Moving is a big change for anyone. But if you have children, the process of moving can be more complex. Kids react differently to the process, and oftentimes they struggle with their feelings about it. At least at first.
So if you’re planning to move and have a kid who’s coming along, learn how to help them with the transition no matter their age.
Why Is Moving So Hard on Kids?
As an adult, moving is stressful. You have to deal with packing, hiring movers, relocating to a new area, and maybe changing jobs. But children have to deal with the disruption on top of not having a choice in the move happening at all. They’re at the whims of the adult reasons for moving, like new employment, divorce, or cost of living.
It’s important to keep in mind that a lot of distress can come from that feeling of helplessness. As a grown-up, you might understand why a move is necessary even if it’s unpleasant, but all children know is that they’re leaving behind a home and community that they have grown attached to, which can be confusing and anxiety-inducing.
“Bringing up the topic over the dinner table will cause far less stress than giving them the news when you’re driving to school. Wait until the whole family is gathered, and there’s not much else going on”
Moving also often requires a child to change schools. That means having to get to know new teachers and peers, and find a way to join new social groups. And if a move is due to divorce, there is an added layer of trauma that can compound the stress involved. That can add up to a lot of sudden life changes happening at once, and it’s easy for kids to get overwhelmed.
How To Talk To Your Kids About Moving
If you are planning to move, it’s important to talk to your kids beforehand and help them mentally prepare for the transition. Here are a few tips and suggestions to keep in mind:
Be upfront about the move: The more time you can give your child to adjust to the idea of moving, the better
Children may have different reactions: Some may be excited, others may be sad, and some might be frustrated. Try to be understanding and patient, and adjust your approach to how your child might be feeling.
Choose a time and place to have the conversation that feels relaxed: Bringing up the topic over the dinner table will cause far less stress than giving them the news when you’re driving to school. Wait until the whole family is gathered, and there’s not much else going on
Focus on the positive aspects of your move: Maybe there’s a cool new park across the street, a popular zoo in town, or the home is within walking distance of fun shops and restaurants. Your child getting the opportunity to decorate their own room is also something they could look forward to
Reassure your child: Let them know that they can come to you with any questions or concerns they may have, and listen to their feelings of sadness, loss, and anxiety
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Before and After a Move: How To Make Each Step Easier on Your Child
There’s a lot going on during a move, and not only can a child’s feelings differ depending on whether they’re packing or realizing how unfamiliar their new home is, but how old they are can affect how they react to each change.
These general guidelines are a good place to start if you’re looking for a little insight as to what could come in the future from your child, or what might be behind some of their behavior.
Toddlers
Moving can be especially challenging for toddlers, as they are still developing their sense of self and are beginning to form attachments to people and places. Toddlers thrive on routine and predictability, so a move can be a distressing disruption. They may also experience separation anxiety when moving away from familiar people, such as caregivers and family members. That’s why it’s important to approach the situation with your toddler the right way, both before and after moving day.
Before moving day
Take your child to your new community ahead of the actual day of the move so they can see what it’s like
Maintain your toddler’s regular routine as much as possible
Pack their belongings last and unpack them first to minimize disruption
On moving day, be sure to bring along some familiar items, such as a favorite blanket or toy, to help your child feel more secure
After moving day
Stick to your former routine as much as possible in your new place
Keep connections with familiar people, such as friends and caregivers, through phone calls, video chats, or social media.
Go on short visits to common spaces that are free to access like parks, libraries, and community centers to help your toddler get used to your new town and make positive, fun associations with it
Try signing up for local playdates and parenting groups on social media, such as Facebook, Nextdoor, and community bulletin boards
School Aged Kids
Just because a child is older doesn’t mean moving is any easier on them. School-aged kids can better understand the moving process and what it means, but they also understand what they’re leaving behind more fully, and might struggle to adjust to a new school and area. Plus, moving can disrupt their education in general, as they may have to transfer and catch up on any missed material, which only adds to the general stress of moving.
Before Moving Day
Get them involved in the planning and decision-making process of the move, such as giving them a box to pack their special belongings. This gives them a better sense of confidence and control over the situation.
Discuss what your child can expect from the move early and often. That includes what their new school will be like
If your child is feeling hesitant about starting a new school, you can research it together and look up campus maps or Google Street Views so they feel more prepared.
To ease the feelings of loss if your child is forced to move far away from schoolmates, extended family, or friends, try throwing a pre-move get-together/going-away party at their favorite restaurant, play area, or park
After Moving Day
Letting your child pick out what color you’ll paint their room or how they want the furniture arranged can help get them excited about the new space
Starting in the middle of a school year, getting used to a new area, or homesickness for the old place may mean your child acts different than normal, or acts out completely. Give them space to feel these big feelings, but help them channel them into a productive activity, hobby, or sport
Plan something extra special for after their first day of school. They might not be comfortable or having fun right away, but you can ensure they have something to look forward to
Check-in on how they’re doing during the first few weeks. Games like High Low Buffalo can help make conversation easier without feeling like their parents are giving them the third degree
Teens
Moving can be particularly hard on a teenager. They often have strong social connections with their peers, so moving away can make them feel like they are losing their sense of identity and community.
“As a grown-up, you might understand why a move is necessary even if it’s unpleasant, but all children know is that they’re leaving behind a home and community that they have grown attached to, which can be confusing and anxiety-inducing.”
Teenagers are in the process of developing their sense of self, which moving can disrupt — they may feel like they have to start over and redefine themselves in their new surroundings. Teens can also have a hard time leaving behind support systems like friends, teachers, mentors, and other adults who have been important in their lives.
Before Moving Day
Break the news gently — but soon. Discussing the move early will give you plenty of time to help your teen feel comfortable and prepared
Keep their social connections intact by supporting old friendships after the move. Try helping your teen organize a going-away party, a housewarming get-together at the new place, or game/movie nights online
Teens value independence, so allow them to make their own decisions as much as possible. They can pack their own belongings, set up their new room, and choose which electives or advanced courses they’ll take at their new school
After Moving Day
Give your teen time to decompress. Allowing some leeway on less-important chores or other tasks will help them adjust much faster
There might be an activity, job opportunity, or extracurricular in the area of your new place that wasn’t at your old one. Even if there isn’t, help your teen rebuild their social network by asking what they’d like to participate in and assist them with the process
At a time they could use them the most, much of a teen’s support system made up of teachers, mentors, and other adults who have been important in their lives might still be near their old place. As with friends, keeping in touch with these people is important to help your teen transition to their new home.
Remember, you know your child best! Adjusting any of this advice to something that works for you and your family is the right course of action. And if you notice your child struggling to cope with the move, don’t be afraid to enlist the help of a professional. A counselor or therapist can help your child work through their feelings and adjust to the changes.
There might be some rough patches, but with a little help, your child can settle in and thrive whenever your upcoming move takes them.
How To Seriously Lessen Your Carbon Footprint When You Move
Around 32.1 million Americans—some 14 million households—moved back in 2019. That’s a lot of moving and shaking, and it’s a lot of extra strain on the environment. An increasing number of Americans are committing to doing more to protect the environment, and green moving is becoming a popular topic.
Eco-friendly moving—and especially zero-waste moving—requires some time and detailed planning. But that’s a good thing because you’ll have all of your ducks in a row by moving day, which means you’ll have an easy time of it. Here at Hire a Helper, we’re all about making your life easier, but we’re also about doing our part to take a load off the environment. This guide will help you achieve a green relocation, no matter how far you have to go.
Before You Move: You Need a Smart Downsize
Moving houses is a great opportunity to go through everything you’ve collected since you moved into your current place. Depending on how long you’ve been there, this may be a quick task, or it may take some serious time. Either way, taking the time to do it right is better for the environment, since you’ll be less likely to toss stuff in the trash just to be rid of it—you’ll have more time to dispose of your discards in a more eco-friendly way. Here’s how to do it right.
The eco-friendly plan
Make your plan—and write it down. Maybe you’ll do a room each week, or a closet each day. Allow yourself more time for basement and attic storage spaces and closets that send an avalanche of stuff down on top of you when you open them.
Create a space for these specific piles
Before you start decluttering, set aside space in your home, or label some boxes to put things in that you’re planning on getting rid of. Have a clearly labeled box, bag, or pile for:
Things you’ll donate to charity
Things you can sell
Things you want to give to specific people
Trash
Things you can (surprisingly!) recycle
Old carpeting
Old mattresses
Scratched CDs, game discs, and DVDs
Stained or torn clothing or bedding
Large and small appliances, from the dryer to the microwave
Electronics, including old cell phones, TVs, computers, printers, and stereos
Crayons and dried-up markers
Ink cartridges
Working and non-working holiday lights
Hazardous waste
Call your local hazmat office and ask where you can drop them off. These items include:
Paints
Fertilizers
Cleaners
Solvents
Motor oil
Pesticides
Eco-friendly Moves Really Happen During the Packing
Leaving packing for the last minute means you’ll probably end up shoving things into garbage bags, which makes it less likely you’ll sort stuff correctly (and it’s super annoying to unpack). The sooner you get started on packing, the more time you can take to do it right and in a way that’s environmentally friendly.
If you’re going to have movers pack you up, and if they’re bringing all of the supplies, choose a moving company that uses sustainable packing materials and reusable or recyclable boxes. (Just ask!) Find out how to best prepare for their arrival. If you’re packing yourself, planning is everything. Are you going to jam through your whole house over the course of a week, or will spend the month before the move getting packed? Decide on your game plan, and use these tips to make your packing adventure as green as possible.
Only use these eco-friendly packing materials
What, exactly, does “eco-friendly” mean when it comes to packing and packing supplies? It means that everything you use to pack your things—boxes, wrapping, padding, tape—is made from recycled materials and/or is recyclable, biodegradable, or compostable.
Eco-friendly packing supplies include:
Cardboard boxes. When you’re done unpacking, pass your boxes on to someone else who’s moving, or put them out for recycling. When possible, source used cardboard boxes. If you must purchase new ones, choose boxes that are made from post-consumer recycled materials.
Cornstarch peanuts. If you’ve got to use peanuts for extra-fragile items, choose the eco-friendly variety instead of styrofoam peanuts, which don’t biodegrade—at least, not in our lifetime. Green packing peanuts are made from non-toxic materials like cornstarch or wheat. They’re biodegradable and dissolve in water, and you can compost them. As an added bonus, eco-friendly packing peanuts don’t have an electrostatic charge, so they won’t stick to everything.
Eco-friendly bubble wrap. Traditional bubble wrap is made from low-density polyethylene film, which generally isn’t picked up by your curbside recycler but can be recycled with your plastic bags when you take them to your local drop-off location. Eco-friendly bubble wrap is greener than traditional because it’s made, in part, from recycled materials. But it’s not biodegradable or compostable, so if you don’t recycle it, it’s hardly green at all.
Corrugated cardboard wrap. Made from 100 percent recycled cardboard, corrugated cardboard wrap is sturdy, protective, biodegradable, and recyclable. (See picture!)
Non-plastic tape. Plastic tape isn’t biodegradable, but paper and cellulose tape, which are made from trees, are. Paper tape typically comes with a water-activated adhesive and requires a special dispenser that wets the tape as you pull it out. Cellulose tape looks like plastic, but it’s made from trees, and you can tear it like paper. Both types of tape are biodegradable.
The zero-waste packing method
If you’re hardcore, you can achieve zero-waste moving by packing carefully. Plan ahead with these tips:
Use your clothes, towels, sheets, pillows, cushions, and linens to protect fragile items. Bonus: you won’t have to pack these items
Save your newspapers and junk magazines and inserts to wrap items in, and recycle them after you unpack
Rent reusable containers. Moving companies often rent reusable, heavy-duty moving crates that come in many shapes and sizes, including a wardrobe box to make moving your clothes easier than ever. When you’re done moving, return the boxes
Pack what you can in empty drawers, laundry baskets, suitcases, buckets, tote bags, and other receptacles you already have on hand
Source free cardboard boxes from friends and local stores. Close them by interlocking the flaps, and recycle or pass the boxes along to someone else when you’re done
For mattresses and other large items you might otherwise wrap in non-biodegradable plastic sheeting, opt instead to drape blankets, sheets, or a cloth drop cloth over these pieces
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Moving Day Must-do’s
It’s the big day! You’ve downsized your belongings without adding unnecessary waste to the local landfill, and you’ve packed your things in the most eco-friendly way you could. Now it’s time to finish up the move with the smallest possible environmental impact, which will be easy as pie if you follow these tips:
Turn off the HVAC while you load
Since your doors will be wide open while you’re loading boxes into the moving truck, turn off the heat or A/C while you load to save energy. Keep the lights off unless you need them on. To empty out the house faster so you can get the heat or A/C back on, move everything as close to the door as you can before you start moving it out.
Save on gas and reduce exhaust
If you’ve hired a moving company, you don’t have much control over how much fuel they consume during your move, but you can rest assured that your company will want to conserve gas if only to boost their bottom line. Moving companies plan their loads and routes carefully for that reason. Depending on how much stuff you have and how far you’re moving, hiring a moving company may be your best option for an eco-friendly relocation.
If you’re moving yourself, here’s what you can do to save on gas:
Plan your route. Take a route to your new place that will use the least amount of gas. The best route may be the shortest, or it may be a long one that has the least traffic congestion and therefore the fewest idling stops.
Make as few trips as possible. The fewer trips you need to take to get your stuff to your new place, the more eco-friendly your move will be. When you’re packing, fill your containers as full as possible so you’ll need fewer of them, which will require fewer trips. Pack your things in the vehicle(s) carefully so there’s little wasted space.
Recycle those packaging materials
Eco-friendly moving isn’t really eco-friendly until you deal with the aftermath—the boxes and the packing materials. As you unpack each box, set the packing materials aside—designate a pile for what can be recycled curbside and a pile for what you’ll need to drop off. Remove any tape from these materials and from your boxes before you break them down. Give the boxes to friends, or put them up on a free online marketplace for people to claim. If they’re beaten up, set them out for recycling.
A New Start: Going Green for Good
Now that you’re all settled in, take a deep breath, relax, and take a good look around your new place. What can you do to reduce your carbon footprint—and your utility bills—as you begin a new era? We’re glad you asked.
Protect your air quality
Poor air quality in your home is bad for your health and for the environment. Keep your indoor air quality as high as possible for a reduced footprint and increased well-being.
Use eco-friendly paints for walls. Paint is notorious for off-gassing volatile organic compounds, or VOCs, into your home, and the production of conventional paint has serious environmental consequences. When it’s time to decorate, choose low-VOC paint, which is less harmful to the environment and your health.
Use non-toxic cleaners. Conventional home cleaning products are rife with toxic chemicals, and when they go down the drain, they can end up in our natural waterways and poison aquatic wildlife. You can either buy non-toxic cleaners or use ingredients from the kitchen, like vinegar and baking soda, to get the entire place sparkling clean without putting your health at risk.
Change the HVAC filter. The air filter in your HVAC system traps impurities as your home’s air moves through it. A dirty filter is far less efficient than a clean one at catching particles like pollen, mold, bacteria, and viruses. Only use high-quality air filters in your system. Inspect your filter each month, and replace it when it’s dirty.
Maintain your furnace and A/C. Your HVAC system is responsible for a large portion of your home’s energy consumption, so keeping it in tip-top shape will not only lower your utility bills but also reduce your home’s use of non-renewable resources and its emissions of greenhouse gases. Have your furnace professionally tuned up before you need it each fall, and have your A/C serviced before it’s time to turn it on in the spring.
Install solar panels. When it’s time to make upgrades, consider installing solar panels on your home. Solar power has come a long way in the past decade, and it’s less expensive and more reliable than ever before. Solar power is pollution-free, and it’s less expensive than the non-renewable alternatives.
Invest in ENERGY STAR appliances. As you move through life in your new home, replace appliances that break down with new ENERGY STAR appliances. ENERGY STAR is a program by the U.S. Department of Energy that clearly identifies the household appliances with the highest energy efficiency and, therefore, the lowest operating costs.
Conserve water better
Less than one percent of the earth’s water is available for human use, and our current global civilization is quickly depleting the supply. It’s up to everyone to conserve water, and here are some ways to do it at home.
Low-flow fixtures. Low-flow fixtures, including showerheads, dishwashers, and toilets, are easy to install, and they don’t affect the quality of your showers, the cleanliness of your dishes, or the force of your flush. However, they do conserve water, using considerably less than their conventional counterparts.
Run the shortest cycles on the dishwasher and washing machine. Unless your clothes or dishes are heavily soiled, the shortest cycle on the washer or dishwasher will get them just as clean as a longer cycle, but it’ll save a lot of water over time.
Re-think your lawn. The lawn is one of the worst offenders when it comes to environmental damage. Maintaining a lawn involves fertilizers and pesticides that leach into groundwater, and keeping it green and barefoot-worthy requires a lot of water. Mowing requires non-renewable gasoline and emits greenhouse gases. Consider ditching your lawn for a beautiful, low-maintenance xeriscape, which requires little to no water.
Finally get your household waste under control
In 2018, Americans generated more than 292 million tons of household waste—around five pounds per person per day. With a recycling and composting rate of just 32.1 percent, America sends the majority of its solid waste to landfills, where it produces methane, carbon dioxide, and other poisonous gases. So your first order of business in your new place is to recycle religiously if you don’t already. Also:
Go paperless. Paper accounts create a huge amount of waste, and although most paper can be recycled, much of it isn’t, or can’t be. Reduce your paper consumption as much as possible—opt for paperless bill paying, invoicing, and receipts, and opt out of junk mail. Clean up spills with microfiber instead of paper towels or disposable wipes, and invest in a stack of cloth napkins instead of using disposable ones.
Compost. A backyard compost pile provides you with rich compost for your garden, and it helps you dramatically reduce food waste, which accounts for a large portion of household waste. But food isn’t the only thing you can compost. Other things you can toss on the compost pile include non-glossy paper, cardboard, natural fabrics, dryer lint, and wine corks. Shred these items into small pieces before adding them to the heap.
Buy in bulk. Food packaging has a giant, terrible impact on the environment. It comprises half of all municipal waste, and it ends up in waterways and inside wildlife as microplastics. It strangles sea creatures, traps land critters, and breaks down into toxic chemicals in the soil. Whenever possible, buy your food in bulk. Bring your own bags to the store with you, and skip the produce bags—or reuse them.
Change your mindset. Being a consumer is fun, there’s no doubt about it. But if you tend to buy things mainly for the quick hit of dopamine it provides—and if most of those baubles quickly end up in the back of closets and drawers, unseen until you move again in 10 years—it’s time to change your ways. When you pick up that shiny thing at your favorite big box store, ask yourself: Do I really need this? If the answer is a (reluctant) no, save your money for something spectacular later on.
From the moment you decide to move, it’s easy to honor your commitment to reducing your impact on the environment. With some planning ahead, you can easily achieve an eco-friendly or zero-waste move. Once you’re unpacked, a few tweaks of some old habits and some brand-new habits are all it takes to start your new life on the right foot—one with a lighter print.
In 1970, the median age of first-time homebuyers was 30.6 years. Today, according to MarketWatch, the median age of American homebuyers is 47 years. Since the 2007-2008 financial crisis alone, the median age has increased by eight years, and that rise is largely attributed to the dramatic decrease of millennials entering the housing market.
The American Dream is changing, and with it, the fundamental desire to own a home.
In 2019, only 43% of millennials owned the homes they lived in, compared to 66% of generation X and 77% of baby boomers. A combination of debt, high housing costs, and a generation with different priorities all contribute to millennials forgoing homeownership.
An important policy goal of the US government has long been to encourage homeownership. Historically, that’s been done through the federal tax code and residential mortgage regulation. But since these things benefit mostly higher-income, better-educated homeowners, these policies are no longer as effective as they once were.
The Brookings Institute points out that a better path to encouraging homeownership at a younger age would be implementing policies that create more opportunities for wealth-building. But until that happens, the median age is likely to keep increasing.
Here are the biggest factors contributing to the wealth gap.
Student loan debt
Student loan debt plays a massive role in millennials deciding not to buy a home. In a survey of student loan borrowers, 83% of non-homeowners cite student loan debt as the reason they haven’t bought a house. Indeed, the average monthly student loan payment is $393 a month, which leaves many unable to save for a down payment on a home.
The most recent student loan debt statistics show that in 2020, there were almost 45 million student loan borrowers who had an average debt of around $33,000.
Rent burden
Millennials are more rent-burdened than any other generation. Rent burden occurs if more than 30% of your income goes toward paying rent — and millennials spend 45% of their income on rent. And while the average living wage is $68,808 a year, the average millennial makes just $35,592 a year, and rent burden plus low wages create a double-whammy for many young people.
“Whether or not you can afford to buy a home depends on your income, the property prices in your location, how much other debt you have, and how good your credit score is.”
Delayed marriage
Marriage increases the chances of homeownership by 18%, and according to the Urban Institute, delayed marriage is one of the biggest factors for why millennials aren’t buying homes. In 1960, couples typically entered their first marriage in their early 20s, but today, the median age for a first marriage is nearly 30.
Delayed procreation
Having children is another important factor in people’s decision to buy a house — having kids increases a person’s chance of homeownership by 6%. But millennials are in no big hurry to have kids. In 1990, 37% of married couples aged 18 to 34 had children, but in 2015, just 25% of young couples were parents.
More diversity, more inequities
The millennial generation is far more diverse than previous ones. According to the Brookings Institute, the young adult age group was 73% white in 1990. In 2000, it was 63% white. Today, the millennial generation is around 56% white, with 30% of its population made up of Hispanics, Asians, and people who identify as two or more races. Historically, homeownership rates are lower among Black, Hispanic, and Asian Americans when compared with white Americans — and today, just 14.5% of Black millennials own a home, compared with 39% of their white counterparts.
What Does it Realistically Take to Buy a House or Condo?
Maybe you’re not interested in becoming a homeowner at a tender age, and that’s perfectly fine. Renting definitely has advantages over buying, and if you prefer the unencumbered life, apartment living frees you up to move wherever, whenever.
However, if you dream of homeownership — but feel like it’s only a pipe dream — you might want to look into homeowner rates to be sure. In many cases, a mortgage is less expensive than rent, and a number of federal and state programs exist solely to help first-time homebuyers like yourself. You might be surprised to find you can afford to buy a home, after all.
You have to use the “28/36 Rule”
Whether or not you can afford to buy a home depends on your income, the property prices in your location, how much other debt you have, and how good your credit score is.
A good starting point for figuring out whether you can afford to buy a house is to use the “28/36 rule”. This rule states that your total household expenses (including your mortgage, utilities, and property taxes) shouldn’t exceed more than 28% of your gross monthly income, and your total household debt (like credit cards and car loans) shouldn’t be more than 36% of your gross monthly income. So figure out those percentages, and you’ll have a rough idea of what you’re working with.
The lowdown on home loans: How do mortgages work?
Unless you’re loaded with cash, you’ll need to get a mortgage like most people. But what specifically is a mortgage, anyway?
A mortgage is an agreement between you and a lender (typically a bank but not necessarily) that says the lender will give you money to buy a house, but if you don’t make the monthly loan payments, they’ll take it away, and you’ll lose any equity (ownership) you’ve built up. A mortgage payment is like rent, but for homeowners. When you borrow money to purchase your home, you pay it back over, say, 15 or 30 years, with interest. The bank figures out how much this adds up to each month, and that’s your mortgage payment. Once your mortgage is paid off, you have full ownership of your home.
What’s the deal with interest rates?
Interest rates are calculated as a percentage of your mortgage loan. Each mortgage payment you make pays back a portion of the principal (the full amount you borrowed) plus the interest that accrued that month.
Fixed-rate interest means that your interest rate won’t change during the life of the loan, and you’ll pay back the same amount each month.
Adjustable-rate interest means that the interest rate may change under certain conditions, and if it does, your lender will adjust your monthly payments up or down until the next rate change.
The longer you take to pay off your mortgage, the more you’ll end up paying in interest. The best way to keep your interest rate low is to pay back the loan as soon as possible, never forget a payment, and pay more than your monthly minimum, if possible.
What Are ALL the Costs Involved in Buying and Owning a Home?
Here is a list of important terms to learn and keep handy, even if you know them backward and forwards.
Down payment
Traditionally, people buying a home pay 20% of the price of the house up-front. It’s possible to buy a home with a smaller down payment, although that could mean increased borrowing costs and higher monthly payments.
Closing costs
Closing costs are lender and 3rd party fees and expenses that are paid at the close of the sale transaction. These costs run roughly 2-5% of the loan amount and could include things like appraisals, taxes, insurance, prepaid interest, and application, origination, and attorney’s fees.
Some lenders allow you to fold the closing costs into the loan, but that makes your loan payment higher, and you’ll end up paying interest on those costs for the life of the mortgage! Your lender will outline your closing costs in a Loan Estimate, which you’ll receive when you apply for the loan.
Monthly mortgage
Your monthly mortgage payment depends on the amount of the loan + your interest rate.
Property taxes
The Man’s gotta take his chunk, and property taxes is how it’s done. Your property taxes pay for things that make your community better, like schools and road repairs. Property taxes are based on the value of your home, and rates vary by location and fluctuate often due to changing needs and priorities in the community.
“In 2019, only 43% of millennials owned the homes they lived in, compared to 66% of generation X and 77% of baby boomers.”
Homeowner’s insurance
Homeowner’s insurance covers losses and damages to your house and assets due to theft or damage. Rates vary by state and region, but the average annual premium in 2017 was about $1,200.
Hazard insurance
Hazard insurance is a more extreme homeowner’s insurance—it protects you from structural damage caused by natural disasters. Hazard insurance is determined by local risk factors such as fires, flooding and earthquakes, and it’s usually included in your homeowner’s insurance policy.
Mortgage insurance
Mortgage insurance protects your lender against loss if you default on the loan. This could cost up to 2% of your total loan amount per year if you didn’t make a down payment of at least 20%.
HOA/Co-op/Condo fees
These are monthly membership fees used to pay for improvements like landscaping and painting and for amenities like swimming pools and gyms. The fee varies dramatically based on the organization and where you live. Upscale condos and homes typically have higher fees and stricter rules than more modest digs.
Utilities
Electricity, gas, water, trash collection, recycling, internet, cable, and security monitoring are daily essentials that you pay monthly, and their costs vary depending on where you live. Bigger homes generally have higher utilities.
You better shop around!
You probably wouldn’t buy the first car you looked at, or the first pair of shoes you tried on, and so it is with the first lender you come across. Shopping around for the best mortgage takes time, but it’s time that can save you lots of money.
Mortgages don’t just come from banks—credit unions, brokers, and independent lenders also deal in mortgages. Know how much you can afford for your down payment, then choose a few institutions to approach for a loan. Ask for all of the costs involved in the loan, including all the stuff above. Compare the loans, and then approach the lender you like best. If you’re charming and savvy, you may be able to negotiate lower fees or better terms. Once you’re happy with what the lender is offering, get it in writing, or it’s not real!
Which is generally better, buying a home or renting? Millennials often don’t really get a choice. But let’s say you do, or are rising the economic ladder. Maybe you just want to know what your situation is affording you.
Of course, renting is appealing because it comes with fewer responsibilities, yet you also don’t get as much autonomy or privacy as with homeownership. There’s no easier way to make sense of buying versus renting than with good, old-fashioned pros and cons lists:
The PROS of RENTING vs. buying
You don’t have to pay property taxes or spring for homeowners insurance
When the furnace breaks down or the roof leaks, you don’t have pay for new ones
You’re free to move out with a 30-day notice
You don’t risk foreclosure if you lose your job or take a pay cut
A rental deposit is far less expensive than a downpayment on a home
You have fewer responsibilities, including upkeep
Utilities are generally less expensive in an apartment, and some are even included in the rent
The PROS of BUYING vs. renting
Mortgage payments build equity in the home
Homeowners often enjoy more tax deductions than renters
Homeownership offers a sense of stability and putting down roots
You can do whatever you want with your space
Pets are always allowed
Monthly payments end once your mortgage is paid off
You have an asset to borrow against if you want to make improvements
The CONS of RENTING vs. buying
Rent often increases, unless it’s fixed
Renting offers no tax benefits
Less stability—if the landlord sells and the new one wants you out, you have to go
You generally can’t customize your space—painting, knocking out walls, etc.
You have to rely on someone else to get things fixed or improved
Rent payments never end
Pets might not be allowed
The CONS of BUYING vs. renting
It costs a lot upfront to buy a house
It’s more expensive to maintain a home you own than a rental
You have to be more responsible—making sure the mortgage is on time, your sidewalks are shoveled, you don’t alienate your neighbors
Your home price might lose value, making it a poor investment
It requires a long-term commitment, which may be scary for some people
It’s far more difficult to move, since you have to sell your home first
You may be liable for injuries sustained on your property (hence the homeowner’s insurance)
If something happens and you can’t pay the mortgage, your bank may foreclose on you
Ideally, you need to have a buffer in savings in case something goes wrong
The Pros and Cons of Buying a Condo vs. Buying a House
Well, what about condos?
Houses and condos are like apples and oranges—sure, they’re both a place you live in, but other than, that they vary quite drastically. Your lifestyle might be better suited to a house over a condo, or vice versa. Don’t just look at prices when choosing which housing situation is best for you—here are some of the differences to take into consideration.
PROS of BUYING A CONDO vs. a house
A condo is generally less expensive per square foot than a house
Many condos have concierge services
Landscaping and exterior maintenance and repairs are covered by the homeowner’s association or HOA
Amenities like a gym, pool, or clubhouse are usually included
Homeowner’s insurance is less expensive
You’re part of a community
PROS of BUYING A HOUSE vs. a condo
A single-family residence offers more privacy than a condo
A house is easier to sell than a condo
You have direct, easy access to a private outdoor space to build a garden or install a pool
You have more creative freedom with your space
CONS of BUYING A CONDO vs. a house
You have less privacy since other people live on the other side of your walls
Potentially strict HOA can make it impossible to customize your condo
HOA fees can be expensive, and you pay them on top of the mortgage
Many condos don’t allow animals
You can’t DIY your outdoor space
CONS of BUYING A HOUSE vs. a condo
You’re responsible for handling the exterior issues, like painting, landscaping, maintenance
Utilities are more expensive
Potentially strict HOA may limit what you can do with your home
Rev-Up Your Credit Score, and Drive Down Your Interest Rate
Alright, but what about credit scores? Do they matter?
Without good credit, it’s going to be virtually impossible to score a low-interest rate on your home loan. Before you embark on a home-buying journey, it’s a good idea to check your credit score and pull your credit reports. If your credit reports have incorrect information, getting mistakes resolved before you apply for a loan can raise your score and net you a better rate.
“And while the average living wage is $68,808 a year, the average millennial makes just $35,592 a year…”
Three credit bureaus maintain files on how you handle credit, including whether you pay bills on time, skip credit card payments, or have items in collection. Different lenders have different criteria for various interest rates, but even a few points on your credit score can mean the difference between half a percentage point—and thus dramatically affect your monthly payments.
Many lenders use the Fair Isaac Corp. (FICO) model for ranking your credit score. This system grades you on a scale of 300 to 850 points, with 800 points or more indicating exceptional credit and under 579 points indicating poor credit. It’s not super easy to increase your credit score—it can take a little time, but the time is well worth it if it means a lower interest rate on your loan.
If you’re worried about your credit, here’s what you can do
Find your current credit score
First, check out your current credit score so you know what you’re dealing with. Order your credit report, which will give you information on which factors are most heavily influencing your score, such as late payments, credit-to-debt ratio, and items in collections.
Focus on virtually nothing else but paying off your debts
Make a budget plan to pay off any outstanding debts you have. Pay off the most expensive debts first, and work your way down the line. Try to pay more than the minimum balance on loans and credit cards each month, and utilize low-interest, balance transfer credit cards to keep the interest low.
Make all your bills scheduled to be automatic
Everyone forgets to pay a bill now and then, but chronic lateness has a negative impact on your credit score. This goes for all of your bills, including utilities, credit cards, and loans. Set up automatic payments for your bills, or set calendar reminders to help you pay on time.
Maintain good credit card debt-to-limit ratios
Credit card companies look at your credit utilization ratio to see how well you manage credit. This is calculated by taking the total amount of all of your credit card balances and dividing that amount by your total credit limit. Keeping your credit utilization ratio low shows lenders that you’re good at managing credit.
Don’t apply for new credit accounts unless you absolutely must
As you’re remedying your old debt, try not to rack up any new debt. Avoid opening up more credit accounts unless it’s absolutely necessary. The more credit accounts you have, or the more you apply for new accounts, the riskier you appear to be.
Keep unused credit cards open
It sounds logical to close your unused credit accounts, but doing so actually increases your credit utilization ratio and lowers your credit score. Unless the unused accounts are charging you fees, keep them open.
Check your credit report at least once a year
Once you’ve got your credit score under control, make sure to check it at least once a year, and report any inaccuracies to the appropriate bureau.
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How to Save Money for a Down Payment Without “Giving Up Your Daily Latte”
You probably love it when people tell you that if you’d just quit your daily Americano or avocado toast habit, you’d be able to afford a house, but you don’t have to listen to them. With a little creativity, you can save money without giving up your favorite creature comforts.
First, set a goal. Figure out roughly how much you’ll probably spend on a house, then figure out how much a 20% down payment will be. If that amount makes you spit out your coffee, try 10%. But don’t go any lower than that. Then, open a savings account if you don’t already have one, and start socking away money as you can.
Here are a few hot tips to help you reach your goal faster.
Treat your savings like a bill
Instead of looking at your savings like an optional expense that you can put off until next month, think of it as a fixed cost that you must pay, just like your electricity and phone bills. Have the money deducted from your paycheck and sent directly to savings so it never crosses your path.
Cut recurring expenses from your budget
Look at your spending habits, and decide where you’re able to cut down. Can you cancel your $100-a-month gym membership for a few months and hit the running trail instead? Eat or drink at home most of the time instead of ordering in or going out? Pare down your digital subscriptions to just the essentials? A little here and a little there will add up faster than you think.
Find a side hustle
Make some extra scratch each month with a second job. Rideshare services or food and grocery delivery are great options for a little extra cash if you have a reliable car. Bartend one night a week at your local dive bar, or tutor online.
Focus on your high-interest debt
Start hacking away at your credit card or loan with the highest interest rate. After you’ve paid off the balance, move on to the next. Transfer your high-interest rate balances to your card with the lowest interest rate.
Try These Sweet Programs for First-time Home Buyers
First-time buyers may be eligible for special grants and zero-interest loans through various state and local programs. Requirements for each program vary, so check with your state’s housing finance agency or the organization providing the loans to see what you’ll need to do. These are some of the loans available to first-time home buyers.
FHA loan
FHA loans are insured by the Federal Housing Administration and are for low-to-moderate-income buyers – they generally have lower credit score and down payment requirements than other loans.
The US Department of Agriculture guarantees loans for some rural properties and offers up to 100% financing. These loans are for low-income folks who don’t qualify for traditional mortgages. USDA loans are low-interest and don’t require a down payment.
The Department of Veterans Affairs offers zero-down payment loans for veterans, military personnel, and their spouses. They have low-interest rates and don’t require a minimum credit score to qualify. These loans have the option of being used to refinance an existing mortgage.
These loans are offered by the Department of Housing and Urban Development (HUD) for firefighters, law enforcement officers, teachers, and emergency medical technicians. Those who qualify receive a 50% discount off the listed price for homes located in “revitalization areas.”
State and local first-time buyer programs and grants
States and cities provide down-payment and closing cost assistance through these programs and grants if you’re a first-time buyer. Look into your state’s housing authority program for more information on the type of assistance available to you.
This is a VA-backed program that provides Native American veterans and their spouses to buy, renovate, or build houses on federal trust land. There is no down payment and the closing costs are low.
While the average age of first-time homebuyers is rising, that doesn’t mean there’s no hope for young people to buy a house if they want to. If you’re thinking you’re about ready to put down some roots, maybe grow a garden, and stomp around all you want without disturbing your downstairs neighbors, start saving today, improve your credit score, and find yourself a little piece of the earth to call your very own.
Is It Weird to Help Your Movers? 10 Things Movers Absolutely Love
Local movers in your area love to move quickly and efficiently, so take it from me, it’s definitely not a weird thing to help your own mover… but not by lifting anything! Helping them in other ways is more than just a load off their backs: the faster they can get done, the more money you will save.
To help move your move along, I can say from experience that these 10 areas are the best, most useful things you can do ahead of your move, even if you hired a full service move with a company like Moving Place . Of course, most movers will be happy to do the things on this list for you, but do everyone a favor – yourself included – and consider being mover ready if you’re looking to save the absolute most amount of money. I’ll tell them it was your idea.
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