Education Archives - Hanover Mortgages

March 1, 2021

5 Ways to Save for College Now

When it comes to student loans, my husband and I have opposite stories. While my tuition was partly paid for by my parents and scholarship money, the rest came from $24,000 in student loans. My husband, on the other hand, sailed through school without taking on a single penny of debt.

That’s because his family had been saving in a college fund for most of his life. While I was struggling to make student loan payments and living on a shoestring budget after graduation, he was focusing on his passions and living comfortably on a more modest income than mine.

September is College Savings Month, so here are some of the best ways to save for your child’s college expenses – and how to get them involved in the process.

Types of College Saving Accounts

Start a 529

A 529 is a savings account specifically used for education-related expenses. Parents can contribute money to a 529, invest the proceeds and receive a special tax break.

The 529 is a popular option for parents because many states offer tax credits or deductions on contributions. The tax credits vary depending on where you live. For example, Indiana provides a $1,000 tax credit if you contribute $5,000, while Arizona residents can take a $5,000 deduction for individuals or $10,000 for families.

There are seven states that don’t allow any tax credits or deductions, including California, Delaware, Hawaii, Kentucky, Maine, New Jersey and North Carolina.

529 contributions are not deductible on your federal taxes. If you live in a state without income tax, then opening a 529 won’t help you save money on taxes.

529 funds can only be spent on education-related expenses, including tuition, fees and textbooks. If that money is spent on ineligible fees, the family will have to pay a 10% penalty on their taxes. Traveling to and from college, paying for study abroad expenses and school supplies are some examples of non-qualified expenses.

Because you can invest money in a 529 like you would invest in a retirement account, your contributions can grow over time. You can invest those contributions in an index fund or mutual fund.

Many 529 providers allow you to create a personalized URL so other people can add money to the account. For example, you could send out this link before Christmas or your child’s birthday to encourage grandparents and other relatives to make a 529 contribution instead of buying toys.

Anyone can save in a 529, even if they’re not a parent, guardian or direct relative. Plus, they’ll also get the tax credit or deduction.

Each state creates its own annual limit for 529s, and they range from $235,000 to $529,000. Because the limits are so high, you don’t generally have to worry about exceeding them.

Roth IRA

Parents who live in states without 529s can contribute to a Roth IRA. Contributions are tax-deferred, and there’s no penalty for taking withdrawals for college expenses.

The annual contribution limit in 2020 for a Roth IRA is $6,000.

Encourage Your Child to Save

Making your child help save for their own education will teach them a valuable financial lesson. It will show them the importance of putting away money regularly and the patience of saving. If they have a part-time job, encourage them to put a percentage of that money toward their college fund.

If they get birthday or Christmas checks, convince them to deposit most of it in their college fund. Remember, your kids will barely remember the presents they got for Christmas, but they will remember when they apply for college and have to pay tens of thousands of dollars for tuition. You could incentive their savings habit by matching every dollar they put in.

Make Saving Automatic

Putting money away for college is similar to saving for retirement or any other long-term goal. It’s easier to save if you make it an automatic process. Most 529s, IRAs and other accounts let you set up automatic contributions from your checking or savings account.

Choose an amount you’re comfortable contributing every month. If you’re saving in a 529, try to save at least enough to get the maximum tax deduction or credit.

Open a Cash-Back Card

Instead of using a credit card to earn miles or other cash-back rewards, open a credit card that specifically helps you save for a 529. Here are a couple options:

Fidelity® Rewards Visa Signature® Card

The Fidelity® Rewards Visa Signature® Card provides 2% cashback on all purchases, and cardholders can transfer that cashback toward a Fidelity 529 account. If you spend $1,000 a month with the card, you’ll earn $240 a year in cashback.

There’s no limit on how much cashback you can earn, and there’s no annual fee. You’ll have to create a Fidelity-sponsored 529 account if you don’t already have one.

Upromise Mastercard from Barclays

The Upromise Mastercard offers 1.25% cashback on all purchases and provides a $100 sign-up bonus if you spend $500 within the first 90 days.

If you link the card to a 529 College Savings Plan, the cashback will receive a 15% bump. If you spend $1,000 a month, you’ll earn $172.5 in cashback rewards annually.

This card also comes with a round-up feature where you can round every transaction to the nearest dollar. The difference will be placed in your 529 and will also earn 1.25% cashback. There is no annual fee.

Apply for Scholarships

Once your child is in high school, they can start applying for merit-based and need-based scholarships to offset the cost of tuition. Students can start searching for scholarships at any point in high school, but should especially focus during their junior and senior years.

Students can search on national databases like Scholly and FastWeb, but also try to find scholarships on their own. They can search for scholarships based on their particular interests, city or state and other personal details. For example, if they’re interested in computer programming, they can find computer programming-specific scholarships.

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Source: mint.intuit.com

February 25, 2021

Cities With the Youngest Workforces â 2021 Edition

Cities With the Youngest Workforces – 2021 Edition – SmartAsset

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While Baby Boomers and Generation X are now the bosses at many companies, more than 25% of the workforce is younger than 30. This means that Generation Z (born between 1997 and 2012) and millennials (born between 1981 and 1996) are emerging as the generations to soon comprise the largest percentage of workers.

Starting your career at a young age provides more time to build up your savings and create a retirement plan with a financial advisor. Some cities offer younger workers more opportunities for gainful employment and SmartAsset crunched the numbers to find out where younger employees make up the biggest percentage of the local workforce.

To do this, we studied data on the 100 largest cities in the U.S., analyzing the number of workers younger than the age of 30 as a percentage of total workers. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.

This is SmartAsset’s second annual study on the cities with the youngest workforces. You can read our 2020 edition here.

Key Findings

Cities with youngest workforces dominate in education, healthcare and social assistance. More than 27% of workers in our top 10 cities have jobs in educational services, healthcare and social assistance. This means that across the top 10, these industries attract or have opportunities for almost six times more workers than construction, almost four times more than manufacturing, almost three times more than retail and almost four times more than finance and real estate. One notable exception is Norfolk, Virginia: The world’s biggest naval base employs almost 21% of the city’s workforce in the armed forces (compared to less than 19% in education, healthcare and social assistance).
Midsize cities attract the youngest workforces. Midsize cities beat out the biggest cities in the top 10 of this study. Even with an average 29-and-younger workforce of about 73,000 (compared to 368,000 across the largest 10 cities in the study), the cities in the top 10 have workforces comprised of about 36% younger workers. This average is only 28% across the largest 10 cities.

1. Norfolk, VA

With a workforce of almost 42% that is younger than 30, Norfolk, Virginia ranks at the top of our list. This city also has the fifth-highest workforce participation rate for younger workers in our study, at 80.4%. One of the major drivers behind the city’s employment of people in this age group is the naval base, which is the largest in the world. Our study reveals that almost 21% of all Norfolk workers are employed by the armed forces.

2. Madison, WI

Home to the University of Wisconsin, Madison has 38.93% of its workforce made up of people ages 16 to 29. The labor force participation rate for this age group is 74.8%, 25th-highest in our study. Education, healthcare and social assistance industries are the biggest employers in Madison, comprising 32.57% of the total workforce.

3. Lubbock, TX

Lubbock, Texas is yet another college town, the home of Texas Tech. People ages 16 to 29 make up 37.79% of the workforce in this city. But the workforce participation rate for this cohort is only 66.3%, ranking 80th out of 100 in our study. The relatively low figure for this metric could be impacted by the large university population, which, although eligible for the workforce, is largely unemployed during its student tenure.

4. Lincoln, NE

Lincoln is the home of the University of Nebraska. This city has a total of 166,354 workers, and 59,184 are younger than 30 – making up 35.58% of the workforce. Education, healthcare and social assistance are the biggest industries in the city, employing just over 27% of all workers. Retail is also a major industry in the city, hiring 10.85% of the workforce.

5. Pittsburgh, PA

Pittsburgh, Pennsylvania used to be dominated by steel production. But now, the University of Pittsburgh Medical Center is the major employer. In fact, education, healthcare and social assistance jobs make up 32.03% of the city’s workforce. And workers ages 16 to 29 make up 35.25% of the total workforce.

6. Tucson, AZ

Tucson, Arizona has 98,591 workers younger than 30, with a workforce participation rate of 69.2% for that age group. People ages 16 to 29 represent 35.22% of total workers in this city.

7. Boston, MA

Boston, Massachusetts has the biggest workforce in the top 10 of this study, with 426,238 workers. And 149,695 of that force is younger than 30, meaning that 35.12% of the total workforce in Beantown is 16 to 29. Boston is another city where education, healthcare and assistance services dominate, employing 31.17% of the workforce.

8. Cincinnati, OH

Younger workers make up almost 35% of the total workforce in Cincinnati, Ohio. The number of workers ages 16 to 29 is 57,014, and their labor force participation rate is just over 70%. Education, healthcare and social assistance are the biggest industries, employing just over 27%. But manufacturing remains important in Cincinnati, accounting for 10.62% of the workforce.

9. Minneapolis, MN

Minneapolis has the seventh-highest labor force participation rate for workers younger than 30 in our study – almost 80%. Overall, younger people (ages 16 to 29) make up 34.87% of the workforce in the city. Almost 27% of those employed in Minneapolis work in education, healthcare and social assistance, with retail comprising more than 10%.

10. Richmond, VA

Richmond, Virginia claims the 10th spot on our list, with a labor force participation rate of just over 78% for people ages 16 to 29. This age group makes up more than 34% of the city’s total workforce. More than 24% of the city’s total workforce is employed by education, healthcare and social assistance.

Data and Methodology

To find the cities with the youngest workforces, we examined data on the 100 largest U.S. cities. Using population data and labor force participation rates from the Census Bureau’s 2019 1-year American Community Survey, we found the percentage of the workforce younger than the age of 30 (i.e. between 16 and 29 years old) in each city. Cities with the highest percentages of younger workers ranked at the top of the list, and those with the lowest percentages of younger workers ranked at the bottom of the list.

Tips for Managing Your Money at the Start of Your Career

It’s never too early to invest in expert advice. Even if you’re younger, it may make sense to find a financial advisor help with your money. Finding the right financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in five minutes. If you’re ready to be matched with advisors, get started now.
The key to retirement savings is to start as soon as possible. If you have access to a workplace retirement savings program like a 401(k), make sure you take advantage of it.
Double-check your paycheck. Knowing how much money you make after taxes is key to financial planning. Use SmartAsset’s free paycheck calculator to see what you’ll actually see on your check after everything is taken out.

Questions about our study? Contact press@smartasset.com.

Photo Credit: © iStock/fizkes

Ben Geier, CEPF® Ben Geier is an experienced financial writer currently serving as a retirement and investing expert at SmartAsset. His work has appeared on Fortune, Mic.com and CNNMoney. Ben is a graduate of Northwestern University and a part-time student at the City University of New York Graduate Center. He is a member of the Society for Advancing Business Editing and Writing and a Certified Educator in Personal Finance (CEPF®). When he isn’t helping people understand their finances, Ben likes watching hockey, listening to music and experimenting in the kitchen. Originally from Alexandria, VA, he now lives in Brooklyn with his wife.

10 Things Taxes Pay For: Where Do Your Federal Tax Dollars Go?

Your taxes pay for a variety of government services, as well as government debt and salaries.

A young Black woman sits at a desktop computer and looks intently at the screen. One hand rests on the keyboard and the other holds a mug of coffee or tea. There is a yellow wall and blackboard behind her and two notebooks stacked on the desk beside her.

The federal government spends a lot of money. In 2019, for example, the government spent a total of around $4.4 trillion. You know that sounds like a lot, but how much is it really?

For comparison, $4.4 trillion was around a fifth of the total national GDP for that year. GDP, or gross domestic product, is the value of all the goods and services provided or made within the country during that year.

What funds the things the government pays for? Well, $3.5 trillion of that spending was paid for by “federal revenues,” which mostly refers to taxes. The other $984 billion was borrowed. Discover 10 things taxes pay for below to understand just how the federal government is spending those trillions of dollars.

10 Things Taxes Pay For

Government Debt
Social Security
Medicare
Other Health Care
National Defense
Veterans Benefits
Safety Net Programs
Education
Infrastructure
Salaries and Wages

1. Government Debt

If the United States’ government borrowed more than $900 billion in 2019 alone, you can bet the total debt is high. At the end of 2019, it was $22.8 trillion.

According to the Peter G. Peterson Foundation, which keeps a daily national debt clock, as of February 24, 2021, the national debt was as much as $27,932,601,755,468—more than $27.9 trillion. Not sure exactly how much that really is? Consider this—if everyone in the United States covered an equal portion of that debt, each person would need to pony up $84,029.

It’s not surprising that a large chunk of what the federal government spends goes to debt, then. In 2019, around 8% of federal spending covered only the interest on debts!

Funding the Social Security program is a big expense for federal taxpayers. Social Security spending is part of an overall government spending category known as mandatory spending. These don’t require appropriation because the spending is mandated by a previous law or appropriation. With mandatory spending, the government funds the programs based on the need—however many people are eligible for and draw from Social Security, for example, determines how much is funded.

Many of the mandatory spending programs started in the middle of the 20th century. As the population has grown, so has the amount needed to fund these programs. In 1962, mandatory spending accounted for 31% of the federal budget. In 2019, it accounted for 61%.

Social Security accounts for the largest amount of mandatory spending. In 2019, the program accounted for 38% of all mandatory federal spending. That was around 23% of the total budget, or about a trillion dollars.

3. Medicare

Medicare also represents a mandatory spending item on the federal budget. It’s typically second to Social Security, and in 2019, it accounted for more than 23% of mandatory spending. This program provides health care benefits for qualified retired individuals as well as some eligible disabled persons. Overall, about $651 billion went to Medicare in 2019.

4. Other Health Care

Medicare isn’t the only health care and wellness program covered by the federal government. Others include Medicaid, which the federal government funds in partnership with the states, the Children’s Health Insurance Program (CHIP), and health care market subsidies. These subsidies are funded under the Affordable Care Act and usually taken as a reduction on how much someone might pay in taxes.

In 2019, all of these other health care programs cost around $450 billion.

5. National Defense

Defense is not included in mandatory spending. It is discretionary spending and it must be included in congressional appropriations bills annually.

Defense tends to be the biggest discretionary spending item on the federal budget. Some, but not all, foreign aid can be classified under defense because that spending is meant to stabilize other nations for the defense of the United States.

In 2019, defense accounted for around 50% of all discretionary spending. However, that was only around 16% of the total budget.

6. Veterans Benefits

Veterans benefits refers to a wide range of health and wellness programs, financial assistance, and other programs designed to support veterans of the United States military. This type of spending can actually fall under both discretionary and mandatory, as there are VA programs in both categories. In either case, though, it’s a relatively small percentage of total spending.

7. Income Security or Safety Net Programs

Income security refers to federal spending on safety net programs to increase the health and safety of the general population. Programs included under this umbrella term cover, but aren’t limited to, housing assistance, nutrition and food assistance, unemployment compensation, foster care, and certain tax credits.

In 2019, income security accounted for the third-largest mandatory spending category after Social Security and Medicare. Around 16% of mandatory federal spending was in this category. Around 5% of discretionary spending that year was also in this category.

With two COVID relief acts in 2020, you should expect to see percentages in this category go up for that year. The types of spending related to those bills—such as the stimulus payments to qualifying Americans—would be considered income security.

8. Education

The children are our future—but you might not know it by looking at how federal funds are spent. Education is normally a relatively small discretionary spending item (about 7% of discretionary spending in 2019), and it often includes both K-12 education as well as spending on college, training, and employment services. It’s also worth noting that only around 8% of K-12 public school spending across the country is federal. The rest is covered by state and local funds.

9. Infrastructure

Infrastructure refers to physical structures and facilities that we depend on to function as a society. This includes buildings, roads, and power supplies.

As with education, infrastructure expenses are shared among federal, state, and local budgets. According to a report from the House Committee on the Budget, the total infrastructure spending across all these entities in 2017 was only 2.3% of GDP, or around $441 billion.

10. Salaries and Wages

Not including the military and other non-civilian workforces, the federal government employs more than 2 million people. That’s a lot of people to pay, which means a lot of spending on salaries, wages, and benefits. The federal government spends billions of tax dollars to cover these expenses every year.

What If You Don’t Agree with Federal Spending?

As much as we’d sometimes like to pull the plug on our own tax bills because we don’t agree with how the federal government is spending our money, you still need to pay your taxes. Not doing so has legal consequences and could also lead to debt that might derail your financial goals and credit score.

But you can take some actions if you don’t agree with how the federal government is spending your tax dollars:

Contact your legislators. Find your representatives in the House of Representatives and the Senate, then contact them about your concerns. Don’t forget to contact your state representatives as well as your US representatives.
Use your vote. Vote for candidates for president, the House of Representatives, or the Senate who align most closely with your policy beliefs and who may be more likely to spend money in a way you agree with.
Get involved. Learn more, get involved with grassroots change efforts, or sign or create petitions for change.

But while you’re doing all those things, don’t forget to do your federal taxes.

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Source: credit.com

February 24, 2021

6 Things You Should Never Say When You’re Selling Your Home

You know that expression about loose lips sinking ships? It holds true for selling your home as well. Sure, there are some things you have to disclose to buyers—such as if your home has lead paint or is located in a flood zone. But there’s plenty more you might volunteer when you would be truly better off keeping your mouth strategically shut.

We’ve already revealed the things buyers should never say to sellers. Now, let us share some things that sellers should never let slip to buyers, or the agents representing them.

To help hone your “less is more” attitude when it comes to talking with prospective buyers, here are a few doozies that agents recommend never, ever saying.

‘Our house is in perfect condition’

Your home is your castle, and in your eyes it may seem perfect—but don’t make claims that aren’t true, says Cara Ameer, a Realtor® with Coldwell Banker.

“The home inspection may reveal otherwise, and, as a seller, you don’t want to wind up putting your foot in your mouth,” she explains. Bottom line: “There simply is no such thing as ‘perfect condition.’ Every house, whether it is brand new or a resale, has something that needs to be fixed, adjusted, replaced, or improved upon.”

If you’re not sure what to disclose, talk to your agent about the history of the house. Together, you can figure out what is important for buyers to know. Don’t have an agent yet? Here’s how to find a real estate agent in your area.

‘It’s been on the market for X…’

Never, ever discuss how long the home has been on the market with prospective buyers, says Pam Santoro, a Realtor with Berkshire Hathaway HomeServices. This info is often listed and available on the home’s information sheet, but bringing it up—especially if the home has been available for eons—can send sellers the wrong message. No one wants to buy a white elephant—and, if they do, it’s probably because they think they’ll be getting it dirt-cheap.

‘We’ve never had a problem with…’

If you’re hoping to move quickly, you may be tempted to tell a few little white lies. So you never had a problem with weird neighbors, eh? Or flooded basements? Or vengeance-seeking poltergeists? Realtors agree that your mistruths—however insignificant they might seem—could come back to you with teeth.

“You’re setting yourself up for potential liability,” explains Ameer. “You may not even be aware of the problem at first, but it could translate into an embarrassing moment upon inspection.” So come clean with what you know and admit what you don’t.

‘We always wanted to fix/renovate that, but…’

Tempted to mention, “We always thought about knocking this wall down and opening the space for more light?” How about “We planned on renovating this bathroom but ran out of cash”? Mum’s the word when it comes to fixes you intended to address. Nobody cares about good intentions.

“When sellers point out things they might change, this only alerts the buyer of more upcoming costs for them,” says Maryjo Shockley, a Realtor with Keller Williams. Who knows? Your buyers may not even want to knock down that wall or redo the bathroom. So why plant those ideas, along with those dollar signs?

‘We spent a ton of money on X, Y, and Z’

Just because you love the Brazilian koa wood flooring you installed throughout the first floor, that doesn’t mean prospective buyers will be willing to shell out for it.

“The buyer doesn’t care whether you spent $10,000 or $100,000 on your kitchen,” says Ameer. “They are only going to offer what they feel the home is worth in relation to area comparable sales.” So, save your breath, or else you’ll risk sounding like you’re trying too hard to justify your price. Desperation isn’t cool.

‘I’m not taking less than X amount for my home’

When it comes time to sell, it makes sense that you want top dollar. We get it! But at the same time, it’s important to be realistic and open to offers within a reasonable range.

“If you send a message that you are inflexible or not open to negotiating, it may not invite buyers to even try to work out acceptable price and terms as they will feel defeated from the start,” says Ameer. “Word may spread that you have this sentiment as a seller, and people may start to avoid the house.”

Source: realtor.com

February 24, 2021

What the Flip? Portland Home Gets a Major Face-Lift and Gains $600K in Value

Flipping a house is a lot of work that can yield a big profit. But not every project is guaranteed to be lucrative. So what’s the key to successfully making over a fixer-upper and selling it for a gain? Our series “What the Flip?” presents before and after photos to identify the smart construction and design decisions that ultimately helped make the house desirable to buyers.

Known for friendly faces, eclectic locals, and beautiful scenery, Portland, OR, has been seen as a desirable place to put down roots for a while now. It was even rated the ninth best U.S. city to live in by U.S. News & World Report. All of those benefits, plus historically low real estate inventory, mean housing prices in Portland are high. But for flippers who can nab a fixer-upper with good bones, there’s plenty of potential for profit—as this example shows.

The flippers who took on this five-bedroom, five-bathroom house made a smart move by pouncing on the well-worn property for $875,000 when it was listed in June 2019. After a full-on renovation, they put the home up for sale, and in December 2020 it was sold for $1,475,000.

So how did they raise the home’s value by $600,000 in just a year and a half—and during a pandemic, no less? The booming market wasn’t the only thing that made this home sale such a success. The fresh renovations also had something to do with making this a must-have property.

Taking into account the home’s now-stylish interior design, we asked our team of experts to look at before and after photos and weigh in on the changes that made the biggest difference in this home. Here’s what they had to say.

Living room

Talk about major changes! Once full of dark, drab wallpaper and a dated, textured ceiling, the living room now has a brighter, cleaner look.

“The application of white paint on everything really works well in this room,” says designer, real estate agent, and house-flipping investor Laura Schlicht. “Two of this house’s biggest assets have been artfully played up: the architectural moldings and the fantastic view.”

“It was a great move to get rid of the extra door on the side of the fireplace,” adds real estate investor and agent Molly Gallagher, of Falk Ruvin Gallagher. “There are plenty of other ways in and out of the room, and it allowed them to widen the hearth and keep the green-tiled theme going.”

Kitchen

The old kitchen was spacious, but that’s about all it had going for it. Once the flippers worked their magic, they had a kitchen that would impress any prospective buyer.

“Removing a section of the wall between the dining room and kitchen brings much more light into the kitchen, bouncing off the bright white cabinets, rather than keeping the view for the dining room itself,” says Kate Ziegler, real estate investor and real estate agent.

She adds that her top question from buyers touring homes is whether or not they can remove a wall.

“Having done this update for the buyers broadens the audience for this home, and boosts sale price as a result,” says Ziegler.

Real estate investor and agent Tracie Setliff, also with Falk Ruvin Gallagher, was impressed with the island addition.

“The island placement is perfect—it seems like it was always there and makes up for some of the storage lost by opening up the wall,” she adds.

“We love that they nod to the original lights and time period of the home with the updated light fixtures they chose,” adds Gallagher. “And they smartly chose to appeal to a wide buyer pool by not adding in some specific tile that will be dated in five years.”

Home office

Before 2020, a home office was just a bonus, but now it’s essential—whether it’s for work or school, or both. Even though this renovation was started before the coronavirus pandemic, the flippers chose to upgrade this home office in a major way, which really paid off by the time they listed the home.

“I love that they removed the old attached bookshelf,” says Setliff. “The room has an airier feel to it without the hulk of the built-in shelving. There are so many cute bookshelves that are much sleeker.”

Schlicht agreed, explaining that the built-in bookcase, while often a bonus, was actually the wrong size for the space and made the room feel crowded.

“Let’s take a moment to notice the windows,” says Ziegler. “New windows are a significant cost that most new buyers don’t want to take on in the near term—but the payback in efficiency can be remarkable. Replacing windows as part of a flip makes the whole space look more contemporary and polished, but also adds real value to the home that buyers can quantify.”

Dining room

At first glance, it may seem like the only real change in the dining room was a new coat of white paint, but Ziegler says that’s not the case. In fact, she was rather impressed with the flippers’ efforts in this room.

“The dining room demonstrates places where the investors behind this work took the time to restore and retain older details: keeping the built-in sideboard, and even the mirror detail below the smaller window shows a thoughtful approach and is indicative of more time-intensive work,” Ziegler says.

“Restoring details rather than replacing with cheaper, contemporary alternatives requires patience and care, and that attention to detail is something buyers notice even if they don’t have the vocabulary to describe it,” she adds. “The updated chandelier is trendy but also a nod to midcentury modern styling that is appropriate for a house of this age.”

Setliff is happy to see the “boring” light fixture go, in favor of the new “sophisticated, sculpturelike light.”

“Buyers do not want to have to change fixtures, as simple as it seems, and keeping it fun yet unfussy was the way to go,” she says. “It is interesting how you notice the views from the windows now that your eye isn’t drawn to the dark brown of the built-in cabinets and window trim.”

Den

This old den went from afterthought to amazing after this flip, and our experts are impressed with the results.

“Goodbye, ’60s; hello, now!” says Gallagher. “Knotty pine is best reserved for Wisconsin supper clubs these days, and today’s buyers are not interested in having a supper club theme for their den.”

“Removing drop ceilings and wood paneling is an easy, instant update, but the nicer detail here is the addition of recessed lighting,” says Ziegler. “Recessed lighting in a basement space creates the illusion of more headroom, making for a much more comfortable den. Updating the basement den adds valuable square footage that buyers might have otherwise written off as just basement space.”

And we can’t forget about the star of this room: the fireplace.

“Replacing the dated brick with a pop of green tile and the white surround and mantel transform this new den,” says Setliff.

Source: realtor.com

February 23, 2021

$16.9M French Provincial Mansion Near NOLA Is Louisiana’s Most Expensive Home

Now on the market for $16,895,000, a mansion built to the most exacting specifications has achieved the distinction of being Louisiana’s most expensive home.

Owned by Shane Guidry, CEO of Harvey Gulf International Marine, and his wife, Holly, the house on Northline Street in Metairie, LA, just outside New Orleans, is a 15,230-square-foot French Provincial masterpiece.

“It took him three years to design and build this, and they used the most high-end products in this house that you may ever come across,” says the listing manager, Peggy Bruce, who is working with the listing agent, Shaun McCarthy.

“It’s an outstanding home. When you think of luxury, this is what that entails,” she says.

For starters, to make sure there was enough marble for the ground floor and that all the marble matched, the Guidrys bought the entire quarry in Italy.

“It’s 24-by-24 marble flooring that is just luxurious. The veins are just beautiful, and it all just kind of flows together, because it all came from one quarry,” says Bruce.

Exterior

Nola Real Estate Marketing and Photography

Entry

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Interior

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Living space

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Master bathroom

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Closet

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Quite apart from its ultra-sleek appearance, the marble flooring is heated in the first floor master bedroom and bathroom.

“In the master bathroom, it’s a walk-in shower, and there’s a clawfoot soaking tub in the front of the shower,” Bruce says. “The walk-in has two entrances and four shower-heads. It’s got hand-carved mosaic tile in the shower.”

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Watch: This Ghirardelli Family Home Is a Feast for the Eyes

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In the master closet and elsewhere in the home, the cabinet hardware is solid silver.

“It’s tremendous. Everything was hand-milled and hand-carved—custom-done,” she says.

The enormous kitchen offers an array of custom cabinetry, a chandelier, and a large island with plenty of room for seating.

Kitchen and dining area

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Bathroom

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Bedroom

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The mansion in the town’s Metairie Club Gardens neighborhood has a total of six bedrooms, seven bathrooms, and four half-bathrooms, all with tall ceilings. In the entry, the ceilings are 24 feet high.

“It’s dramatic,” Bruce says, adding that the owners purchased many antique fixtures in Europe and brought them back, rewired them, and included them in their design.

“You go into a lot of homes that look like this on the outside, and you expect the inside to be a little gaudy,” she says. “This is so tastefully done. It is beautifully appointed. Everything just flows perfectly.”

Home theater

Nola Real Estate Marketing and Photography

Gym

Nola Real Estate Marketing and Photography

Many of the home’s features are connected to automated technology, and can be controlled via a mobile device or remote, including the home theater.

Bruce explains that it has leather seats for 15 people and includes a digital ceiling that can be set either to clouds, or to the night sky, with twinkling stars.

Spa

Nola Real Estate Marketing and Photography

Spa

Nola Real Estate Marketing and Photography

Spa

Nola Real Estate Marketing and Photography

Shower

Nola Real Estate Marketing and Photography

There’s also a full spa with a massage room, wet and dry saunas, and hair and nail stations.

Canine friends can enjoy an indoor dog home and washing station.

Outdoor space

Nola Real Estate Marketing and Photography

Outside, there’s a large outdoor kitchen, along with a petite pool.

“It’s a cocktail pool”—a small pool with steps, Bruce explains. “It’s not very deep at all. It’s really for just lounging and sipping cocktails or just kind of cooling off if it’s a hot summer night or summer day.”

In addition to the three-car garage, there’s room to park a variety of vehicles on the half-acre property.

The owners purchased the land in 2011 for $1.2 million, and Bruce says they poured at least $15 million into building this dream home. But times change, and the family is moving out of town to pursue other interests.

“I think the perfect buyer for this home is someone that values being in the New Orleans area and understands what went into this house—because it is a hefty price,” Bruce says.

The pool of buyers looking for this type of home in the New Orleans area is not large, and Bruce says the future owner might be someone from out of town.

“Beyoncé put a play on this house a few years back, and the owner wasn’t interested in selling at that time,” she says. “We have tried to reach out to Beyoncé using some connections we have, but haven’t received a response yet.”

Wine room

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For more photos and details, check out the full listing.
Homes for sale in Metairie, LA
Learn more about Metairie, LA

Source: realtor.com

February 16, 2021

$20.75 Million Lakefront Estate Is Wisconsin’s Most Expensive Home

An estate on a coveted piece of lakefront property now holds the title of most expensive home in Wisconsin.

Recently listed for $20.75 million, the mansion on Snake Road in Lake Geneva, WI, is ideal for a wealthy Windy City resident in search of an escape.

Built in 1906, the home, known as Villa Hortensia, measures 12,396 square feet and sits on 20.5 acres of lakefront property about two hours from downtown Chicago.

“From the beginning, [Lake Geneva] has been a retreat for the wealthy. That’s why a house like this gets built,” says the listing agent, David Curry. “The combination of a huge property, with highly pedigreed design, in relatively nice condition, is a rare combination on the lake.”

In Curry’s opinion, the location of the property is hard to top.

“What makes the property exciting—it’s not just a cool house with a classic design,” he adds, noting that it’s on what he describes as “one of the top 10 pieces of dirt on the lake.”

Built for a Chicago meatpacking tycoon, Edwin Swift, and named for his wife, Hortense, the estate has serious architectural credentials. The architect Howard Van Doren Shaw and the landscape architect Jens Jensen worked together to create the timeless residence, which is flanked by a number of other prestige properties.

“It’s on Snake Road, which is where the majority of our large legacy estates are located,” Curry explains.

Billionaires own the homes on either side, but this villa creates an indelible impression.

“When you’re driving up to it, you see it for quite a distance before you arrive at it. It’s just immense,” he adds.

Exterior of estate on Lake Geneva, WI

Geneva Lakefront Realty

The current owners have held onto the home for about 20 years and are year-round residents. Curry told us that full-time residents are a rarity on this exclusive stretch of lakefront homes.

Despite its size, Curry thinks the prestige property may be better suited to an owner who uses it as a getaway.

“It’s more than likely the ultimate and best use of this property is similar to the other ones on the lake, which are almost entirely vacation homes,” he says.

The house has 18 rooms, including six bedrooms, 10 full bathrooms, plenty of living space, and a finished basement.

It also boasts great bones.

“Old homes like this with an architectural pedigree, the layouts weren’t complicated. They weren’t busy, like they would be today,” Curry says. “The simplicity of it really stands out. It’s just clean. It’s simple. The rooms are all oriented to face the water.”

He also points out that the house doesn’t seem overwhelming or stuffy.

“I think what struck me the first time I visited is how approachable it was,” he says. “It isn’t some big, weird museum, where you rattle around in it. It’s a really smart, intuitive design.”

In addition to the main house, there are a three-bedroom guesthouse, a boathouse, and two storage buildings.

The property also offers 502 feet of lakefront frontage with a gentle slope, a rarity on this lake.

“From the entrance on Snake Road, all the way down to the main house, it’s largely level the whole way through,” Curry explains. “One of the unique parts about the property is that it doesn’t just wind down a big, steep, unusable wooded hillside, and then dump you out on the lake. The whole drive in is reasonably level and usable property.”

For entertainment, there is a pool and a clay tennis court. Curry says the land would be perfect for soccer or any other kind of outdoor activity. There are also two piers on the lake for boats.

The current owners have updated the roof and mechanicals, so Curry says that all the new owners have to do is come in and make it their own.

“This home has original millwork, original doors, original windows, and original detailed latticework. It’s got tons of original features, but I do think a new buyer will probably upgrade the kitchen, and probably the baths, repaint, and swap some fixtures here and there,” he says. “It does not need some form of massive renovation. It needs appropriate cosmetic updating.”

Source: realtor.com

February 12, 2021

Former Schoolhouse Turned Winning Wedding Venue Needs a Buyer To Say ‘I Do’

For just a few years in the late 1920s, the children of Malabar, FL, attended class in their schoolhouse on Marie Street.

Then the Great Depression forced the school to close. Over the decades, the former schoolhouse has served as apartments, a woodworking shop, a mill, and most recently, a wedding venue.

Now the 8,000-square-foot building, zoned both residential and commercial, is on the market for $1.1 million.

“We fell in love with the building, and we thought we could live here,” says the listing agent and current owner, Joanne Murdoch. She and her husband, Tom, bought the property in 2012 and had big plans to renovate it and make it their home.

However, the demand for quirky event venues intervened.

“Everybody was coming out with these barn venues, and we thought this building would make a great wedding venue. So that’s the direction we went into for a number of years,” Murdoch says.

Interior of former schoolhouse in Malabar, FL

realtor.com

It took a few years to renovate the property to make it ready for happy couples. The schoolhouse on the Sunshine State’s Atlantic Coast was in sore need of updated infrastructure.

“It was industrial-looking when we got it,” Murdoch explains. “We had to redo all the electrical, the plumbing, the heating, the septic, all the safety stuff throughout, the landscaping, the lighting. It was a complete restoration.”

Rechristened as the Banyan Estate, thanks to the banyan tree on the grounds, the venue has held weddings and other events for the past few years.

The main level has a large pavilion room and a smaller hall—each with new windows and vintage chandeliers. There are also several bathrooms throughout the venue space.

Upstairs, the loft area provides a more intimate setting for smaller gatherings. This was the space where the Murdochs initially planned to live.

It has a full bathroom and plenty of room to configure and carve out bedrooms and other living spaces.

Somebody coming in to use the building as a residence will have to tweak it a bit, Murdoch says. But with the home’s major systems in place, the work that’s left will require an eye for design.

Right now, the only kitchen in the space is designed for commercial prep, so anyone wanting to live in the building full-time will want to add a cooking space.

“We always saw the upstairs part being the loft, and the other two spaces could be any kind of business you wanted,” Murdoch says.

Before deciding to turn the property into a wedding venue, she and her husband imagined a business making cheese in part of the space and setting up a dance studio in the rest.

The building sits on almost 2.5 acres and abuts 350 acres of environmentally preserved land that will never be developed.

Finding a property with this kind of zoning, great location, and fascinating backstory is a big win.

Murdoch says she imagines the perfect buyer as “somebody who loves historic buildings, who can appreciate a beautiful and large piece of property.”

The property is co-listed with JJ Tippins at Pastermack Real Estate.

Source: realtor.com

February 11, 2021

Fixer-Upper With a Premium Pedigree: Eleanor Roosevelt’s Childhood Home for Sale

A historic home where Eleanor Roosevelt, wife of President Franklin D. Roosevelt, spent a lot of her childhood is on the market. Although the exterior emits plenty of historic vibes, the home is a real fixer-upper.

“The current interior is unfinished, and needs to be finished by the buyers,” says the listing agent, Paul Hallenbeck.

The agent has high hopes for an enterprising buyer willing to take on this well-pedigreed property.

“It’s going to be incredibly grand,” he says. “I want to go back to the house when it is finished.”

It may not be complete, but that doesn’t mean that this prime piece of property on the Hudson River will come cheap. The 10,000-square-foot Second Empire-style home in Germantown, NY, is listed for $5.25 million.

Known as Oak Terrace, Eleanor Roosevelt’s grandparents built the home in 1865.

“It was their summer house when they lived in New York City. Due to tragedies in her family, she eventually ended up living with [her grandparents] and spent summers there with them. Her bedroom is identified, so you can visit it,” Hallenbeck explains.

Roosevelt’s memoirs say she spent time reading books under the shade of the trees on the estate.

The location and setting is hard to top—for reading or whatever leisure pursuit you choose.

“It’s directly on the Hudson River, with views of the river and the Catskill Mountains beyond. It’s 25 acres and has total privacy there,” Hallenbeck says.

Those gorgeous views are visible from a wraparound veranda accessible from a number of spots in the house.

Inside, there are 18 rooms highlighted by a 700-square-foot great room with dramatic 16-foot ceilings. A grand staircase goes up 36 feet and is topped by a spectacular coved ceiling with skylights.

Each of the six bedrooms in the four-story house comes an attached bathroom, including what Hallenbeck says will be a marvelous master suite.

Van Lamprou, a co-founder of Dolce Vita footwear, is the home’s current owner. He bought the home in 2013, for $2.85 million.

In the years since, he has poured lots of money into unglamorous but necessary elements to bring the home into the 21st century.

“The current owner has done an enormous amount of work,” Hallenbeck says. “He has redone the roof, drilled a new well, put in a new septic, installed modern heat and AC in the house, redone the fireplaces, and completely reinsulated the house.”

In addition to that infrastructure work, the home’s entire electrical and plumbing systems are also new.

Now that the crucial systems are in place, the next step is to finish off the interior.

“The owner decided to move ahead with other projects, instead of finishing the interior—which I think is probably a very good idea when you have a house like this,” Hallenbeck explains.

It will allow any buyers to customize to their personal taste the decor, finishes, and layout.

Hallenbeck estimates that the project will cost at least a million dollars.

“We’ve had quite a few people come with their architects and designers, trying to figure out how to finish it in the right way for them,” he says.

The perfect buyer is likely to be a family looking for a private weekend retreat, he says.

“When you’re outside here, you see the river and the Catskill Mountains beyond, and if you’re lucky, you see a boat or two on the river,” he adds. “But what you hear is nature, the wind. You don’t hear motorcycles or traffic. There are very few places like that.”

Source: realtor.com

February 9, 2021

6 Ways I Saved Money On College Costs

Check out this list of ways to save money on college costs. This is a great list!

Check out this list of ways to save money on college costs. This is a great list! How much does college cost? This is a question many wonder. There’s rarely a week that goes by where I don’t receive an email from a student or parents of a student who are looking for ways to cut college costs. That’s why today I want to talk about college costs and how you can create a college budget that works so that you can save money in college.

College is very expensive – there is no doubt about that.

However, I want you to know that it IS possible to get a valuable college degree on a budget!

The average public university is over $20,000 per year and the average private university totals over $45,000 once you account for tuition, room and board, fees, textbooks, living expenses and more.

Even with how expensive college can possibly be, there are many ways to cut college expenses and create a college budget so that you can control rising college costs.

Continue reading below to read about the many different ways I cut college costs. While I was not perfect and still racked up student loan debt, I did earn three college degrees on a reasonable budget.

Related articles:

1. Take classes at a community college to cut college costs.

Whether you are in college already or you haven’t started yet, taking classes at a community college can be a great way to save money.

Earning credits at a community college usually costs just a small fraction of what it would cost at a 4-year college, so you may find yourself being able to save thousands of dollars each semester.

There is a myth out there that your degree is worth less if you go to a community college. That is NOT TRUE at all. When you finally earn your 4-year degree, your degree will only say where you graduated from and it won’t even mention the community college credits at all. So this myth makes no sense because your degree looks the exact same as everyone else’s’ who you went to college with. You might as well save money because it won’t make much of a difference.

I only took classes at a community college during one summer semester where I earned 12 credits, and I still regret not taking more. I probably could have saved around $20,000 by taking more classes at my local community college.

Also, you are most likely just taking general credits at the community college, so it’s not like you would be missing much by taking classes there instead of a college that has a better reputation for the major you are seeking.

If you do decide to go to a community college, always make sure that the 4-year college you plan on attending afterwards will transfer all of the credits. It’s an easy step to take so do not forget! You should do this before you sign up and pay for any classes as well as to make sure that ALL of the classes will transfer succesfully.

2. Take advantage of high school classes to lower your college budget.

Many high schools allow you to take college classes to earn both college and high school credits at the same time.

This is something I highly recommend you look into if you are still in high school, as it saves time and is one of the best ways to save money on college costs.

When I was in my senior year in high school, nearly all of my classes were dual enrollment courses where I was earning college and high school credit at the same time. I took AP classes and classes that earned me direct college credit from nearby private universities. I left high school with around 14-18 credit hours (I can’t remember the exact amount). This way I knocked out a whole semester of college. I could’ve taken more, but I decided to take early release from high school and worked 30-40 hours a week as well.

3. Take all the credits you can to stay within your college budget.

At many universities, you pay a flat fee. So whether you take 12 credit hours or 18 credit hours, you are paying nearly the exact same price.

For this reason, I always recommend that a student take as many classes as they can if they are going to a college that charges a flat fee tuition.

If you think you can still earn good grades and do whatever else you do on the side, definitely get full use of the college tuition you are paying for!

4. Apply for scholarships to lower your college costs.

Before you start your semester, you should always look into scholarships, grants, FAFSA, and more. You usually have to turn in any paperwork around spring time for the following semester, so I highly recommend doing this right now if you are going to college in the fall.

Another myth will be busted right now. Many believe that all scholarships are impossible to have or it means you have to win a contest. That is just a myth.

I received around $16,000 a year in scholarships to the private university I attended. That helped pay for a majority of my college tuition. The scholarships were easy for me to get as they were all just because I earned good grades in high school and scored well on tests. I received scholarships to all of the other colleges I applied for as well just for good grades, so I know they can be found as long as you do well in high school!

There are other ways to find scholarships as well. You can receive scholarships from private organizations, companies in your town, and more. Do a simple Google search and I am sure you will find many free websites that list out possible scholarships for you to apply to.

Tip: Many forget that you usually have to turn in a separate financial aid form directly to your college. Don’t forget to do this by the deadline each year!

5. Search for cheaper textbooks to lower your college budget.

Students usually spend anywhere from around $300 to $1,000 on textbooks each semester, depending on the amount of classes they are taking and their major.

For me, many of my classes required more than one book and each book was usually around $200 brand new. This means if I were to buy all of my college textbooks brand new, I probably would have had to spend over $1,000 each semester.

I saved a decent amount of money on college textbooks by renting them and finding them used. Renting them was nice because I just had to pay one fee and didn’t ever have to worry about what to do with the textbook after the class was done, as I only had to return them. There was no worrying about the book being worthless if a new edition came out, which was nice! Buying books used was nice occasionally as well just because sometimes I could make my money back.

I recommend Campus Book Rentals if you are looking for textbook rentals. Their rentals are affordable and they make getting the textbooks you need easy.

Read: How To Save Money On Textbooks + Campus Book Rentals Review

6. Skip the high price of living on campus to cut your college budget.

To save more money, I decided to live on my own. I didn’t have the option of living at home after high school and living on campus would have cost me a ton of money.

Instead, I found a very cheap rental house (the house was VERY small and probably could have been considered a tiny home) and was able to somewhat easily commute to work and college from it. I probably saved around $500 a month by living on my own instead of on campus, and I learned a lot by living on my own at a young age as well.

If you can live at home though and want to save money, I highly recommend it if it’s an option for you. You can save thousands of dollars a semester by doing this!

I understand that some are against this because it may impact your “college experience,” but I think most people would be fine not living on campus, especially if it’s not in the budget. You could probably save around $40,000 over the years on your degree by living at home.

How did you cut college costs and control your college budget? How much student loan debt did you have when you graduated?

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Source: makingsenseofcents.com

Types of College Saving Accounts

Encourage Your Child to Save

Make Saving Automatic

Open a Cash-Back Card

Apply for Scholarships

Key Findings

Data and Methodology

Tips for Managing Your Money at the Start of Your Career

Categories

10 Things Taxes Pay For

1. Government Debt

2. Social Security

3. Medicare

4. Other Health Care

5. National Defense

6. Veterans Benefits

7. Income Security or Safety Net Programs

8. Education

9. Infrastructure

10. Salaries and Wages

What If You Don’t Agree with Federal Spending?

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1. Take classes at a community college to cut college costs.

2. Take advantage of high school classes to lower your college budget.

3. Take all the credits you can to stay within your college budget.

4. Apply for scholarships to lower your college costs.

5. Search for cheaper textbooks to lower your college budget.

6. Skip the high price of living on campus to cut your college budget.

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