have insurance before moving in, and your lease will indicate whether your place is one of them. Speak to the property owner or property manager about renter’s insurance.</li>\n</ul>\n"}],"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2025-01-08T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":301469},{"headers":{"creationTime":"2023-12-05T17:10:31+00:00","modifiedTime":"2024-08-03T16:56:04+00:00","timestamp":"2024-08-03T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"How to Downsize","strippedTitle":"how to downsize","slug":"how-to-downsize","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Learn about the basics of planning to downsize, including choosing a lifestyle and housing, location, budget, and more.","noIndex":0,"noFollow":0},"content":"To a great extent, successful downsizing relies on careful planning. Of course, even with the perfect plan, you’re likely to encounter unexpected challenges. We know a couple who planned impeccably and still had to downsize three times before they finally found the right fit.\r\n\r\nHowever, a well-laid plan can help you avoid many of the most serious and unpleasant surprises and recover more easily from those that are unavoidable. In this article, we give an overview of the basics of <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/should-you-downsize-heres-how-to-decide-296058/\" target=\"_blank\" rel=\"noopener\">downsizing planning</a>.\r\n\r\n[caption id=\"attachment_296054\" align=\"alignnone\" width=\"630\"]<img class=\"size-full wp-image-296054\" src=\"//coursofppt.com/wp-content/uploads/couple-moving-adobestock_442281690.jpg\" alt=\"\" width=\"630\" height=\"420\" /> ©Daisy Daisy / Adobe Stock[/caption]\r\n\r\nDownsizing, like any project, begins with the process of setting a goal. In this case, the goal revolves around lifestyle and housing — where and how you’re going to live during the next stage of your life. In the following sections, we break down this goal into three factors:\r\n<ul>\r\n \t<li>Lifestyle</li>\r\n \t<li>Location</li>\r\n \t<li>Housing</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Considering different lifestyle options</h2>\r\nLifestyles are difficult to pin down because of the sheer number of options and the fact that different lifestyles often overlap and intersect, but here’s a short list to get you thinking about the lifestyle you envision:\r\n<ul>\r\n \t<li>Active versus sedentary</li>\r\n \t<li>Activist (campaigning/working for political or social change)</li>\r\n \t<li> Agrarian (living off the land)</li>\r\n \t<li>Aquatic (swimming, fishing, water sports)</li>\r\n \t<li>Communal versus independent</li>\r\n \t<li>Conventional versus Bohemian (unconventional, artistic, adventurous)</li>\r\n \t<li>Entrepreneurial (innovative, business-oriented)</li>\r\n \t<li>Minimalist (living with very few possessions)</li>\r\n \t<li>Settled versus nomadic</li>\r\n \t<li>Traditional (living in small groups, hunting, gathering, herding, farming)</li>\r\n \t<li>Urban/suburban</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Imagine what you’ll be doing most days, where you’ll be doing it, and with whom. Your vision reflects your lifestyle. If you’re hanging out in coffee shops, visiting museums, and dining out with friends and family members, for example, you’re probably going to want to live in a more urban setting. If you’re tending a garden and feeding chickens, you’re leaning toward a more rural/agrarian lifestyle. If you’re crisscrossing the country in an RV, you’re more nomadic.</p>\r\n\r\n<h2 id=\"tab2\" >Choosing a location</h2>\r\nIf you’re planning a nomadic lifestyle or opting to downsize in place (without moving anywhere), choosing a downsizing destination is moot. Otherwise, location can be a huge factor in your downsizing decision.\r\n\r\nStart by choosing a general location, such as a country or a state, and then narrow your choices to more specific areas. Consider the following factors:\r\n<ul>\r\n \t<li>Affordability</li>\r\n \t<li>Climate</li>\r\n \t<li>Surroundings</li>\r\n \t<li>Proximity to family and friends</li>\r\n \t<li>Cultural and social opportunities</li>\r\n \t<li>Convenience</li>\r\n \t<li>Safety (crime stats)</li>\r\n \t<li>Job/career opportunities</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Exploring your housing options</h2>\r\nAlthough you can downsize in place (without moving), downsizing often involves <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/moving-out-to-downsize-296071/\" target=\"_blank\" rel=\"noopener\">moving to a smaller place</a> — usually one that’s more affordable and easier to care for. Housing options vary considerably, as reflected in the following list:\r\n<ul>\r\n \t<li>Apartment</li>\r\n \t<li>Assisted living facility</li>\r\n \t<li>Condominium (condo for short)</li>\r\n \t<li>Existing home (usually a single-level ranch-style home for downsizers)</li>\r\n \t<li>Modular home (built off-site and placed on a lot)</li>\r\n \t<li>Multigenerational home (moving in with your adult children)</li>\r\n \t<li>New construction (single-family home or condo)</li>\r\n \t<li>Retirement community (typically for people over 55 or 60)</li>\r\n \t<li>RV</li>\r\n \t<li>Skilled nursing facility</li>\r\n \t<li>Tiny home</li>\r\n \t<li>Townhouse, duplex, or triplex (two or three homes that share a wall but have separate entrances)</li>\r\n</ul>\r\n<p class=\"article-tips tip\">When your goal is affordable housing, consider not only the rent or mortgage payment but also any amenities a housing option offers, such as a pool, hot tub, walking trails, parks, fishing ponds, gym, social activities, and meal plans. These amenities can save you a considerable amount of money on travel, recreation, and entertainment.</p>\r\n\r\n<h2 id=\"tab4\" >Establishing your timeline</h2>\r\nWhen you have a downsizing goal in mind, set a deadline — the date you’d like to be downsized. Are you looking to be downsized next week, two months from now, or more like three years from now? It’s never too early to start planning.\r\n\r\nAfter setting a deadline, break down your goal into realistic milestones, so you have a timeline for getting everything done. You may want to set milestones for the following activities:\r\n<ul>\r\n \t<li>Meet with a financial advisor to evaluate my finances.</li>\r\n \t<li>Meet with an attorney to plan my estate.</li>\r\n \t<li>Find a new place to live.</li>\r\n \t<li>Sort my belongings.</li>\r\n \t<li>Organize my photos and documents.</li>\r\n \t<li>Sell stuff.</li>\r\n \t<li>Pack.</li>\r\n \t<li>Sell my home.</li>\r\n \t<li>Move into my new home.</li>\r\n</ul>\r\nYour timeline and milestones are unique to you. For example, if you’re planning a more nomadic lifestyle, your timeline may include travel plans, such as getting a passport, arranging transportation, and reserving places to stay. If you’re downsizing in place, obviously, you don’t need to sell your home, find a new home, pack, or move.\r\n<h2 id=\"tab5\" >Creating to-do lists</h2>\r\nCreate a to-do list for each milestone to break them down even further. For example, if you’re planning a garage or estate sale, you may have the following to-do list:\r\n<ul>\r\n \t<li>Set dates and times.</li>\r\n \t<li>Get change.</li>\r\n \t<li>Get shopping bags and boxes.</li>\r\n \t<li>Advertise.</li>\r\n \t<li>Place street signs.</li>\r\n \t<li>Organize and arrange items for sale.</li>\r\n \t<li>Mark prices.</li>\r\n</ul>\r\nIf you’re preparing to meet with your financial advisor, your to-do list may be a list of information and documents your financial advisor needs, along with questions and concerns you want to discuss.\r\n<h2 id=\"tab6\" >Drafting a budget</h2>\r\nRegardless of where and how you choose to live, it needs to be affordable, so take the following steps to draft a budget:\r\n<ol>\r\n \t<li><strong>Total your monthly income from all sources, such as the following:</strong>\r\n<ol>\r\n \t<li>Income from work or business</li>\r\n \t<li>Social security payments</li>\r\n \t<li>Pensions/annuities</li>\r\n \t<li>Investment income</li>\r\n \t<li>Reverse mortgage payments</li>\r\n</ol>\r\n</li>\r\n \t<li><strong>Total your anticipated monthly expenses, such as the following:</strong>\r\n<ol>\r\n \t<li>Housing (rent or mortgage, insurance, property taxes)</li>\r\n \t<li>Utilities (gas, electricity, water, trash, phone, television, internet)</li>\r\n \t<li>Groceries/meals</li>\r\n \t<li>Recreation/entertainment (concert tickets, sporting events, vacations, hobbies)</li>\r\n \t<li>Transportation (vehicle payment, insurance, fuel, maintenance and repair; public transportation; or ride-sharing services such as Uber and Lyft)</li>\r\n \t<li>Medical (insurance premiums and out-of-pocket costs)</li>\r\n \t<li>Clothing and shoes</li>\r\n \t<li>Personal care and miscellaneous personal expenses (toiletries, cosmetics, gym memberships, dietary supplements, home décor and furnishings, gifts, and so on)</li>\r\n</ol>\r\n</li>\r\n \t<li><strong> Subtract your monthly expenses from your monthly income and hope the result is positive.</strong>\r\n<ol>\r\n \t<li>If it’s negative, you need to trim your expenses and come up with other sources of income.</li>\r\n</ol>\r\n</li>\r\n</ol>","description":"To a great extent, successful downsizing relies on careful planning. Of course, even with the perfect plan, you’re likely to encounter unexpected challenges. We know a couple who planned impeccably and still had to downsize three times before they finally found the right fit.\r\n\r\nHowever, a well-laid plan can help you avoid many of the most serious and unpleasant surprises and recover more easily from those that are unavoidable. In this article, we give an overview of the basics of <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/should-you-downsize-heres-how-to-decide-296058/\" target=\"_blank\" rel=\"noopener\">downsizing planning</a>.\r\n\r\n[caption id=\"attachment_296054\" align=\"alignnone\" width=\"630\"]<img class=\"size-full wp-image-296054\" src=\"//coursofppt.com/wp-content/uploads/couple-moving-adobestock_442281690.jpg\" alt=\"\" width=\"630\" height=\"420\" /> ©Daisy Daisy / Adobe Stock[/caption]\r\n\r\nDownsizing, like any project, begins with the process of setting a goal. In this case, the goal revolves around lifestyle and housing — where and how you’re going to live during the next stage of your life. In the following sections, we break down this goal into three factors:\r\n<ul>\r\n \t<li>Lifestyle</li>\r\n \t<li>Location</li>\r\n \t<li>Housing</li>\r\n</ul>\r\n<h2 id=\"tab1\" >Considering different lifestyle options</h2>\r\nLifestyles are difficult to pin down because of the sheer number of options and the fact that different lifestyles often overlap and intersect, but here’s a short list to get you thinking about the lifestyle you envision:\r\n<ul>\r\n \t<li>Active versus sedentary</li>\r\n \t<li>Activist (campaigning/working for political or social change)</li>\r\n \t<li> Agrarian (living off the land)</li>\r\n \t<li>Aquatic (swimming, fishing, water sports)</li>\r\n \t<li>Communal versus independent</li>\r\n \t<li>Conventional versus Bohemian (unconventional, artistic, adventurous)</li>\r\n \t<li>Entrepreneurial (innovative, business-oriented)</li>\r\n \t<li>Minimalist (living with very few possessions)</li>\r\n \t<li>Settled versus nomadic</li>\r\n \t<li>Traditional (living in small groups, hunting, gathering, herding, farming)</li>\r\n \t<li>Urban/suburban</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Imagine what you’ll be doing most days, where you’ll be doing it, and with whom. Your vision reflects your lifestyle. If you’re hanging out in coffee shops, visiting museums, and dining out with friends and family members, for example, you’re probably going to want to live in a more urban setting. If you’re tending a garden and feeding chickens, you’re leaning toward a more rural/agrarian lifestyle. If you’re crisscrossing the country in an RV, you’re more nomadic.</p>\r\n\r\n<h2 id=\"tab2\" >Choosing a location</h2>\r\nIf you’re planning a nomadic lifestyle or opting to downsize in place (without moving anywhere), choosing a downsizing destination is moot. Otherwise, location can be a huge factor in your downsizing decision.\r\n\r\nStart by choosing a general location, such as a country or a state, and then narrow your choices to more specific areas. Consider the following factors:\r\n<ul>\r\n \t<li>Affordability</li>\r\n \t<li>Climate</li>\r\n \t<li>Surroundings</li>\r\n \t<li>Proximity to family and friends</li>\r\n \t<li>Cultural and social opportunities</li>\r\n \t<li>Convenience</li>\r\n \t<li>Safety (crime stats)</li>\r\n \t<li>Job/career opportunities</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Exploring your housing options</h2>\r\nAlthough you can downsize in place (without moving), downsizing often involves <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/moving-out-to-downsize-296071/\" target=\"_blank\" rel=\"noopener\">moving to a smaller place</a> — usually one that’s more affordable and easier to care for. Housing options vary considerably, as reflected in the following list:\r\n<ul>\r\n \t<li>Apartment</li>\r\n \t<li>Assisted living facility</li>\r\n \t<li>Condominium (condo for short)</li>\r\n \t<li>Existing home (usually a single-level ranch-style home for downsizers)</li>\r\n \t<li>Modular home (built off-site and placed on a lot)</li>\r\n \t<li>Multigenerational home (moving in with your adult children)</li>\r\n \t<li>New construction (single-family home or condo)</li>\r\n \t<li>Retirement community (typically for people over 55 or 60)</li>\r\n \t<li>RV</li>\r\n \t<li>Skilled nursing facility</li>\r\n \t<li>Tiny home</li>\r\n \t<li>Townhouse, duplex, or triplex (two or three homes that share a wall but have separate entrances)</li>\r\n</ul>\r\n<p class=\"article-tips tip\">When your goal is affordable housing, consider not only the rent or mortgage payment but also any amenities a housing option offers, such as a pool, hot tub, walking trails, parks, fishing ponds, gym, social activities, and meal plans. These amenities can save you a considerable amount of money on travel, recreation, and entertainment.</p>\r\n\r\n<h2 id=\"tab4\" >Establishing your timeline</h2>\r\nWhen you have a downsizing goal in mind, set a deadline — the date you’d like to be downsized. Are you looking to be downsized next week, two months from now, or more like three years from now? It’s never too early to start planning.\r\n\r\nAfter setting a deadline, break down your goal into realistic milestones, so you have a timeline for getting everything done. You may want to set milestones for the following activities:\r\n<ul>\r\n \t<li>Meet with a financial advisor to evaluate my finances.</li>\r\n \t<li>Meet with an attorney to plan my estate.</li>\r\n \t<li>Find a new place to live.</li>\r\n \t<li>Sort my belongings.</li>\r\n \t<li>Organize my photos and documents.</li>\r\n \t<li>Sell stuff.</li>\r\n \t<li>Pack.</li>\r\n \t<li>Sell my home.</li>\r\n \t<li>Move into my new home.</li>\r\n</ul>\r\nYour timeline and milestones are unique to you. For example, if you’re planning a more nomadic lifestyle, your timeline may include travel plans, such as getting a passport, arranging transportation, and reserving places to stay. If you’re downsizing in place, obviously, you don’t need to sell your home, find a new home, pack, or move.\r\n<h2 id=\"tab5\" >Creating to-do lists</h2>\r\nCreate a to-do list for each milestone to break them down even further. For example, if you’re planning a garage or estate sale, you may have the following to-do list:\r\n<ul>\r\n \t<li>Set dates and times.</li>\r\n \t<li>Get change.</li>\r\n \t<li>Get shopping bags and boxes.</li>\r\n \t<li>Advertise.</li>\r\n \t<li>Place street signs.</li>\r\n \t<li>Organize and arrange items for sale.</li>\r\n \t<li>Mark prices.</li>\r\n</ul>\r\nIf you’re preparing to meet with your financial advisor, your to-do list may be a list of information and documents your financial advisor needs, along with questions and concerns you want to discuss.\r\n<h2 id=\"tab6\" >Drafting a budget</h2>\r\nRegardless of where and how you choose to live, it needs to be affordable, so take the following steps to draft a budget:\r\n<ol>\r\n \t<li><strong>Total your monthly income from all sources, such as the following:</strong>\r\n<ol>\r\n \t<li>Income from work or business</li>\r\n \t<li>Social security payments</li>\r\n \t<li>Pensions/annuities</li>\r\n \t<li>Investment income</li>\r\n \t<li>Reverse mortgage payments</li>\r\n</ol>\r\n</li>\r\n \t<li><strong>Total your anticipated monthly expenses, such as the following:</strong>\r\n<ol>\r\n \t<li>Housing (rent or mortgage, insurance, property taxes)</li>\r\n \t<li>Utilities (gas, electricity, water, trash, phone, television, internet)</li>\r\n \t<li>Groceries/meals</li>\r\n \t<li>Recreation/entertainment (concert tickets, sporting events, vacations, hobbies)</li>\r\n \t<li>Transportation (vehicle payment, insurance, fuel, maintenance and repair; public transportation; or ride-sharing services such as Uber and Lyft)</li>\r\n \t<li>Medical (insurance premiums and out-of-pocket costs)</li>\r\n \t<li>Clothing and shoes</li>\r\n \t<li>Personal care and miscellaneous personal expenses (toiletries, cosmetics, gym memberships, dietary supplements, home décor and furnishings, gifts, and so on)</li>\r\n</ol>\r\n</li>\r\n \t<li><strong> Subtract your monthly expenses from your monthly income and hope the result is positive.</strong>\r\n<ol>\r\n \t<li>If it’s negative, you need to trim your expenses and come up with other sources of income.</li>\r\n</ol>\r\n</li>\r\n</ol>","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Considering different lifestyle options","target":"#tab1"},{"label":"Choosing a location","target":"#tab2"},{"label":"Exploring your housing options","target":"#tab3"},{"label":"Establishing your timeline","target":"#tab4"},{"label":"Creating to-do lists","target":"#tab5"},{"label":"Drafting a budget","target":"#tab6"}],"relatedArticles":{"fromBook":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}},{"articleId":270012,"title":"Basic Principles for Selecting a Home To Buy","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":295838,"slug":"downsizing-for-dummies","isbn":"9781119910060","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119910064-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/downsizing-for-dummies-cover-9781119910060-203x255.jpg","width":203,"height":255},"title":"Downsizing For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"9133\">Ralph R. Roberts</b> </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}},{"authorId":35226,"name":"Kathleen Roberts","slug":"kathleen-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35226"}},{"authorId":35279,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35279"}},{"authorId":35220,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35220"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-64cbeb6071f22\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-64cbeb607248f\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-12-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":296060},{"headers":{"creationTime":"2017-03-26T07:09:30+00:00","modifiedTime":"2024-07-12T14:35:09+00:00","timestamp":"2024-07-12T15:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"How Short-Term and Long-Term Interest Rates Affect Mortgages","strippedTitle":"how short-term and long-term interest rates affect mortgages","slug":"seeing-how-short-term-and-long-term-interest-rates-affect-mortgages","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Copyright:chơi xổ số keno trực tuyếnMọi quyền được bảo lưu cho trang web chính thức © 2016 Eric Tyson and Ray Brown. All rights reserved.When choosing between an adjustable-rate mortgage and a fixed-rate mortgage, many people don't re","noIndex":0,"noFollow":0},"content":"Copyright:chơi xổ số keno trực tuyếnMọi quyền được bảo lưu cho trang web chính thức © 2016 Eric Tyson and Ray Brown. All rights reserved.\r\n\r\nWhen choosing between an adjustable-rate mortgage and a fixed-rate mortgage, many people don't realize that they're making a choice between mortgages on which the interest rate is determined by either short-term or long-term interest rates.\r\n\r\nWhat's a short-term versus a long-term interest rate? Glad you asked. When a mortgage lender quotes an interest rate for a particular type of loan, he should specify (in terms of how many years until the loan is completely paid off) the length of the loan.\r\n<p class=\"Remember\">Most of the time, borrowers must pay a higher interest rate to borrow money for a longer period of time. Conversely, borrowers generally pay a lower rate of interest for shorter-term loans. So?</p>\r\nWell, the interest rates that are used to determine most adjustable-rate mortgages are short-term interest rates, whereas fixed-rate mortgage interest rates are dictated by long-term interest rates. During most time periods, longer-term interest rates are higher than shorter-term rates because of the greater risk the lender accepts in committing to a longer-term rate.\r\n\r\nIt stands to reason, therefore, that when little difference exists in the market level of short-term and long-term interest rates, the rates of fixed-rate mortgages shouldn't be all that different from the rates of adjustable-rate mortgages. Thus, adjustables appear less attractive, and fixed-rate mortgages appear more alluring.\r\n<p class=\"Remember\">On the other hand, when short-term interest rates are significantly lower than long-term interest rates, adjustable-rate mortgages should be available at rates a good deal lower than the rates for fixed-rate loans. All things being equal, adjustables appear more attractive during such time periods and save you more money during the early years of your loan.</p>","description":"Copyright:chơi xổ số keno trực tuyếnMọi quyền được bảo lưu cho trang web chính thức © 2016 Eric Tyson and Ray Brown. All rights reserved.\r\n\r\nWhen choosing between an adjustable-rate mortgage and a fixed-rate mortgage, many people don't realize that they're making a choice between mortgages on which the interest rate is determined by either short-term or long-term interest rates.\r\n\r\nWhat's a short-term versus a long-term interest rate? Glad you asked. When a mortgage lender quotes an interest rate for a particular type of loan, he should specify (in terms of how many years until the loan is completely paid off) the length of the loan.\r\n<p class=\"Remember\">Most of the time, borrowers must pay a higher interest rate to borrow money for a longer period of time. Conversely, borrowers generally pay a lower rate of interest for shorter-term loans. So?</p>\r\nWell, the interest rates that are used to determine most adjustable-rate mortgages are short-term interest rates, whereas fixed-rate mortgage interest rates are dictated by long-term interest rates. During most time periods, longer-term interest rates are higher than shorter-term rates because of the greater risk the lender accepts in committing to a longer-term rate.\r\n\r\nIt stands to reason, therefore, that when little difference exists in the market level of short-term and long-term interest rates, the rates of fixed-rate mortgages shouldn't be all that different from the rates of adjustable-rate mortgages. Thus, adjustables appear less attractive, and fixed-rate mortgages appear more alluring.\r\n<p class=\"Remember\">On the other hand, when short-term interest rates are significantly lower than long-term interest rates, adjustable-rate mortgages should be available at rates a good deal lower than the rates for fixed-rate loans. All things being equal, adjustables appear more attractive during such time periods and save you more money during the early years of your loan.</p>","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":270012,"title":"Basic Principles for Selecting a Home To Buy","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}},{"articleId":269961,"title":"Weighing the Advantages of Owning vs. Renting a Home","slug":"rent-vs-buy-weighing-the-advantages-of-owning-versus-renting-a-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269961"}},{"articleId":269958,"title":"Determining the Fair Market Value of a Home","slug":"determining-fair-market-value-of-a-home-comparable-market-analysis","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269958"}},{"articleId":269938,"title":"10 Things to Consider When Selling Your House","slug":"10-things-to-consider-when-selling-your-house","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269938"}},{"articleId":269932,"title":"Steps for Buying a House: Negotiating House Prices","slug":"steps-for-buying-a-house-negotiating-house-prices","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269932"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How To Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282277,"slug":"home-buying-kit-for-dummies-7th-edition","isbn":"9781119674795","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119674794-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/home-buying-kit-for-dummies-7th-edition-cover-9781119674795-203x255.jpg","width":203,"height":255},"title":"Home Buying Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"8975\">Eric Tyson</b>, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b><b data-author-id=\"8976\">Ray Brown</b>,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>.</p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64aec02f220dd\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64aec02f22a73\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Explore","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2024-07-10T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":138534},{"headers":{"creationTime":"2021-04-11T14:06:16+00:00","modifiedTime":"2024-07-10T15:36:20+00:00","timestamp":"2024-07-10T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Weighing the Advantages of Owning vs. Renting a Home","strippedTitle":"weighing the advantages of owning vs. renting a home","slug":"rent-vs-buy-weighing-the-advantages-of-owning-versus-renting-a-home","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Trying to make the decision of whether to rent or buy your home? Use this guide to determine whether renting or buying is right for you.","noIndex":0,"noFollow":0},"content":"Nearly everyone seems to have an opinion about <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/home-buying-kit-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">buying a home</a>. People in the real estate business — including agents, lenders, property inspectors, and other related people — endorse homeownership. Of course, why wouldn’t they? Their livelihoods depend upon it! Therein lies one fundamental problem of nearly all home buying books written by people who have a vested interest in convincing their readers to buy a home.\r\n\r\n[caption id=\"attachment_270007\" align=\"aligncenter\" width=\"556\"]<img class=\"wp-image-270007 size-full\" src=\"//coursofppt.com/wp-content/uploads/home-buying-kit-rent-vs-buy.jpg\" alt=\"buying vs. renting home\" width=\"556\" height=\"347\" /> © Shutterstock/Aysezgicmeli[/caption]\r\n<p class=\"article-tips remember\">Homeownership isn’t for everyone. One of the objectives here is to help you determine whether home buying is right for you.</p>\r\n\r\n<h2 id=\"tab1\" >Advantages of home ownership</h2>\r\nMost people should eventually buy homes, but not everyone and not at every point in their lives. To decide whether now’s the time for you to buy, consider the advantages of buying and whether they apply to you.\r\n<h3>Owning should be less expensive than renting</h3>\r\nYou probably didn’t appreciate it growing up, but in addition to the diaper changes, patience during potty training, help with homework, bandaging of bruised knees, and countless meals, your folks made sure that you had a roof over your head. Most people take shelter for granted, unless you don’t have it or are confronted for the first time with paying for it ourselves.\r\n\r\nRemember your first apartment when you graduated from college or when your folks finally booted you out? That place probably made you appreciate the good deal you had before — even those cramped college dormitories may have seemed more attractive!\r\n\r\nBut even if you pay several hundred to a thousand dollars or more per month in rent, that expense may not seem so steep if you happen to peek at a home for sale.\r\n\r\nIn most parts of the United States, we’re talking about a big number — $150,000, $225,000, $350,000, or more for the sticker price. (Of course, if you’re a higher-income earner, you may think that you can’t find a habitable place to live for less than a half-million dollars, especially if you live in costly places such as New York City, Boston, Chicago, Los Angeles, or San Francisco.)\r\n\r\nHere’s a guideline that may change the way you view your seemingly cheap monthly rent. To figure out the price of a home you could buy for approximately the same monthly cost as your current rent, simply do the following calculation:\r\n\r\nTake your monthly rent and multiply by 200, and you come up with the purchase price of a home.\r\n\r\n$ _________ per month × 200 = $ _________\r\n\r\n<strong><em>Example:</em></strong> $ 1,000 × 200 = $200,000\r\n\r\nSo, in the preceding example, if you were paying rent of $1,000 per month, you would pay approximately the same amount per month to own a $200,000 home (factoring in modest tax savings). Now your monthly rent doesn’t sound quite so cheap compared with the cost of buying a home, does it?\r\n<p class=\"article-tips warning\">Even more important than the cost today of buying versus renting is the cost in the future. As a renter, your rent is fully exposed to increases in the cost of living, also known as inflation. A reasonable expectation for annual increases in your rent is 4 percent per year. The image below shows what happens to a $1,000 monthly rent at just 4 percent annual rental inflation.</p>\r\n\r\n\r\n[caption id=\"attachment_270008\" align=\"aligncenter\" width=\"556\"]<img class=\"wp-image-270008 size-full\" src=\"//coursofppt.com/wp-content/uploads/home-buying-kit-cost-of-rent.jpg\" alt=\"\" width=\"556\" height=\"364\" /> © John Wiley & Sons, Inc.[/caption]\r\n\r\n \r\n\r\n<a href=\"//coursofppt.com/personal-finance/personal-finance-in-your-20s-30s-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">When you’re in your 20s or 30s</a>, you may not be thinking or caring about your golden years, but look what happens to your rent over the decades ahead with just modest inflation! Then remember that paying $1,000 rent per month now is the equivalent of buying a home for $200,000. Well, in 40 years, with 4 percent inflation per year, your $1,000-per-month rent will balloon to $4,800 per month. That’s like buying a house for $960,000!\r\n\r\nThe example reflects $1,000 for rent to show you what happens to that rent with a modest 4 percent annual rate of inflation. To see what may happen to your current rent at that rate of inflation (as well as at a slightly higher one), simply complete the table below.\r\n<table><caption>Figuring Future Rent</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"200\">Your Current Monthly Rent</td>\r\n<td width=\"200\">Multiplication Factor to Determine Rent in Future Years at 4 Percent Annual Inflation Rate</td>\r\n<td width=\"200\">Projected Future Rent</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 1.48</td>\r\n<td width=\"200\">= $___________ in 10 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 2.19</td>\r\n<td width=\"200\">= $___________ in 20 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 3.24</td>\r\n<td width=\"200\">= $___________ in 30 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 4.80</td>\r\n<td width=\"200\">= $___________ in 40 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 7.11</td>\r\n<td width=\"200\">= $___________ in 50 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 10.52</td>\r\n<td width=\"200\">= $___________ in 60 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">Your Current Monthly Rent</td>\r\n<td width=\"200\">Multiplication Factor to Determine Rent in Future Years at 6 Percent Annual Inflation Rate</td>\r\n<td width=\"200\">Projected Future Rent</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 1.79</td>\r\n<td width=\"200\">= $___________ in 10 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 3.21</td>\r\n<td width=\"200\">= $___________ in 20 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 5.74</td>\r\n<td width=\"200\">= $___________ in 30 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 10.29</td>\r\n<td width=\"200\">= $___________ in 40 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 18.42</td>\r\n<td width=\"200\">= $___________ in 50 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 32.99</td>\r\n<td width=\"200\">= $___________ in 60 years</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n<p class=\"article-tips remember\">If you’re middle-aged or retired, you may not plan on having 40 to 60 years ahead of you. On the other hand, don’t underestimate how many more years of housing you’ll need. U.S. health statistics indicate that at age 50, you have a life expectancy of 30+ more years, and at age 65, 20+ more years (women on average tend to live a few years longer).</p>\r\nAlthough the cost of purchasing a home generally increases over the years, after you purchase a home, the bulk of your housing costs aren’t exposed to <a href=\"//coursofppt.com/education/economics/the-effects-of-inflation/\" target=\"_blank\" rel=\"noopener\">inflation</a> if you use a fixed-rate mortgage to finance the purchase.\r\n\r\nA <em>fixed-rate mortgage</em> locks your mortgage payment in at a fixed amount (as opposed to an adjustable-rate mortgage payment that fluctuates in value with changes in interest rates). Therefore, only the comparatively smaller property taxes, insurance, and maintenance expenses will increase over time with inflation.\r\n<p class=\"article-tips remember\">You’re always going to need a place to live. And over the long term, inflation has almost always been around. Even if you must stretch a little to buy a home today, in the decades ahead, you’ll be glad you did. The financial danger with renting long term is that all your housing costs (rent) increase over time. You shouldn’t buy just because of inflation, but if you’re not going to buy, you should be careful to plan your finances accordingly.</p>\r\n\r\n<h3>You can make your house your own</h3>\r\nThink back to all the places you ever rented, including the rental in which you may currently be living. For each unit, make a list of the things you really didn’t like that you would have changed if the property were yours: ugly carpeting, yucky exterior paint job, outdated appliances that didn’t work well, and so on.\r\n\r\nAlthough some tenants actually do some work on their own apartments, it’s not typically endorsed because it takes your money and time but financially benefits the building’s owner. If, through persistence and nagging, you can get your landlord to make the improvements and repairs at her expense, great! Otherwise, you’re out of luck or cash!\r\n\r\nWhen you own your own place, however, you can do whatever you want to it. Want hardwood floors instead of ugly, green shag carpeting? Tear it out. Love neon-orange carpeting and pink exterior paint? You can add it!\r\n\r\nIn your zest and enthusiasm to buy a home and make it your own, be careful of two things:\r\n<ul>\r\n \t<li><strong>Don’t make the place too weird.</strong> You’ll probably want or need to sell your home someday, and the more outrageous you make it, the fewer buyers it will appeal to — and the lower the price it will likely fetch. If you don’t mind throwing money away or are convinced that you can find a buyer with similarly (ahem) sophisticated tastes, be as unusual as you want. If you do make improvements, focus on those that add value: a deck addition for an outdoor living area, updated kitchens and bathrooms, and so on.</li>\r\n \t<li><strong>Beware of running yourself into financial ruin.</strong> Changing, improving, remodeling, or whatever you want to call it costs money. Many home buyers who neglect other important financial goals (such as saving for retirement and their kids’ college costs) in order to endlessly renovate their homes. Others rack up significant debts that hang like financial weights over their heads. In the worst cases, homes become money pits that cause owners to build up high-interest consumer debt as a prelude to bankruptcy or foreclosure.</li>\r\n</ul>\r\n<h3>You avoid unpleasant landlords</h3>\r\nA final (and not inconsequential) benefit of owning your own home is that you don’t have to subject yourself to <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/what-if-a-landlord-fails-to-maintain-habitable-and-nuisance-free-properties/\" target=\"_blank\" rel=\"noopener\">the whims of an evil landlord</a>. Much is made among real estate investors of the challenges of finding good tenants. As a tenant, perhaps you’ve already discovered that finding a good landlord isn’t easy, either.\r\n<p class=\"article-tips remember\">The fundamental problem with some landlords is that they’re slow to fix problems and make improvements. The best (and smartest) landlords realize that keeping the building shipshape helps attract and keep good tenants and maximizes rents and profits. But to some landlords, maximizing profits means being stingy with repairs and improvements.</p>\r\nWhen you own your home, the good news is that you’re generally in control — you can get your stopped-up toilet fixed or your ugly walls painted whenever and however you like. No more hassling with unresponsive, obnoxious landlords.\r\n\r\nThe bad news is that you’re responsible for paying for and ensuring completion of the work. Even if you hire someone else to do it, you still must find competent contractors and oversee their work, neither of which is an easy responsibility.\r\n\r\nAnother risk of renting is that landlords may decide to sell the building and put you out on the street. You should ask your prospective landlords whether they have plans to sell. Some landlords won’t give you a truthful answer, but the question is worth asking if this issue is a concern to you.\r\n<p class=\"article-tips tip\">One way to avoid being jilted by a wayward landlord is to request that the lease contract guarantee you the right to renew your annual lease for a certain number of years, even with a change in building ownership. Unless landlords are planning on selling, and perhaps want to be able to boot you out, they should be delighted with a request that shows you’re interested in staying a while. Also, by knowing if and when a landlord desires to sell, you may be able to be the buyer!</p>\r\n\r\n<h2 id=\"tab2\" >Advantages of renting your home</h2>\r\nBuying and owning a home throughout most of your adult life makes good financial and personal sense for most people — but not all people and not at all times. Renting works better for some people. The benefits of renting are many:\r\n<ul>\r\n \t<li><strong>Simplicity:</strong> Yes, searching for a rental unit that meets your needs can take more than a few days (especially if you’re in a tight rental market), but it should be a heck of a lot easier than finding a place to buy. When you buy, you must line up financing, conduct inspections, and deal with myriad other issues that renters never have to face. When you do it right, finding and buying a good home can be a time-consuming pain in the posterior.</li>\r\n \t<li><strong>Convenience:</strong> After you find and move into your rental, your landlord is responsible for the never-ending task of property maintenance and upkeep. Buildings and appliances age, and bad stuff happens: Fuses blow, plumbing backs up, heaters break in the middle of winter, roofs spring leaks during record-breaking rainfalls, trees come crashing down during windstorms. The list goes on and on and on. As a renter, you can kick back in the old recliner with your feet up, a glass of wine in one hand and the remote control in the other, and say, “Ahhhhh, the joys of <em>not</em> being part of the landed gentry!”</li>\r\n \t<li><strong>Flexibility:</strong> If you’re the footloose and fancy-free type, you dislike feeling tied down. With a rental, as long as your lease allows (and most leases don’t run longer than a year), you can move on. As a homeowner, if you want to move, you must deal with the significant chores of selling your home or finding a tenant to rent it.</li>\r\n \t<li><strong>Increased liquidity:</strong> Unless you’re the beneficiary of a large inheritance or work at a high-paying job, you’ll probably be financially stretched when you buy your first home. Coming up with the down payment and closing costs usually cleans out most people’s financial reserves. In addition, when you buy a home, you must meet your monthly mortgage payments, property taxes, insurance, and maintenance and repair expenses. As a renter, you can keep your extra cash to yourself, and budgeting is also easier without the upkeep-expense surprises that homeowners enjoy, such as the sudden urge to replace a leaking roof or old furnace.\r\n<p class=\"article-tips tip\">You don’t need to buy a home to cut your taxes. Should you have access to a retirement account such as a 401(k), 403(b), or SEP-IRA plan, you can slash your taxes while you save and invest your extra cash as a renter. So saving on taxes shouldn’t be the sole motivation for you to buy a home.</p>\r\n</li>\r\n \t<li><strong>Better diversification:</strong> Many homeowners who are financially stretched have the bulk of their wealth tied up in their homes. As a renter, you can invest your money in a variety of sound investments, such as stocks, bonds, and perhaps your own small business. You can even invest a small amount of money in real estate through stocks or mutual funds if you want. Over the long term, the stock market has produced comparable rates of return to investing in the real estate market.</li>\r\n \t<li><strong>Maybe lower cost:</strong> If you live in an area where home prices have rocketed ahead much faster than rental rates, real estate may be overpriced and not a good buy.</li>\r\n</ul>\r\n<p class=\"article-tips remember\">Renting should also be cheaper than buying if you expect to move soon. Buying and selling property costs big bucks. With real estate agent commissions, loan fees, title insurance, inspections, and all sorts of other costs, your property must appreciate approximately 15 percent just for you to break even and recoup these costs. Therefore, buying property that you don’t expect to hold onto for at least three (and preferably five or more) years doesn’t make much economic sense. Although you may sometimes experience appreciation in excess of 15 percent over a year or two, most of the time, you won’t. If you’re counting on such high appreciation, you’re setting yourself up for disappointment.</p>\r\n\r\n<h2 id=\"tab3\" >The pitfalls of the rent-versus-buy decision</h2>\r\nWhen you’re considering purchasing a home, you can do lots of reflecting, crunch plenty of numbers, and conduct copious research to help you with your decision. In reality, many people are tempted to jump into making a decision about buying or continuing to rent without setting all their ducks in a row. At a minimum, this information should help keep you from making common costly mistakes.\r\n<h3>Renting because it seems cheaper</h3>\r\nWhen you go out to look at homes on the market <em>today,</em> the sticker prices are typically in the hundreds of thousands of dollars. Your monthly rent seems dirt-cheap by comparison.\r\n<p class=\"article-tips remember\">You must compare the monthly cost of homeownership with the monthly cost of renting. And you must factor in the tax savings you’ll realize from homeownership tax deductions. But you must also think about the future. Just as your educational training affects your career prospects and income-earning ability for years to come, your rent-versus-buy decision affects your housing costs — not just this year, but also for years and decades to come.</p>\r\n\r\n<h3>Fretting too much over job security</h3>\r\nBeing insecure about your job is natural. Most people are — even corporate executives, superstar athletes, and movie stars. And buying a home seems like such a permanent thing to do. Job-loss fears can easily make you feel a financial noose tightening around your neck when you sit down to sign a contract to purchase a home.\r\n\r\nAlthough a few people have real reasons to worry about losing their jobs, the reality is that the vast majority of people shouldn’t worry about job loss. This doesn’t mean that you <em>can’t</em> lose your job — almost anyone can, in reality. Just remember that within a reasonable time, your skills and abilities will allow you to land back on your feet in a new, comparable position. We’re not career experts, but we’ve witnessed many folks bounce back in just this way.\r\n<p class=\"article-tips tip\">When losing your job is a high likelihood, and especially if you’d have to relocate for a new job, consider postponing the purchase of a home until your employment situation stabilizes. (If you haven’t demonstrated a recent history of stable employment, most mortgage lenders won’t want to lend you money anyway.) When you must move to find an acceptable or desirable job, selling your home and then buying another one can cost you thousands, if not tens of thousands, of dollars in transaction fees.</p>\r\n\r\n<h3>Buying when you expect to move soon</h3>\r\nPeople move for many reasons other than job loss. You may want to move soon to advance your career, to be nearer to (or farther from!) relatives, to try living somewhere new, or just to get away from someplace old.\r\n\r\nUnless you’re planning to hold onto your home and convert it to a rental when you move, buying a home rarely makes sound financial sense when you expect to move within three years. Ideally, stay put for at least five years.\r\n<h3>Succumbing to pushy salespeople</h3>\r\nWhen you buy a house, you’re the one who’ll be coming home to it day after day — and you’re the one on the hook for all the expenses. Don’t ever forget these facts when you plunge into the thick of possibly purchasing a home. If you have lingering doubts about buying a home, apply the brakes.\r\n<p class=\"article-tips warning\">Many people involved in home-buying transactions have a vested interest in getting you to buy. They may push you to buy sooner (and buy more) than you intend to or can afford, given your other financial goals and obligations. The reasons: Many people who make their living in the real estate trade get paid only if and when you buy, and the size of their earnings depends upon how much you spend.</p>\r\n\r\n<h3>Ignoring logistics</h3>\r\nSometimes, when looking at homes, you can lose your perspective on big-picture issues. After months of searching, Frederick finally found a home that met his needs for both space and cost. He bought the home and moved in on a Saturday. Come Monday morning, Frederick hopped in his car and spent the next hour commuting.\r\n\r\nAt the end of his workday, it was the same thing coming home. He was tired and grumpy when he arrived home Monday evening, and after making dinner for himself, he soon had to hit the hay to rise early enough to do it all over again on Tuesday.\r\n\r\nInitially, Frederick hoped that the trying traffic was an aberration that would go away — but no such luck. In fact, on many days, his commute was worse than an hour each way. Frederick grew to hate his commute, his job, and his new home.\r\n<p class=\"article-tips remember\">When you buy a home, you’re also buying the commute, the neighborhood, its amenities, and all the other stuff that comes along for the literal and figurative ride. Understand these issues before you buy. In the end, after 18 months of commuter purgatory, Frederick sold his home and went back to renting much closer to his job.</p>\r\nForgetting to consider what the commute from a home to his job would entail was an expensive lesson for Frederick. Don’t make the same mistake Frederick made; take your time and consider all the important factors about the home you’re thinking about purchasing.\r\n<h3>Overbuying</h3>\r\nMany first-time home buyers discover that their desires outstrip their budgets. Nelson and his wife, Laura, had good jobs and together made in excess of $150,000 per year. They got used to buying what they desired — they ate at fancy restaurants, took luxury vacations, and otherwise indulged themselves.\r\n\r\nWhen it came time to purchase a home, they spent the maximum amount and borrowed the maximum amount that the mortgage person told them they could. After the home purchase, Laura got pregnant and eventually left her job to spend more time at home.\r\n\r\nWith the high homeownership expenses, kid costs, and reduced household income, Nelson and Laura soon found themselves struggling to pay their monthly bills and started accumulating significant credit-card debts. Ultimately, they ended up filing bankruptcy.\r\n<p class=\"article-tips remember\">Either you own the home, or it owns you. Get your finances in order and understand how much you can truly afford to spend on a home before you buy.</p>\r\n\r\n<h3>Underbuying</h3>\r\nRemember in the story <em>Goldilocks and the Three Bears</em> how Goldilocks had difficulty finding porridge to her liking? In one case, it was too cold, and in another, too hot. Well, just as you can overbuy when selecting a home, you can underbuy. That’s what Nathan and Rebecca did when they bought their first home. They believed in living within their means — a good thing — but they took it to an extreme.\r\n\r\nNathan and Rebecca bought a home whose cost was far below the maximum amount they could have afforded. They borrowed $70,000 when they could have afforded to borrow three times that amount. They knew when they bought the home that they’d want to move to a bigger house within just a few years. Although this made the real estate agents and lenders happy, all the costs of buying and then selling soon after gobbled a huge chunk of Nathan and Rebecca’s original down payment.\r\n<h3>Buying because it’s a grown-up thing to do</h3>\r\nPeer pressure can be subtle or explicit. Some people even impose pressure on themselves. Buying a home is a major milestone and a tangible display of financial maturity and success. If your friends, siblings, and co-workers all seem to be homeowners, you may sometimes feel as though you’re being a tad juvenile by not jumping on the same train.\r\n\r\nEveryone has different needs, but not everyone should own a home, and certainly not at every point in his adult life. Besides, although they may never admit it, some homeowning friends and colleagues are jealous of you and other financially footloose and fancy-free renters.\r\n\r\nA study even supports the notion that the life of a typical renter is, in some respects, better than that of the average homeowner. Peter Rossi and Eleanor Weber of the University of Massachusetts Social and Demographic Research Institute conducted a survey of thousands of people. Here are some of their findings:\r\n<ul>\r\n \t<li>Homeowners are less social, on average, than renters — spending less time with friends, neighbors, and co-workers.</li>\r\n \t<li>Homeowners spend more time on household chores.</li>\r\n \t<li>Perhaps for the preceding reasons, renters have more sex and less marital discord and cope better with parenting than homeowners do!</li>\r\n</ul>\r\n<h3>Buying because you’re afraid that escalating prices will lock you out</h3>\r\nFrom time to time, particular local real estate markets experience rapidly escalating prices. During such times, some prospective buyers panic, often with encouragement from those with a vested interest in converting prospective renters to buyers. Escalating housing prices make some renters feel left out of the party. Booming housing prices get all sorts of publicity, including from gloating homeowners clucking over their equity.\r\n<p class=\"article-tips remember\">Never in the history of the real estate business have prices risen so high as to price vast numbers of people out of the market. In fact, patient buyers who can wait out a market that has increased sharply in value are often rewarded with steadying and, in some cases, declining prices (witness what happened in the late 2000s).</p>\r\nAlthough you won’t be locked out of the market forever, you should keep in mind that if you postpone buying for many years, you’ll likely be able to buy less home for your money thanks to home prices increasing faster than the rate of inflation.\r\n<h3>Misunderstanding what you can afford</h3>\r\nWhen you make a major decision, be it personal or financial, it’s perfectly natural and human to feel uncomfortable if you’re flying by the seat of your pants and don’t have enough background. With a home purchase, if you haven’t examined your overall financial situation and goals, you’re just guessing how much you should be spending on a home.\r\n\r\nAgain, the vested-interest folks won’t generally bring this issue to your attention — partly because of their agendas and motivations, but also because it’s not what they’re trained and expert at doing. Look in the mirror to see the person who can help you with these important issues.","description":"Nearly everyone seems to have an opinion about <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/home-buying-kit-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">buying a home</a>. People in the real estate business — including agents, lenders, property inspectors, and other related people — endorse homeownership. Of course, why wouldn’t they? Their livelihoods depend upon it! Therein lies one fundamental problem of nearly all home buying books written by people who have a vested interest in convincing their readers to buy a home.\r\n\r\n[caption id=\"attachment_270007\" align=\"aligncenter\" width=\"556\"]<img class=\"wp-image-270007 size-full\" src=\"//coursofppt.com/wp-content/uploads/home-buying-kit-rent-vs-buy.jpg\" alt=\"buying vs. renting home\" width=\"556\" height=\"347\" /> © Shutterstock/Aysezgicmeli[/caption]\r\n<p class=\"article-tips remember\">Homeownership isn’t for everyone. One of the objectives here is to help you determine whether home buying is right for you.</p>\r\n\r\n<h2 id=\"tab1\" >Advantages of home ownership</h2>\r\nMost people should eventually buy homes, but not everyone and not at every point in their lives. To decide whether now’s the time for you to buy, consider the advantages of buying and whether they apply to you.\r\n<h3>Owning should be less expensive than renting</h3>\r\nYou probably didn’t appreciate it growing up, but in addition to the diaper changes, patience during potty training, help with homework, bandaging of bruised knees, and countless meals, your folks made sure that you had a roof over your head. Most people take shelter for granted, unless you don’t have it or are confronted for the first time with paying for it ourselves.\r\n\r\nRemember your first apartment when you graduated from college or when your folks finally booted you out? That place probably made you appreciate the good deal you had before — even those cramped college dormitories may have seemed more attractive!\r\n\r\nBut even if you pay several hundred to a thousand dollars or more per month in rent, that expense may not seem so steep if you happen to peek at a home for sale.\r\n\r\nIn most parts of the United States, we’re talking about a big number — $150,000, $225,000, $350,000, or more for the sticker price. (Of course, if you’re a higher-income earner, you may think that you can’t find a habitable place to live for less than a half-million dollars, especially if you live in costly places such as New York City, Boston, Chicago, Los Angeles, or San Francisco.)\r\n\r\nHere’s a guideline that may change the way you view your seemingly cheap monthly rent. To figure out the price of a home you could buy for approximately the same monthly cost as your current rent, simply do the following calculation:\r\n\r\nTake your monthly rent and multiply by 200, and you come up with the purchase price of a home.\r\n\r\n$ _________ per month × 200 = $ _________\r\n\r\n<strong><em>Example:</em></strong> $ 1,000 × 200 = $200,000\r\n\r\nSo, in the preceding example, if you were paying rent of $1,000 per month, you would pay approximately the same amount per month to own a $200,000 home (factoring in modest tax savings). Now your monthly rent doesn’t sound quite so cheap compared with the cost of buying a home, does it?\r\n<p class=\"article-tips warning\">Even more important than the cost today of buying versus renting is the cost in the future. As a renter, your rent is fully exposed to increases in the cost of living, also known as inflation. A reasonable expectation for annual increases in your rent is 4 percent per year. The image below shows what happens to a $1,000 monthly rent at just 4 percent annual rental inflation.</p>\r\n\r\n\r\n[caption id=\"attachment_270008\" align=\"aligncenter\" width=\"556\"]<img class=\"wp-image-270008 size-full\" src=\"//coursofppt.com/wp-content/uploads/home-buying-kit-cost-of-rent.jpg\" alt=\"\" width=\"556\" height=\"364\" /> © John Wiley & Sons, Inc.[/caption]\r\n\r\n \r\n\r\n<a href=\"//coursofppt.com/personal-finance/personal-finance-in-your-20s-30s-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">When you’re in your 20s or 30s</a>, you may not be thinking or caring about your golden years, but look what happens to your rent over the decades ahead with just modest inflation! Then remember that paying $1,000 rent per month now is the equivalent of buying a home for $200,000. Well, in 40 years, with 4 percent inflation per year, your $1,000-per-month rent will balloon to $4,800 per month. That’s like buying a house for $960,000!\r\n\r\nThe example reflects $1,000 for rent to show you what happens to that rent with a modest 4 percent annual rate of inflation. To see what may happen to your current rent at that rate of inflation (as well as at a slightly higher one), simply complete the table below.\r\n<table><caption>Figuring Future Rent</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"200\">Your Current Monthly Rent</td>\r\n<td width=\"200\">Multiplication Factor to Determine Rent in Future Years at 4 Percent Annual Inflation Rate</td>\r\n<td width=\"200\">Projected Future Rent</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 1.48</td>\r\n<td width=\"200\">= $___________ in 10 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 2.19</td>\r\n<td width=\"200\">= $___________ in 20 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 3.24</td>\r\n<td width=\"200\">= $___________ in 30 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 4.80</td>\r\n<td width=\"200\">= $___________ in 40 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 7.11</td>\r\n<td width=\"200\">= $___________ in 50 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 10.52</td>\r\n<td width=\"200\">= $___________ in 60 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">Your Current Monthly Rent</td>\r\n<td width=\"200\">Multiplication Factor to Determine Rent in Future Years at 6 Percent Annual Inflation Rate</td>\r\n<td width=\"200\">Projected Future Rent</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 1.79</td>\r\n<td width=\"200\">= $___________ in 10 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 3.21</td>\r\n<td width=\"200\">= $___________ in 20 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 5.74</td>\r\n<td width=\"200\">= $___________ in 30 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 10.29</td>\r\n<td width=\"200\">= $___________ in 40 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 18.42</td>\r\n<td width=\"200\">= $___________ in 50 years</td>\r\n</tr>\r\n<tr>\r\n<td width=\"200\">$__________</td>\r\n<td width=\"200\">× 32.99</td>\r\n<td width=\"200\">= $___________ in 60 years</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n<p class=\"article-tips remember\">If you’re middle-aged or retired, you may not plan on having 40 to 60 years ahead of you. On the other hand, don’t underestimate how many more years of housing you’ll need. U.S. health statistics indicate that at age 50, you have a life expectancy of 30+ more years, and at age 65, 20+ more years (women on average tend to live a few years longer).</p>\r\nAlthough the cost of purchasing a home generally increases over the years, after you purchase a home, the bulk of your housing costs aren’t exposed to <a href=\"//coursofppt.com/education/economics/the-effects-of-inflation/\" target=\"_blank\" rel=\"noopener\">inflation</a> if you use a fixed-rate mortgage to finance the purchase.\r\n\r\nA <em>fixed-rate mortgage</em> locks your mortgage payment in at a fixed amount (as opposed to an adjustable-rate mortgage payment that fluctuates in value with changes in interest rates). Therefore, only the comparatively smaller property taxes, insurance, and maintenance expenses will increase over time with inflation.\r\n<p class=\"article-tips remember\">You’re always going to need a place to live. And over the long term, inflation has almost always been around. Even if you must stretch a little to buy a home today, in the decades ahead, you’ll be glad you did. The financial danger with renting long term is that all your housing costs (rent) increase over time. You shouldn’t buy just because of inflation, but if you’re not going to buy, you should be careful to plan your finances accordingly.</p>\r\n\r\n<h3>You can make your house your own</h3>\r\nThink back to all the places you ever rented, including the rental in which you may currently be living. For each unit, make a list of the things you really didn’t like that you would have changed if the property were yours: ugly carpeting, yucky exterior paint job, outdated appliances that didn’t work well, and so on.\r\n\r\nAlthough some tenants actually do some work on their own apartments, it’s not typically endorsed because it takes your money and time but financially benefits the building’s owner. If, through persistence and nagging, you can get your landlord to make the improvements and repairs at her expense, great! Otherwise, you’re out of luck or cash!\r\n\r\nWhen you own your own place, however, you can do whatever you want to it. Want hardwood floors instead of ugly, green shag carpeting? Tear it out. Love neon-orange carpeting and pink exterior paint? You can add it!\r\n\r\nIn your zest and enthusiasm to buy a home and make it your own, be careful of two things:\r\n<ul>\r\n \t<li><strong>Don’t make the place too weird.</strong> You’ll probably want or need to sell your home someday, and the more outrageous you make it, the fewer buyers it will appeal to — and the lower the price it will likely fetch. If you don’t mind throwing money away or are convinced that you can find a buyer with similarly (ahem) sophisticated tastes, be as unusual as you want. If you do make improvements, focus on those that add value: a deck addition for an outdoor living area, updated kitchens and bathrooms, and so on.</li>\r\n \t<li><strong>Beware of running yourself into financial ruin.</strong> Changing, improving, remodeling, or whatever you want to call it costs money. Many home buyers who neglect other important financial goals (such as saving for retirement and their kids’ college costs) in order to endlessly renovate their homes. Others rack up significant debts that hang like financial weights over their heads. In the worst cases, homes become money pits that cause owners to build up high-interest consumer debt as a prelude to bankruptcy or foreclosure.</li>\r\n</ul>\r\n<h3>You avoid unpleasant landlords</h3>\r\nA final (and not inconsequential) benefit of owning your own home is that you don’t have to subject yourself to <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/what-if-a-landlord-fails-to-maintain-habitable-and-nuisance-free-properties/\" target=\"_blank\" rel=\"noopener\">the whims of an evil landlord</a>. Much is made among real estate investors of the challenges of finding good tenants. As a tenant, perhaps you’ve already discovered that finding a good landlord isn’t easy, either.\r\n<p class=\"article-tips remember\">The fundamental problem with some landlords is that they’re slow to fix problems and make improvements. The best (and smartest) landlords realize that keeping the building shipshape helps attract and keep good tenants and maximizes rents and profits. But to some landlords, maximizing profits means being stingy with repairs and improvements.</p>\r\nWhen you own your home, the good news is that you’re generally in control — you can get your stopped-up toilet fixed or your ugly walls painted whenever and however you like. No more hassling with unresponsive, obnoxious landlords.\r\n\r\nThe bad news is that you’re responsible for paying for and ensuring completion of the work. Even if you hire someone else to do it, you still must find competent contractors and oversee their work, neither of which is an easy responsibility.\r\n\r\nAnother risk of renting is that landlords may decide to sell the building and put you out on the street. You should ask your prospective landlords whether they have plans to sell. Some landlords won’t give you a truthful answer, but the question is worth asking if this issue is a concern to you.\r\n<p class=\"article-tips tip\">One way to avoid being jilted by a wayward landlord is to request that the lease contract guarantee you the right to renew your annual lease for a certain number of years, even with a change in building ownership. Unless landlords are planning on selling, and perhaps want to be able to boot you out, they should be delighted with a request that shows you’re interested in staying a while. Also, by knowing if and when a landlord desires to sell, you may be able to be the buyer!</p>\r\n\r\n<h2 id=\"tab2\" >Advantages of renting your home</h2>\r\nBuying and owning a home throughout most of your adult life makes good financial and personal sense for most people — but not all people and not at all times. Renting works better for some people. The benefits of renting are many:\r\n<ul>\r\n \t<li><strong>Simplicity:</strong> Yes, searching for a rental unit that meets your needs can take more than a few days (especially if you’re in a tight rental market), but it should be a heck of a lot easier than finding a place to buy. When you buy, you must line up financing, conduct inspections, and deal with myriad other issues that renters never have to face. When you do it right, finding and buying a good home can be a time-consuming pain in the posterior.</li>\r\n \t<li><strong>Convenience:</strong> After you find and move into your rental, your landlord is responsible for the never-ending task of property maintenance and upkeep. Buildings and appliances age, and bad stuff happens: Fuses blow, plumbing backs up, heaters break in the middle of winter, roofs spring leaks during record-breaking rainfalls, trees come crashing down during windstorms. The list goes on and on and on. As a renter, you can kick back in the old recliner with your feet up, a glass of wine in one hand and the remote control in the other, and say, “Ahhhhh, the joys of <em>not</em> being part of the landed gentry!”</li>\r\n \t<li><strong>Flexibility:</strong> If you’re the footloose and fancy-free type, you dislike feeling tied down. With a rental, as long as your lease allows (and most leases don’t run longer than a year), you can move on. As a homeowner, if you want to move, you must deal with the significant chores of selling your home or finding a tenant to rent it.</li>\r\n \t<li><strong>Increased liquidity:</strong> Unless you’re the beneficiary of a large inheritance or work at a high-paying job, you’ll probably be financially stretched when you buy your first home. Coming up with the down payment and closing costs usually cleans out most people’s financial reserves. In addition, when you buy a home, you must meet your monthly mortgage payments, property taxes, insurance, and maintenance and repair expenses. As a renter, you can keep your extra cash to yourself, and budgeting is also easier without the upkeep-expense surprises that homeowners enjoy, such as the sudden urge to replace a leaking roof or old furnace.\r\n<p class=\"article-tips tip\">You don’t need to buy a home to cut your taxes. Should you have access to a retirement account such as a 401(k), 403(b), or SEP-IRA plan, you can slash your taxes while you save and invest your extra cash as a renter. So saving on taxes shouldn’t be the sole motivation for you to buy a home.</p>\r\n</li>\r\n \t<li><strong>Better diversification:</strong> Many homeowners who are financially stretched have the bulk of their wealth tied up in their homes. As a renter, you can invest your money in a variety of sound investments, such as stocks, bonds, and perhaps your own small business. You can even invest a small amount of money in real estate through stocks or mutual funds if you want. Over the long term, the stock market has produced comparable rates of return to investing in the real estate market.</li>\r\n \t<li><strong>Maybe lower cost:</strong> If you live in an area where home prices have rocketed ahead much faster than rental rates, real estate may be overpriced and not a good buy.</li>\r\n</ul>\r\n<p class=\"article-tips remember\">Renting should also be cheaper than buying if you expect to move soon. Buying and selling property costs big bucks. With real estate agent commissions, loan fees, title insurance, inspections, and all sorts of other costs, your property must appreciate approximately 15 percent just for you to break even and recoup these costs. Therefore, buying property that you don’t expect to hold onto for at least three (and preferably five or more) years doesn’t make much economic sense. Although you may sometimes experience appreciation in excess of 15 percent over a year or two, most of the time, you won’t. If you’re counting on such high appreciation, you’re setting yourself up for disappointment.</p>\r\n\r\n<h2 id=\"tab3\" >The pitfalls of the rent-versus-buy decision</h2>\r\nWhen you’re considering purchasing a home, you can do lots of reflecting, crunch plenty of numbers, and conduct copious research to help you with your decision. In reality, many people are tempted to jump into making a decision about buying or continuing to rent without setting all their ducks in a row. At a minimum, this information should help keep you from making common costly mistakes.\r\n<h3>Renting because it seems cheaper</h3>\r\nWhen you go out to look at homes on the market <em>today,</em> the sticker prices are typically in the hundreds of thousands of dollars. Your monthly rent seems dirt-cheap by comparison.\r\n<p class=\"article-tips remember\">You must compare the monthly cost of homeownership with the monthly cost of renting. And you must factor in the tax savings you’ll realize from homeownership tax deductions. But you must also think about the future. Just as your educational training affects your career prospects and income-earning ability for years to come, your rent-versus-buy decision affects your housing costs — not just this year, but also for years and decades to come.</p>\r\n\r\n<h3>Fretting too much over job security</h3>\r\nBeing insecure about your job is natural. Most people are — even corporate executives, superstar athletes, and movie stars. And buying a home seems like such a permanent thing to do. Job-loss fears can easily make you feel a financial noose tightening around your neck when you sit down to sign a contract to purchase a home.\r\n\r\nAlthough a few people have real reasons to worry about losing their jobs, the reality is that the vast majority of people shouldn’t worry about job loss. This doesn’t mean that you <em>can’t</em> lose your job — almost anyone can, in reality. Just remember that within a reasonable time, your skills and abilities will allow you to land back on your feet in a new, comparable position. We’re not career experts, but we’ve witnessed many folks bounce back in just this way.\r\n<p class=\"article-tips tip\">When losing your job is a high likelihood, and especially if you’d have to relocate for a new job, consider postponing the purchase of a home until your employment situation stabilizes. (If you haven’t demonstrated a recent history of stable employment, most mortgage lenders won’t want to lend you money anyway.) When you must move to find an acceptable or desirable job, selling your home and then buying another one can cost you thousands, if not tens of thousands, of dollars in transaction fees.</p>\r\n\r\n<h3>Buying when you expect to move soon</h3>\r\nPeople move for many reasons other than job loss. You may want to move soon to advance your career, to be nearer to (or farther from!) relatives, to try living somewhere new, or just to get away from someplace old.\r\n\r\nUnless you’re planning to hold onto your home and convert it to a rental when you move, buying a home rarely makes sound financial sense when you expect to move within three years. Ideally, stay put for at least five years.\r\n<h3>Succumbing to pushy salespeople</h3>\r\nWhen you buy a house, you’re the one who’ll be coming home to it day after day — and you’re the one on the hook for all the expenses. Don’t ever forget these facts when you plunge into the thick of possibly purchasing a home. If you have lingering doubts about buying a home, apply the brakes.\r\n<p class=\"article-tips warning\">Many people involved in home-buying transactions have a vested interest in getting you to buy. They may push you to buy sooner (and buy more) than you intend to or can afford, given your other financial goals and obligations. The reasons: Many people who make their living in the real estate trade get paid only if and when you buy, and the size of their earnings depends upon how much you spend.</p>\r\n\r\n<h3>Ignoring logistics</h3>\r\nSometimes, when looking at homes, you can lose your perspective on big-picture issues. After months of searching, Frederick finally found a home that met his needs for both space and cost. He bought the home and moved in on a Saturday. Come Monday morning, Frederick hopped in his car and spent the next hour commuting.\r\n\r\nAt the end of his workday, it was the same thing coming home. He was tired and grumpy when he arrived home Monday evening, and after making dinner for himself, he soon had to hit the hay to rise early enough to do it all over again on Tuesday.\r\n\r\nInitially, Frederick hoped that the trying traffic was an aberration that would go away — but no such luck. In fact, on many days, his commute was worse than an hour each way. Frederick grew to hate his commute, his job, and his new home.\r\n<p class=\"article-tips remember\">When you buy a home, you’re also buying the commute, the neighborhood, its amenities, and all the other stuff that comes along for the literal and figurative ride. Understand these issues before you buy. In the end, after 18 months of commuter purgatory, Frederick sold his home and went back to renting much closer to his job.</p>\r\nForgetting to consider what the commute from a home to his job would entail was an expensive lesson for Frederick. Don’t make the same mistake Frederick made; take your time and consider all the important factors about the home you’re thinking about purchasing.\r\n<h3>Overbuying</h3>\r\nMany first-time home buyers discover that their desires outstrip their budgets. Nelson and his wife, Laura, had good jobs and together made in excess of $150,000 per year. They got used to buying what they desired — they ate at fancy restaurants, took luxury vacations, and otherwise indulged themselves.\r\n\r\nWhen it came time to purchase a home, they spent the maximum amount and borrowed the maximum amount that the mortgage person told them they could. After the home purchase, Laura got pregnant and eventually left her job to spend more time at home.\r\n\r\nWith the high homeownership expenses, kid costs, and reduced household income, Nelson and Laura soon found themselves struggling to pay their monthly bills and started accumulating significant credit-card debts. Ultimately, they ended up filing bankruptcy.\r\n<p class=\"article-tips remember\">Either you own the home, or it owns you. Get your finances in order and understand how much you can truly afford to spend on a home before you buy.</p>\r\n\r\n<h3>Underbuying</h3>\r\nRemember in the story <em>Goldilocks and the Three Bears</em> how Goldilocks had difficulty finding porridge to her liking? In one case, it was too cold, and in another, too hot. Well, just as you can overbuy when selecting a home, you can underbuy. That’s what Nathan and Rebecca did when they bought their first home. They believed in living within their means — a good thing — but they took it to an extreme.\r\n\r\nNathan and Rebecca bought a home whose cost was far below the maximum amount they could have afforded. They borrowed $70,000 when they could have afforded to borrow three times that amount. They knew when they bought the home that they’d want to move to a bigger house within just a few years. Although this made the real estate agents and lenders happy, all the costs of buying and then selling soon after gobbled a huge chunk of Nathan and Rebecca’s original down payment.\r\n<h3>Buying because it’s a grown-up thing to do</h3>\r\nPeer pressure can be subtle or explicit. Some people even impose pressure on themselves. Buying a home is a major milestone and a tangible display of financial maturity and success. If your friends, siblings, and co-workers all seem to be homeowners, you may sometimes feel as though you’re being a tad juvenile by not jumping on the same train.\r\n\r\nEveryone has different needs, but not everyone should own a home, and certainly not at every point in his adult life. Besides, although they may never admit it, some homeowning friends and colleagues are jealous of you and other financially footloose and fancy-free renters.\r\n\r\nA study even supports the notion that the life of a typical renter is, in some respects, better than that of the average homeowner. Peter Rossi and Eleanor Weber of the University of Massachusetts Social and Demographic Research Institute conducted a survey of thousands of people. Here are some of their findings:\r\n<ul>\r\n \t<li>Homeowners are less social, on average, than renters — spending less time with friends, neighbors, and co-workers.</li>\r\n \t<li>Homeowners spend more time on household chores.</li>\r\n \t<li>Perhaps for the preceding reasons, renters have more sex and less marital discord and cope better with parenting than homeowners do!</li>\r\n</ul>\r\n<h3>Buying because you’re afraid that escalating prices will lock you out</h3>\r\nFrom time to time, particular local real estate markets experience rapidly escalating prices. During such times, some prospective buyers panic, often with encouragement from those with a vested interest in converting prospective renters to buyers. Escalating housing prices make some renters feel left out of the party. Booming housing prices get all sorts of publicity, including from gloating homeowners clucking over their equity.\r\n<p class=\"article-tips remember\">Never in the history of the real estate business have prices risen so high as to price vast numbers of people out of the market. In fact, patient buyers who can wait out a market that has increased sharply in value are often rewarded with steadying and, in some cases, declining prices (witness what happened in the late 2000s).</p>\r\nAlthough you won’t be locked out of the market forever, you should keep in mind that if you postpone buying for many years, you’ll likely be able to buy less home for your money thanks to home prices increasing faster than the rate of inflation.\r\n<h3>Misunderstanding what you can afford</h3>\r\nWhen you make a major decision, be it personal or financial, it’s perfectly natural and human to feel uncomfortable if you’re flying by the seat of your pants and don’t have enough background. With a home purchase, if you haven’t examined your overall financial situation and goals, you’re just guessing how much you should be spending on a home.\r\n\r\nAgain, the vested-interest folks won’t generally bring this issue to your attention — partly because of their agendas and motivations, but also because it’s not what they’re trained and expert at doing. Look in the mirror to see the person who can help you with these important issues.","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Advantages of home ownership","target":"#tab1"},{"label":"Advantages of renting your home","target":"#tab2"},{"label":"The pitfalls of the rent-versus-buy decision","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":270012,"title":"Basic Principles for Selecting a Home To Buy","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}},{"articleId":269958,"title":"Determining the Fair Market Value of a Home","slug":"determining-fair-market-value-of-a-home-comparable-market-analysis","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269958"}},{"articleId":269938,"title":"10 Things to Consider When Selling Your House","slug":"10-things-to-consider-when-selling-your-house","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269938"}},{"articleId":269932,"title":"Steps for Buying a House: Negotiating House Prices","slug":"steps-for-buying-a-house-negotiating-house-prices","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269932"}},{"articleId":208396,"title":"Home Buying Kit For Dummies Cheat Sheet","slug":"home-buying-kit-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208396"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How To Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282277,"slug":"home-buying-kit-for-dummies-7th-edition","isbn":"9781119674795","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119674794-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/home-buying-kit-for-dummies-7th-edition-cover-9781119674795-203x255.jpg","width":203,"height":255},"title":"Home Buying Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"8975\">Eric Tyson</b>, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b><b data-author-id=\"8976\">Ray Brown</b>,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>.</p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[{"title":"Rent, Rehab, and More","slug":"rent-rehab-and-more","collectionId":291883}],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64ac4760b9021\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64ac4760b98e4\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-07-21T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":269961},{"headers":{"creationTime":"2021-04-10T16:02:56+00:00","modifiedTime":"2024-07-07T14:53:25+00:00","timestamp":"2024-07-07T15:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Determining the Fair Market Value of a Home","strippedTitle":"determining the fair market value of a home","slug":"determining-fair-market-value-of-a-home-comparable-market-analysis","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Are you looking ot buy a home? Use this guide to help you perform a comparative market analysis and determine the fair market value of a property.","noIndex":0,"noFollow":0},"content":"When you’re looking for the right house, it’s good to know the fair market value. This article helps you determine the fair market value of the properties you’re interested in.\r\n\r\nBelieve it or not, houses are like Red Delicious apples. Most houses are green and need more time on the real estate tree before they’re ready to pick. A few are ripe for picking right now. The trick is knowing which is which, because houses don’t turn red as they ripen.\r\n\r\nThat’s one reason you must understand fair market value and know the asking prices and sale prices of houses comparable to the one you want to buy. Smart home buyers know which houses are green and which are ripe.\r\n<h2 id=\"tab1\" >The basics of a helpful CMA</h2>\r\nThe best way to accurately determine a home’s fair market value is to prepare a written <em>comparable market analysis</em> (CMA). A competent real estate agent can and should prepare a CMA for a home that you’re interested in before you make <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/steps-for-buying-a-house-negotiating-house-prices/\">your purchase offer</a>.\r\n\r\nEvery residential real estate office has its own CMA format. No matter how the information is presented to you, the tables below show you what good CMAs contain.\r\n<table><caption>Sample CMA — “Recent Sales” Section</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"76\">Address</td>\r\n<td width=\"79\">Date Sold</td>\r\n<td width=\"81\">Sale Price</td>\r\n<td width=\"93\">Bedrm/Bath</td>\r\n<td width=\"73\">Parking</td>\r\n<td width=\"72\">Condition</td>\r\n<td width=\"127\">Remarks</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">210 Oak</td>\r\n<td width=\"79\">04/30/20</td>\r\n<td width=\"81\">$390,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Very good</td>\r\n<td width=\"127\">Best comp. Approx. same size and cond. as dream home (DH), slightly smaller lot. 1,867 sq. ft. $209/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">335 Elm</td>\r\n<td width=\"79\">02/14/20</td>\r\n<td width=\"81\">$368,500</td>\r\n<td width=\"93\">3/2</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Fair</td>\r\n<td width=\"127\">Busy street. Older baths. 1,805 sq. ft. $204/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">307 Ash</td>\r\n<td width=\"79\">03/15/20</td>\r\n<td width=\"81\">$385,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Good</td>\r\n<td width=\"127\">Slightly larger than DH, but nearly same size and condition. Good comp. 1,850 sq. ft. $208/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">555 Ash</td>\r\n<td width=\"79\">01/12/20</td>\r\n<td width=\"81\">$382,500</td>\r\n<td width=\"93\">3/2.5</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Excellent</td>\r\n<td width=\"127\">Smaller than DH, but knockout renovation. 1,740 sq. ft. $220/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">75 Birch</td>\r\n<td width=\"79\">04/20/20</td>\r\n<td width=\"81\">$393,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">3 car</td>\r\n<td width=\"72\">Very good</td>\r\n<td width=\"127\">Larger than DH, but location isn’t as good. Superb landscaping. 1,910 sq. ft. $206/S.F.</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n<table><caption>Sample CMA — “Currently for Sale” Section</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"74\">Address</td>\r\n<td width=\"84\">Date Listed</td>\r\n<td width=\"88\">Asking Price</td>\r\n<td width=\"102\">Bedrm/Bath</td>\r\n<td width=\"78\">Parking</td>\r\n<td width=\"77\">Condition</td>\r\n<td width=\"97\">Remarks</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">220 Oak (Dream Home)</td>\r\n<td width=\"84\">04/25/20</td>\r\n<td width=\"88\">$395,000</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Quieter location than 123 Oak, good detailing, older kitchen. 1,880 sq. ft. $210/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">123 Oak</td>\r\n<td width=\"84\">05/01/20</td>\r\n<td width=\"88\">$399,500</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Excellent</td>\r\n<td width=\"97\">High‐end rehab. & priced accordingly. Done, done, done. 1,855 sq. ft. $215/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">360 Oak</td>\r\n<td width=\"84\">02/10/20</td>\r\n<td width=\"88\">$375,000</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Kitchen & baths need work, no fireplace. 1,695 sq. ft. $221/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">140 Elm</td>\r\n<td width=\"84\">04/01/20</td>\r\n<td width=\"88\">$379,500</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Good</td>\r\n<td width=\"97\">Busy street, small rooms, small yard. 1,725 sq. ft. $220/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">505 Elm</td>\r\n<td width=\"84\">10/31/19</td>\r\n<td width=\"88\">$425,000</td>\r\n<td width=\"102\">2/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Delusions of grandeur. Grossly overpriced! 1,580 sq. ft. $269/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">104 Ash</td>\r\n<td width=\"84\">04/17/20</td>\r\n<td width=\"88\">$389,500</td>\r\n<td width=\"102\">3/2.5</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Great comp! Good floor plan, large rooms. Surprised it hasn’t sold. 1,860 sq. ft. $209/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">222 Ash</td>\r\n<td width=\"84\">02/01/20</td>\r\n<td width=\"88\">$419,500</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Must have used 505 Elm as comp. Will never sell at this price. 1,610 sq. ft. $261/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">47 Birch</td>\r\n<td width=\"84\">03/15/20</td>\r\n<td width=\"88\">$409,000</td>\r\n<td width=\"102\">4/3.5</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Good</td>\r\n<td width=\"97\">Nice house, but over‐improved for neighborhood. 2,005 sq. ft. $204/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">111 Birch</td>\r\n<td width=\"84\">04/25/20</td>\r\n<td width=\"88\">$389,500</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Gorgeous kitchen, no fireplace. 1,870 sq. ft. $208/S.F.</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\nThese are facts. The CMA’s “Recent Sales” section helps establish the fair market value of 220 Oak — your <em>dream home</em> that’s currently on the market — by comparing it with <em>all</em> the other houses that:\r\n<ul>\r\n \t<li>Are located in the same neighborhood</li>\r\n \t<li>Are approximately the same age, size, and condition</li>\r\n \t<li>Have sold in the past six months</li>\r\n</ul>\r\nThese houses are called <em>comps,</em> which is short for <em>comparables.</em> Depending on when you began your house hunt, you probably haven’t actually toured all the sold comps. No problem. A <a href=\"//coursofppt.com/personal-finance/real-estate/home-selling/finding-an-enthusiastic-real-estate-agent/\">good real estate agent</a> can show you listing statements for the houses you haven’t seen, take you on a verbal tour of the properties, and explain how each one compares with your dream home.\r\n<p class=\"article-tips tip\">Communicating well with your agent about subjective terms such as large, lots of light, close to school, and so on is critically important. You must understand precisely what the agent means when using such terms. Conversely, your agent must understand precisely what you want, need, and can afford.</p>\r\nIf you and your agent were to analyze the sale comps in our example, you would find that houses comparable to the home you want to buy — 220 Oak, in the “Currently for Sale” section — are selling for slightly over $200 per square foot. Putting the sale prices into a price-per-square-foot basis makes comparisons much easier. As you can see in the “Currently for Sale” section, anything that’s way above or below the norm really leaps out at you.\r\n\r\nThe “Currently for Sale” section of the CMA compares your dream home (in this case, 220 Oak) with neighborhood comps that are <em>currently on the market.</em> These comps are included in the analysis to check price trends:\r\n<ul>\r\n \t<li><strong>If prices are falling:</strong> Asking prices of houses on the market today will be lower than sale prices of comparable houses. This may be due to an increase of distressed property sales.</li>\r\n \t<li><strong>If prices are rising:</strong> You’ll see higher asking prices today than for comps sold three to six months ago.</li>\r\n</ul>\r\nIf you’ve been looking at houses in a specific area for a while, you’ve probably been in all the comps currently on the market in that area. You don’t need anyone to tell you what you’ve seen with your own eyes. However, you do need an agent’s help to compare the comps you’ve seen with comps you haven’t seen, because some houses sold before you began your house hunt.\r\n\r\nAs the “Currently for Sale” section shows, your dream house appears to be priced very close to its fair market value based on the actual sale price of 210 Oak (in “Recent Sales” section). Given that 220 Oak has 1,880 square feet, it’s worth $392,920 at $209 per square foot. Factually establishing property value is easy when you know how.\r\n<p class=\"article-tips tip\">Your CMA must be comprehensive. It should include all comp sales in the past six months and all comps currently on the market. Getting an accurate picture of fair market values is more difficult if some parts of the puzzle are missing, especially in a neighborhood where homes don’t sell frequently.</p>\r\nLike milk in your refrigerator, comps have expiration dates. Lenders usually won’t accept houses that sold more than six months ago as comps. Their sale prices don’t reflect current consumer confidence, business conditions, or mortgage rates. As a general rule, the older the comp, the less likely it is to represent today’s fair market value.\r\n\r\nSix months is generally accepted as long enough to have a good cross section of comp sales but short enough to have fairly consistent market conditions. But six months isn’t carved in stone. If a major economic calamity occurred three months ago, for example, then six months is too long for a valid comparison. Conversely, if homes in a certain area rarely sell, you may need to examine comparable sales that occurred more than six months ago.\r\n<p class=\"article-tips remember\">Sale prices are always given far more weight than asking prices when determining fair market value. Sellers can ask whatever they want for their houses; asking prices are sometimes fantasy. Sale prices are always facts — they indicate fair market value. The best proof of what a house is worth is its sale price. Don’t guess — analyze the sale of comparable homes.</p>\r\nBe sure that the comparable sales information factors in price reductions or large credits given for corrective work repairs (for example, a $5,000 credit from the sellers to the buyers to replace a broken furnace).\r\n<h2 id=\"tab2\" >The flaws of CMAs</h2>\r\nCMAs beat the heck out of median-price statistics for establishing fair market values, but even CMAs aren’t perfect. People can use exactly the same comps and arrive at very different opinions of fair market value. Discrepancies creep into the CMA process if you blindly compare comps without knowing all the following details of the subject properties:\r\n<ul>\r\n \t<li><strong>Wear and tear:</strong> No two homes are the same after they’ve been lived in. Suppose that two identical tract homes are located next door to each other. One, owned by an older couple with no children or pets, is in pristine condition. The other, owned by a family with several small kids and several large dogs, resembles a federal disaster area. Your guess is as good as ours when figuring out how much it’ll cost to repair the wear-and-tear damage in the second house. A good comparable analysis adjusts for this difference between the two homes.</li>\r\n \t<li><strong>Site differences within a neighborhood:</strong> Even though all the comps are in the same neighborhood, they aren’t located on precisely the same plot of ground. How much is being located next to the beautiful park worth? How much will you pay to be seven minutes closer to the commuter-train stop? These value adjustments are a smidge less precise than brain surgery.</li>\r\n \t<li><strong>Out-of-neighborhood comps:</strong> Suppose that in the past six months, no homes were sold in the neighborhood where you want to live. Going into another neighborhood to find comps means that you and your agent must make value adjustments between two different neighborhoods’ amenities (schools, shopping, transportation, and so on). Comparing different neighborhoods is far more difficult than making value adjustments within the same neighborhood.</li>\r\n \t<li><strong>Distressed property sales:</strong> Foreclosures are easy to spot; short sales aren’t. A house, for example, may come on the market as a normal owner-occupied property sale. However, sometime while it was being marketed or after an offer had been accepted but before the sale was completed, the house became a short sale because the owners didn’t keep up their loan payments. A good agent continually checks the Multiple Listing Service to determine if any properties you’re using as comps became short sales or bank-owned properties. If so, they may not be good comps because they sold under duress.</li>\r\n \t<li><strong>Noncomp home sales:</strong> What if five houses sold in the neighborhood in the past six months, but none of them were even remotely comparable in age, size, style, or condition to the house you want to buy? You and your agent must estimate value differences for three- versus four-bedroom homes, old versus new kitchens, small versus large yards, garage versus carport, and so on. If the home you want has a panoramic view and none of the other houses has any view at all, how much does the view increase the home’s value? Guesstimates like these don’t put astronauts on the moon.</li>\r\n</ul>\r\nThese variables aren’t insurmountable obstacles to establishing your dream home’s fair market value. They do, however, greatly increase the margin of error when trying to determine a realistic offering price. You can minimize pricing problems created by these variables if you and/or your agent actually tour comparable homes inside and out.\r\n\r\nA valid comparison of your dream home to the other houses is impossible if you and your agent have only read about the comps in listing statements (brief data sheets about houses offered for sale) or seen the properties on a website. Here’s why:\r\n<ul>\r\n \t<li><strong>Most listing statements are overblown to greater or lesser degrees.</strong> You don’t know how exaggerated the statement is if you haven’t seen the house for yourself. You may consider the “large” master bedroom tiny. That “gourmet” kitchen’s only distinction may be an especially fancy hot plate. The “sweeping” view from the living room may exist only if you’re as tall as LeBron James. Of course, you won’t know any of these things if you only read the houses’ puff sheets instead of visiting them in person.</li>\r\n \t<li><strong>Floor plans greatly affect a home’s value.</strong> Two houses, for example, may be approximately the same size, age, and condition, yet vary wildly in value. One house’s floor plan flows beautifully from room to room; the rooms themselves are well proportioned with high ceilings. The other house doesn’t work well because its floor plan is choppy and the ceilings are low. You can’t tell which is which just by reading the two listing statements.</li>\r\n \t<li><strong>Whoever controls the camera controls what you see.</strong> Remember when viewing those stunning color photos or the video footage of a house advertised on a website that you’re permitted to see only what the person who took the pictures wants you to see. You certainly won’t get a peek at less desirable things, such as worn areas on the living room carpet or graffiti sprayed on the garage door of the house next door.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Eyeball. Eyeball. Eyeball. Eyeballing — personally touring houses and noting important details both inside and out with your own eyes — is the best way to decide which houses are true comps for your dream home.</p>\r\n<p class=\"article-tips tip\">Discover some <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/7-top-home-buying-mistakes-people-often-make/\">common mistakes made by home buyers</a>.</p>","description":"When you’re looking for the right house, it’s good to know the fair market value. This article helps you determine the fair market value of the properties you’re interested in.\r\n\r\nBelieve it or not, houses are like Red Delicious apples. Most houses are green and need more time on the real estate tree before they’re ready to pick. A few are ripe for picking right now. The trick is knowing which is which, because houses don’t turn red as they ripen.\r\n\r\nThat’s one reason you must understand fair market value and know the asking prices and sale prices of houses comparable to the one you want to buy. Smart home buyers know which houses are green and which are ripe.\r\n<h2 id=\"tab1\" >The basics of a helpful CMA</h2>\r\nThe best way to accurately determine a home’s fair market value is to prepare a written <em>comparable market analysis</em> (CMA). A competent real estate agent can and should prepare a CMA for a home that you’re interested in before you make <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/steps-for-buying-a-house-negotiating-house-prices/\">your purchase offer</a>.\r\n\r\nEvery residential real estate office has its own CMA format. No matter how the information is presented to you, the tables below show you what good CMAs contain.\r\n<table><caption>Sample CMA — “Recent Sales” Section</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"76\">Address</td>\r\n<td width=\"79\">Date Sold</td>\r\n<td width=\"81\">Sale Price</td>\r\n<td width=\"93\">Bedrm/Bath</td>\r\n<td width=\"73\">Parking</td>\r\n<td width=\"72\">Condition</td>\r\n<td width=\"127\">Remarks</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">210 Oak</td>\r\n<td width=\"79\">04/30/20</td>\r\n<td width=\"81\">$390,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Very good</td>\r\n<td width=\"127\">Best comp. Approx. same size and cond. as dream home (DH), slightly smaller lot. 1,867 sq. ft. $209/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">335 Elm</td>\r\n<td width=\"79\">02/14/20</td>\r\n<td width=\"81\">$368,500</td>\r\n<td width=\"93\">3/2</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Fair</td>\r\n<td width=\"127\">Busy street. Older baths. 1,805 sq. ft. $204/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">307 Ash</td>\r\n<td width=\"79\">03/15/20</td>\r\n<td width=\"81\">$385,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Good</td>\r\n<td width=\"127\">Slightly larger than DH, but nearly same size and condition. Good comp. 1,850 sq. ft. $208/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">555 Ash</td>\r\n<td width=\"79\">01/12/20</td>\r\n<td width=\"81\">$382,500</td>\r\n<td width=\"93\">3/2.5</td>\r\n<td width=\"73\">2 car</td>\r\n<td width=\"72\">Excellent</td>\r\n<td width=\"127\">Smaller than DH, but knockout renovation. 1,740 sq. ft. $220/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"76\">75 Birch</td>\r\n<td width=\"79\">04/20/20</td>\r\n<td width=\"81\">$393,000</td>\r\n<td width=\"93\">3/3</td>\r\n<td width=\"73\">3 car</td>\r\n<td width=\"72\">Very good</td>\r\n<td width=\"127\">Larger than DH, but location isn’t as good. Superb landscaping. 1,910 sq. ft. $206/S.F.</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\n<table><caption>Sample CMA — “Currently for Sale” Section</caption>\r\n<tbody>\r\n<tr>\r\n<td width=\"74\">Address</td>\r\n<td width=\"84\">Date Listed</td>\r\n<td width=\"88\">Asking Price</td>\r\n<td width=\"102\">Bedrm/Bath</td>\r\n<td width=\"78\">Parking</td>\r\n<td width=\"77\">Condition</td>\r\n<td width=\"97\">Remarks</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">220 Oak (Dream Home)</td>\r\n<td width=\"84\">04/25/20</td>\r\n<td width=\"88\">$395,000</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Quieter location than 123 Oak, good detailing, older kitchen. 1,880 sq. ft. $210/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">123 Oak</td>\r\n<td width=\"84\">05/01/20</td>\r\n<td width=\"88\">$399,500</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Excellent</td>\r\n<td width=\"97\">High‐end rehab. & priced accordingly. Done, done, done. 1,855 sq. ft. $215/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">360 Oak</td>\r\n<td width=\"84\">02/10/20</td>\r\n<td width=\"88\">$375,000</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Kitchen & baths need work, no fireplace. 1,695 sq. ft. $221/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">140 Elm</td>\r\n<td width=\"84\">04/01/20</td>\r\n<td width=\"88\">$379,500</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Good</td>\r\n<td width=\"97\">Busy street, small rooms, small yard. 1,725 sq. ft. $220/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">505 Elm</td>\r\n<td width=\"84\">10/31/19</td>\r\n<td width=\"88\">$425,000</td>\r\n<td width=\"102\">2/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Delusions of grandeur. Grossly overpriced! 1,580 sq. ft. $269/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">104 Ash</td>\r\n<td width=\"84\">04/17/20</td>\r\n<td width=\"88\">$389,500</td>\r\n<td width=\"102\">3/2.5</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Great comp! Good floor plan, large rooms. Surprised it hasn’t sold. 1,860 sq. ft. $209/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">222 Ash</td>\r\n<td width=\"84\">02/01/20</td>\r\n<td width=\"88\">$419,500</td>\r\n<td width=\"102\">3/2</td>\r\n<td width=\"78\">1 car</td>\r\n<td width=\"77\">Fair</td>\r\n<td width=\"97\">Must have used 505 Elm as comp. Will never sell at this price. 1,610 sq. ft. $261/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">47 Birch</td>\r\n<td width=\"84\">03/15/20</td>\r\n<td width=\"88\">$409,000</td>\r\n<td width=\"102\">4/3.5</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Good</td>\r\n<td width=\"97\">Nice house, but over‐improved for neighborhood. 2,005 sq. ft. $204/S.F.</td>\r\n</tr>\r\n<tr>\r\n<td width=\"74\">111 Birch</td>\r\n<td width=\"84\">04/25/20</td>\r\n<td width=\"88\">$389,500</td>\r\n<td width=\"102\">3/3</td>\r\n<td width=\"78\">2 car</td>\r\n<td width=\"77\">Very good</td>\r\n<td width=\"97\">Gorgeous kitchen, no fireplace. 1,870 sq. ft. $208/S.F.</td>\r\n</tr>\r\n</tbody>\r\n</table>\r\nThese are facts. The CMA’s “Recent Sales” section helps establish the fair market value of 220 Oak — your <em>dream home</em> that’s currently on the market — by comparing it with <em>all</em> the other houses that:\r\n<ul>\r\n \t<li>Are located in the same neighborhood</li>\r\n \t<li>Are approximately the same age, size, and condition</li>\r\n \t<li>Have sold in the past six months</li>\r\n</ul>\r\nThese houses are called <em>comps,</em> which is short for <em>comparables.</em> Depending on when you began your house hunt, you probably haven’t actually toured all the sold comps. No problem. A <a href=\"//coursofppt.com/personal-finance/real-estate/home-selling/finding-an-enthusiastic-real-estate-agent/\">good real estate agent</a> can show you listing statements for the houses you haven’t seen, take you on a verbal tour of the properties, and explain how each one compares with your dream home.\r\n<p class=\"article-tips tip\">Communicating well with your agent about subjective terms such as large, lots of light, close to school, and so on is critically important. You must understand precisely what the agent means when using such terms. Conversely, your agent must understand precisely what you want, need, and can afford.</p>\r\nIf you and your agent were to analyze the sale comps in our example, you would find that houses comparable to the home you want to buy — 220 Oak, in the “Currently for Sale” section — are selling for slightly over $200 per square foot. Putting the sale prices into a price-per-square-foot basis makes comparisons much easier. As you can see in the “Currently for Sale” section, anything that’s way above or below the norm really leaps out at you.\r\n\r\nThe “Currently for Sale” section of the CMA compares your dream home (in this case, 220 Oak) with neighborhood comps that are <em>currently on the market.</em> These comps are included in the analysis to check price trends:\r\n<ul>\r\n \t<li><strong>If prices are falling:</strong> Asking prices of houses on the market today will be lower than sale prices of comparable houses. This may be due to an increase of distressed property sales.</li>\r\n \t<li><strong>If prices are rising:</strong> You’ll see higher asking prices today than for comps sold three to six months ago.</li>\r\n</ul>\r\nIf you’ve been looking at houses in a specific area for a while, you’ve probably been in all the comps currently on the market in that area. You don’t need anyone to tell you what you’ve seen with your own eyes. However, you do need an agent’s help to compare the comps you’ve seen with comps you haven’t seen, because some houses sold before you began your house hunt.\r\n\r\nAs the “Currently for Sale” section shows, your dream house appears to be priced very close to its fair market value based on the actual sale price of 210 Oak (in “Recent Sales” section). Given that 220 Oak has 1,880 square feet, it’s worth $392,920 at $209 per square foot. Factually establishing property value is easy when you know how.\r\n<p class=\"article-tips tip\">Your CMA must be comprehensive. It should include all comp sales in the past six months and all comps currently on the market. Getting an accurate picture of fair market values is more difficult if some parts of the puzzle are missing, especially in a neighborhood where homes don’t sell frequently.</p>\r\nLike milk in your refrigerator, comps have expiration dates. Lenders usually won’t accept houses that sold more than six months ago as comps. Their sale prices don’t reflect current consumer confidence, business conditions, or mortgage rates. As a general rule, the older the comp, the less likely it is to represent today’s fair market value.\r\n\r\nSix months is generally accepted as long enough to have a good cross section of comp sales but short enough to have fairly consistent market conditions. But six months isn’t carved in stone. If a major economic calamity occurred three months ago, for example, then six months is too long for a valid comparison. Conversely, if homes in a certain area rarely sell, you may need to examine comparable sales that occurred more than six months ago.\r\n<p class=\"article-tips remember\">Sale prices are always given far more weight than asking prices when determining fair market value. Sellers can ask whatever they want for their houses; asking prices are sometimes fantasy. Sale prices are always facts — they indicate fair market value. The best proof of what a house is worth is its sale price. Don’t guess — analyze the sale of comparable homes.</p>\r\nBe sure that the comparable sales information factors in price reductions or large credits given for corrective work repairs (for example, a $5,000 credit from the sellers to the buyers to replace a broken furnace).\r\n<h2 id=\"tab2\" >The flaws of CMAs</h2>\r\nCMAs beat the heck out of median-price statistics for establishing fair market values, but even CMAs aren’t perfect. People can use exactly the same comps and arrive at very different opinions of fair market value. Discrepancies creep into the CMA process if you blindly compare comps without knowing all the following details of the subject properties:\r\n<ul>\r\n \t<li><strong>Wear and tear:</strong> No two homes are the same after they’ve been lived in. Suppose that two identical tract homes are located next door to each other. One, owned by an older couple with no children or pets, is in pristine condition. The other, owned by a family with several small kids and several large dogs, resembles a federal disaster area. Your guess is as good as ours when figuring out how much it’ll cost to repair the wear-and-tear damage in the second house. A good comparable analysis adjusts for this difference between the two homes.</li>\r\n \t<li><strong>Site differences within a neighborhood:</strong> Even though all the comps are in the same neighborhood, they aren’t located on precisely the same plot of ground. How much is being located next to the beautiful park worth? How much will you pay to be seven minutes closer to the commuter-train stop? These value adjustments are a smidge less precise than brain surgery.</li>\r\n \t<li><strong>Out-of-neighborhood comps:</strong> Suppose that in the past six months, no homes were sold in the neighborhood where you want to live. Going into another neighborhood to find comps means that you and your agent must make value adjustments between two different neighborhoods’ amenities (schools, shopping, transportation, and so on). Comparing different neighborhoods is far more difficult than making value adjustments within the same neighborhood.</li>\r\n \t<li><strong>Distressed property sales:</strong> Foreclosures are easy to spot; short sales aren’t. A house, for example, may come on the market as a normal owner-occupied property sale. However, sometime while it was being marketed or after an offer had been accepted but before the sale was completed, the house became a short sale because the owners didn’t keep up their loan payments. A good agent continually checks the Multiple Listing Service to determine if any properties you’re using as comps became short sales or bank-owned properties. If so, they may not be good comps because they sold under duress.</li>\r\n \t<li><strong>Noncomp home sales:</strong> What if five houses sold in the neighborhood in the past six months, but none of them were even remotely comparable in age, size, style, or condition to the house you want to buy? You and your agent must estimate value differences for three- versus four-bedroom homes, old versus new kitchens, small versus large yards, garage versus carport, and so on. If the home you want has a panoramic view and none of the other houses has any view at all, how much does the view increase the home’s value? Guesstimates like these don’t put astronauts on the moon.</li>\r\n</ul>\r\nThese variables aren’t insurmountable obstacles to establishing your dream home’s fair market value. They do, however, greatly increase the margin of error when trying to determine a realistic offering price. You can minimize pricing problems created by these variables if you and/or your agent actually tour comparable homes inside and out.\r\n\r\nA valid comparison of your dream home to the other houses is impossible if you and your agent have only read about the comps in listing statements (brief data sheets about houses offered for sale) or seen the properties on a website. Here’s why:\r\n<ul>\r\n \t<li><strong>Most listing statements are overblown to greater or lesser degrees.</strong> You don’t know how exaggerated the statement is if you haven’t seen the house for yourself. You may consider the “large” master bedroom tiny. That “gourmet” kitchen’s only distinction may be an especially fancy hot plate. The “sweeping” view from the living room may exist only if you’re as tall as LeBron James. Of course, you won’t know any of these things if you only read the houses’ puff sheets instead of visiting them in person.</li>\r\n \t<li><strong>Floor plans greatly affect a home’s value.</strong> Two houses, for example, may be approximately the same size, age, and condition, yet vary wildly in value. One house’s floor plan flows beautifully from room to room; the rooms themselves are well proportioned with high ceilings. The other house doesn’t work well because its floor plan is choppy and the ceilings are low. You can’t tell which is which just by reading the two listing statements.</li>\r\n \t<li><strong>Whoever controls the camera controls what you see.</strong> Remember when viewing those stunning color photos or the video footage of a house advertised on a website that you’re permitted to see only what the person who took the pictures wants you to see. You certainly won’t get a peek at less desirable things, such as worn areas on the living room carpet or graffiti sprayed on the garage door of the house next door.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Eyeball. Eyeball. Eyeball. Eyeballing — personally touring houses and noting important details both inside and out with your own eyes — is the best way to decide which houses are true comps for your dream home.</p>\r\n<p class=\"article-tips tip\">Discover some <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/7-top-home-buying-mistakes-people-often-make/\">common mistakes made by home buyers</a>.</p>","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"The basics of a helpful CMA","target":"#tab1"},{"label":"The flaws of CMAs","target":"#tab2"}],"relatedArticles":{"fromBook":[{"articleId":270012,"title":"Basic Principles for Selecting a Home To Buy","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}},{"articleId":269961,"title":"Rent vs. Buy: Weighing the Advantages of Owning versus Renting a Home","slug":"rent-vs-buy-weighing-the-advantages-of-owning-versus-renting-a-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269961"}},{"articleId":269938,"title":"10 Things to Consider When Selling Your House","slug":"10-things-to-consider-when-selling-your-house","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269938"}},{"articleId":269932,"title":"Steps for Buying a House: Negotiating House Prices","slug":"steps-for-buying-a-house-negotiating-house-prices","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269932"}},{"articleId":208396,"title":"Home Buying Kit For Dummies Cheat Sheet","slug":"home-buying-kit-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208396"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How To Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282277,"slug":"home-buying-kit-for-dummies-7th-edition","isbn":"9781119674795","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119674794-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/home-buying-kit-for-dummies-7th-edition-cover-9781119674795-203x255.jpg","width":203,"height":255},"title":"Home Buying Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"8975\">Eric Tyson</b>, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b><b data-author-id=\"8976\">Ray Brown</b>,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>.</p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64a828af39c72\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64a828af3a542\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Explore","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2024-07-07T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":269958},{"headers":{"creationTime":"2021-04-11T14:27:32+00:00","modifiedTime":"2024-07-05T18:25:00+00:00","timestamp":"2024-07-05T21:01:03+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Basic Principles for Selecting a Home To Buy","strippedTitle":"basic principles for selecting a home to buy","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"If you need help selecting a home to buy, try the three fundamental principles of home buying. This guide explains how to select a home.","noIndex":0,"noFollow":0},"content":"Good news. It doesn’t matter whether you buy a log cabin, Cape Cod colonial, French provincial, Queen Anne Victorian, or California ranch-style house. You can make money on any property by following three fundamental principles to select the home you buy. As you read the following <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/home-buying-kit-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">home-buying</a> guidelines, remember that they’re not hard-and-fast rules — exceptions do exist.\r\n<h2 id=\"tab1\" >The principle of progression: Why to buy one of the cheaper homes on the block</h2>\r\nAn appraiser can tell you that the <em>principle of progression</em> states that property of lesser value is enhanced by proximity to better properties. English translation, please? Buy one of the cheaper homes on the block, because the more expensive houses all around yours pull up the value of your home.\r\n\r\nFor instance, suppose that your agent shows you a house that just came on the market in a neighborhood you like. At $225,000, it’s one of the least expensive homes you’ve seen in the area. The agent says that the other homes around it sell for anywhere from $275,000 to $300,000. You start to salivate.\r\n\r\nDon’t whip out your checkbook yet. Do a little homework first. Find out why this house is so cheap. If the right things are wrong with it, write up the offer. If the wrong things are wrong with it, move on to the next property.\r\n<h3>Curable defects in a home</h3>\r\nIf a house is a bargain because it has defects that aren’t too difficult or expensive to correct, go for it. For example, maybe the house is an ugly duckling that just needs a paint job, landscaping, and some other minor cosmetic touches in order to be transformed into a swan.\r\n\r\nPerhaps it’s the only two-bedroom house on the block, but it has a large storage area that you can convert into a third bedroom for not more than $15,000. For $240,000 ($225,000 for the house plus $15,000 to add the bedroom), you’re living in a $275,000 to $300,000 neighborhood. Such a deal!\r\n\r\nProblems like these are <em>curable defects</em> — property deficiencies you can cure by upgrading, repairing, or replacing the defects relatively inexpensively. Painting, modernizing a bathroom, installing new counters and cabinets in the kitchen, and upgrading an electrical system are some examples of curable defects.\r\n\r\nDepressed <a href=\"//coursofppt.com/personal-finance/real-estate/determine-health-housing-market/\" target=\"_blank\" rel=\"noopener\">property values</a> are another type of curable defect. A high number of short sales or foreclosures in a neighborhood drives property values down. One person’s misfortune is another’s opportunity. Some investors specialize in purchasing distressed properties at rock-bottom prices. These investors then rehab the houses and rent them out with an eye toward selling them for a profit when property values improve.\r\n<h3>Incurable defects in a home</h3>\r\nIf a house has major problems, it’s not a bargain at any price. Who’d want a house located next to a garbage dump? Or what about a <em>really</em> ugly home? Just because the seller made a fortune in the sausage business doesn’t mean that you (or anyone else) would want to live in a house built in the shape of a giant hot dog.\r\n\r\nMaybe the house is cheap because a contractor says it’s a wreck about ready to fall down, and you’d have to spend at least $125,000 on a new roof, a new foundation, new plumbing, and complete rewiring.\r\n\r\nEnormous deficiencies like these are called <em>incurable defects.</em> They aren’t economically feasible to correct. You can’t fix the fact that a house is poorly located. Nor does it typically make sense to pay $225,000 for the hot-dog house so you can tear it down and build a new home (unless that’s what comparable vacant lots sell for). By the same token, if you pay $225,000 for the wreck and then pour in another $125,000 on corrective work, you’ll have the dubious honor of owning the most expensive house in the neighborhood.\r\n<p class=\"article-tips remember\">All rehabs aren’t bad. You just need to be prepared for what it takes to manage a fixer-upper.</p>\r\n\r\n<h3>The benefits of renovating cheaper homes</h3>\r\nThe less expensive houses on the block are also the least risky ones to renovate, thanks to the principle of progression. For example, suppose that you just paid $225,000 for a house that needs a major rehab. Your construction project is located smack-dab in the middle of a neighborhood of $300,000 homes.\r\n\r\nThe difference between your purchase price and the value of the surrounding homes approximately defines the most you should consider spending on a rehab.\r\n\r\nIn the preceding example, you should spend no more than $75,000 to bring your home up to the prevailing standard set by the other houses. Of course, this is assuming that you can afford to spend that kind of money and that you have the time and patience to coordinate the rehab work or do it yourself. As long as you improve the property wisely and stay within your budget, you’ll probably get most or all the rehab money back when you sell the property.\r\n\r\nUse the principle of progression in conjunction with location, location, value. Buying one of the better less-expensive homes in a good neighborhood enhances your likelihood of property appreciation in the years ahead.\r\n<h2 id=\"tab2\" >The principle of regression: Why not to buy the most expensive house on the block</h2>\r\nYou guessed it. The <em>principle of regression</em> is the economic opposite of the principle of progression.\r\n\r\nIf you buy the most expensive house on the block, the principle of regression punishes you when you sell. The lower value of all the other homes around you brings down your home’s value.\r\n<p class=\"article-tips warning\">If an evil spirit whispers in your ear that you should buy the most expensive house on the block to flaunt your high status in life, go to an exorcist immediately. Don’t succumb to the blandishments of the evil spirit unless the probability of losing money when you sell fills you with joy. Satisfy your ego — and make a wiser investment — by purchasing one of the less expensive homes in a better neighborhood.</p>\r\nThe most expensive house on the block is also the worst candidate for remodeling. Suppose that you buy a $300,000 home in a neighborhood of $200,000 houses. From an appraiser’s perspective, the home already sticks out like a financial sore thumb. Spending another $50,000 to add a fancy new kitchen to what is already the most expensive house on the block further compounds your problem.\r\n\r\nThat new kitchen almost certainly won’t increase your home’s value to $350,000. No one can dispute the fact that you spent $50,000 on the kitchen if you have the receipts to prove your expenditures. But folks who buy $350,000 homes generally want to be surrounded by other homes worth as much as, or more than, the one they’re buying.\r\n\r\nHomes are like cups. When you fill a cup too full, it overflows. By the same token, when you <a href=\"//coursofppt.com/personal-finance/real-estate-investing/flipping-houses/flipping-houses-dont-over-renovate/\" target=\"_blank\" rel=\"noopener\">make excessive improvements to your house</a> (based on sale prices of comparable homes in the neighborhood), the money you spend on the rehab goes down the financial drain. This phenomenon is called <em>over-improving a property.</em>\r\n\r\nEven if you buy the least expensive house in the neighborhood, you can over-improve it if you spend too much fixing it up. The best time to guard against over-improving your house is <em>before</em> you do the work.\r\n<p class=\"article-tips warning\">If you’ll end up with the most expensive house on the block when you finish a project, don’t do the project.</p>\r\n\r\n<h2 id=\"tab3\" >The principle of conformity: Why unusual is usually costly</h2>\r\nThe principles of progression and regression deal with economic conformity. If you want to maximize your chances for future appreciation of the home you buy, your home should also conform in size, age, condition, and style to the other homes in your neighborhood. That’s the <em>principle of conformity.</em>\r\n\r\nThis principle doesn’t mean that your home has to be an identical clone of every other house on the block. It should, however, stay within the prevailing standards of your neighborhood. For example:\r\n<ul>\r\n \t<li><strong>Size:</strong> Your home shouldn’t dwarf the other houses on the block, or vice versa. If your home is smaller than surrounding houses, use the principle of progression as a guide to bring it into size-conformity with the other houses and increase your home’s value. If, conversely, you have a three-bedroom home in a neighborhood of two- and three-bedroom homes, adding a large fourth bedroom to your house would violate the principle of regression.</li>\r\n \t<li><strong>Age:</strong> You almost never see an older home in the midst of a tract of modern new homes. However, every now and then you find a brand-new home incongruously plunked in the midst of older homes. A modern home typically looks out of place in a neighborhood of gracious, older homes. Even if you get a terrific deal on the price, the modern home’s lack of conformity with other homes on the block will probably come back to haunt you when you attempt to sell it.</li>\r\n \t<li><strong>Condition:</strong> The physical condition of your house has a tremendous impact on its value. Not surprisingly, your home loses value if it’s a dilapidated dump compared with the rest of the houses on the block.\r\n<p class=\"article-tips warning\">Ironically, having your home in far nicer condition than other houses in the neighborhood isn’t wise either. Even if your home conforms to all the other houses in size, age, and style, you still over-improve your home if the quality of materials, workmanship, and appliances in your home greatly exceeds the prevailing neighborhood quality standards.</p>\r\n</li>\r\n \t<li><strong>Style:</strong> The architectural style of the house you buy isn’t critical — as long as it conforms to the prevailing architectural style of other homes in the neighborhood. From an investment standpoint, for example, you don’t want to buy the only Queen Anne Victorian in a block filled with Pennsylvania Dutch Colonial houses, or vice versa. Nor should you buy a three-story home when all the surrounding houses are one story high.</li>\r\n</ul>\r\nYour home doesn’t have to be a bland, boring replica of every other house on the block. You can follow the principle of conformity and still express your individuality by the way you landscape, paint, and furnish your home. You know you’ve done well when people use words like “tasteful” and “exquisite” to describe your home. On the other hand, your decorating motif is a problem if folks refer to your house as “weird” or “eccentric.”","description":"Good news. It doesn’t matter whether you buy a log cabin, Cape Cod colonial, French provincial, Queen Anne Victorian, or California ranch-style house. You can make money on any property by following three fundamental principles to select the home you buy. As you read the following <a href=\"//coursofppt.com/personal-finance/real-estate/home-buying/home-buying-kit-for-dummies-cheat-sheet/\" target=\"_blank\" rel=\"noopener\">home-buying</a> guidelines, remember that they’re not hard-and-fast rules — exceptions do exist.\r\n<h2 id=\"tab1\" >The principle of progression: Why to buy one of the cheaper homes on the block</h2>\r\nAn appraiser can tell you that the <em>principle of progression</em> states that property of lesser value is enhanced by proximity to better properties. English translation, please? Buy one of the cheaper homes on the block, because the more expensive houses all around yours pull up the value of your home.\r\n\r\nFor instance, suppose that your agent shows you a house that just came on the market in a neighborhood you like. At $225,000, it’s one of the least expensive homes you’ve seen in the area. The agent says that the other homes around it sell for anywhere from $275,000 to $300,000. You start to salivate.\r\n\r\nDon’t whip out your checkbook yet. Do a little homework first. Find out why this house is so cheap. If the right things are wrong with it, write up the offer. If the wrong things are wrong with it, move on to the next property.\r\n<h3>Curable defects in a home</h3>\r\nIf a house is a bargain because it has defects that aren’t too difficult or expensive to correct, go for it. For example, maybe the house is an ugly duckling that just needs a paint job, landscaping, and some other minor cosmetic touches in order to be transformed into a swan.\r\n\r\nPerhaps it’s the only two-bedroom house on the block, but it has a large storage area that you can convert into a third bedroom for not more than $15,000. For $240,000 ($225,000 for the house plus $15,000 to add the bedroom), you’re living in a $275,000 to $300,000 neighborhood. Such a deal!\r\n\r\nProblems like these are <em>curable defects</em> — property deficiencies you can cure by upgrading, repairing, or replacing the defects relatively inexpensively. Painting, modernizing a bathroom, installing new counters and cabinets in the kitchen, and upgrading an electrical system are some examples of curable defects.\r\n\r\nDepressed <a href=\"//coursofppt.com/personal-finance/real-estate/determine-health-housing-market/\" target=\"_blank\" rel=\"noopener\">property values</a> are another type of curable defect. A high number of short sales or foreclosures in a neighborhood drives property values down. One person’s misfortune is another’s opportunity. Some investors specialize in purchasing distressed properties at rock-bottom prices. These investors then rehab the houses and rent them out with an eye toward selling them for a profit when property values improve.\r\n<h3>Incurable defects in a home</h3>\r\nIf a house has major problems, it’s not a bargain at any price. Who’d want a house located next to a garbage dump? Or what about a <em>really</em> ugly home? Just because the seller made a fortune in the sausage business doesn’t mean that you (or anyone else) would want to live in a house built in the shape of a giant hot dog.\r\n\r\nMaybe the house is cheap because a contractor says it’s a wreck about ready to fall down, and you’d have to spend at least $125,000 on a new roof, a new foundation, new plumbing, and complete rewiring.\r\n\r\nEnormous deficiencies like these are called <em>incurable defects.</em> They aren’t economically feasible to correct. You can’t fix the fact that a house is poorly located. Nor does it typically make sense to pay $225,000 for the hot-dog house so you can tear it down and build a new home (unless that’s what comparable vacant lots sell for). By the same token, if you pay $225,000 for the wreck and then pour in another $125,000 on corrective work, you’ll have the dubious honor of owning the most expensive house in the neighborhood.\r\n<p class=\"article-tips remember\">All rehabs aren’t bad. You just need to be prepared for what it takes to manage a fixer-upper.</p>\r\n\r\n<h3>The benefits of renovating cheaper homes</h3>\r\nThe less expensive houses on the block are also the least risky ones to renovate, thanks to the principle of progression. For example, suppose that you just paid $225,000 for a house that needs a major rehab. Your construction project is located smack-dab in the middle of a neighborhood of $300,000 homes.\r\n\r\nThe difference between your purchase price and the value of the surrounding homes approximately defines the most you should consider spending on a rehab.\r\n\r\nIn the preceding example, you should spend no more than $75,000 to bring your home up to the prevailing standard set by the other houses. Of course, this is assuming that you can afford to spend that kind of money and that you have the time and patience to coordinate the rehab work or do it yourself. As long as you improve the property wisely and stay within your budget, you’ll probably get most or all the rehab money back when you sell the property.\r\n\r\nUse the principle of progression in conjunction with location, location, value. Buying one of the better less-expensive homes in a good neighborhood enhances your likelihood of property appreciation in the years ahead.\r\n<h2 id=\"tab2\" >The principle of regression: Why not to buy the most expensive house on the block</h2>\r\nYou guessed it. The <em>principle of regression</em> is the economic opposite of the principle of progression.\r\n\r\nIf you buy the most expensive house on the block, the principle of regression punishes you when you sell. The lower value of all the other homes around you brings down your home’s value.\r\n<p class=\"article-tips warning\">If an evil spirit whispers in your ear that you should buy the most expensive house on the block to flaunt your high status in life, go to an exorcist immediately. Don’t succumb to the blandishments of the evil spirit unless the probability of losing money when you sell fills you with joy. Satisfy your ego — and make a wiser investment — by purchasing one of the less expensive homes in a better neighborhood.</p>\r\nThe most expensive house on the block is also the worst candidate for remodeling. Suppose that you buy a $300,000 home in a neighborhood of $200,000 houses. From an appraiser’s perspective, the home already sticks out like a financial sore thumb. Spending another $50,000 to add a fancy new kitchen to what is already the most expensive house on the block further compounds your problem.\r\n\r\nThat new kitchen almost certainly won’t increase your home’s value to $350,000. No one can dispute the fact that you spent $50,000 on the kitchen if you have the receipts to prove your expenditures. But folks who buy $350,000 homes generally want to be surrounded by other homes worth as much as, or more than, the one they’re buying.\r\n\r\nHomes are like cups. When you fill a cup too full, it overflows. By the same token, when you <a href=\"//coursofppt.com/personal-finance/real-estate-investing/flipping-houses/flipping-houses-dont-over-renovate/\" target=\"_blank\" rel=\"noopener\">make excessive improvements to your house</a> (based on sale prices of comparable homes in the neighborhood), the money you spend on the rehab goes down the financial drain. This phenomenon is called <em>over-improving a property.</em>\r\n\r\nEven if you buy the least expensive house in the neighborhood, you can over-improve it if you spend too much fixing it up. The best time to guard against over-improving your house is <em>before</em> you do the work.\r\n<p class=\"article-tips warning\">If you’ll end up with the most expensive house on the block when you finish a project, don’t do the project.</p>\r\n\r\n<h2 id=\"tab3\" >The principle of conformity: Why unusual is usually costly</h2>\r\nThe principles of progression and regression deal with economic conformity. If you want to maximize your chances for future appreciation of the home you buy, your home should also conform in size, age, condition, and style to the other homes in your neighborhood. That’s the <em>principle of conformity.</em>\r\n\r\nThis principle doesn’t mean that your home has to be an identical clone of every other house on the block. It should, however, stay within the prevailing standards of your neighborhood. For example:\r\n<ul>\r\n \t<li><strong>Size:</strong> Your home shouldn’t dwarf the other houses on the block, or vice versa. If your home is smaller than surrounding houses, use the principle of progression as a guide to bring it into size-conformity with the other houses and increase your home’s value. If, conversely, you have a three-bedroom home in a neighborhood of two- and three-bedroom homes, adding a large fourth bedroom to your house would violate the principle of regression.</li>\r\n \t<li><strong>Age:</strong> You almost never see an older home in the midst of a tract of modern new homes. However, every now and then you find a brand-new home incongruously plunked in the midst of older homes. A modern home typically looks out of place in a neighborhood of gracious, older homes. Even if you get a terrific deal on the price, the modern home’s lack of conformity with other homes on the block will probably come back to haunt you when you attempt to sell it.</li>\r\n \t<li><strong>Condition:</strong> The physical condition of your house has a tremendous impact on its value. Not surprisingly, your home loses value if it’s a dilapidated dump compared with the rest of the houses on the block.\r\n<p class=\"article-tips warning\">Ironically, having your home in far nicer condition than other houses in the neighborhood isn’t wise either. Even if your home conforms to all the other houses in size, age, and style, you still over-improve your home if the quality of materials, workmanship, and appliances in your home greatly exceeds the prevailing neighborhood quality standards.</p>\r\n</li>\r\n \t<li><strong>Style:</strong> The architectural style of the house you buy isn’t critical — as long as it conforms to the prevailing architectural style of other homes in the neighborhood. From an investment standpoint, for example, you don’t want to buy the only Queen Anne Victorian in a block filled with Pennsylvania Dutch Colonial houses, or vice versa. Nor should you buy a three-story home when all the surrounding houses are one story high.</li>\r\n</ul>\r\nYour home doesn’t have to be a bland, boring replica of every other house on the block. You can follow the principle of conformity and still express your individuality by the way you landscape, paint, and furnish your home. You know you’ve done well when people use words like “tasteful” and “exquisite” to describe your home. On the other hand, your decorating motif is a problem if folks refer to your house as “weird” or “eccentric.”","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"The principle of progression: Why to buy one of the cheaper homes on the block","target":"#tab1"},{"label":"The principle of regression: Why not to buy the most expensive house on the block","target":"#tab2"},{"label":"The principle of conformity: Why unusual is usually costly","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":269961,"title":"Rent vs. Buy: Weighing the Advantages of Owning versus Renting a Home","slug":"rent-vs-buy-weighing-the-advantages-of-owning-versus-renting-a-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269961"}},{"articleId":269958,"title":"Determining Fair Market Value of a Home: Comparable Market Analysis","slug":"determining-fair-market-value-of-a-home-comparable-market-analysis","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269958"}},{"articleId":269938,"title":"10 Things to Consider When Selling Your House","slug":"10-things-to-consider-when-selling-your-house","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269938"}},{"articleId":269932,"title":"Steps for Buying a House: Negotiating House Prices","slug":"steps-for-buying-a-house-negotiating-house-prices","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/269932"}},{"articleId":208396,"title":"Home Buying Kit For Dummies Cheat Sheet","slug":"home-buying-kit-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/208396"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How To Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282277,"slug":"home-buying-kit-for-dummies-7th-edition","isbn":"9781119674795","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119674794-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119674794/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/home-buying-kit-for-dummies-7th-edition-cover-9781119674795-203x255.jpg","width":203,"height":255},"title":"Home Buying Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"8975\">Eric Tyson</b>, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b><b data-author-id=\"8976\">Ray Brown</b>,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>.</p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b>Ray Brown,</b> a real estate professional for more than 40 years, is the best&#45;selling co&#45;author of <i>Home Buying For Dummies</i>. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[{"title":"Rent, Rehab, and More","slug":"rent-rehab-and-more","collectionId":291883}],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64a5da0f865ab\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119674795&quot;]}]\" id=\"du-slot-64a5da0f86e97\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2022-12-10T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":270012},{"headers":{"creationTime":"2019-05-31T19:42:17+00:00","modifiedTime":"2024-06-06T16:47:13+00:00","timestamp":"2024-06-06T18:01:04+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"How to Calculate Expected Costs after Trading Up in Housing","strippedTitle":"how to calculate expected costs after trading up in housing","slug":"figure-expected-expenses-trading-housing","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Knowing how you spend your money now on housing and other items is only half the picture. You also need to know how much you’ll spend after buying your next hom","noIndex":0,"noFollow":0},"content":"Knowing how you spend your money <em>now</em> on housing and other items is only half the picture. You also need to know how much you’ll spend <em>after</em> buying your next home. Your expected expenses probably are going to change the most when you sell your current house and buy a new home.\r\n\r\nTo help you determine your expenses after you buy a new home, check out these areas:\r\n<ul>\r\n \t<li><strong>Mortgage payment:</strong> Unless you’ve been squirreling away extra savings while living in your current house, the total amount you’re borrowing through your mortgage (and, therefore, your monthly mortgage payment) will probably increase if you trade up. By using our handy-dandy mortgage payment calculator, you can calculate the approximate monthly mortgage payment you’ll face in your new home.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">To calculate your monthly loan payment, multiply the relevant number from the following table by the total amount you’re borrowing, expressed in (that is to say, divided by) thousands of dollars. So, for example, if you intend to borrow $200,000 at 4.5 percent interest on a 30-year mortgage, you multiply 200 by 5.07 to come up with a monthly payment of $1,014.</p>\r\n\r\n<ul>\r\n \t<li><strong>Property taxes:</strong> In most communities, the annual property taxes you pay on your next home purchase initially are set at a percentage of the property value. To find out the property tax rate in the area where you plan to purchase your new home, simply call the local tax collector, assessor, or other taxing authority (you can generally find these phone numbers online or in the government section of your local phone directory if you have access to one).</li>\r\n</ul>\r\n<p class=\"article-tips warning\">Don’t base your property tax estimate on the amount the seller of the home you’re interested in buying is currently paying or on the amount you’re paying on your present house. When you trade up, the taxes on the home may be reassessed upward.</p>\r\n\r\n<ul>\r\n \t<li><strong>Utilities:</strong> If you’re trading up, some of your utility bills — such as cable TV — may stay the same, but others may change. Until you have in mind a specific home to buy, you can’t request hard numbers on utility usage. In the interim, make some educated estimates.</li>\r\n</ul>\r\n<p style=\"padding-left: 30px;\">For example, if you’re planning on moving into a larger home in your area with, say, 30 percent more square footage, you can estimate that your heating and electric bills will increase by about 30 percent. However, if you’re moving from an old, energy-inefficient home into a newer and more efficient one, the new home may not cost you more in utilities even if it’s a bit larger.</p>\r\n\r\n<ul>\r\n \t<li><strong>Furniture:</strong> If you buy a larger home, you’ll have more space to fill, so you’re probably going to spend more money on furnishings. Make a reasonable estimate of how much you expect to spend on new furnishings.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">If and when you trade up, remember the amount you budgeted for new furnishings; some trade-up buyers get carried away with redecorating and decimate their budgets after they move into their new properties.</p>\r\n\r\n<ul>\r\n \t<li><strong>Maintenance:</strong> If you’re buying a more expensive home, you’re probably also going to spend more on maintenance, even if the home isn’t a fixer-upper. A good way to estimate your annual maintenance costs is to multiply the purchase price of the home by 1 percent (use 1.25 percent of the purchase price for older and more run-down properties).</li>\r\n \t<li><strong>Federal and state income taxes:</strong> If you buy a more expensive home and have larger mortgage payments and property taxes, your income tax bill will probably go down. Why? Mortgage interest and property taxes are deductible expenses on Schedule A of your federal income tax Form 1040 and on most state returns.</li>\r\n \t<li><strong>Homeowners insurance:</strong> If you buy a more expensive home, your homeowners insurance premiums may increase. In the absence of a specific quote for a property you’re interested in buying, you can estimate that your homeowners insurance costs will increase in proportion to the increased size (square footage) of your home. Because land isn’t insured, ignore the extra land that may come with your next home.</li>\r\n</ul>\r\n<strong>Mortgage Payment Calculator</strong>\r\n<table>\r\n<thead>\r\n<tr>\r\n<td>Interest</td>\r\n<td colspan=\"2\">Term of Mortgage</td>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>Rate (%)</td>\r\n<td>15 Years</td>\r\n<td>30 Years</td>\r\n</tr>\r\n<tr>\r\n<td>4</td>\r\n<td>7.40</td>\r\n<td>4.77</td>\r\n</tr>\r\n<tr>\r\n<td>4-1⁄8</td>\r\n<td>7.46</td>\r\n<td>4.85</td>\r\n</tr>\r\n<tr>\r\n<td>4-1/4</td>\r\n<td>7.52</td>\r\n<td>4.92</td>\r\n</tr>\r\n<tr>\r\n<td>4-3⁄8</td>\r\n<td>7.59</td>\r\n<td>4.99</td>\r\n</tr>\r\n<tr>\r\n<td>4-f1/2</td>\r\n<td>7.65</td>\r\n<td>5.07</td>\r\n</tr>\r\n<tr>\r\n<td>4-5⁄8</td>\r\n<td>7.71</td>\r\n<td>5.14</td>\r\n</tr>\r\n<tr>\r\n<td>4-3/4</td>\r\n<td>7.78</td>\r\n<td>5.22</td>\r\n</tr>\r\n<tr>\r\n<td>4-7⁄8</td>\r\n<td>7.84</td>\r\n<td>5.29</td>\r\n</tr>\r\n<tr>\r\n<td>5</td>\r\n<td>7.91</td>\r\n<td>5.37</td>\r\n</tr>\r\n<tr>\r\n<td>5-1⁄8</td>\r\n<td>7.98</td>\r\n<td>5.45</td>\r\n</tr>\r\n<tr>\r\n<td>5-1/4</td>\r\n<td>8.04</td>\r\n<td>5.53</td>\r\n</tr>\r\n<tr>\r\n<td>5-3⁄8</td>\r\n<td>8.11</td>\r\n<td>5.60</td>\r\n</tr>\r\n<tr>\r\n<td>5-1/2</td>\r\n<td>8.18</td>\r\n<td>5.68</td>\r\n</tr>\r\n<tr>\r\n<td>5-5⁄8</td>\r\n<td>8.24</td>\r\n<td>5.76</td>\r\n</tr>\r\n<tr>\r\n<td>5-3/4</td>\r\n<td>8.31</td>\r\n<td>5.84</td>\r\n</tr>\r\n<tr>\r\n<td>5-7⁄8</td>\r\n<td>8.38</td>\r\n<td>5.92</td>\r\n</tr>\r\n<tr>\r\n<td>6</td>\r\n<td>8.44</td>\r\n<td>6.00</td>\r\n</tr>\r\n<tr>\r\n<td>6-1⁄8</td>\r\n<td>8.51</td>\r\n<td>6.08</td>\r\n</tr>\r\n<tr>\r\n<td>6-1/4</td>\r\n<td>8.58</td>\r\n<td>6.16</td>\r\n</tr>\r\n<tr>\r\n<td>6-3⁄8</td>\r\n<td>8.65</td>\r\n<td>6.24</td>\r\n</tr>\r\n<tr>\r\n<td>6-1/2</td>\r\n<td>8.72</td>\r\n<td>6.33</td>\r\n</tr>\r\n<tr>\r\n<td>6-5⁄8</td>\r\n<td>8.78</td>\r\n<td>6.41</td>\r\n</tr>\r\n<tr>\r\n<td>6-3/4</td>\r\n<td>8.85</td>\r\n<td>6.49</td>\r\n</tr>\r\n<tr>\r\n<td>6-7⁄8</td>\r\n<td>8.92</td>\r\n<td>6.57</td>\r\n</tr>\r\n<tr>\r\n<td>7</td>\r\n<td>8.99</td>\r\n<td>6.66</td>\r\n</tr>\r\n<tr>\r\n<td>7-1⁄8</td>\r\n<td>9.06</td>\r\n<td>6.74</td>\r\n</tr>\r\n<tr>\r\n<td>7-1/4</td>\r\n<td>9.13</td>\r\n<td>6.83</td>\r\n</tr>\r\n<tr>\r\n<td>7-3⁄8</td>\r\n<td>9.20</td>\r\n<td>6.91</td>\r\n</tr>\r\n<tr>\r\n<td>7-1/2</td>\r\n<td>9.28</td>\r\n<td>7.00</td>\r\n</tr>\r\n<tr>\r\n<td>75⁄8</td>\r\n<td>9.35</td>\r\n<td>7.08</td>\r\n</tr>\r\n<tr>\r\n<td>7-3/4</td>\r\n<td>9.42</td>\r\n<td>7.17</td>\r\n</tr>\r\n<tr>\r\n<td>7-7⁄8</td>\r\n<td>9.49</td>\r\n<td>7.26</td>\r\n</tr>\r\n<tr>\r\n<td>8</td>\r\n<td>9.56</td>\r\n<td>7.34</td>\r\n</tr>\r\n<tr>\r\n<td>8-1⁄8</td>\r\n<td>9.63</td>\r\n<td>7.43</td>\r\n</tr>\r\n<tr>\r\n<td>8-1/4</td>\r\n<td>9.71</td>\r\n<td>7.52</td>\r\n</tr>\r\n<tr>\r\n<td>8-3⁄8</td>\r\n<td>9.78</td>\r\n<td>7.61</td>\r\n</tr>\r\n<tr>\r\n<td>8-1/2</td>\r\n<td>9.85</td>\r\n<td>7.69</td>\r\n</tr>\r\n<tr>\r\n<td>8-5⁄8</td>\r\n<td>9.93</td>\r\n<td>7.78</td>\r\n</tr>\r\n<tr>\r\n<td>8-3/4</td>\r\n<td>10.00</td>\r\n<td>7.87</td>\r\n</tr>\r\n<tr>\r\n<td>8-7⁄8</td>\r\n<td>10.07</td>\r\n<td>7.96</td>\r\n</tr>\r\n<tr>\r\n<td>9</td>\r\n<td>10.15</td>\r\n<td>8.05</td>\r\n</tr>\r\n<tr>\r\n<td>9-1⁄8</td>\r\n<td>10.22</td>\r\n<td>8.14</td>\r\n</tr>\r\n<tr>\r\n<td>9-1/4</td>\r\n<td>10.30</td>\r\n<td>8.23</td>\r\n</tr>\r\n<tr>\r\n<td>9-3⁄8</td>\r\n<td>10.37</td>\r\n<td>8.32</td>\r\n</tr>\r\n<tr>\r\n<td>9-1/2</td>\r\n<td>10.45</td>\r\n<td>8.41</td>\r\n</tr>\r\n<tr>\r\n<td>9-5⁄8</td>\r\n<td>10.52</td>\r\n<td>8.50</td>\r\n</tr>\r\n<tr>\r\n<td>9-3/4</td>\r\n<td>10.60</td>\r\n<td>8.60</td>\r\n</tr>\r\n<tr>\r\n<td>9-7⁄8</td>\r\n<td>10.67</td>\r\n<td>8.69</td>\r\n</tr>\r\n<tr>\r\n<td>10</td>\r\n<td>10.75</td>\r\n<td>8.78</td>\r\n</tr>\r\n<tr>\r\n<td>10-1⁄8</td>\r\n<td>10.83</td>\r\n<td>8.87</td>\r\n</tr>\r\n<tr>\r\n<td>10-1/4</td>\r\n<td>10.90</td>\r\n<td>8.97</td>\r\n</tr>\r\n<tr>\r\n<td>10-3⁄8</td>\r\n<td>10.98</td>\r\n<td>9.06</td>\r\n</tr>\r\n<tr>\r\n<td>10-1/2</td>\r\n<td>11.06</td>\r\n<td>9.15</td>\r\n</tr>\r\n</tbody>\r\n</table>","description":"Knowing how you spend your money <em>now</em> on housing and other items is only half the picture. You also need to know how much you’ll spend <em>after</em> buying your next home. Your expected expenses probably are going to change the most when you sell your current house and buy a new home.\r\n\r\nTo help you determine your expenses after you buy a new home, check out these areas:\r\n<ul>\r\n \t<li><strong>Mortgage payment:</strong> Unless you’ve been squirreling away extra savings while living in your current house, the total amount you’re borrowing through your mortgage (and, therefore, your monthly mortgage payment) will probably increase if you trade up. By using our handy-dandy mortgage payment calculator, you can calculate the approximate monthly mortgage payment you’ll face in your new home.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">To calculate your monthly loan payment, multiply the relevant number from the following table by the total amount you’re borrowing, expressed in (that is to say, divided by) thousands of dollars. So, for example, if you intend to borrow $200,000 at 4.5 percent interest on a 30-year mortgage, you multiply 200 by 5.07 to come up with a monthly payment of $1,014.</p>\r\n\r\n<ul>\r\n \t<li><strong>Property taxes:</strong> In most communities, the annual property taxes you pay on your next home purchase initially are set at a percentage of the property value. To find out the property tax rate in the area where you plan to purchase your new home, simply call the local tax collector, assessor, or other taxing authority (you can generally find these phone numbers online or in the government section of your local phone directory if you have access to one).</li>\r\n</ul>\r\n<p class=\"article-tips warning\">Don’t base your property tax estimate on the amount the seller of the home you’re interested in buying is currently paying or on the amount you’re paying on your present house. When you trade up, the taxes on the home may be reassessed upward.</p>\r\n\r\n<ul>\r\n \t<li><strong>Utilities:</strong> If you’re trading up, some of your utility bills — such as cable TV — may stay the same, but others may change. Until you have in mind a specific home to buy, you can’t request hard numbers on utility usage. In the interim, make some educated estimates.</li>\r\n</ul>\r\n<p style=\"padding-left: 30px;\">For example, if you’re planning on moving into a larger home in your area with, say, 30 percent more square footage, you can estimate that your heating and electric bills will increase by about 30 percent. However, if you’re moving from an old, energy-inefficient home into a newer and more efficient one, the new home may not cost you more in utilities even if it’s a bit larger.</p>\r\n\r\n<ul>\r\n \t<li><strong>Furniture:</strong> If you buy a larger home, you’ll have more space to fill, so you’re probably going to spend more money on furnishings. Make a reasonable estimate of how much you expect to spend on new furnishings.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">If and when you trade up, remember the amount you budgeted for new furnishings; some trade-up buyers get carried away with redecorating and decimate their budgets after they move into their new properties.</p>\r\n\r\n<ul>\r\n \t<li><strong>Maintenance:</strong> If you’re buying a more expensive home, you’re probably also going to spend more on maintenance, even if the home isn’t a fixer-upper. A good way to estimate your annual maintenance costs is to multiply the purchase price of the home by 1 percent (use 1.25 percent of the purchase price for older and more run-down properties).</li>\r\n \t<li><strong>Federal and state income taxes:</strong> If you buy a more expensive home and have larger mortgage payments and property taxes, your income tax bill will probably go down. Why? Mortgage interest and property taxes are deductible expenses on Schedule A of your federal income tax Form 1040 and on most state returns.</li>\r\n \t<li><strong>Homeowners insurance:</strong> If you buy a more expensive home, your homeowners insurance premiums may increase. In the absence of a specific quote for a property you’re interested in buying, you can estimate that your homeowners insurance costs will increase in proportion to the increased size (square footage) of your home. Because land isn’t insured, ignore the extra land that may come with your next home.</li>\r\n</ul>\r\n<strong>Mortgage Payment Calculator</strong>\r\n<table>\r\n<thead>\r\n<tr>\r\n<td>Interest</td>\r\n<td colspan=\"2\">Term of Mortgage</td>\r\n</tr>\r\n</thead>\r\n<tbody>\r\n<tr>\r\n<td>Rate (%)</td>\r\n<td>15 Years</td>\r\n<td>30 Years</td>\r\n</tr>\r\n<tr>\r\n<td>4</td>\r\n<td>7.40</td>\r\n<td>4.77</td>\r\n</tr>\r\n<tr>\r\n<td>4-1⁄8</td>\r\n<td>7.46</td>\r\n<td>4.85</td>\r\n</tr>\r\n<tr>\r\n<td>4-1/4</td>\r\n<td>7.52</td>\r\n<td>4.92</td>\r\n</tr>\r\n<tr>\r\n<td>4-3⁄8</td>\r\n<td>7.59</td>\r\n<td>4.99</td>\r\n</tr>\r\n<tr>\r\n<td>4-f1/2</td>\r\n<td>7.65</td>\r\n<td>5.07</td>\r\n</tr>\r\n<tr>\r\n<td>4-5⁄8</td>\r\n<td>7.71</td>\r\n<td>5.14</td>\r\n</tr>\r\n<tr>\r\n<td>4-3/4</td>\r\n<td>7.78</td>\r\n<td>5.22</td>\r\n</tr>\r\n<tr>\r\n<td>4-7⁄8</td>\r\n<td>7.84</td>\r\n<td>5.29</td>\r\n</tr>\r\n<tr>\r\n<td>5</td>\r\n<td>7.91</td>\r\n<td>5.37</td>\r\n</tr>\r\n<tr>\r\n<td>5-1⁄8</td>\r\n<td>7.98</td>\r\n<td>5.45</td>\r\n</tr>\r\n<tr>\r\n<td>5-1/4</td>\r\n<td>8.04</td>\r\n<td>5.53</td>\r\n</tr>\r\n<tr>\r\n<td>5-3⁄8</td>\r\n<td>8.11</td>\r\n<td>5.60</td>\r\n</tr>\r\n<tr>\r\n<td>5-1/2</td>\r\n<td>8.18</td>\r\n<td>5.68</td>\r\n</tr>\r\n<tr>\r\n<td>5-5⁄8</td>\r\n<td>8.24</td>\r\n<td>5.76</td>\r\n</tr>\r\n<tr>\r\n<td>5-3/4</td>\r\n<td>8.31</td>\r\n<td>5.84</td>\r\n</tr>\r\n<tr>\r\n<td>5-7⁄8</td>\r\n<td>8.38</td>\r\n<td>5.92</td>\r\n</tr>\r\n<tr>\r\n<td>6</td>\r\n<td>8.44</td>\r\n<td>6.00</td>\r\n</tr>\r\n<tr>\r\n<td>6-1⁄8</td>\r\n<td>8.51</td>\r\n<td>6.08</td>\r\n</tr>\r\n<tr>\r\n<td>6-1/4</td>\r\n<td>8.58</td>\r\n<td>6.16</td>\r\n</tr>\r\n<tr>\r\n<td>6-3⁄8</td>\r\n<td>8.65</td>\r\n<td>6.24</td>\r\n</tr>\r\n<tr>\r\n<td>6-1/2</td>\r\n<td>8.72</td>\r\n<td>6.33</td>\r\n</tr>\r\n<tr>\r\n<td>6-5⁄8</td>\r\n<td>8.78</td>\r\n<td>6.41</td>\r\n</tr>\r\n<tr>\r\n<td>6-3/4</td>\r\n<td>8.85</td>\r\n<td>6.49</td>\r\n</tr>\r\n<tr>\r\n<td>6-7⁄8</td>\r\n<td>8.92</td>\r\n<td>6.57</td>\r\n</tr>\r\n<tr>\r\n<td>7</td>\r\n<td>8.99</td>\r\n<td>6.66</td>\r\n</tr>\r\n<tr>\r\n<td>7-1⁄8</td>\r\n<td>9.06</td>\r\n<td>6.74</td>\r\n</tr>\r\n<tr>\r\n<td>7-1/4</td>\r\n<td>9.13</td>\r\n<td>6.83</td>\r\n</tr>\r\n<tr>\r\n<td>7-3⁄8</td>\r\n<td>9.20</td>\r\n<td>6.91</td>\r\n</tr>\r\n<tr>\r\n<td>7-1/2</td>\r\n<td>9.28</td>\r\n<td>7.00</td>\r\n</tr>\r\n<tr>\r\n<td>75⁄8</td>\r\n<td>9.35</td>\r\n<td>7.08</td>\r\n</tr>\r\n<tr>\r\n<td>7-3/4</td>\r\n<td>9.42</td>\r\n<td>7.17</td>\r\n</tr>\r\n<tr>\r\n<td>7-7⁄8</td>\r\n<td>9.49</td>\r\n<td>7.26</td>\r\n</tr>\r\n<tr>\r\n<td>8</td>\r\n<td>9.56</td>\r\n<td>7.34</td>\r\n</tr>\r\n<tr>\r\n<td>8-1⁄8</td>\r\n<td>9.63</td>\r\n<td>7.43</td>\r\n</tr>\r\n<tr>\r\n<td>8-1/4</td>\r\n<td>9.71</td>\r\n<td>7.52</td>\r\n</tr>\r\n<tr>\r\n<td>8-3⁄8</td>\r\n<td>9.78</td>\r\n<td>7.61</td>\r\n</tr>\r\n<tr>\r\n<td>8-1/2</td>\r\n<td>9.85</td>\r\n<td>7.69</td>\r\n</tr>\r\n<tr>\r\n<td>8-5⁄8</td>\r\n<td>9.93</td>\r\n<td>7.78</td>\r\n</tr>\r\n<tr>\r\n<td>8-3/4</td>\r\n<td>10.00</td>\r\n<td>7.87</td>\r\n</tr>\r\n<tr>\r\n<td>8-7⁄8</td>\r\n<td>10.07</td>\r\n<td>7.96</td>\r\n</tr>\r\n<tr>\r\n<td>9</td>\r\n<td>10.15</td>\r\n<td>8.05</td>\r\n</tr>\r\n<tr>\r\n<td>9-1⁄8</td>\r\n<td>10.22</td>\r\n<td>8.14</td>\r\n</tr>\r\n<tr>\r\n<td>9-1/4</td>\r\n<td>10.30</td>\r\n<td>8.23</td>\r\n</tr>\r\n<tr>\r\n<td>9-3⁄8</td>\r\n<td>10.37</td>\r\n<td>8.32</td>\r\n</tr>\r\n<tr>\r\n<td>9-1/2</td>\r\n<td>10.45</td>\r\n<td>8.41</td>\r\n</tr>\r\n<tr>\r\n<td>9-5⁄8</td>\r\n<td>10.52</td>\r\n<td>8.50</td>\r\n</tr>\r\n<tr>\r\n<td>9-3/4</td>\r\n<td>10.60</td>\r\n<td>8.60</td>\r\n</tr>\r\n<tr>\r\n<td>9-7⁄8</td>\r\n<td>10.67</td>\r\n<td>8.69</td>\r\n</tr>\r\n<tr>\r\n<td>10</td>\r\n<td>10.75</td>\r\n<td>8.78</td>\r\n</tr>\r\n<tr>\r\n<td>10-1⁄8</td>\r\n<td>10.83</td>\r\n<td>8.87</td>\r\n</tr>\r\n<tr>\r\n<td>10-1/4</td>\r\n<td>10.90</td>\r\n<td>8.97</td>\r\n</tr>\r\n<tr>\r\n<td>10-3⁄8</td>\r\n<td>10.98</td>\r\n<td>9.06</td>\r\n</tr>\r\n<tr>\r\n<td>10-1/2</td>\r\n<td>11.06</td>\r\n<td>9.15</td>\r\n</tr>\r\n</tbody>\r\n</table>","blurb":"","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson</b> is a personal finance writer, lecturer, and former management consultant to Fortune 500 financial service firms.<br> <b>Ray Brown</b> is a real estate professional with over four decades of hands&#45;on experience and a public speaker on residential real estate topics. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[],"relatedArticles":{"fromBook":[{"articleId":252714,"title":"How to Recognize the Best Listing Agents","slug":"recognize-best-listing-agents","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/252714"}},{"articleId":252711,"title":"How to Choose Your Listing Agent","slug":"choose-listing-agent","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/252711"}},{"articleId":252708,"title":"When to Bring the Broker into Your Home Sale","slug":"bring-broker-home-sale","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/252708"}},{"articleId":252705,"title":"How to Handle House Inspectors","slug":"handle-house-inspectors","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/252705"}},{"articleId":252702,"title":"How to Find Property Inspectors","slug":"find-property-inspectors","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/252702"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How To Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282569,"slug":"selling-your-house-for-dummies","isbn":"9781119434238","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119434238/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119434238/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119434238-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119434238/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119434238/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/selling-your-house-for-dummies-cover-9781119434238-203x255.jpg","width":203,"height":255},"title":"Selling Your House For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"<p><b data-author-id=\"8975\">Eric Tyson, MBA,</b> is the author of <i>Investing For Dummies, Personal Finance For Dummies,</i> and <i>Investing in Your 20s and 30s For Dummies</i>. <b data-author-id=\"8976\">Ray Brown,</b> a real estate professional for more than 40 years, is the best-selling co-author of <i>Home Buying For Dummies</i>. </p>","authors":[{"authorId":8975,"name":"Eric Tyson","slug":"eric-tyson","description":" <p><b>Eric Tyson, MBA,</b> has been a personal finance writer, lecturer, and counselor for the past 25+ years. He is the author or coauthor of numerous For Dummies bestsellers on personal finance, investing, and home buying.</p> <p><b>Bob Nelson, PhD,</b> is considered one of the world&#8217;s leading experts on employee engagement, recognition, and rewards. He is president of Nelson Motivation, Inc., a management training and consulting company that helps organizations improve their administration practices, programs, and systems. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8975"}},{"authorId":8976,"name":"Ray Brown","slug":"ray-brown","description":" <p><b>Eric Tyson</b> is a personal finance writer, lecturer, and former management consultant to Fortune 500 financial service firms.<br> <b>Ray Brown</b> is a real estate professional with over four decades of hands&#45;on experience and a public speaker on residential real estate topics. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8976"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119434238&quot;]}]\" id=\"du-slot-647f74605eaa4\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119434238&quot;]}]\" id=\"du-slot-647f74605f311\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Advance","lifeExpectancy":"Two years","lifeExpectancySetFrom":"2024-06-06T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":252640},{"headers":{"creationTime":"2023-12-05T17:47:51+00:00","modifiedTime":"2023-12-06T14:41:36+00:00","timestamp":"2023-12-06T15:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Moving Out to Downsize","strippedTitle":"moving out to downsize","slug":"moving-out-to-downsize","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"If you're planning to move out of your existing home to downsize, you'll need to take these several factors into consideration.","noIndex":0,"noFollow":0},"content":"Unless you’re downsizing in place, the process involves moving out of one home into another or living as a nomad, traveling from one place to the next. <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/how-to-downsize-296060/\" target=\"_blank\" rel=\"noopener\">Whatever you decide</a>, you can be sure of one thing: You’re about to make some very big decisions.\r\n<h2 id=\"tab1\" >Addressing your changing priorities</h2>\r\nOver the years, your choice of home was probably driven, at least in part, by a growing family and accumulating wealth. You needed more space to house your family and possessions. <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/should-you-downsize-heres-how-to-decide-296058/\" target=\"_blank\" rel=\"noopener\">When you’re downsizing</a>, especially if you’re nearing a certain age or experiencing physical or cognitive challenges, your priorities change.\r\n\r\nWhether you’re buying an existing home or building a new home from scratch, you must consider features that may not have crossed your mind in the past, such as the following:\r\n<ul>\r\n \t<li>Proximity to caregivers and to everything you need with convenient and affordable transportation (so you don’t have to drive anywhere)</li>\r\n \t<li>Single-level home (so you don’t have to climb stairs)</li>\r\n \t<li>Step-free entrance</li>\r\n \t<li>Wider doorways (to allow access for a walker or wheelchair)</li>\r\n \t<li>Patio versus a large yard (so you have less outdoor maintenance)</li>\r\n \t<li>More efficient use of vertical space (because you have less square footage)</li>\r\n \t<li>Lever handles (instead of knobs) on doors and cabinets</li>\r\n \t<li>Nonslip flooring</li>\r\n \t<li>Shower with no-step entry, grab bars, and adjustable showerhead</li>\r\n \t<li>Raised or adjustable-height toilet</li>\r\n \t<li>Automatic or rocker light switches</li>\r\n \t<li>Hands-free faucets or faucets with lever handles</li>\r\n \t<li>Lower cabinets or cabinets with pull-down shelves</li>\r\n \t<li>Multilevel or adjustable countertops</li>\r\n \t<li>Availability of assistance, such as meal preparation, housekeeping, and nursing</li>\r\n</ul>\r\n<h2 id=\"tab2\" >Selling your home</h2>\r\nRegardless of whether you’re planning to buy a new home or move to a rental unit, or you have some other living arrangements in mind, if you own a home you’ll need to sell it. As you plan to sell, keep these key points in mind:\r\n<ul>\r\n \t<li>List your home with a top-selling Realtor in your area. You’ll earn enough extra by listing with a top-selling Realtor to more than cover the commission.</li>\r\n</ul>\r\n<p class=\"article tips remember\">Realtors specialize as seller’s agents or buyer’s agents. Choose a seller’s agent — you want someone in your corner who can sell your home fast for top dollar. (Some real estate teams have both buyer’s and seller’s agents, enabling you to buy and sell through a single group.)</p>\r\n\r\n<ul>\r\n \t<li>Follow your Realtor’s recommendations to make repairs and updates to your home to bring it up to market value, but don’t over-improve the property. In other words, don’t invest more than you can ever hope to recoup from the sale. Buyers aren’t looking for million-dollar homes in neighborhoods where most of the properties are selling for $400,000 or less.</li>\r\n \t<li>If you’re expecting a profit of more than $250,000 (or more than $500,000 for a couple) from the sale, consult your accountant to discuss the tax implications.</li>\r\n \t<li>If your area is experiencing a housing market slump, consider postponing the sale until the market recovers. However, if you don’t expect the market to recover anytime soon, you may be wise to accelerate the sale. A good Realtor can help you make the best decision.</li>\r\n \t<li>In a sizzling housing market, consider buying a new home before selling, so you don’t end up selling with no place to move into. In a down market, you may be better off selling first, so you don’t get stuck with two mortgage payments.</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Buying a new home</h2>\r\nWhen you’re in the market for a smaller home, take your time to find exactly what you’re looking for. Imagine that your new home will be the last home you’ll ever own. Does it have the potential to serve your current and future needs?\r\n\r\nWork closely with a Realtor (a buyer’s agent) to explore your options. Develop a comprehensive list of everything you’re looking for, but be open to suggestions from your Realtor, who may bring up factors you haven’t considered. Provide as much information and insight as possible, including the following:\r\n<ul>\r\n \t<li>Price range</li>\r\n \t<li>Size (square feet)</li>\r\n \t<li>Number of bedrooms and bathrooms</li>\r\n \t<li>Style</li>\r\n \t<li>Location</li>\r\n \t<li>Amenities (pool, clubhouse, gym, social activities, and so on)</li>\r\n \t<li>Whether you’ll need assistance (meals, housekeeping, nursing)</li>\r\n \t<li>Your current situation, including why you’re downsizing</li>\r\n \t<li>Whether you plan to pay cash or finance the purchase</li>\r\n</ul>\r\n<h2 id=\"tab4\" >Exploring other living arrangements</h2>\r\nWhen you’re downsizing, owning a traditional home or condo isn’t the only option. You may want to consider other living arrangements, such as the following:\r\n<ul>\r\n \t<li>Couch surfing — a series of brief stays with friends and family members</li>\r\n \t<li>Traveling and living in a van, bus, or RV</li>\r\n \t<li>Living on a boat/houseboat</li>\r\n \t<li>Living in an alternative structure, such as a tiny home, treehouse, shipping container, or <em>yurt</em> (portable round tent) — don’t knock it until you’ve explored these options</li>\r\n \t<li>Living in a commune — a property shared by people with similar interests and goals</li>\r\n \t<li>Sharing a home with friends or family members</li>\r\n</ul>\r\n<p class=\"article-tips tip\"><a href=\"//wwoof.net/\" target=\"_blank\" rel=\"noopener\">Worldwide Opportunities on Organic Farms</a> (WWOOF) makes it possible to volunteer on organic farms around the world in exchange for shelter, food, and sometimes pay.</p>","description":"Unless you’re downsizing in place, the process involves moving out of one home into another or living as a nomad, traveling from one place to the next. <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/how-to-downsize-296060/\" target=\"_blank\" rel=\"noopener\">Whatever you decide</a>, you can be sure of one thing: You’re about to make some very big decisions.\r\n<h2 id=\"tab1\" >Addressing your changing priorities</h2>\r\nOver the years, your choice of home was probably driven, at least in part, by a growing family and accumulating wealth. You needed more space to house your family and possessions. <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/should-you-downsize-heres-how-to-decide-296058/\" target=\"_blank\" rel=\"noopener\">When you’re downsizing</a>, especially if you’re nearing a certain age or experiencing physical or cognitive challenges, your priorities change.\r\n\r\nWhether you’re buying an existing home or building a new home from scratch, you must consider features that may not have crossed your mind in the past, such as the following:\r\n<ul>\r\n \t<li>Proximity to caregivers and to everything you need with convenient and affordable transportation (so you don’t have to drive anywhere)</li>\r\n \t<li>Single-level home (so you don’t have to climb stairs)</li>\r\n \t<li>Step-free entrance</li>\r\n \t<li>Wider doorways (to allow access for a walker or wheelchair)</li>\r\n \t<li>Patio versus a large yard (so you have less outdoor maintenance)</li>\r\n \t<li>More efficient use of vertical space (because you have less square footage)</li>\r\n \t<li>Lever handles (instead of knobs) on doors and cabinets</li>\r\n \t<li>Nonslip flooring</li>\r\n \t<li>Shower with no-step entry, grab bars, and adjustable showerhead</li>\r\n \t<li>Raised or adjustable-height toilet</li>\r\n \t<li>Automatic or rocker light switches</li>\r\n \t<li>Hands-free faucets or faucets with lever handles</li>\r\n \t<li>Lower cabinets or cabinets with pull-down shelves</li>\r\n \t<li>Multilevel or adjustable countertops</li>\r\n \t<li>Availability of assistance, such as meal preparation, housekeeping, and nursing</li>\r\n</ul>\r\n<h2 id=\"tab2\" >Selling your home</h2>\r\nRegardless of whether you’re planning to buy a new home or move to a rental unit, or you have some other living arrangements in mind, if you own a home you’ll need to sell it. As you plan to sell, keep these key points in mind:\r\n<ul>\r\n \t<li>List your home with a top-selling Realtor in your area. You’ll earn enough extra by listing with a top-selling Realtor to more than cover the commission.</li>\r\n</ul>\r\n<p class=\"article tips remember\">Realtors specialize as seller’s agents or buyer’s agents. Choose a seller’s agent — you want someone in your corner who can sell your home fast for top dollar. (Some real estate teams have both buyer’s and seller’s agents, enabling you to buy and sell through a single group.)</p>\r\n\r\n<ul>\r\n \t<li>Follow your Realtor’s recommendations to make repairs and updates to your home to bring it up to market value, but don’t over-improve the property. In other words, don’t invest more than you can ever hope to recoup from the sale. Buyers aren’t looking for million-dollar homes in neighborhoods where most of the properties are selling for $400,000 or less.</li>\r\n \t<li>If you’re expecting a profit of more than $250,000 (or more than $500,000 for a couple) from the sale, consult your accountant to discuss the tax implications.</li>\r\n \t<li>If your area is experiencing a housing market slump, consider postponing the sale until the market recovers. However, if you don’t expect the market to recover anytime soon, you may be wise to accelerate the sale. A good Realtor can help you make the best decision.</li>\r\n \t<li>In a sizzling housing market, consider buying a new home before selling, so you don’t end up selling with no place to move into. In a down market, you may be better off selling first, so you don’t get stuck with two mortgage payments.</li>\r\n</ul>\r\n<h2 id=\"tab3\" >Buying a new home</h2>\r\nWhen you’re in the market for a smaller home, take your time to find exactly what you’re looking for. Imagine that your new home will be the last home you’ll ever own. Does it have the potential to serve your current and future needs?\r\n\r\nWork closely with a Realtor (a buyer’s agent) to explore your options. Develop a comprehensive list of everything you’re looking for, but be open to suggestions from your Realtor, who may bring up factors you haven’t considered. Provide as much information and insight as possible, including the following:\r\n<ul>\r\n \t<li>Price range</li>\r\n \t<li>Size (square feet)</li>\r\n \t<li>Number of bedrooms and bathrooms</li>\r\n \t<li>Style</li>\r\n \t<li>Location</li>\r\n \t<li>Amenities (pool, clubhouse, gym, social activities, and so on)</li>\r\n \t<li>Whether you’ll need assistance (meals, housekeeping, nursing)</li>\r\n \t<li>Your current situation, including why you’re downsizing</li>\r\n \t<li>Whether you plan to pay cash or finance the purchase</li>\r\n</ul>\r\n<h2 id=\"tab4\" >Exploring other living arrangements</h2>\r\nWhen you’re downsizing, owning a traditional home or condo isn’t the only option. You may want to consider other living arrangements, such as the following:\r\n<ul>\r\n \t<li>Couch surfing — a series of brief stays with friends and family members</li>\r\n \t<li>Traveling and living in a van, bus, or RV</li>\r\n \t<li>Living on a boat/houseboat</li>\r\n \t<li>Living in an alternative structure, such as a tiny home, treehouse, shipping container, or <em>yurt</em> (portable round tent) — don’t knock it until you’ve explored these options</li>\r\n \t<li>Living in a commune — a property shared by people with similar interests and goals</li>\r\n \t<li>Sharing a home with friends or family members</li>\r\n</ul>\r\n<p class=\"article-tips tip\"><a href=\"//wwoof.net/\" target=\"_blank\" rel=\"noopener\">Worldwide Opportunities on Organic Farms</a> (WWOOF) makes it possible to volunteer on organic farms around the world in exchange for shelter, food, and sometimes pay.</p>","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Addressing your changing priorities","target":"#tab1"},{"label":"Selling your home","target":"#tab2"},{"label":"Buying a new home","target":"#tab3"},{"label":"Exploring other living arrangements","target":"#tab4"}],"relatedArticles":{"fromBook":[{"articleId":296060,"title":"How to Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}}],"fromCategory":[{"articleId":296060,"title":"How to Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":296058,"title":"Should You Downsize? Here's How to Decide","slug":"should-you-downsize-heres-how-to-decide","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296058"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}},{"articleId":270012,"title":"How to Buy a House: Fundamental Principles for Selecting Your Home","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":295838,"slug":"downsizing-for-dummies","isbn":"9781119910060","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119910064-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/downsizing-for-dummies-cover-9781119910060-203x255.jpg","width":203,"height":255},"title":"Downsizing For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"9133\">Ralph R. Roberts</b> </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}},{"authorId":35213,"name":"Kathleen Roberts","slug":"kathleen-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35213"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8993"}},{"authorId":34819,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/34819"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-638f592eef4df\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-638f592eefd42\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-12-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":296071},{"headers":{"creationTime":"2023-12-05T15:43:13+00:00","modifiedTime":"2023-12-06T14:40:45+00:00","timestamp":"2023-12-06T15:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Should You Downsize? Here's How to Decide","strippedTitle":"should you downsize? here's how to decide","slug":"should-you-downsize-heres-how-to-decide","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"If you're not sure whether downsizing is right for you, check out these considerations and question you should ask yourself.","noIndex":0,"noFollow":0},"content":"Downsizing can mean anything from scaling back on living space and possessions to choosing a completely different lifestyle.\r\n\r\nWhen you’re deciding whether to downsize, you need to do a <em>gut check</em> — honestly evaluate your situation and your mindset. Your situation may be that all your children have moved out and you have <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/moving-out-to-downsize-296071/\" target=\"_blank\" rel=\"noopener\">far more home than you need</a>; or your expenses are rising and you’re afraid of running out of money before the grim reaper pays a visit; or you’re bored and you want to finally pursue your dream of joining Cirque du Soleil.\r\n\r\nYou need to evaluate where you are and where you want to be when you’re deciding whether to downsize.\r\n\r\nLikewise, you need to look inside yourself to get a sense of what you really think and feel about downsizing. What’s your vision for the next 10 to 20 years of your life? What will you be giving up? What do you expect to get in return? Are you looking forward with confidence and excitement or fear and trepidation?\r\n\r\nIf you don’t <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/how-to-downsize-296060/\" target=\"_blank\" rel=\"noopener\">have a solid plan</a> that you’re fairly certain will make you happier, you run the risk of being disappointed and getting discouraged, so take some time to analyze both your situation and your mindset.\r\n<h2 id=\"tab1\" >Examining your situation</h2>\r\nTo discover your <em>why</em> (or <em>why not</em>) for downsizing, examine your current situation by answering the following questions:\r\n<ul>\r\n \t<li><strong>Is your situation such that you have no choice but to downsize?</strong> For some people, downsizing isn’t a choice. Financial strain, health conditions, or pressure from family members may compel you to downsize, regardless of whether you want to.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Even if you’re being compelled to downsize by forces outside your control, taking the initiative and being proactive can give you more control over the outcome. Don’t just throw up your hands in despair; be an active participant as much as you’re able.</p>\r\n\r\n<ul>\r\n \t<li><strong>Are you leading the life <em>you</em> want to live?</strong> If you feel as though you’re a victim of circumstance or you’re living passively and simply reacting to decisions that other people make, you may want to downsize to start living your life with intention — living your dream instead of enabling others to live theirs. Sometimes, having a big house and lots of possessions can be like wearing a ball and chain.</li>\r\n \t<li><strong>Are you lonely?</strong> You may be able to improve your social life by downsizing and moving to a community where you’re more likely to meet compatible individuals — for example, an over-55 community with lots of social activities. (In Rochester Hills, we don’t call them senior centers; we call them OPCs — older people’s centers!)</li>\r\n \t<li><strong>Is your home too much for you to clean and maintain?</strong> If your home is falling into disrepair, or your housekeeping is starting to slip and you can’t afford to hire out the work, it can be a sign that you’re ready to downsize.</li>\r\n \t<li><strong>Are you burning through your savings?</strong> Ideally, you want to die without a penny in savings, meaning you enjoyed your money while you lived. But perhaps you want to leave some money behind for your survivors. Whatever the case, examine your finances carefully to make sure you’re not burning through your savings too quickly. If you are, downsizing may be the solution.</li>\r\n \t<li><strong>Do you have more house than you need?</strong> If you have rooms that you never use, you may be a good candidate for downsizing. Or you can lease those rooms to generate additional income.</li>\r\n \t<li><strong>Do you need to unlock the equity in your home to finance your dreams?</strong> If you have significant <em>equity</em> in your home (you can sell it for much more than you owe on it), you may want to sell your home to cash out your chips and use the proceeds to support the lifestyle you envision for yourself. Of course, other options are available for unlocking the equity in your home, such as refinancing or opening a home equity line of credit (HELOC).</li>\r\n \t<li><strong>If you were to die today, would you leave a total mess for your loved ones to deal with? Do you care?</strong> Many people downsize to ease the burden on their loved ones, in which case moving to a more manageable home, shedding possessions, and organizing documents become top priorities. However, if you’ve already done a fantastic job of organizing everything and living simply, downsizing may be unnecessary.</li>\r\n \t<li><strong>Do you need assistance with medical or personal care?</strong> If your health is declining or you simply need a little more help than in the past, downsizing can be an opportunity to move into housing where you can get the help you need.</li>\r\n \t<li><strong>Are you and your partner on the same page?</strong> If you have a partner and one of you wants to downsize while the other doesn’t, that can be a deal breaker.</li>\r\n</ul>","description":"Downsizing can mean anything from scaling back on living space and possessions to choosing a completely different lifestyle.\r\n\r\nWhen you’re deciding whether to downsize, you need to do a <em>gut check</em> — honestly evaluate your situation and your mindset. Your situation may be that all your children have moved out and you have <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/moving-out-to-downsize-296071/\" target=\"_blank\" rel=\"noopener\">far more home than you need</a>; or your expenses are rising and you’re afraid of running out of money before the grim reaper pays a visit; or you’re bored and you want to finally pursue your dream of joining Cirque du Soleil.\r\n\r\nYou need to evaluate where you are and where you want to be when you’re deciding whether to downsize.\r\n\r\nLikewise, you need to look inside yourself to get a sense of what you really think and feel about downsizing. What’s your vision for the next 10 to 20 years of your life? What will you be giving up? What do you expect to get in return? Are you looking forward with confidence and excitement or fear and trepidation?\r\n\r\nIf you don’t <a href=\"//coursofppt.com/article/home-auto-hobbies/home-ownership-renting/how-to-downsize-296060/\" target=\"_blank\" rel=\"noopener\">have a solid plan</a> that you’re fairly certain will make you happier, you run the risk of being disappointed and getting discouraged, so take some time to analyze both your situation and your mindset.\r\n<h2 id=\"tab1\" >Examining your situation</h2>\r\nTo discover your <em>why</em> (or <em>why not</em>) for downsizing, examine your current situation by answering the following questions:\r\n<ul>\r\n \t<li><strong>Is your situation such that you have no choice but to downsize?</strong> For some people, downsizing isn’t a choice. Financial strain, health conditions, or pressure from family members may compel you to downsize, regardless of whether you want to.</li>\r\n</ul>\r\n<p class=\"article-tips tip\">Even if you’re being compelled to downsize by forces outside your control, taking the initiative and being proactive can give you more control over the outcome. Don’t just throw up your hands in despair; be an active participant as much as you’re able.</p>\r\n\r\n<ul>\r\n \t<li><strong>Are you leading the life <em>you</em> want to live?</strong> If you feel as though you’re a victim of circumstance or you’re living passively and simply reacting to decisions that other people make, you may want to downsize to start living your life with intention — living your dream instead of enabling others to live theirs. Sometimes, having a big house and lots of possessions can be like wearing a ball and chain.</li>\r\n \t<li><strong>Are you lonely?</strong> You may be able to improve your social life by downsizing and moving to a community where you’re more likely to meet compatible individuals — for example, an over-55 community with lots of social activities. (In Rochester Hills, we don’t call them senior centers; we call them OPCs — older people’s centers!)</li>\r\n \t<li><strong>Is your home too much for you to clean and maintain?</strong> If your home is falling into disrepair, or your housekeeping is starting to slip and you can’t afford to hire out the work, it can be a sign that you’re ready to downsize.</li>\r\n \t<li><strong>Are you burning through your savings?</strong> Ideally, you want to die without a penny in savings, meaning you enjoyed your money while you lived. But perhaps you want to leave some money behind for your survivors. Whatever the case, examine your finances carefully to make sure you’re not burning through your savings too quickly. If you are, downsizing may be the solution.</li>\r\n \t<li><strong>Do you have more house than you need?</strong> If you have rooms that you never use, you may be a good candidate for downsizing. Or you can lease those rooms to generate additional income.</li>\r\n \t<li><strong>Do you need to unlock the equity in your home to finance your dreams?</strong> If you have significant <em>equity</em> in your home (you can sell it for much more than you owe on it), you may want to sell your home to cash out your chips and use the proceeds to support the lifestyle you envision for yourself. Of course, other options are available for unlocking the equity in your home, such as refinancing or opening a home equity line of credit (HELOC).</li>\r\n \t<li><strong>If you were to die today, would you leave a total mess for your loved ones to deal with? Do you care?</strong> Many people downsize to ease the burden on their loved ones, in which case moving to a more manageable home, shedding possessions, and organizing documents become top priorities. However, if you’ve already done a fantastic job of organizing everything and living simply, downsizing may be unnecessary.</li>\r\n \t<li><strong>Do you need assistance with medical or personal care?</strong> If your health is declining or you simply need a little more help than in the past, downsizing can be an opportunity to move into housing where you can get the help you need.</li>\r\n \t<li><strong>Are you and your partner on the same page?</strong> If you have a partner and one of you wants to downsize while the other doesn’t, that can be a deal breaker.</li>\r\n</ul>","blurb":"","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}}],"primaryCategoryTaxonomy":{"categoryId":33962,"title":"Home Ownership & Renting","slug":"home-ownership-renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Examining your situation","target":"#tab1"}],"relatedArticles":{"fromBook":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How to Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}}],"fromCategory":[{"articleId":296071,"title":"Moving Out to Downsize","slug":"moving-out-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296071"}},{"articleId":296060,"title":"How to Downsize","slug":"how-to-downsize","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/296060"}},{"articleId":295908,"title":"Downsizing For Dummies Cheat Sheet","slug":"downsizing-for-dummies-cheat-sheet","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/295908"}},{"articleId":273976,"title":"Buying and Selling a Home For Canadians For Dummies, 5th Edition","slug":"buying-and-selling-a-home-for-canadians-for-dummies-5th-edition","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/273976"}},{"articleId":270012,"title":"How to Buy a House: Fundamental Principles for Selecting Your Home","slug":"how-to-buy-a-house-fundamental-principles-for-selecting-your-home","categoryList":["home-auto-hobbies","home-ownership-renting"],"_links":{"self":"//dummies-api.coursofppt.com/v2/articles/270012"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":295838,"slug":"downsizing-for-dummies","isbn":"9781119910060","categoryList":["home-auto-hobbies","home-ownership-renting"],"amazon":{"default":"//www.amazon.com/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"//www.amazon.ca/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"//www.tkqlhce.com/click-9208661-13710633?url=//www.chapters.indigo.ca/en-ca/books/product/1119910064-item.html&cjsku=978111945484","gb":"//www.amazon.co.uk/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"//www.amazon.de/gp/product/1119910064/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"//coursofppt.com/wp-content/uploads/downsizing-for-dummies-cover-9781119910060-203x255.jpg","width":203,"height":255},"title":"Downsizing For Dummies","testBankPinActivationLink":"","bookOutOfPrint":true,"authorsInfo":"<p><p><b><b data-author-id=\"9133\">Ralph R. Roberts</b> </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}},{"authorId":35213,"name":"Kathleen Roberts","slug":"kathleen-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35213"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8993"}},{"authorId":34819,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/34819"}}],"_links":{"self":"//dummies-api.coursofppt.com/v2/books/"}},"collections":[],"articleAds":{"footerAd":"<div class=\"du-ad-region row\" id=\"article_page_adhesion_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_adhesion_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-638f592ee766d\"></div></div>","rightAd":"<div class=\"du-ad-region row\" id=\"article_page_right_ad\"><div class=\"du-ad-unit col-md-12\" data-slot-id=\"article_page_right_ad\" data-refreshed=\"false\" \r\n data-target = \"[{&quot;key&quot;:&quot;cat&quot;,&quot;values&quot;:[&quot;home-auto-hobbies&quot;,&quot;home-ownership-renting&quot;]},{&quot;key&quot;:&quot;isbn&quot;,&quot;values&quot;:[&quot;9781119910060&quot;]}]\" id=\"du-slot-638f592ee7ea2\"></div></div>"},"articleType":{"articleType":"Articles","articleList":null,"content":null,"videoInfo":{"videoId":null,"name":null,"accountId":null,"playerId":null,"thumbnailUrl":null,"description":null,"uploadDate":null}},"sponsorship":{"sponsorshipPage":false,"backgroundImage":{"src":null,"width":0,"height":0},"brandingLine":"","brandingLink":"","brandingLogo":{"src":null,"width":0,"height":0},"sponsorAd":"","sponsorEbookTitle":"","sponsorEbookLink":"","sponsorEbookImage":{"src":null,"width":0,"height":0}},"primaryLearningPath":"Solve","lifeExpectancy":"Five years","lifeExpectancySetFrom":"2023-12-05T00:00:00+00:00","dummiesForKids":"no","sponsoredContent":"no","adInfo":"","adPairKey":[]},"status":"publish","visibility":"public","articleId":296058},{"headers":{"creationTime":"2023-11-29T21:15:45+00:00","modifiedTime":"2023-11-29T21:15:45+00:00","timestamp":"2023-11-30T00:01:02+00:00"},"data":{"breadcrumbs":[{"name":"Home, Auto, & Hobbies","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33809"},"slug":"home-auto-hobbies","categoryId":33809},{"name":"Home Ownership & Renting","_links":{"self":"//dummies-api.coursofppt.com/v2/categories/33962"},"slug":"home-ownership-renting","categoryId":33962}],"title":"Downsizing For Dummies Cheat Sheet","strippedTitle":"downsizing for dummies cheat sheet","slug":"downsizing-for-dummies-cheat-sheet","canonicalUrl":"","百度搜检索擎系统系统调优调整调整系统系统":{"metaDescription":"Weigh the pros and cons of downsizing your living space, and if you plan to move, consider this list of location factors.","noIndex":0,"noFollow":0},"content":"Downsizing, that is decluttering and simplifying your life, can bring great rewards to you and your family, including financially and emotionally.\r\n\r\nIf you're not sure whether downsizing is right for you, use the list of pros and cons to help you decide. And, if moving is part of your plan, check out the list of location factors to consider.","description":"Downsizing, that is decluttering and simplifying your life, can bring great rewards to you and your family, including financially and emotionally.\r\n\r\nIf you're not sure whether downsizing is right for you, use the list of pros and cons to help you decide. And, if moving is part of your plan, check out the list of location factors to consider.","blurb":"","authors":[{"authorId":11348,"name":"Ralph Roberts","slug":"ralph-roberts","description":"","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/11348"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. 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Roberts</b> </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey.</p>","authors":[{"authorId":9133,"name":"Ralph R. Roberts","slug":"ralph-r-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/9133"}},{"authorId":35213,"name":"Kathleen Roberts","slug":"kathleen-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/35213"}},{"authorId":8993,"name":"Joseph Kraynak","slug":"joseph-kraynak","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. ","hasArticle":false,"_links":{"self":"//dummies-api.coursofppt.com/v2/authors/8993"}},{"authorId":34819,"name":"Kyle Roberts","slug":"kyle-roberts","description":" <p><b>Ralph R. Roberts </b>is a real estate expert, investor, and author of more than a dozen books, including <i>Flipping Houses For Dummies </i>and <i>Foreclosure Investing For Dummies</i>. As a real estate agent, he sold more than 10,000 homes, with a focus on helping his clients find the perfect living arrangements for their situation. <p>Facing retirement and an empty nest, Ralph and his wife, Kathleen, recently downsized from a 7,000-square-foot home to a condo less than half its size. In <i>Downsizing For Dummies</i>, they share the tips and tricks they discovered through their downsizing journey. 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As you evaluate the possibilities, examine the following factors:</p>\n<ul>\n<li>Foreign or domestic — consider language challenges, as well</li>\n<li>Terrain — plains, mountains, waterfront, desert, forest, jungle</li>\n<li>Climate — hot and dry, hot and humid, temperate, cold, seasonal</li>\n<li>Size/population — large city, small town, remote area</li>\n<li>Affordability — cost of living, taxes</li>\n<li>Employment opportunities — or suitability for working remotely</li>\n<li>Health care — proximity to doctors and other caregivers</li>\n<li>Proximity to friends and family</li>\n<li>Activities, entertainment, and restaurants</li>\n<li>Walkability/transportation</li>\n<li>Crime rates</li>\n<li>Amenities — library, community center, and more</li>\n<li>School system — even if you don’t have kids, a quality school system helps to maintain property values and the neighborhood overall</li>\n<li>Existing property or new construction — do you want to buy an existing property or build 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