Home Affordability and Real Estate Prices in 2021

Just like any commodity real estate prices are also driven by the law of supply and demand. In times of economic crisis, it is usually the commercial spaces that suffer the most due to a decrease in demand. However, demand in residential real estate tends to be more stable even amidst a crisis like the Covid 19 pandemic. Although this is good for the real estate industry, the upward movement in demand and residential real estate price index makes home affordability an issue for those who have yet to buy a house. In the meantime, this USAA VA mortgage calculator might help buyers understand how much spending power they actually have in this market.

Supply and Demand for Affordable Homes

Home affordability is an issue that affects both low-income and middle-income families. Those who have very little in life also have very little hope in owning a house without help from government housing programs or organizations like Habitat for Humanity. As for middle-income earners, affordability issues usually arise in finding a property that fits their needs and lifestyle. There are several factors that dictate the pricing or affordability of real estate. The most basic one is the supply and demand wherein prices go up when demand is high and supply is low and prices go down when demand is low and supply is high. At times, all these terms could be quite confusing for someone who’s not so well-versed in real estate investment. However, thanks to companies like Kime Realty (to know more, click here), investing in a property isn’t a far-fetched dream anymore. Real estate agents nowadays tend to make use of various methods to get their clients the best possible deal out of multiple listings. Be it an FSBO (For Sale By Owner) leads or looking for homeowners who didn’t sell, they could use all possible methods to make sure their clients are satisfied.

That said, it is evident that a growing population means a growing need for living spaces. Thus, it is not surprising that demand for residential real estate also continues to grow especially in urban areas that are densely populated. Given the preference of people to live near the workplace and school, real estate prices in Business Districts or the metro can be quite expensive. Nevertheless, the contrary situation too exists. Even the lesser populated areas, like some parts of California and others, are seeing a rise in demand for real estate, as people start to look for homes away from the hustle-bustle of the cities and in quieter, more peaceful places. As we can glean from informative websites such as https://camdenmckayre.com, the amenities and access to necessary services in such areas are not scarce, either. Hence, while there may be an upward trend for real estate in the major cities, the same could also be said for the suburbs and coastal towns as more people step away from the crowd and settle in smaller towns.

According to a study on affordable housing from Lamundi in 2018, some real estate developers have expressed their commitment to addressing the increasing demand for affordable homes in the country. When Covid 19 hit the country, economic uncertainties caused a decrease in demand for residential real estate but quickly recovered with an upward trend by the first half of 2020.

How much does it cost to own a home in the Philippines?

Residential real estate prices depend on several factors, two of which are housing segment and location. The most affordable housing in the country is classified into 3 segments according to the Housing and Urban Development Coordinating Council (HUDCC). Socialized Housing are those that cost P450,000 and below, Economic Housing are priced between P450,00 to P1,700,000, and Low-Cost Housing prices range from P1,700,000 to P3,000,000. Townhouses and Condominiums can range from P4,000,000 to P7,000,000 while residential properties in prime locations like Makati, Taguig, and Ortigas are priced at 120,00 to 1,000,000 per square meter.

Can I afford to buy a new house?

The real gauge in determining if you can afford to buy a new house at this point is your current financial status. Some of the questions you may want to ask are: How much are your earning? Is it from a stable source? Do you have other sources of income? What are your expenses? How much is your savings? Compare your bottom line figures with the amount of investment you need for your real estate buy and see if it is doable. Or you could use a mortgage calculator for a simpler and easier way to check your finances.

Buying a new house can get more expensive every year as the demand for residential real estate continues with its upward trend. This trend is expected to hold even after the pandemic so it would be prudent to explore the favorable factors for real estate buying at this time. These include lower mortgage interest rates, opportunities in the foreclosed property market, and flexible rates from developers and sellers.

How to Keep Your Family on Budget this Year

Group of People Holding Arms

Keeping your family’s budget on track is already a huge challenge on its own. Compound it with a global pandemic and a strong desire to keep everything orderly and organized, the challenge turns into a true uphill climb. Luckily, with a few tried and tested tips, you can get a grip on your family’s finances and continue saving for your future. Whether you’re saving to send your kids to college, to renovate the house, or to buy a much-needed new car, with the right tools at hand, you’ll be ready for anything.

Separate the “Wants” from the “Needs”

If you’re trying to save money and budget wisely, you need to first figure out if you’re over-spending – especially on luxury items your family might not really need. Firstly, you will need to get home, car, and life insurance but this doesn’t mean you should break the bank paying for them. There are policies out there that offer great deals and perks. For example, this guide goes over the life insurance policies that come with a free gift. This not only ensures your family is financially protected should anything happen to you, but it also means you get a great deal! Next, decide what your wants are. Is there any spending habit that, if removed, would actually not affect your overall happiness? Could you skip the morning latte, and instead bring coffee from home in a travel mug? Could you live without the name brands at the grocery store and try some of the less expensive generic brands? Do you need streaming subscriptions to Netflix, Disney+, Amazon, and Hulu or could you cut back somewhere?

Only Borrow Money from Transparent Lenders

Everyone needs to borrow money. Lines of Credit can help you renovate your home to increase its value, car loans allow you to buy a car when you need it, with a reasonable interest rate, even payday loans can help with a temporary emergency cost that needs to be covered right away. But it pays to know the terms and conditions of any financial relationship. If you need money quickly, a payday loan gives you the cash you need without the hurdles and hoops that come with personal loans from a bank or traditional lender. But your lender should provide you with the tools and information about borrowing that you need to stay informed. Always know what the
terms of your loan are.

Look to the Experts

There is only so much headway you can make on your own, and if your confidence or determination starts to lag, there are always experts out there who can help you stay on track. Consider one of these gurus of personal finance.

Farnoosh Torabi is a podcaster whose personal anecdotes first-person accounts of financial foibles and feats give you not only inspiration but some entertainment along the way. A Forbes favorite, she always has insights to offer and her guests include other major thinkers like author Seth Godin and self-help legend Tony Robbins.

Canna Campbell is a famous YouTuber who helps viewers adopt a minimalist mindset to help them save. Her ideas, which were eventually catalogued in her e-book, The $1000 Project, give a great perspective on how to pave your way and be proud of what you accomplish.

Cait Flanders is a Twitter star and budgeting pro who loves to share her insights and passion with her followers. You might even want to pick up her book, The Year of Less which documents her twelve-month journey of climbing out of debt by purchasing only groceries, toiletries, and gas for her car. She’s always happy to share ideas on Twitter and keep her followers in the know regarding any new tips she’s come across.

If you want to keep your personal and family finances from running away from you this year, consider these strategies. They’ll motivate and inform you so that you can set realistic goals and achieve them.

The Pros and Cons of Being a Full-Time Caregiver

A person sitting at a table looking at a book

Description automatically generated

Your parent is getting older and can’t manage daily tasks on their own. They need a caregiver. You’re wondering if you could fill that role for them.

Before you make a decision, you should take a look at the pros and cons of becoming a full-time caregiver for your parent:

Pros: You Become Closer with Your Parent

Acting as a full-time caregiver will deepen your relationship with your parent, sometimes in unexpected ways. They could be more open and vulnerable with you than ever before. They could share their fondest memories with you. Your bond could be the strongest it’s ever been. 

Pros: You Get a Chance to Give Back

You know that your parents worked hard to make sure that you were healthy, happy and cared for when you were growing up. This is an opportunity for you to repay them for all of that loving attention and sacrifice. They were there for you, and now you can be there for them.  

Cons: Not Having the Right Accommodations 

If your parent is moving in with you so that you can be their full-time caregiver, you might realize that your home wasn’t built with their needs in mind and it would be better suited to seek elder care Lynchburg based or similar. Your home has no access for mobility devices – there are steep staircases, tight doorways, awkward floor transitions and no ramps whatsoever. The bedrooms are all on the top floor. The bathrooms have no safety features. 

Having the right accommodations available is important. You can try to renovate your space, or you can arrange for your parent to move into a senior home that prioritizes age in place retirement living by offering numerous accessibility features and professional care options. A great senior nursing home will be ready to address your parent’s needs and more. 

Cons: Putting Everything Else on Hold 

When you take on the role of caregiver, you can’t do much else. Plans for your career, your schooling and hobbies will need to be put on the back-burner while you’re taking care of your parent. Even if you have flexible work hours and understanding bosses, caregiving will take up most of your time and energy. There’s no way to juggle all of these responsibilities. That’s why so many women quit their full-time jobs and put their careers on hold when they decide to tend to their elderly parents. 

If you’re not ready to make this sacrifice, you should look for other elderly care options. 

Cons: Stress

Another problem that comes with a full-time role is stress. Taking care of someone 24/7 can be exhausting, especially because it doesn’t leave you with any time to decompress and take care of yourself. There is a reason why so many adult children go through caregiver burnout after doing chores, running errands and attending appointments without taking a moment to stop and relax. 

Caring for your parent isn’t just physically exhausting – it can be emotionally exhausting, too. If your parent isn’t responding well to your help, it could take a real toll on your well-being. It will be difficult not to take any anger or resistance as a personal slight. 

Now that you know some of the pros and cons that come with being a full-time caregiver for your parent, you can make the right choice for both of you.

3 Things to Consider When You Move Overseas with Children

A move overseas is a big step for any family. Adults can struggle with the move to a new country and there are big costs to consider. Before anything else, you should visit https://farnorthdallashomes.com/north-dallas-closing-costs to work out all of the hidden costs that come with moving abroad that you may not have thought about yet. Moving abroad, whilst tough on your finances, can be even tougher on your children. That’s why it’s important to make some big decisions before you go. Here are some things you’ll need to consider when you make a move:

1. Is it a good time to move them overseas?

Timing is everything when it comes to a successful move overseas. Many expats will tell you that the younger your children are, the easier it’ll be. This is because children are more adaptable at a young age. They can easily pick up the local language and make it easier to make friends. 

If you have older children, there’s no reason why you can’t still move abroad. Older kids will often find the move exciting, as they can appreciate the cultural differences and enjoy the experience of traveling. However, a move can be more difficult if they’re at a stage where they have exams or have only just settled into a new school. You’ll need to consider how to keep things consistent for them.

2. Where will they go to school?

Expats have a number of schooling options, such as:

  • International/British/American schools
  • Local schools
  • Home schooling
  • Hiring a private tutor/teacher

The option you choose will depend on the area you move to. In areas with lots of expats, there are usually more options. For example, you can find an international school in Bangkok, which can give your kids continuity in education. In contrast, it is possible not to be able to find an English-speaking school in some rural areas.

Local schools can vary in quality, depending on the country and location, and if your child gets their qualifications there, then they might not be recognised in your home country. That’s why it’s better to use an international school that follows a standard curriculum. 

3. What will they like about the new country?

If you want to get your child enthusiastic about a move, you’ll have to find something that they’ll love about the new place. Your child will be leaving behind their friends, hobbies, and life, so it’s important they have something to look forward to in the new place.

Do some research on your destination. Are there local clubs your child can join? Will they be able to enjoy the beaches and the countryside? Can they go swimming several times a week? It’s important that your child knows there are going to be fun things to do when you move overseas so that they have something to look forward to. Check social media sites for expat groups, as they can give you advice on things to do.

Moving to a new country can be much more complicated if you have children. You want to ensure their lives aren’t disrupted, especially their education, and you’ll want to ensure they have something to look forward to when they arrive. If you do your research before you move and have everything in place, the process will be so much easier.

3 Reasons Why You’ll Want to Prepare for the Holidays Earlier Than Ever

Think you have all the time in the world to prepare before the holidays arrive? Think again! 2020 is a year that moves fast. Once the malls decorate with candy canes and pump carols over the loudspeakers, it may already be too late. Here’s why you should prepare for the holidays as early as you can manage. 

1. It’s a Regular Expense

A regular expense is a bill you can count on to arrive on a consistent schedule. Housing costs like rent or mortgage payments are your biggest regular expenses, and they’re often the first ones you think of because they’re due every month. 

Monthly due dates are top of mind, but an expense doesn’t have to have this regularity to fit the bill. A regular expense is anything that you can predict.

By this definition, the winter holidays are most definitely a regular expense that you should plan for in advance. 

So, the next time you look at your budget, treat the holidays like a recurring expense and ensure you set aside enough cash to celebrate. The earlier you do this, the less you’ll have to save each month to meet your target. As a general rule, you’ll want to limit your spending to one percent of your income.

2. Your Budget Will Be More Stable

Saving small amounts over the course of the year will make it easier than ever to foot the bill on your own without feeling the crunch. Come the big day, you’ll feel less financial stress because you prepared in advance.

You won’t have to syphon money from other expenses at the last minute to afford the festivities. Neither will you have to take out money to make sure your kids have the best holidays possible. 

While an installment loan may be a reliable safety net in an unexpected emergency, you shouldn’t use them to afford the holidays. Reserve these loans for when disaster strikes, like when your pipes freeze right before your family is due for the feast, and you need to pay holiday premiums to get a plumber out in time to save the day.

If you still aren’t sure what qualifies as an emergency, check here to learn more about when it’s a good idea to borrow cash quickly online with short term loans. 

3. You’ll Pay Lower Prices

Black Friday and Cyber Monday may seem like the natural start to the holiday shopping season. As some of the biggest shopping days of the year, you’ll find some good deals to help you save.

But to save even more, join the 60 percent of people who start their shopping before Thanksgiving weekend. The earlier you begin, the more time you have to shop and think mindfully about your purchases. You also be able to take advantage of seasonal sales throughout the year to find what you need at the lowest price.

The festivities may unfold in what feels like no time at all, but don’t be fooled. They can have a long-lasting impact on your finances if you don’t prepare in advance. And when it comes to the holidays, there’s no such thing as planning too early. Kick-start your plans early this year to save without feeling like a grinch!