Congratulations to Master Sergeant (Retired) Gerald D. Hansen, the winner of The MilitaryVALoan.com Miltary Hero Award!
Gerald Hansen was nominated for his outstanding service to his community and his country. He spent twenty-one years in the United States Air Force with assignments to Holloman Air Force Base, New Mexico, Yokota Air Base, Japan, MacDill Air Force Base, Tampa, FL and Zweibrucken Air Force Base, West Germany. He retired in May 1990.
His awards and decorations include the Meritorious Service Medal with two oak leaf clusters and the Air Force Commendation Medal. He was promoted to Master Sergeant through STEPS (Stripes for Exceptional Performers) in August of 1983. He was also named as the Tampa Military Citizen of the Year for 1986. Mr. Hansen was named the Management Award recipient in 1995 from the International Builders Exchange Executives (IBEE), Tampa Bay Lightning Community Hero in 2017, Ring of Honor with the Buffalo Soldiers (The Woods & Wanton Chapter) in 2017 and was named the Bay Area Brotherhood Humanitarian Award winner 2019.
Hansen is the volunteer Executive Director for Paint Your Heart Out Tampa (PYHOT), an all-volunteer, nonprofit organization that benefits low-income and elderly citizens of Tampa by improving the exterior of their homes. Each year, Hansen freely gives more than 1,250 hours of time to the organization. Hansen has also successfully raised more than $14,000 for the Greater Tampa Bay Walk to Defeat ALS, was involved in three annual cleanups of Bayshore Boulevard on MacDill AFB, served as the Chairperson of the Preschool Education Board, and helped build playgrounds on MacDill AFB and in Clearwater.
“Jerry is the most unselfish person I have ever met,” his nominator wrote. “He has taught me more about generosity than anyone. The majority of Jerry’s time is spent behind the wheel of his car, picking up, dropping off supplies or materials needed from one organization to another. He is often delivering items to groups working with homeless or food banks.”
Congratulations to Gerald Hansen on being named The MilitaryVALoan.com Military Hero Award Winner!
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The Federal Reserve has announced nine back-to-back interest rate increases since the start of 2022. The board is due to meet May 2-3, after which it may — or may not — announce interest rate increase No. 10.
For much of the past two years, interest rate increases have been a near certainty. The question has been how much the Fed will raise them.
But now, in light of slowing inflation and the recent collapse of Silicon Valley Bank, some investors are wondering whether the Fed will raise rates at all.
Why is the Federal Reserve raising interest rates?
The Fed has been raising interest rates to try to bring down excessive inflation.
“My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our 2% goal,” Fed Chair Jerome Powell said in a news conference after the March 22 Fed meeting.
The latest reading of the consumer price index, an important measure of inflation, showed a 5% year-over-year inflation rate in March 2023. That’s lower than the peak CPI inflation rate of 9.1% from June 2022, but it’s still more than double the Fed’s target rate.
“Most economists and financial experts believe that raising rates will slow inflation, although they sometimes disagree on the reason why higher rates do that,” Ramon DeGennaro, a professor of finance at the University of Tennessee, said in an email interview.
Interest rate increases affect the economy in several ways. They increase the cost of debt, which discourages people and businesses from borrowing and spending money. For example, when interest rates go up, it’s more expensive to get a car or a home loan.
They also increase the interest rates on savings accounts and bonds, which encourages people to save rather than spend. As of April 2023, some high-yield savings accounts pay interest rates as high as 4.75%.
Both of these incentives decrease spending, and therefore, the demand for goods and services.
That keeps inflation — which is basically a fancy word for “price growth” — under control.
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What are the odds of another interest rate increase?
The Chicago Mercantile Exchange’s FedWatch tool uses data from futures markets to estimate the odds of various interest rate change scenarios. As of April 28, the tool said there’s a 79.1% chance that the Fed will raise interest rates by 0.25%, and a 20.9% chance it will leave interest rates unchanged.
DeGennaro said that he is confident there will be a small increase.
“I would estimate the chance of a quarter-point increase at between 80% and 90%. If the Fed doesn’t hike rates, then it’ll hold rates at current levels,” DeGennaro said.
What would another interest rate increase do to markets?
In theory, higher interest rates are a negative for the stock market because they raise the cost of corporate borrowing. But in practice, the market’s reaction to an interest rate increase is a bit more complicated.
Many traders try to predict the impact of interest rate changes before they happen. Some make trades based on those predictions in the days leading up to interest rate decisions.
As a result, the market collectively “prices in” the interest rate changes expected by the public ahead of time.
In the case of the May Fed meeting, the market is expecting a 0.25% increase. The S&P 500 index traded up 0.91% in the week before the meeting, due in part to that expectation.
When an interest rate decision is actually announced, the market generally doesn’t have much of a reaction to the increase or decrease itself. Instead, it only has a big reaction if the decision is different from what was expected. That typically means a sell-off for a larger-than-expected increase, or a rally for a smaller-than-expected increase.
“I would expect a tepid response to a quarter-point increase,” DeGennaro said.
Where are interest rates headed next?
“Markets seem to be expecting maybe one more small rate increase and then a very slow decline for the next year or so,” DeGennaro said.
Powell made a similar prediction in the news conference after the March 22 Fed meeting.
“If the economy evolves as projected, the median [Federal Open Market Committee] participant projects that the appropriate level of the federal funds rate will be 5.1% at the end of this year, 4.3% at the end of 2024, and 3.1% at the end of 2025,” Powell said.
The coming shift from rising interest rates to falling interest rates could have significant effects on stocks, as some sectors of the stock market — such as the consumer discretionary, technology and utilities sectors — tend to perform better than others when rates are low.
But it’s too early to say with certainty exactly when rates will start to come down.
For now, investors will be waiting to see whether May 3 will mark the final interest rate increase of this cycle — or whether that final increase is already behind us.
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Investors are always itchy to get on board with the hot new tech stock IPO – despite the rcent lackluster performance of some big names . So, how do you know the difference between a bull and a bear on IPO day?
Be Wary of Cash Outs
Some initial public offerings seem more about letting founders and other insiders vash out of their holdings than anything else. There’s one problem with this conspiracy theory, however: Securities and Exchange Commission (SEC) rules dictate that a company’s officers and employees hold their stock for a predetermined period of time known as a “lock-up period.” This is anywhere from 90 days to two years. Still, when doing your homework ask yourself this: Does the company have a sustainable business model that will make stock ownership an attractive option — or is it just trying to cash in on being the fad of the moment?
Watch Out For Irrational Exuberance
Because IPOs are such media-driven events, there’s often an initial period of euphoria before a crash. For example,one electric care company saw a 60 percent increase in the price of its stock during the first hour and a half of trading. When the initial buzz wore off, the stock’s value plummeted 43 percent over the next four days.. A more cautious investor would do well to sit back and see what the stock does for a few days, waiting for a dip, rather than buying at the initial asking price.
Look at the Underwriters
You don’t have a crystal ball to know whether a stock is going to do well. You can, however, look to experts who are intimately involved in the process and keep an eye on what they’re doing. Underwriters work in two ways: “best effort” and “firm commitment.” You’re going to want to buy stocks where the underwriters have made a firm commitment.
This means that, as part of their investment deal, they have to buy a certain amount of stock. They then attempt to resell this stock at something resembling the IPO price. This means their financial welfare is directly tied to the success or failure of the company. When an underwriter invests on a firm commitment basis, you know they have faith in the company.
“Best effort?” Not so much. If a company doesn’t have underwriters with full faith in it, why should you?
Investing In New Companies For The Extra Cautious
Perhaps the most cautious course of action you can take is to wait for the lock-up period to end. Even if the company is sound, with a good business plan and a product or service that people are interested in, the stock’s value might drop sharply after the lock-up period is over. This can be the ideal time to buy, as the excess stocks flood the market and depress the price.
Do Your Research
As with any investment instrument, you need to do your due diligence before you purchase a stock. A company’s prospectus is available for any potential investor to peruse prior to the IPO. In fact, you can find them online on the Securities and Exchange Commission’s website.
Don’t let your desire to get rich quick have you throwing your money down the toilet. Be patient, do research, see what other investors are doing – and then you’ll be better equipped to invest in an IPO.
“The Do’s and Don’ts of IPO Investing” was written by Nicholas Pell, a freelance writer living in Los Angeles.
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Ah, summer. The word itself is enough to ignite a smorgasbord of delicious scenarios. Lively pool parties as the sun goes down, lazily reading a trashy airport novel with a chilled glass of lemonade, or even a slightly over-intense game of volleyball with the fam are just a few of the nostalgic images summer brings to mind. Even if these aren’t your exact go-to’s, we’re sure your mind flits to at least one scenario involving that iconic staple of summer — pools.
While owning a pool has a five-star rating when it comes to entertaining, lounging, and exercise benefits, there’s also some practical issues to consider before deciding if a pool is right for your family. Just for our Homie readers, we taking a deep dive into the breakdown of the pros, cons, and best ways to maximize your pool investment.
The Pros and Cons of Pool Ownership
Before you tell the kids they’re going to have a watery wonderland to cavort in during the summer months ahead, it’s smart to carefully consider the upsides and downsides before you dip your toes into swimming pool ownership.
Pros of Owning a Pool
Social Benefits
“Public pools are fun,” they said. So, you lather up the kiddies in sunscreen and claim a spot on one of the coveted loungers with your latest page-turner. Just as you’re about to find out who pushed Angela over the stair banister, you look up and to your horror, see the toddler next to your own kids squint and scrunch into their “bathroom face.” Long gone are the days of yelling, “Get out of the pool NOW!” to your kids in front of total strangers. Having your own pool in the backyard offers a host of social benefits. Pool parties, barbecues, Fourth of July celebrations, and lackadaisical days by the pool are just a few of the backyard bonanzas you can dream up when you have your own pool.
Landscaping Benefits
While Arizona is known for its cotton-candy hued sunsets and earthy desert landscapes, having a pool gives homeowners the opportunity to contrast the stereotypical desert aesthetic and create a tropical landscape that leans on the side of aloha. Surrounding your pool with sherbet-orange birds of paradise, wispy emerald vines, and a gentle, natural rock waterfall can turn your backyard into your own private oasis. Do we need to come right out and say that a gorgeous pool will make you the envy of your street?
Increase Marketability
Owning a swimming pool will increase your home’s resale value and marketability, especially with those steamy, but beautiful Arizona summers. The vast majority of potential Homie buyers are going to view households with an in-ground pool as a huge plus. Because of its leisure and convenience aspect, Homie buyers may show more initial interest in a house listing with a pool simply because it plays to their grandiose imagination of summer pool ragers with friends and family.
Health Benefits
Another sweet benefit to owning a pool is that it has an almost magical ability to make physical activity fun. If you struggle to get the kids away from a TV or computer screen, watch what happens when you have a gleaming, blue expanse of delicious swimming goodness waiting just outside! Families can schedule in daily swimming time as a fun way to incorporate an exercise regimen for kids — and they’ll be none the wiser! While your kids are busily splashing away and hosting a who-can-swim-the-fastest contest, their video games, phones and TV binge-watching habits will dwindle.
Cons of Owning a Pool
Safety Issues
While we don’t like being a Debbie-downer, having a pool, although great in the wondrous summer months, increases the need for adult supervision. Pools in general can be dangerous for young children, especially in Arizona where drowning is one of the top reasons for childhood injury or death. Although it doesn’t dismiss all potential for unfortunate accidents, one effective way to minimize pool danger is to have added safety measures installed, such as a locked pool gate. With the desire to have everything in your house be Pinterest-worthy, there are pool gate design options so your pool doesn’t have to sacrifice charming designs for safety.
Low Equity Value
Still tossing the pros and cons of a pool around? If you are solely investing in a pool because you think it will increase the amount of equity a house has, we hate to break it to you, but owning a pool only adds around seven percent to equity. In the grand scheme of things, a seven percent equity isn’t much in comparison to the $30,000 average investment that goes into the construction and addition of a backyard pool. As the saying goes…there is no beauty without pain.
Neighborhood Value
The rule is to never judge a book by its cover, but in the world of real estate, your neighborhood can determine the value of your house, regardless of how much winter-white subway tile you hand-laid in your house. When it comes to swimming pools, the value of your house may only benefit depending on how great the real estate gods deem your neighborhood. If you live in a higher-end neighborhood where the majority of your friendly neighbors all own swimming pools, your home could gain value with the addition of a swimming pool. On the contrary, if your house is worth $200,000 without a pool and $225,000 with a pool, the financial benefit of owning a pool is significantly less.
Ongoing Cost and Maintenance
While we would all like to believe the tiny aquatic vacuum droid patrolling the pool floor is enough to keep your pool sparkling clean, the truth is that pools do need constant maintenance, and this requires both money and time. Buying chalky chlorine tabs, filtering out pool water, installing a pool heater, and repetitively scooping out leaves, debris, and the occasional toy car courtesy of Tommy are all costs to take into consideration. Hiring a pool cleaner is definitely an option, but also requires extra moola in the bank.
Additional Insurance –Images of the kids spewing water at each other from pool noodles or getting that toasted-marshmallow tan you’ve always wanted are reason enough to want your own swimming pool. But as your Homie friend, we do have to let you know pools come with their fair share of liability issues. Depending on where you live and your specific homeowner’s insurance company, you may have to pay additional insurance costs to cover your swimming pool.
The Most Cost Effective Types of Pools
If we lived in a perfect world, we would all have enormous pools complete with a jade waterfall, full-sized bubbling jacuzzi and automatic fancy drink dispensers. But alas, this is the real world, and in this world, big luxuries cost big dollars. Although the swimming pools you see on Million Dollar Listing are not the most feasible for the average household, don’t despair. There are great, cost-effective ways to enjoy having your own pool. Here’s a bite-sized overview:
Build a Smaller Pool
Smaller pools cost less money. Who knew! It’s almost too obvious to state, but one of the best ways to reduce the cost of your in-ground pool is to make it smaller. Even if you have ample room in your backyard, a smaller pool means more room for other great summer fixtures, such as backyard furniture, a swing set or jungle gym for the kids, or even a lush patch of grass for Fido. While pools entertain guests in the summer, having other backyard features like the ones listed above can provide easy, breezy entertainment all year round.
Go Vinyl
When it comes to initial installation, vinyl pools are the kindest option to your wallet. Its counterparts — concrete and fiberglass pools — sport a significantly higher price tag and can take longer to install, which means you’ll be sadly standing around in your swimming trunks pool-less for longer. Before hopping on the vinyl pool train, however, know that vinyl liners last for about five to nine years before needing to be replaced. The replacement cost? $4,500 on average.
Hold out for Autumn
Swimming pools are synonymously rejoiced alongside summer, which means the demand for pool installation is highest during the summer or spring seasons. If you’re okay putting your pineapple-patterned one-piece away and getting your thrills watching new Netflix series, one way you may be able to save money is by installing a pool during the fall. By holding off on pool construction until the autumn season, pool contractors may be more open to negotiating a killer deal since business will have simmered down.
Buy a Pool Kit
For the do-it-yourself gurus, purchasing an in-ground pool kit gives you all the materials you need to build your own pool. If installing furniture from a certain Swedish company often leaves you in a crumpled, soggy mess of a human, we’d recommend giving the pool construction to someone else. To potentially save you some extra cash, buy a DIY pool kit and then hire an expert contractor to do the heavy lifting for you. When searching for your potential contractor, let them know you have all the necessary materials and want to know how much the cost of installation will be.
How to Maximize Your Pool Investment
If you’re reading this, we know you’re smart with your hard-won cash. After all, you did make the intelligent choice of being in fabulous cahoots with Homie. We appreciate the fact you like knowing the most efficient ways to stretch a dollar, and pools are no exception. If you decide to get a pool for your own benefit or for the benefit of selling your home, here are some tips to help you get the most splash for your cash in your pool investment.
Use a Pool Cover
Reduce the amount of time and prevent future problems by utilizing a pool cover. Having a pool cover will keep your pool free from strange floating debris and lower the chances of having to deal with any drain blockage down the road.
Use the Power of the Sun
If you’re going to live in the scorching deserts of Arizona, you might as well use the power of the sun to your advantage. Installing solar panels to heat your pool can not only save you money, but also extends the life of your swimming pool into the colder months. Heated dips into the pool with a mug of velvety cocoa? We think yes.
Reduce Filtration
When you’re not using the pool, save energy by reducing filtration in your pool. Be careful not to completely stop all filtration though. Just like it’s important to keep our body’s circulation happy and humming, a pool’s circulation is important to maintaining the cleanliness of your pool no matter the season.
Whether you are on the pro or con side of the pool gate, make sure to float your ideas to your partner and make an informed decision with the help of your friends at Homie. To infinity pool and beyond!
For many apartment or urban dwellers, living near a green space is a non-negotiable. When people don’t have yards of their own, they often want to be near a community garden or park to help fill that need. Many cities are now building and maintaining community gardens that also frequently help feed underserved neighborhoods.
Here are 5 reasons to get involved with a community garden near you:
1) Fresh food for you (& neighbors!)
When you plant a community garden, you’re working together to plant all kinds of things. In your area’s garden season, many vegetable plants will produce bountiful results, fresh food to eat at home or share with others in the community or surrounding neighborhoods. If your bounty is extremely large, you could make a bulk donation to a local food pantry or similar organization on behalf of your community garden.
2) Chances to socialize with neighbors
Since community gardens are about sharing the work and rewards of a garden, they foster communication between neighbors. Many garden organizations hold events to discuss working and investing in the garden and some even collaborate with farmer’s markets to sell plants and vegetables.
3) Great activity for kids
Kids are likely a part of your community. A garden is a great chance for them to hone their work ethic and sense of responsibility, while enjoying the rewards of a job well done and the joy of sharing.with those less fortunate. Kids love getting their hands dirty with planting seeds and picking vegetables.
4) Beautifies your neighborhood
Community gardens can help with the visual appearance of your neighborhood, turning a forlorn lot into a happy green space and a point of pride. Community gardens positively reflect the people and homes in your neighborhood. They automatically convey a sense of community and collaboration while creating something fun to keep an eye on.
5) Can attract affluent neighbors
Areas with community gardens often attract residents in a higher income bracket. Whether they’re empty nesters or young professionals, garden fans are looking for ways to stay healthy and be a part of their communities. A bonus: If nearby residents are in a higher income bracket, they’ll have more disposable income to contribute to maintaining a community garden.
There are many benefits of living near and being a part of a community garden. Whether you’re looking for a chance to be a part of a community organization or trying to learn how to garden, apartments and homes near community gardens are sure to give you plenty of opportunities.
Bonus at the workplace or an unplanned income from family members are usually substantial. However, receipt of such substantial money can always create a dilemma of whether to invest the sum into SIP or pre-pay home loan. In the case of a lack of a home loan, the answer is pretty straightforward. But, if there’s the burden of a home loan, it can lead to a dilemma. And, the answer differs from person to person, however, the variable to determine the category could be the same. Thus, let us study what these variables are that decide the optimum outcome of this dilemma.
Age: First, age is a huge determining factor, since it decides the earning capacity of an individual. Say you are in your mid-30s and hold a secured job, you can opt for a lump-sum investment subject to other variables. However, if your age is in the late 40s or early 50s, you may want to close your home loan and reduce the liability before your income source extinguishes.
Liquidity or emergency fund: An absolute must in today’s date, but again a home loan can cause a serious hole in your financial planning. This indirectly deters the creation of any sort of emergency fund or liquidity. Thus, this surplus income can act as a stop-gap solution, and help you create a temporary fund in case of emergency. However, this option must be utilised keeping in mind other variables covered in this article.
Risk appetite: Investing in mutual funds always carries a risk to the stock market. Therefore, risk-averse investors might not want to test the double loss in mutual funds along with home loans hanging on their heads. In case of limited risk, it is appropriate to close the outstanding loans before going for investment in even moderately risky opportunities.
Tenure of investment: When there are multiple loans – car, personal, education, etc – apart from the long outstanding home loan, the surplus fund might be better utilised in closing one of these instead of pre-payment of the home loan. Since a home loan is the cheapest among all loans, investors can sustain it for a longer term. Even when there are no loans apart from home but the investor might need money for say renovation or a wedding, then also these surplus funds could be utilised.
Income Tax: Possibly the greatest benefit against pre-payment of home loan. It can help you with up to Rs 1.5 lakhs allowable deduction for principal repayment and an additional up to Rs 2 lakhs of benefit for interest repayment. Thus, the aggregate tax benefit per borrower goes up to Rs 3.5 lakhs. Now, if you are in a 30% tax bracket, with a gross income of Rs 15 lakh per annum, you will be saving almost a lakh in tax. However, since the limit of Rs 1.5 lakhs under 80C is available through other options such as PPF, school fees, life insurance premium, etc., the additional Rs 2 lakhs for interest benefit could be the actual benefit.
Psychology: With many risk-averse investors do not like the burden of huge liability on their heads. Lack of job security, single earning members, risky business nature or even lack of investment knowledge could lead individuals to pre-pay home loans instead of investing in mutual funds. Even an absence of sufficient life cover coupled with a sole source of income should opt for pre-payment of a home loan. While some investors even without any deteriorating conditions opt for pre-payment simply to retain sound sleep. Thus, psychology could play a major deciding factor in the dilemma.
Returns: This variable gives the most practical answer among all. To put it simply, one should only opt for a mutual fund over the pre-payment of a home loan if the post-tax income from a mutual fund is higher than the effective cost of a home loan. Effective cost is the total EMIs of a home loan reduced by tax saving subject to the tax slab of every individual. To see it through a macro perspective, an outstanding loan of Rs 70 lakhs at 9.5% interest brings to Rs 6.65 lakhs now after deducting the Rs 2 lakhs benefit of interest repayment it comes down to Rs 4.65 lakhs. So, a Rs 4.65 lakhs interest on a Rs 70 lakhs loan generates an effective interest of about 8.64% even for Rs 30 lakhs tax-bracket individual. In addition, these figures could change if the loan is jointly shared and both can enjoy the Rs 2 lakhs tax benefit. However, if the total loan outstanding goes below Rs 20 lakhs, then you may not be able to fully utilise the Rs 2 lakhs interest benefit, since the maximum interest paid in the whole year will be less than Rs 2 lakhs. In such a case, it is not advisable to pre-pay the loan and instead opt for a mutual fund.
To conclude, whether pre-pay a home loan or invest could vary from person to person given the above factors. Hence, it may be wise to evaluate each variable and then decide the factor.
(Viral Bhatt is the Founder of Money Mantra — a personal finance solutions firm)
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Hey Phoenix, your days of paying crazy real estate commissions are over. Starting January, 2018, you can buy or list your home using Homie. Homie, the new-way real estate brokerage, isn’t business as usual. In fact, there are some pretty amazing differences between the new way and the old way of buying and selling a home.
Why we started Homie
Buyers used to spend Sunday afternoons driving around town to see houses with their real estate agents, but not anymore. For years, online giants like Zillow have dished up the details on any home for sale giving buyers all the info they need to narrow their search. Most buyers now browse homes online, select the listings they’re interested in, and then call the agent to tour them. And sellers? Sellers are wondering why they’re still paying traditional 6% agent commissions. Doesn’t technology do a lot of work?
We wondered the same thing. Why do people still go through the same old 1950’s real estate process? Modern consumers use Turbotax to navigate 20,000 pages of tax code. They use apps to plan vacations and guide careers. It was time to offer tech-friendly customers a new approach to buying and selling.
Homie offers a new way to buy and sell
At Homie, we help modern, self-sufficient people buy and sell homes as simply and affordably as possible. The traditional way of having an agent hold your hand from start to finish is great for consumers who don’t have a Google or Facebook account, but for those who can set up an online profile and click through some online pics, Homie is here. Here’s what can you expect when you choose to buy or sell with Homie.
We leverage technology
Our tech automates much of the work that used to take up an agent’s time. Instead of driving buyers around or walking from house to house handing out flyers to neighbors, Homie agents use technology to help our buyers:
Find the right home
Schedule tours
Make offers
Close without a hitch
And to help our sellers:
Prepare listings
Go live (on homie.com and other real estate sites)
Market listings
Review offers
Handle contracts
Close the deal
Sellers pay a fraction of traditional listing costs
Homie sellers don’t pay 6% commissions, not even close. To list, sellers pay a low fee at close.That’s the same whether they’re selling a $199,000 condo in Surprise or a $10,000,000 mansion in Scottsdale (or anything in between). On top of those savings, it doesn’t cost extra to list the property on the multiple listing service (MLS).
Buyers can get more
When you buy with Homie, you can keep up to 50% of our commission.*
Our chosen ones find us
Homie clients know a good deal when they hear it, so they come to us. This eliminates the time and money spent hunting for new clients and lets us spend 100% of our time helping our Homies. And that means we can charge less. A lot less. Oh, and HHomie agents assist with 30+ transactions a month, not 1-2 a year, so they’re good at what they do.
We work as a team
When you sign up with Homie, you get an entire team to help you with experts in different areas. Our specialized team approach allows us to streamline the process and cut even more customer costs.
Cash, meet pocket
We did all this is to reduce how much our Homies pay to sell a home. Just how much can you save? That depends on the home, but we can tell you that our streamlined tech-friendly approach saved Homie customers over $12,000,000 last year, an average savings of over $10,000 per seller.
The future is here
We expect our Phoenix Homies will be just as happy to use the new way to buy and sell homes as our Utah Homies are. Will Phoenix be just as hot as Utah… or even hotter?
*Subject to terms and conditions outlined in the Buyer Broker Agreement.
It didn’t take long after President Biden announced his student loan forgiveness program in August 2022 for the scammers to get up and running. The Better Business Bureau (BBB) and federal agencies have unearthed hundreds of ads, text messages, phone calls, and emails targeting student loan borrowers. Their purpose? To get consumers to divulge private financial information or to pay for unnecessary services. In response, the U.S. Department of Education issued warnings about the student loan forgiveness scams and advice on how to avoid them .
The ongoing student loan payment pause hasn’t slowed the scammers down. Keep reading to learn how student loan forgiveness program scams try to fool you, and how you can avoid getting duped.
Status of Biden’s Student Loan Forgiveness Plan
The student loan forgiveness plan would cancel up to $10,000 in federal student loan debt for single borrowers with an adjusted gross income of less than $125,000 a year, or less than $250,000 for married couples. Pell Grant recipients could have as much as $20,000 in student debt canceled. To refresh your memory, check out this story on the student debt relief plan.
The DOE officially began to accept applications for forgiveness on Oct. 17, 2022, but had to stop in November due to legal challenges to Biden’s program.
Meanwhile, the pause on federal student loan payments for all borrowers has been extended several times. Repayment could potentially resume as late as 60 days after June 30, 2023, when the U.S. Supreme Court is expected to release its decision on the challenges to President Biden’s student debt cancellation program.
While borrowers wait for updates, scammers are actively using phony government websites, false promises, and other criminal schemes to lure unsuspecting consumers. Here’s what you need to know to avoid student loan forgiveness scams.
Recommended: What Biden’s Student Loan Forgiveness Means for Your Taxes
Types of Student Loan Forgiveness Scams
Watchdogs have identified a variety of scams related to student loan forgiveness. Some are aimed at borrowers searching out information on the internet, and others directly target people who hold student loans. Fortunately, certain patterns are coming into focus. Here’s a rundown of what officials have seen so far.
Recommended: How Do Student Loans Work? Guide to Student Loans
False Deadline Warnings
These scams include texts, calls, and emails sent to borrowers conveying a false sense of urgency that they must take action before a certain date or miss out on forgiveness. In reality, the messages are designed to scare you into disclosing personal financial information, which criminals may then use for identity theft and other financial fraud. Be very wary of any “student loan forgiveness center” calls.
On Oct. 17, the DOE opened the official forgiveness application portal . The deadline for applications is the end of 2023, but you’ll want to apply a lot sooner if your payments will be resuming in January.
What’s more, for many borrowers who already have income information on file with the DOE, forgiveness will be automatic. No application — and no deadline — is necessary.
Fake Email Alerts
Especially while borrowers were waiting on an email from the DOE informing them that the forgiveness application was open, scammers are sending fraudulent emails that look as if they might be from the government in an effort to collect personal financial information. This and other fraudulent strategies are expected to continue.
To make sure you’re responding to a legitimate email, always check the address of the sender. The full address isn’t always obvious on a phone or other mobile device: That interface often shows only the name of the sender. Always click on the sender’s name to see the actual address.
The address is likely to be the real thing if it has a .gov ending, something not easy for fraudsters to imitate.
You can sign up for student loan forgiveness notifications and updates from this DOE webpage .
Help With the Student Loan Forgiveness Application
There are lots of offers on the internet and elsewhere to help borrowers claim their loan forgiveness — for a fee. While not all of the companies offering these services are illegitimate, the DOE has warned that it won’t be necessary to pay for help. They promise the application will be simple and quick to complete.
Predatory companies love to use webinars and videos explaining the details of the loan forgiveness program. The ending is always the same: a plea to sign up for their paid service, with the promise they’ll get you your debt relief. They may claim they can get you additional benefits, get your benefits faster, or get you to state tax breaks if you pay them upfront. In some cases, the outlaws charge hundreds of dollars for unnecessary service.
A real government agency will never ask for an advance processing fee. And legitimate student loan servicers will never charge a fee for providing information about your loans. You can check if a company works with the DOE at the Federal Student Aid site on avoiding scams .
Recommended: 9 Smart Ways to Pay Off Student Loans
What You Can Do to Avoid Scammers
To protect yourself from student loan forgiveness program scams, familiarize yourself with the following tips. They can help you avoid the threat of costly identity theft or financial fraud that can result from these schemes.
Never give out your FSA ID, student aid account information, or password. The DOE and the company that services your federal student loans will never call or email asking you for this information. Along the same lines, never give your personal or financial information — including your Social Security number and bank account information — over the phone or email. (That said, the beta version of the forgiveness application asks for your Social Security number but not your FSA ID.)
Avoid upfront fees. Think twice before paying anyone for help filling out the application. It is highly likely you won’t need help because the government is promising a free and easy-to-use application. Paying a fee before the application is even available is totally unnecessary.
Stay up-to-date. Having the most accurate and current student loan forgiveness information is the best defense against fraud. As mentioned above, sign up with the DOE for notifications and updates. And keep an eye on the Better Business Bureau and Federal Student Aid websites for the latest official information.
Update your contact information. To receive official notices related to student debt relief, make sure the government and your loan servicer have your most current contact information. If your income information is already on file at the DOE, qualifying borrowers will automatically receive loan forgiveness without having to apply. All borrowers, whether or not they have to apply, will be notified by the DOE when the application goes live.
To make sure you get these notices and other updates, sign up with StudentAid.gov to receive text alerts. If you don’t have a StudentAid.gov account, create one now .
You’ll also want to make sure your student loan servicer has your most recent contact information. You can find your federal student loan servicer’s contact information at Studentaid.gov/manage-loans/repayment/servicers
The Takeaway
Understanding how student loan forgiveness scammers work is an important step toward protecting yourself. Staying up to date on the latest official news and announcements can also help you bypass the onslaught of scams out there. Another important defense: Actively manage your student loan accounts and make sure all of your information is accurate and up to date.
SoFi can help. If you have more federal student debt than the new debt relief plan will forgive, or you don’t qualify for loan forgiveness, or you have private student loans, you may want to consider refinancing your debt before rates rise further.
If you do qualify for forgiveness and you refinance your entire federal student debt, you will no longer qualify for the new program. If you still wish to refinance, leave up to $10,000 unrefinanced ($20,000 for Pell Grant recipients) to receive your federal benefit. Remember: Good information is your best weapon when it comes to managing all aspects of student debt.
Save thousands of dollars thanks to flexible terms and low fixed or variable rates.
FAQ
What are common types of student loan forgiveness scams?
Look out for false email alerts claiming to be from the government and phony government websites. These schemes attempt to get you to divulge personal financial information, which can then be used for identity theft and other financial fraud. Other scammers are offering unnecessary forgiveness application help for a costly upfront fee.
How can I avoid falling victim to a student loan forgiveness scam?
Information is your best defense. Sign up for government alerts and notifications, and keep an eye on advice from official outlets. Also, make sure your contact information is current with both the government and your loan servicer.
Does everyone eligible to receive student loan forgiveness need to fill out an application?
No. If your income information is already on file with the Department of Education, you will not need to apply for student loan forgiveness. You’ll receive it automatically.
Photo credit: iStock/Pekic
SoFi Student Loan Refinance If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.
CLICK HERE for more information.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender. Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. SOSL1022002
What’s the newest Royal Caribbean cruise ship? It may seem like a strange question to ask, but it’s something that matters if you’re in the market for a Royal Caribbean cruise.
The newest Royal Caribbean ship is typically also the Royal Caribbean ship with the most bells and whistles and the most up-to-date cabins, restaurants, bars and attractions. It’s what you want if you want the very latest and greatest in a vessel for your Royal Caribbean cruise vacation.
Right now, the newest Royal Caribbean cruise ship is Wonder of the Seas. It debuted in March 2022. Although it’s just about one year old, it’ll soon be supplanted as the newest Royal Caribbean vessel by the much-awaited Icon of the Seas — the first of a new class of vessels for the line. Icon of the Seas begins sailing in January 2024.
For more cruise guides, news and tips, sign up for TPG’s cruise newsletter.
Other relatively new Royal Caribbean ships include Odyssey of the Seas, Spectrum of the Seas and Symphony of the Seas. All began sailing in the last five years.
In all, Royal Caribbean operates 26 cruise vessels. On average, the line comes out without about one new ship a year, and it typically keeps vessels in its fleet for around 20 to 30 years before retiring them from the fleet. The oldest Royal Caribbean ship, Grandeur of the Seas, is 27 years old.
In general, Royal Caribbean’s newest ships are far bigger and much more amenity-packed than its older ships. If you crave a lot of activities in a Royal Caribbean cruise vacation, you’ll want to stick to vessels built in the last 15 or so years.
Related: The 6 types of Royal Caribbean ships, explained
Royal Caribbean’s oldest cruise ships — those built in the 1990s and early 2000s — in many cases are just half to a third the size of the line’s newest vessels and have far fewer venues on board. Still, even these smaller ships offer a lot of attractions as compared to many vessels at competing lines.
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Royal Caribbean is known for bustling, activity-packed ships across its fleet.
Here, every Royal Caribbean ship currently in operation is ranked from newest to oldest:
1. Wonder of the Seas
Maiden voyage: 2022. Size: 235,600 gross tons. Passenger capacity: 5,734.
2. Odyssey of the Seas
Maiden voyage: 2022. Size: 167,704 gross tons. Passenger capacity: 4,284.
3. Spectrum of the Seas
Maiden voyage: 2019. Size: 169,379 gross tons. Passenger capacity: 4,246.
4. Symphony of the Seas
Maiden voyage: 2018. Size: 228,081 gross tons. Passenger capacity: 5,518.
5. Harmony of the Seas
Maiden voyage: 2016. Size: 226,963 gross tons. Passenger capacity: 5,479.
6. Ovation of the Seas
Maiden voyage: 2016. Size: 168,666 gross tons. Passenger capacity: 4,180.
7. Anthem of the Seas
Maiden voyage: 2015. Size: 168,666 gross tons. Passenger capacity: 4,180.
8. Quantum of the Seas
Maiden voyage: 2014. Size: 168,666 gross tons. Passenger capacity: 4,180.
9. Allure of the Seas
Maiden voyage: 2010. Size: 225,282 gross tons. Passenger capacity: 5,484.
10. Oasis of the Seas
Maiden voyage: 2009. Size: 226,838 gross tons. Passenger capacity: 5,602.
11. Independence of the Seas
Maiden voyage: 2008. Size: 154,407 gross tons. Passenger capacity: 3,634.
12. Liberty of the Seas
Maiden voyage: 2007. Size: 154,407 gross tons. Passenger capacity: 3,798.
13. Freedom of the Seas
Maiden voyage: 2006. Size: 156,271 gross tons. Passenger capacity: 3,926.
14. Jewel of the Seas
Maiden voyage: 2004. Size: 90,090 gross tons. Passenger capacity: 2,191.
15. Mariner of the Seas
Maiden voyage: 2003. Size: 139,863 gross tons. Passenger capacity: 4,000.
16. Serenade of the Seas
Maiden voyage: 2003. Size: 90,090 gross tons. Passenger capacity: 2,143.
17. Navigator of the Seas
Maiden voyage: 2002. Size: 139,999 gross tons. Passenger capacity: 3,388.
18. Brilliance of the Seas
Maiden voyage: 2002. Size: 90,090 gross tons. Passenger capacity: 2,142.
19. Adventure of the Seas
Maiden voyage: 2001. Size: 137,276 gross tons. Passenger capacity: 3,114.
20. Radiance of the Seas
Maiden voyage: 2001. Size: 90,090 gross tons. Passenger capacity: 2,143.
21. Explorer of the Seas
Maiden voyage: 2000. Size: 137,308 gross tons. Passenger capacity: 3,286.
22. Voyager of the Seas
Maiden voyage: 1999. Size: 137,276 gross tons. Passenger capacity: 3,602.
Maiden voyage: 1997. Size: 82,910 gross tons. Passenger capacity: 2,252.
25. Rhapsody of the Seas
Maiden voyage: 1997. Size: 78,419 gross tons. Passenger capacity: 1,998.
26. Grandeur of the Seas
Maiden voyage: 1996. Size: 73,817 gross tons. Passenger capacity: 1,992.
What is the newest Royal Caribbean ship?
The newest Royal Caribbean cruise ship is Wonder of the Seas. As noted above, it debuted in March 2022. Measuring 235,600 gross tons, it’s the biggest cruise ship ever built. It’s also loaded with more restaurants, bars, showrooms and deck-top attractions than you’ll find on any other ship at sea.
TPG sent a three-person team, at our own expense, to review Wonder of the Seas and all its new features after it began sailing. For more on the ship, see the following guides and reviews from these staffers:
What is the oldest Royal Caribbean ship?
The oldest Royal Caribbean cruise ship is Grandeur of the Seas. Unveiled way back in 1996, it’s not just the oldest Royal Caribbean ship but the smallest Royal Caribbean ship — far smaller than the newest Royal Caribbean vessels. Measuring just 73,817 gross tons, it’s just a third the size of Wonder of the Seas and has far fewer venues.
Except for a rock climbing wall, Grandeur of the Seas has none of the gee-whiz deck-top attractions found on bigger Royal Caribbean vessels, such as skydiving simulators and giant water parks. For the most part, its top deck is lined with pools, whirlpools and sunning areas, as is typical for ships built in the 1990s.
That said, Grandeur of the Seas has a loyal following among Royal Caribbean fans who prefer smaller and more intimate ships.
What new Royal Caribbean ships are coming?
Royal Caribbean currently has four new cruise ships on order. The first to arrive will be Icon of the Seas in January 2024. As noted above, it’s the first of all-new class of vessel for the line that, as of now, will be made up of three ships (Royal Caribbean could order more Icon-class ships in coming years — we’ll see). Two more ships in the series are due in 2025 and 2026, respectively.
The Icon-class vessels are being built at the giant Meyer Turku shipyard in Turku, Finland.
Related: The ultimate guide to Icon of the Seas itineraries, attractions and more
In addition, Royal Caribbean has a sister vessel to Wonder of the Seas on order for delivery in 2024. To be called Utopia of the Seas, it’s the sixth and final vessel in the line’s groundbreaking Oasis-class series that began rolling out in 2009. It’s currently under construction at the Chantiers de l’Atlantique shipyard in St. Nazaire, France.
What is the newest Royal Caribbean ship available for booking?
Icon of the Seas is the newest Royal Caribbean ship that you can book right now. While the ship isn’t yet sailing, its initial sailings scheduled for January 2024 already are on sale, as are future sailings through April 2025. The three other Royal Caribbean ships on order have yet to open for bookings.
What is the newest class of Royal Caribbean ships?
The Icon class is the newest class of Royal Caribbean ships. It’ll be made up of at least three vessels, the first of which (Icon of the Seas) is due to debut in January 2024.
At 250,600 tons, Icon of the Seas will be more than 6% bigger than the biggest Royal Caribbean ships currently at sea. It’ll hold up to 7,600 passengers — a new record for a passenger ship. That’s about 7% higher than the maximum capacity of Wonder of the Seas, which can hold up to 7,084 passengers.
The bigger passenger capacity is in part due to the ship’s greater focus on family travelers. Icon of the Seas is being built with a lot more cabins that have plenty of extra bunks to accommodate families with many children. It’ll also have more amenities geared to families, including a new-for-the-line outdoor “neighborhood” called Surfside dedicated to families with young children.
What’s the difference between newer and older Royal Caribbean ships?
Newer Royal Caribbean ships generally are bigger than older Royal Caribbean ships — sometimes much bigger. As a result, they have room for a lot more onboard venues and attractions than the line’s older vessels.
On Royal Caribbean’s newest and biggest Oasis-class vessels, for instance, you’ll find three separate main pool areas, a kiddie splash zone, surfing simulators, a miniature golf course, a basketball court and even a zip line. And that’s just on their top decks. Inside the vessels, you’ll find more lounges, bars, restaurants and shops than you can imagine — plus huge casinos, spas and showrooms with Broadway-style shows. They even have indoor ice skating rinks.
In short, they’re like giant floating versions of the megaresorts you find in the Orlando area or Las Vegas, and they appeal to people who like a megaresort experience.
Related: The ultimate guide to Royal Caribbean
Royal Caribbean’s older ships are a half to a third smaller and lack many of the above features. They have a much more intimate feel, at least in the pantheon of relatively big, mass-market ships, and they hold far fewer people. While Oasis-class ships can hold more than 6,600 passengers with every berth full, the line’s four oldest vessels (known as the Vision class) are only designed to carry about 2,000 passengers at double occupancy.
That makes them a good choice for someone who wants to try Royal Caribbean but isn’t eager to travel with huge crowds. The oldest ships in the Royal Caribbean fleet thus appeal to a subset of Royal Caribbean fans who prefer more intimacy in a cruise vessel and don’t mind giving up some onboard amenities to get it. They are also often less expensive to sail on, on a per-day basis.
Related: Don’t miss out on these Royal Caribbean loyalty perks
In addition, because of their size, the oldest ships at Royal Caribbean are able to operate itineraries to places that aren’t as easy for big ships to visit. Not all ports in the world can handle a ship the size of Wonder of the Seas.
Note that all Royal Caribbean ships are renovated and upgraded on a regular schedule every few years, so even the oldest Royal Caribbean cruise vessels have newer carpeting, updated furniture, modern decor in cabins and other updates. In many cases, they also have had entire eateries and bars renovated over the years with concepts that first debuted on newer vessels.
Stone walls, crocodile-filled moats, Rottweilers — our ancestors found some pretty creative home security solutions!
Today’s home security systems feature a more tech-savvy approach, but the goal remains the same: to keep your family, your property, and your stuff safe from outsiders.
Recent innovations have fueled a new surge in home security sales.
As you shop around and compare systems, consider your home’s security challenges, your lifestyle, and your budget.
Chances are good you’ll find the system you need, whether you’re a new homeowner or just new to the home security market.
How Security Systems Have Changed Over Time and Recently
Believe it or not, tech-driven security systems have been around nearly two centuries. Augustus Russell Pope of Boston combined electricity, magnets, and a bell to create a burglar alarm in the 1850s.
Marketing the invention proved difficult, though, because people feared electricity as much as they feared intruders. As the decades passed, the world caught up with Pope’s idea.
By the early 20th century, electricity had grown safer and more common. The burglar alarm started to catch on.
By the 1970s, home security systems featured motion sensors. Off-site monitoring caught on in the 1980s.
Prices started to fall in the 1990s, making systems accessible for more homeowners. Now the internet has changed the industry again.
For a few hundred dollars in hardware and installation fees — or perhaps less if you install the system yourself — you can monitor your own home from your smartphone from work, school, your commute, or even while on vacation.
These new systems have drawbacks, too, so before you jump in, make sure you’re getting the security your family needs.
Monitored Vs Unmonitored Security Systems
This has become the first question to ask when shopping for home security: Should you pay more for a system with professional monitoring included?
For decades, monitoring fees prevented a lot of homeowners from getting a home security system.
Even the lowest fees can become cost-prohibitive when you pay them month after month and year after year for the indefinite future.
For those homeowners, unmonitored systems may offer the only way into the home security market. If you have a choice, though, give this question some thought.
Monitored systems come with some advantages you may like.
Advantages of Professionally Monitored Systems
Just like with cars, computers, and houses, you get what you pay for with a home security system.
A monitored system costs more, but consider these advantages:
More seamless responses: With an unmonitored system, it would be up to you to contact fire or law enforcement officials when you get an alert about an intruder. When you’re out of town, calling 911 probably won’t work as quickly since you’d have to be transferred between areas of jurisdiction. Someone monitoring your home should be able to contact officials more quickly.
Someone else deals with false alarms: When you’re at work or out shopping and you get a security alert from your unmonitored security system, it’s up to you to assess the risk. If the FedEx guy triggered the alarm by delivering this month’s dog food, you’d feel relieved. But when something like this happens several times a day, it starts to get distracting. A monitored system can take care of these distractions, saving your attention for when it really matters.
Equipment may be included: Customers who buy an unmonitored system tend to be responsible for maintaining and upgrading their own security equipment. A monitored system would more likely include the equipment and, naturally, its maintenance and upgrades. In a fast-changing industry, your gear can get outdated pretty quickly.
Protection isn’t dependent on cell service: Most of us always know where our phones are. But what happens when you’re in an area with poor service or when you lose your phone on the Slinky Dog ride at Disney’s Hollywood Studios? (I’m not judging!) You may not have access to your at-home security system alerts when most needed. A monitored service can contact authorities to protect your home even when you aren’t in the loop.
Advantages of Unmonitored Systems
Unmonitored, also known as self-monitored, home security systems have become the fastest growing segment of the market for a reason. Advantages include:
The cost, of course: Since you could use a self-monitored home security system without paying monthly fees, you can save a lot month to month and year to year. Even if you pay a professional to install the system’s panel or cameras, you can still avoid that monthly bill.
A perfect fit if you’re renting: The home security market has traditionally ignored renters since they don’t have the authority to install hardware or enter a long-term contract. An unmonitored system offers exactly what a renter needs: flexible service with no long-term commitment.
Having more control: When you’re making all the decisions about whether to call for help or whether it’s a false alarm, you’re automatically controlling the response level. Since you know better than anyone what’s normal at your home, this can prevent some confusion. For example, the monitoring service may not know your brother has a spare key but does not know the alarm code. Since you know this, you can automatically filter out the police response as a viable option (unless you really have it in for your brother).
Integrating additional home systems: Some of the best self-monitored systems are an extension of WiFi-enabled home automation. Along with feeling more secure, you can also lock or unlock doors, change your thermostat, turn certain lights on or off, and even control the garden sprinklers (and lawn mowers!), all from an app. (Traditional monitored services have started adding these features, too.)
Can You Get the Best of Both Worlds?
Wouldn’t it be nice if you could combine the best aspects of professionally monitored and self-monitored systems?
Well, the industry has been moving in that direction.
Here’s why: The rapid growth of self-monitored home security systems has grabbed the attention of the traditional home security companies.
The leading monitored services are compensating by adding modern conveniences such as app-based customer control and, in some cases, acquiring smaller, self-monitored home security companies.
And it’s not a one-way street: Some self-monitored services have added the option to have your home professionally monitored, but with a twist. You can get add-on monitoring for a fee only when you need it. That way you could still avoid the contracts and flat monthly fees.
As the market continues to evolve, I’d expect to see less separation between these two categories.
But full-time monitoring will continue to be a separator. It simply costs more money to have someone monitoring your home and responding to problems all day every day.
And in many cases, professional monitoring equals a more secure home.
Should You Buy a Monitored or Unmonitored Security System?
This gradual merging of monitored and unmonitored home security features could, ironically, make it harder to decide what kind of service to buy.
If you like the control an unmonitored system offers, you don’t necessarily have to opt for an unmonitored system anymore. You can find a monitored system with similar capabilities.
Or, if you want a monitored system because you’re out of town a lot, you no longer have to choose from only traditional security service providers. You may be able to find an unmonitored service with added-on monitoring periods without a contract.
If you can’t decide for sure, take a look at your home, your lifestyle, and your personal preferences. They can tell you a lot about your needs.
What Type of Home Do You Have?
The kind of home you’re protecting should help drive the kind of protection you buy.
Makes sense, right?
Well, it’s easy to forget such obvious things once you start comparing features, prices, contracts, apps, and customer reviews.
Take a look around your home. If you have two full floors full of windows and doors, along with a garage door and windows to consider, you’ll need a lot of equipment installed and maintained.
You’ll also have a lot more sensors to trigger false alarms. A monitored system could be worth the cost.
On the flip side, if you live in a 2-room apartment with just a few windows and only two doors, your up-front equipment investment will be less, and you’ll have fewer trigger points to keep an eye on as you monitor things while away. A self-monitored system could do the job.
How Connected Are You?
If a home security system sends an alert to your smartphone but no one is around to hear it, does it make a sound? We could debate that question for hours, and if your phone happens to be off, someone could be stealing your stuff as we contemplate.
With an unmonitored system, you’re on call around the clock via your smartphone. If you’re the kind of person who likes to unplug after work or while on vacation, you may want to lean toward a monitored security system.
If, however, you and your phone are inseparable — if you sleep with the phone beside you on the pillow — you’re likely set up well to monitor security alerts.
That said, I’d suggest using a different ringtone for home security alerts. You wouldn’t want to ignore a serious problem thinking it was just a reminder to pick up your sister’s cat from the vet tomorrow.
How Connected Is Your Home?
Most of us have WiFi at home now. Most does not mean all, though.
People without WiFi at home will have a hard time using all the features of a self-monitored home security system.
In that case, a landline-based, traditional system would be a better option.
If you have WiFi, the quality of your surveillance will depend a lot on the quality of your Internet connection.
As more devices and appliances get online — thermostats, washing machines, tablets, phones, TVs, refrigerators, lawn mowers — there’s more demand on your network. For many of us, a DSL connection just doesn’t cut it anymore.
If you have a gigabit-per-second coming across fiber into your home, your unmonitored security features should work just fine.
How Busy Are You?
A lot of us can add tasks to our regular schedules without a lot of stress. People in the gig economy or with a couple side hustles may have just the kind of schedule flexibility they need to assess threats from their smartphones.
Sure, you may have to re-arrange a few things or tell a client to hold on a second while you check the alert on your phone, but it’s still possible. People who teach school, run meetings, perform surgery, or preside over class-action lawsuits may not have time to check their phones every couple of hours.
Just like any other commitment you take on, consider the time demands of an unmonitored security system.
I’ve been in more than one meeting where someone had to check on a security alert. (Usually, something like leaves blowing onto the porch or a delivery from Amazon triggered the alert.)
Do You Own Your Home?
I referred to this earlier, but it bears repeating. Traditional home security firms more or less ignored renters for years since they didn’t have permission to install a system anyway.
With no wires to run behind walls, a tenant can usually install an unmonitored system without changing the property.
Mounting a camera in the corner is hardly different from hanging a picture, and it’s a whole lot simpler than installing a wall-mounted TV.
Plus, when you move on to a new home in a new city, you could take a lot of the system’s components with you to use at the new rental house. Of course, check your lease agreement to make sure you have permission to make the changes an unmonitored system would require.
And, by the way, if you’re a renter who would like a traditional monitored system, ask your landlord about it. He or she may be fine with the idea, especially since a system could reduce your landlord’s homeowners insurance rates.
Best Security System Providers For 2023
We’ve chewed on a lot of theoretical stuff, so let’s get into what really matters. How do systems compare to each other, and which one should you get?
A year or so ago I would have made two best security system lists: One for monitored security systems and one for self-monitored systems.
The features of these systems have blended so much I think one list will better serve shoppers. I’ll be sure to indicate whether you would need a contract to use each service.
While convenient features are important and worth weighing into the equation, the quality of the system itself still matters most.
So I’ll be giving the quality of your home security system first priority in these comparisons while giving conveniences and customer flexibility a little less importance.
Frontpoint
Contract required: Yes Professional monitoring: Yes Length of contract: At least one year
Remember earlier when I suggested the future of home security will likely blend the features of monitored and unmonitored systems?
I had Frontpoint in mind when I said that.
This company has led this confluence of features, offering professional monitoring plus the conveniences do-it-yourself systems introduced.
Yes, Frontpoint requires a contract and you’ll be paying for 24/7 professional monitoring. But you’ll also have a user-friendly app that can control your locks, lights, and thermostat.
With Frontpoint, you install the equipment yourself since it’s wireless, lightweight, and easy to position with included adhesive strips.
Essentially, Frontpoint offers the best features of monitored and unmonitored services in one package: professional monitoring, quality equipment, convenient features, and a do-it-yourself approach.
That’s why I’ve listed Frontpoint first.
I also like the 30-day, risk-free guarantee. If you’re unhappy with the service, Frontpoint won’t bill you and you can return all the hardware. You won’t be on the hook for the rest of the contract.
I also like the one-year contract. Most companies require a three-year commitment.
Frontpoint offers three price points. If you’d like to access recorded video surveillance from your property, you’ll need to go with the most expensive plan.
Best for: A homeowner who wants mobile control, full-time professional monitoring, and more contract flexibility than usual. Avoid if: You don’t want to enter at least a one-year contract.
ADT Pulse
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
ADT, a leader in home security for almost 150 years, has also started offering the conveniences of unmonitored security in its ADT Pulse system.
Like Frontpoint, ADT Pulse still bases its services on contracts, but it has bulked up its app to give customers more control over their security equipment. In fact, you can probably incorporate your own cameras and sensors into ADT’s system since it supports many third-party hardware brands.
Unlike Frontpoint, ADT Pulse includes professional installation (and a corresponding $99 set-up fee). The result is another best-of-both-worlds approach for the customer who is willing to enter into a contract.
In ADT’s case, the contract will last at least three years, and you’d be billed a hefty termination fee to get out of it.
ADT will let you out of the contract if you’re not happy with the service, but it’s not a no-questions-asked policy. ADT will try to resolve your issues, which is a good thing if home security is your priority.
Best for: A homeowner who wants a time-tested, trustworthy home security partner with professional installation plus modern mobile-based control. Avoid if: You’re not sure about entering a long-term contract.
ProtectAmerica
Contract required: Yes Professional monitoring: Yes Length of contract: At least three years
By now you’re sensing a trend: Traditional, contract-based home security companies that have adopted modern conveniences are dominating the top of this list.
And for good reason: Ultimately, a home security system should provide the best home security for you and your family, and professional monitoring tends to offer more security.
ProtectAmerica makes this list for those reasons and because of its flexible pricing options. The company has five price points.
I’d stay away from the company’s less expensive, landline-based options. They do not offer the control and integration you’d get from Frontpoint or ADT Pulse (unless you want a traditional, landline-based system).
ProtectAmerica’s broadband and cellular-based options deliver a lot. You can even integrate the system with your Amazon Alexa or Google Home smart device for voice control.
And when an alarm goes off, you can also get a voice prompt from the system telling you which sensor or camera triggered the alarm. When you’re half asleep, this simplicity can pay off! There’s also a panic button which will automatically call for help.
Best for: A homeowner or renter who wants the conveniences of tech-based security with fewer potential complications. Avoid if: You’re shy about a three-year contract.
Vivint Home Security
Contract required: No, unless you’re financing equipment Professional monitoring: Yes Length of contract: At least 42 months (but only when financing equipment)
If you’ve been looking for a no-contract home security solution that still delivers professional results, consider Vivint Home Security. Vivint offers monitoring for a monthly fee, but it doesn’t require its customers to commit to more than one month at a time.
However, if you cancel your account while you still owe money on your equipment, Vivint will bill you for the balance. So even though you wouldn’t have an official contract, you’d still be compelled to keep the service or pay a lump sum to end your connection to the company.
It’s not exactly a no-strings-attached situation, but customers do have more control month to month, especially if they pay up front for the equipment.
Vivint makes this list because of this potential flexibility and because of the flexibility of the company’s equipment.
You can essentially build your own home security and home automation package the way you want. Rather than choosing from a package, you can combine different kinds of surveillance equipment including outdoor monitoring, and different safety features such as smart lighting and thermostat control.
You can manage your system through a Google or Amazon smart speaker or you can use a more customized control panel.
Best for: A homeowner who wants to customize a security solution. Avoid if: You don’t want to pay up front for equipment. If you don’t pay up front, you’ll have a de facto contract.
Link Interactive
Contract required: No, unless you’re financing equipment Professional monitoring: Yes (by a third party monitoring center) Length of contract: N/A unless financing equipment
Link Interactive rounds out my top 5 because, once again, it blends traditional and unmonitored features to give customers the best of both worlds. Link Interactive stands out because it has embraced broadband and cellular networks more thorough than most other providers.
As a result, you can talk with a professional monitor through your control panel at home during an emergency. Sometimes just knowing what’s going on and finding out easily when help will arrive can alleviate stress.
But you should know that Link Interactive uses a third party, which doesn’t always equal a loss in quality, but it does mean the company has less control over the monitoring process.
Still, lots of Link Interactive customers have been satisfied with their service according to TrustPilot and Better Business Bureau reports, which tend to lean toward the negative for security systems.
Link Interactive lets you pay month to month instead of committing to one to three years. However, as with Vivint, if you owe money on your home security equipment, you’d have to pay the balance if you canceled service.
So unless you pay up front for the equipment or pay the balance down enough to make more affordable, you’d likely be sticking with the service for a while.
Essentially, it’s a contract by another name. Link Interactive does stand by its 30-day grace period. If you change your mind or don’t like the service, you can cancel without obligations.
Security matters most, and even though I’ve listed a couple concerns, Link Interactive has the experience (about 70 years’ worth) and the equipment to serve its customers well.
Best for: A homeowner who wants a reliable partner with the best modern conveniences. Avoid if: You don’t plan to stick with the company for at least until you’ve paid off the equipment.
Best Self-Monitored Home Security Services For 2023
I know — I listed my five top choices for home security, and not a single one offers a completely self-monitored system.
I alluded to the reason earlier but here it is again: Professionally monitored systems simply provide better security across the board, and we’re looking for the best home security systems.
In most cases, security tends to be better because you have a staff of monitors at the ready to respond to a crisis at your home.
Most, of course, doesn’t mean all. You may have just the right work-life balance to handle a self-monitored system. Or you might just prefer to self-monitor your home security, either to save money or because you like the control.
If so, you have a lot of choices.
Let’s take a look at a few of my favorites.
Ring Alarm
You’ve probably seen this one on TV. It looks simple, efficient, and affordable.
Overall, it lives up. For only $200 or so up front, you can get a pretty solid set-up and install it yourself. Pricier packages offer more components for larger homes.
You can opt for professional monitoring (for $10 a month or $100 a year) or for self-monitoring, which is free. Ring connects to Z-wave, which means you can incorporate a wide variety of home management and security equipment.
Amazon owns and sells Ring systems, so if you’re a frequent Amazon shopper you’ll know pretty much what to expect.
Best for: A low-cost but useful alternative with professional monitoring available.
Honeywell Smart Home Security
Honeywell, whose name you may have seen on thermostats somewhere along the line, has expanded its business into smart home connectivity, including home security.
You’ll pay more, over $1,000 most likely, to get your system going, but after that, you can do a lot, including arming and disarming the system with a key fob and even integrating facial recognition.
Honeywell’s system works seamlessly with Amazon Alexa, and the system should soon also offer Google Assistant and Apple HomeKit integration.
Honeywell also syncs with Z-wave, which means you can use all sorts of wireless equipment to manage and monitor your home.
Best for: A do-it-yourself alternative that still has top-notch gear and accessibility specializing in self-monitoring.
SimpliSafe
SimpliSafe has grown in name recognition and market share. The company offers a lot of options. About 16 to be precise. They all vary slightly in the number of components and price.
Set-up fees range from about $290 to about $550 depending on how much equipment your home needs. The equipment is easy to install and use. You can go without professional monitoring and keep using the security equipment.
It tends to be harder to incorporate third-party equipment, though. So if you get SimpliSafe don’t assume you can use existing gear from previous systems.
Best for: An all-in-one system for homeowners new to security systems.
Nest Secure
If you use Google products — Google Assistant and the Android operating system, for example — Nest Secure could offer a sensible extension for your home automation and security needs.
Naturally, the service integrates nicely with Google Assistant and your Android phone or tablet. You can spend up to $500 or so getting the equipment set-up.
You can add professional monitoring on a contract or month-to-month basis.
Best for: Customers who already use Nest home automation products. Nest is part of Alphabet, Google’s parent company.
Going Cheap? Create Your Own System And Go Full DIY!
Even though the home security market has changed a lot with the success of self-monitoring systems, customers still have two basic choices:
Enter a contract of some sort to get professional monitoring and pay less up front.
Buy a do-it-yourself system, spending $300 to $1,500 up front, and have the freedom to self-monitor and avoid the contract.
Some customers wonder why they can’t just buy some cameras and door sensors and connect the gear to their smartphone. That may be possible, and if that’s your thing, you could save compared to buying a pre-packaged deal.
But, for the majority of consumers, I do not recommend this approach for a few reasons:
It depends upon your ability to connect and maintain the equipment.
You couldn’t add professional monitoring if you wanted to.
It’s more difficult to self-monitor without an app to centralize the camera feeds and sensor data.
Regional Security Firms May Offer a Lot
I tried to limit this post to companies offering nationwide service. Some regional companies offer great equipment and great service, too.
If you’re considering a regional firm in your area, make sure to check on the following issues:
Who monitors the company’s security systems? Is it local or third party? If third party, try to find out response times for the monitoring service.
Are you as the customer responsible for maintaining the equipment or will the company keep it up to date? If you’re responsible, work that into what you’ll be paying.
Does the system’s control panel have a battery backup during loss of electricity? What about backup for the WiFi connection? If not, the system could leave you vulnerable.
If you have the ability to self-monitor, can you integrate components you already own via Z-wave or another similar service?
What do local law enforcement officials think about the firm? Cops know a lot about home security. They may know the value of a local or regional home security outfit.
Need Proof of Results? Ask Your Insurance Agent
Our homes are personal. Having a stranger violate, steal, or destroy our homes, our property feels like a personal attack even if we’re not home and deal only with the aftermath.
People who have experienced that feeling know it can change the way you look at the world for a while.
It makes sense for homeowners (and renters) to seek some kind of protection against this danger. No system can guarantee your safety and the safety of your family.
But home security systems do get results. For proof, just ask your homeowners insurance company.
Many insurers will give you a discount on your home insurance premiums if you have a professionally monitored home security system. Insurers give this discount because they know a quality home security service will likely reduce the likelihood of a personal property insurance claim.
As you compare systems, consider what kind of security you need and whether what you’re buying fits your home.
Security is personal. It’s up to you to make sure you’re getting a system to match your life.