maintenance Archives - Hanover Mortgages

Apache is functioning normally

June 8, 2023 by Brett Tams

If you have a mortgage, you may be unknowingly participating in a mortgage-backed security (MBS). That is, your humble home loan may be part of a pool of mortgages that has been packaged and sold to income-oriented investors on the secondary market.

Being part of an MBS won’t change much (if anything) about how you repay your home loan, but it’s helpful to understand how these investment products work and how they impact the mortgage and housing industries.

Key takeaways

A mortgage-backed security is an investment product that consists of thousands of individual mortgages.
Investors can purchase MBSs on the secondary market from the banks that issued the loans.
When MBS prices fall, residential mortgage rates tend to rise – and vice versa.

What is a mortgage-backed security?

A mortgage-backed security (MBS) is a type of financial asset, somewhat like a bond (or a bond fund). It’s created out of a portfolio, or collection, of residential mortgages.

When a company or government issues a traditional bond, they are essentially borrowing money from investors (the people buying the bond). As with any loan, interest payments are made and then principal is paid back at maturity. However, with a mortgage-backed security, interest payments to investors come from the thousands of mortgages that underlie the bond — specifically, the repayments in interest and principal the mortgage-holders make each month.

Mortgage-backed securities offer key benefits to the players in the mortgage market, including banks, investors and even mortgage borrowers themselves. However, investing in an MBS has pros and cons.

How do mortgage-backed securities work?

While we all grew up with the idea that banks make loans and then hold those loans until they mature, the reality is that there’s a high chance that your lender is selling the loan into what’s known as the secondary mortgage market. Here, aggregators buy and sell mortgages, finding the right kind of mortgages for the security they want to create and sell on to investors. This is the most common reason a borrower’s mortgage loan servicer changes after securing a mortgage loan.

Mortgage-backed securities consist of a group of mortgages that have been organized and securitized to pay out interest like a bond. MBSs are created by companies called aggregators, including government-sponsored entities such as Fannie Mae or Freddie Mac. They buy loans from lenders, including big banks, and structure them into a mortgage-backed security.

Think of a mortgage-backed security like a giant pie with thousands of mortgages thrown into it. The creators of the MBS may cut this pie into potentially millions of slices — each perhaps with a little piece of each mortgage — to give investors the kind of return and risk they demand. Mortgage-backed securities typically pay out to investors on a monthly basis, like the mortgages underlying them.

Types of mortgage-backed securities

Mortgage-backed securities may have many features depending on what the market demands. The creators of MBSs think of their pool of mortgages as streams of cash flow that might run for 10, 15 or 30 years — the typical length of mortgages. But the bond’s underlying loans may be refinanced, and investors are repaid their principal and lose the cash flow over time.

By thinking of the characteristics of the mortgage as a stream of risks and cash flows, the aggregators can create bonds that have certain levels of risks or other characteristics. These securities can be based on both home mortgages (residential mortgage-backed securities) or on loans to businesses on commercial property (commercial mortgage-backed securities).

There are different types of mortgage-backed securities based on their structure and complexity:

Pass-through securities: In this type of mortgage-backed security, a trust holds many mortgages and allocates mortgage payments to its various investors depending on what share of the securities they own. This structure is relatively straightforward.
Collateralized mortgage obligation (CMO): This type of MBS is a legal structure backed by the mortgages it owns, but it has a twist. From a given pool of mortgages, a CMO can create different classes of securities that have different risks and returns (like different size slices, if we use our pie metaphor again). For example, it can create a “safer” class of bonds that are paid before other classes of bonds. The last and riskiest class is paid out only if all the other classes receive their payments.
Stripped mortgage-backed securities (SMBS): This kind of security basically splits the mortgage payment into two parts, the principal repayment and the interest payment. Investors can then buy either the security paying the principal (which pays out less at the start but grows) or the one paying interest (which pays out more but declines over time). These structures allow investors to invest in mortgage-backed securities with certain risks and rewards. For example, an investor could buy a relatively safe slice of a CMO and have a high chance of being repaid, but at the cost of a lower overall return.

How do mortgage-backed securities affect mortgage rates?

The cost of mortgage-backed securities has a direct impact on residential mortgage rates. This is because mortgage companies lose money when they issue loans while the market is down.

When the prices of mortgage-backed securities drop, mortgage providers generally increase interest rates. Conversely, mortgage providers lower interest rates when the price of MBSs goes up.

So, what causes mortgage-backed securities to rise or fall? Everything from stock market gains to higher energy prices and even unemployment numbers have the ability to influence the prices. A variety of factors that affect the course of mortgage-backed securities, and lenders are constantly monitoring it.

Mortgage-backed securities and the housing market

Why do mortgage-backed securities make sense for the players in the mortgage industry? Mortgage-backed securities actually make the industry more efficient, meaning it’s cheaper for each party to access the market and get its benefits:

Lenders: By selling their mortgages, lenders save on maintenance costs, and receive money they can then loan out to other borrowers, allowing them to more efficiently use their capital. They often require borrowers to meet conforming loan standards so that they can sell mortgages to aggregators. They can also sell the loans they might not want to keep, while retaining those they prefer.
Aggregators: Aggregators package mortgages into MBSs and earn fees for doing so. They may give mortgage-backed securities features that appeal to certain investors. A steady supply of conforming loans allows aggregators to structure MBSs cheaply.
Borrowers: Because aggregators demand so many conforming loans, they increase the supply of these loans and push down mortgage rates. So, borrowers may be able to enjoy greater access to capital and lower mortgage rates than they otherwise would.

Of course, easier access to financing is beneficial for the housing construction industry: Developers can build and sell more houses to consumers who are able to borrow more cheaply.

Investors like mortgage-backed securities, too, because these bonds may offer certain kinds of risk exposure that the investors, mainly big institutional players, want to have. Even the banks themselves may invest in MBSs, diversifying their portfolios.

While the lender may sell the loan, it may also retain the right to service the mortgage, meaning it earns a small fee for collecting the monthly payment and generally managing the account. So, you may continue to pay your lender each month for your mortgage, but the real owner of your mortgage may be the investors who hold the mortgage-backed security containing your loan.

Pros and cons of investing in MBSs

No investment is without risk. MBS have their advantages and disadvantages.

For instance, mortgage-backed securities typically pay out to investors on a monthly basis, like the mortgages behind the securities. But, unlike a typical bond where you receive interest payments over the bond’s life and then receive your principal when it matures, an MBS may often pay both principal and interest over the life of the security, so there won’t be a lump-sum payment at the end of the MBS’ life.

Here are some of the other advantages and disadvantages of investing in MBSs.

Pros

Pay a fixed interest rate
Typically have higher yields than U.S. Treasuries
Less correlated to stocks than other higher-yielding fixed income securities, such as corporate bonds

Cons

If a borrower defaults on their mortgage, the investor will ultimately lose money
The borrower may refinance or pay down their loan faster than expected, which can have a negative impact on returns
Higher interest rate risk because the cost of MBSs can drop as soon as interest rates increase

History of mortgage-backed securities

The first modern-day mortgage-backed security was issued in 1970 by the Government National Mortgage Association, better known as Ginnie Mae. These mortgage-backed securities were actually backed by the U.S. government and were enticing because of their guaranteed income stream.

Ginnie Mae began providing mortgage-backed securities in an effort to bring in extra funds, which were then used to purchase more home loans and expand affordable housing. Shortly after, government-sponsored enterprises Fannie Mae and Freddie Mac also began offering their version of MBSs.

The first private MBS was not issued until 1977, when Lew Ranieri of the now-defunct investment group Salomon Brothers developed the first residential MBS that was backed by mortgage providers, rather than a federal agency. Ranieri’s MBSs were offered in 5- and 10-year bonds, which was attractive to investors who could see returns more quickly.

Over the years, mortgage-backed securities have evolved and grown significantly. As of May 2023, financial institutions have issued $493.9 billion in mortgage-backed securities.

Mortgage-backed securities today

While mortgage-backed securities were notoriously at the center of the global financial crisis in 2008 and 2009, they continue to be an important part of the economy today because they serve real needs and provide tangible benefits to players across the mortgage and housing industries.

Not only does securitization of mortgages provide increased liquidity for investors, lenders and borrowers, it also offers a way to support the housing market, which is one of the largest engines of economic growth in the U.S. A strong housing market often bolsters a strong economy and helps employ many workers.

Mortgage Market

Bankrate insights

As of 2021, 65% of total home mortgage debt was securitized into mortgage-backed securities.

Bottom line on mortgage backed securities

While you might not deal with a mortgage-backed security in your daily life, your mortgage may be part of one. And if so, it’s a cog in the machinery that keeps the financial system running and helps borrowers access capital more cheaply. It can be useful to understand that the MBS market ultimately has a powerful influence over qualifications for mortgages, resulting in who gets a loan — and for how much.

Source: finance.yahoo.com

Apache is functioning normally

June 8, 2023 by Brett Tams

The unofficial start of summer is finally upon us, and not a moment too soon! School is (almost) out, the sun is high, and surf and sand are calling. Thoughts of your own little beach house might be very much on your mind, especially right now. But then reality intrudes: Who can afford that? Well, you could be surprised.

We found five ideal seaside dwellings that are remarkably well priced—all below a million dollars.

And one of the great things about most of these houses is that you can try before you buy. Most are available for short-term rental, and some come fully furnished.

Of course, this means that these well-appointed and perfectly located beachfront homes generate income, which can help with your house payments.

You can almost smell the salt air and hear the waves as you browse our list. Dive in!

Price: $949,000
Yachats rocks: Directly overlooking the beach on the dramatic Oregon coast, this newly renovated, four-bedroom, three-bath home has everything you need for a stylish escape for a weekend, or for decades to come.

Located on a bluff above the ocean, the home features a short path to the beach. It’s about 1.5 hours from Corvallis and three hours from Portland.

Expansive windows and decks with built-in seating allow you sweeping vistas of the ocean. You can also take in the views from one of two primary suites. Everything feels freshly new and nautical inside this 2,034-square-foot seaside home.

Price: $750,000
Cozy in Carrabelle: What appears to be a quaint seaside cottage on stilts is actually a decent-size domain with three bedrooms and three baths. The acre lot comes with three outbuildings and covered parking for your car, boat, or RV.

You might never want to leave this retreat, with its beautiful tongue-and-groove ceilings and wood floors. Standout features include a loft bedroom, three sunrooms, and remarkable views of the private beach and Saint George Sound.

It’s located in the town of Carrabelle, which prides itself on being “Florida Panhandle’s Gateway to the Gulf” and is known for its off-shore fishing and sugar-white sand.

Price: $999,000
Spend nights in Rodanthe: Remember that Nicolas Sparks novel made into an iconic rom-com starring Diane Lane and Richard Gere, called “Nights in Rodanthe”? In this traditional-style, shingled beach house, you can write your own romance.

Or you could let others create some seaside drama, as this six-bedroom, 4.5-bath, 2,924-square-foot home has a heart-racing rental history—$124,000 so far, with $85,000 already on the books for 2023. Hatteras Island on the famous Outer Banks is a well-documented vacation paradise.

You and your guests will enjoy taking long walks on the beach, just steps outside the door, and sunrise views from the east-facing windows and decks. There are also plenty of places to snuggle—including a great room and several seating areas.

Price: $750,000
Delightful on Dauphin Island: This beach house supports itself, not just literally on the stilts that keep it above the high tides, but also financially with its vacation rental income ($125,000 as of 2022).

The four-bedroom, three-bath house sits on a sandy spit of Dauphin Island, which stretches from the Mississippi Sound to the Gulf of Mexico. It’s a short walk across the sand from one body of water to the other.

This cottage is rustic chic on the outside and resort luxe on the inside. It features a comfortable main suite, a marble island and breakfast bar in the kitchen, and all-new bathrooms. It comes with all the furnishings, accessories, and artwork, so it’s totally turnkey.

Price: $579,000
Best beach buy: South of Tallahassee on the Gulf of Mexico sits this three-bedroom, two-bath abode with direct access to the ocean and a terrific spot for fishing.

The elevated home comes with an outdoor shower and a sink below, so you can catch, clean, and cook without making a mess in the indoor kitchen.

The screened porch off the great room features remarkable views. Inside, there are vaulted ceilings and low-maintenance tile flooring. This is also a well-established vacation rental property, and all the furniture is included in the very reasonable asking price.

Source: realtor.com

Apache is functioning normally

June 8, 2023 by Brett Tams

If you have a savings account, how much interest does it earn? Probably not enough. And if you don’t have a savings account, why not?

A savings account isn’t meant to make you rich. It’s a safe, if not very sexy, way to plan for your future and protect your money. But things get more interesting when you choose a high-yield savings account instead of a traditional savings account. A traditional account will pay pennies on your balance, but a high-yield savings account can help you earn extra money you’ll actually notice.

But how do you choose a savings account when there are so many out there? We did the research for you. These are the top high-yield savings accounts with the best interest rates, features, and benefits.

What’s Ahead:

Best high-yield savings accounts

The Ally Online Savings Account is our top pick for the best high-yield savings account overall because it consistently offers a competitive interest rate and includes features to help you save. For beginners, the Discover Online Savings Account might be a better option thanks to its simple platform and above-average support. The CIT Savings Account is our second runner-up because it has the highest APY of the bunch but does come with a minimum deposit requirement.

We also considered the Axos Bank High-Yield Savings Account, High-Yield Chime® Savings Account, Capital One 360 Performance Savings Account, and Marcus Online Savings Account for our list. Even though these didn’t make our top three, they’re all good choices well worth checking out.

Best overall: Ally Online Savings Account

Pros

No fees
No minimums
Boosters to help you save faster

Cons

No branch locations

Features

Minimum balance: $0
Minimum deposit: $0
APY: 2.50%
Monthly fee: $0

The Ally Online Savings Account is the best high-yield savings account overall offering a generous interest rate and tons of free features to help you save. And speaking of free, this account really is. There are no monthly maintenance fees, overdraft fees, or transfer fees to deplete your earnings.

This high-yield savings account supports you to save by giving you the option to create buckets for different goals and use boosters to save faster. The boosters are:

Recurring Transfers – schedules automatic transfers from a linked account
Round Ups – rounds up your Ally debit card purchases to the nearest dollar and sends the extra to your savings
Surprise Savings – points out money in your checking account that isn’t being used for anything and moves it to your savings

This account is easy to open. There are no minimum balance requirements to earn interest and you can fund it with as little as $0.01. While Ally technically uses balance tiers (<$5,000, $5000 – $24,999.99, and >$25,000), all positive balances currently earn the same rate.

For help with any issues you might have, Ally offers 24/7 live customer support via chat or phone.

Learn more about the Ally Online Savings Account or read our full review.

Best for beginners: Discover Online Savings Account

Pros

No fees
No minimums
Instant transfers between Discover accounts

Cons

Very few branch locations
No advanced savings features like buckets or round-ups

Features

Minimum balance: $0
Minimum deposit: $0
APY: 4.00%
Monthly fee: $0

The Discover Online Savings Account gets pretty much everything right, from the competitive interest rate to the lack of account fees. We love this high-yield savings account for beginners because it’s easy to use and doesn’t have minimums.

There is no minimum deposit to open or minimum balance required to earn interest or avoid having your account shut down, making this the perfect option for you even if you only have a few bucks to put away right now. You can even open an account with nothing and come back later to fund it.

Although this is a pretty basic account with few bells and whistles, there’s no monthly maintenance fee to worry about and you’ll earn interest on any balance. Plus, the Discover mobile app is notoriously solid, and ditto for customer service.

Interest is compounded daily and credited monthly into your account. If you have a Discover checking account and debit card, you can easily transfer money between this and your savings account. You can also schedule automatic recurring transfers to put your saving on autopilot.

Discover does have some branch locations, but they’re really limited, so you might not have the option to manage your account in person. This account also lacks features to help organize and simplify your saving such as buckets and round-ups.

Learn more about the Discover Online Savings Account or read our full review.

Best for long-term saving: CIT Savings Connect Account

Pros

No fees
No minimum balance

Cons

Minimum deposit required
No branch locations

Features

Minimum balance: $0
Minimum deposit: $100
APY: 4.50%
Monthly fee: $0

For high-interest saving, the CIT Savings Connect Account is an excellent choice. This is a newer account with a really competitive APY of 4.50%. There are no minimum balance requirements to earn this rate and you only need to deposit $100 to open. Plus, there are no monthly fees. See details here.

CIT Bank also reimburses up to $30 in third-party ATM fees per statement period and supports free mobile check deposits and external transfers.

The CIT Savings Connect account currently pays the same interest rate on all balance tiers, so you don’t have to worry about maintaining a certain balance or making regular deposits to avoid fees and earn more (although automating your saving is never a bad idea).

This basic account would be a good fit for most people, especially those looking for a fee-free option with no balance requirements. It has one of the best rates and is one of the most straightforward to open and use, so it could make a great primary or secondary savings bucket. Choose the CIT Savings Connect account if getting the best interest rate is your top priority.

CIT Bank offers a number of other savings products including stand-out money market accounts and CDs, so keep this bank in mind if you have a few different savings goals and want to make sure you’re getting the highest rates.

Learn more about the CIT Savings Connect account.

CIT Bank. Member FDIC.

CIT Savings Builder Account

And if you’re looking for another option from this online bank, you can do worse than the CIT Savings Builder Account. This high-yield savings account offers an interest rate of up to 1.00% with a low minimum initial deposit requirement of $100. There is no minimum balance required to keep your account, but your balance will determine your interest rate. See details here.

The CIT Savings Builder Account uses a tiered rate structure with a loophole. The balance tiers and interest rates are:

<$25,000 – 0.40% APY
<$25,000 – 1.00% APY if you make a monthly deposit of $100 or more
>$25,000 – 1.00% APY

If you can’t afford to put away more than $25,000, no worries. Just schedule an automatic transfer of at least $100 from a linked bank account to get yourself into the higher tier. This can also help you make saving a priority.

Because of the tiered interest rate structure, this high-yield savings account is ideal for people who plan to keep high balances and/or make regular contributions to their savings.

Learn more about the CIT Savings Builder Account or read our full review.

CIT Bank. Member FDIC.

Great alternatives

These accounts didn’t make our top three, but they still have a lot to offer, especially if you’re looking for an online savings account.

Axos Bank High-Yield Savings Account

Features

Minimum balance: $0
Minimum deposit: $250
APY: Up to 0.61%
Monthly fees: None

An Axos Bank High-Yield Savings Account is the right high-yield savings account for anyone looking to keep a low balance. There is a minimum deposit requirement of $250 to open an account, but any amount you save will earn interest. Axos uses a tiered rate structure but actually pays the highest rates on the lowest balances. You’ll earn 0.61% as long as your account stays below $24,999.99.

Each account comes with a free ATM card upon request for easy withdrawals. Plus, you can earn a referral bonus of $20 for every friend who opens an Essential Checking account using your unique link.

Open an Axos savings account or read our full review.

High-Yield Chime® Savings Account

Features

Minimum balance: $0
Minimum deposit: $0
APY: 2.00%⁷
Monthly fees: None²

The High-Yield Chime Savings Account is a great online savings account that does your saving for you. With the Round Up Transfer and Save When I Get Paid features, you can completely forget about your saving and still make progress toward your goals. Round Ups will send the spare change from your purchases right to your savings^ and Save When I Get Paid lets you transfer up to 10% of each direct deposit of $500 or more to your savings account ¹. A Chime Checking Account is required to be eligible for a Savings Account.

This account charges no maintenance fees and has no minimum deposit or balance requirements. Check out Chime checking if you like the idea of saving and banking in one place with a platform that’s easy to use*.

Read our full review.

* Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
^ Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.
¹ Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.
² There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
⁷ The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of November 17, 2022. No minimum balance required. Must have $0.01 in savings to earn interest.

Capital One 360 Performance Savings Account

Features

Minimum balance: $0
Minimum deposit: $0
APY: 3.00%
Monthly fees: None

Opening a Capital One 360 Performance Savings account might be the way to go if you’re looking to automate your saving with a familiar consumer bank. This account pays the same interest rate of 3.00% on all balances and doesn’t cost anything to open. To stay on track with your saving, you can schedule recurring transfers from a Capital One or external account.

If you already have an account with Capital One, you’ll be able to make quick transfers from the app. Finally, there are Capital One branches and ATMs all over the country if you like the option of banking in person.

Open a Capital One savings account or read our full review.

Marcus Online Savings Account

Features

Minimum balance: $0
Minimum deposit: $0
APY: 2.50%
Monthly fees: None

Marcus by Goldman Sachs is an online-only bank owned by investment company Goldman Sachs. A Marcus Online Savings Account is ideal for people who want control over their savings and like to strategize different ways to grow their money. This account offers a variety of tools and extensive research to help you make informed decisions with your savings and track your progress. You can even see exactly how much interest you’ve earned from the app.

You’ll earn 2.50% regardless of your balance and there’s no minimum deposit.

Open a Marcus savings account or read our full review.

What is a high-yield savings account?

A high-yield savings account offers a higher yield than traditional savings accounts. How much higher completely depends on the market and the institution, but may be as much as ten or fifteen times the average. You might also hear the term high-interest savings account used — this is the same thing.

Right now, the national average interest rate on a savings account is 0.37%, according to the Federal Deposit Insurance Corporation or FDIC. The FDIC determines rate caps each month using the average interest rates for savings accounts, checking accounts, money market accounts, and certificates of deposit across all banks and credit unions.

How savings account interest works

There are two different ways interest can work with high-yield accounts. The first is to earn a variable interest rate and the second is to earn a tiered interest rate.

A high-yield savings account with a variable rate will pay the same interest rate on any balance. A savings account that uses a tiered interest structure will determine your rate based on your average balance and pay you according to which balance tier you fall into.

With a tiered interest rate, you often earn more interest the higher your balance is. This is to incentivize people to keep more money in their accounts. With a variable interest rate, it doesn’t matter what your balance is as long as you meet the minimum balance requirements (if there are any).

To make things a little more confusing, sometimes a bank or credit union will use a tiered interest rate structure but make the interest rate the same for every balance tier. All interest rates for online savings accounts are subject to change at any time.

Before you apply for an account, find out what rate you’ll qualify for with your balance and activity. Don’t get tricked into opening a high-yield savings account for the great interest rate unless you know you’ll actually earn that rate.

For example, a bank may advertise a high-yield savings account with an interest rate of 3.00% APY, but this rate only applies to balances over $15,000. The difference between the highest and lowest interest rates can be significant, so make sure you don’t get stuck with a lousy rate.

Read more: How to get the best savings account interest rate

What is the annual percentage yield (APY)?

Annual percentage yield is the rate of return you will earn calculated as a percentage of your savings account balance. You’ve probably noticed that the APY on an account is very slightly different from the interest rate. This is because the interest rate only shows simple interest.

The annual percentage yield or APY shows how much interest you can earn each year if you don’t take any of your money out. We like to look at the annual percentage yield rather than just the interest rate because it factors in compounding interest.

To estimate how much you can earn on a high-interest savings account, multiply the APY by your balance to see how much your account will grow if you don’t touch it.

When is interest calculated?

Interest may be calculated daily, weekly, or monthly for a savings account. This is how often your balance is used to determine how much interest you’ve earned.

This frequency can affect your earnings, and daily calculation is the best-case scenario. This is because the more frequently interest is calculated, the higher your balance will be each time it happens thanks to the interest you’ve already been paid. Interest you earn on interest is referred to as compound interest.

For example, a $1,000 balance earning a 1% interest rate pays you $10 in simple interest over a year. If interest is calculated daily, that $10 becomes $10.05 a year.

Read more: Savings interest calculator

Is interest taxed?

Yes, the interest you earn from your savings account will be taxed alongside your income, no matter how much money you bring in.

How to open a high-yield savings account

The basic process for opening a savings account is pretty much the same anywhere you go.

First, you’re going to provide some personal details including your basic contact information. Once your account has been approved, you’ll choose a funding option. Your options might be:

ACH transfer
Wire transfer
Direct deposit
Check deposit (paper or mobile)
Cash deposit

You need to meet minimum opening deposit requirements for your account when funding. Some banks will let you open a savings account without making a deposit right away. Just make sure you know the rules for your chosen account.

If you already have an account with the bank or credit union you’ve chosen, you can link this with your new savings account either before or after funding. This will allow for easy transfers in the future.

How to use a high-yield savings account

There’s a difference between just having a high-yield savings account and using it for all its worth. Here are some ways to make the most of high-interest savings.

Emergency fund

A high-yield savings account is the perfect place to keep your emergency fund. We recommend you have one savings account where you keep at least six months of your monthly living expenses, completely separate from the rest of your cash. You can take the money out if you get sick, lose your income, or face a large unexpected expense, and your balance will grow until then.

Short-term saving

A high-interest savings account is also a great place to save for short-term goals when you don’t want to put your money on the line with higher-risk investments. These accounts are safe and liquid, so your money is there when you’re ready for it and earning interest when you’re not.

For example, if you’re saving money to buy a new car or for your wedding in the next couple of years, you may be able to get a higher rate of return by investing in a mutual fund or other securities. But in such a short period of time, you may lose money. Investments are best for savings goals more than a few years away. For shorter-term goals, savings accounts are safer.

No matter what you’re saving for, a good rule of thumb is to save as often as possible and think about it as little as possible. If you rely on yourself to remember or feel like putting away money to save, you might have more trouble meeting your goals and start feeling frustrated when you don’t see your balance go up. Instead, take advantage of features that do the work for you. To save automatically, you can:

Set recurring transfers
Split your paycheck
Use booster features like roundups

Read more: The best place for short-term savings

What is the withdrawal limit for savings accounts?

Most savings accounts limit the number of withdrawals you’re allowed to make. This started with Federal Regulation D.

Federal Regulation D was a rule that limited the number of withdrawals or transfers that could be made from a savings account to six per month. This included withdrawals made in person, by phone, online, or through any other type of electronic transfer. If you made more than six transfers or withdrawals in a month, your bank might have charged you an excessive withdrawal fee or closed your account.

In April 2020, Regulation D was suspended, but many banks still choose to restrict transactions and enforce the same penalties.

What to look for in a high-yield savings account

There are certain standout features that can immediately make or break a high-yield savings account.

Here are the main things to pay attention to when shopping for a savings account.

Minimum balance requirements

How much do you realistically plan to save? This is the first question you should ask yourself before signing up for an account. Many savings accounts have minimum balance requirements, and you won’t be doing yourself any favors if you open an account and can’t meet these.

If your account does have balance requirements, you must meet them in order to:

Avoid monthly maintenance fees
Earn interest
Keep your account

Your balance at the end of each day is used to determine if you’re meeting requirements. If you’re not, you might be penalized.

Not all high-yield savings accounts have minimum balance requirements. Especially for online savings accounts, it’s becoming more common to not have any.

Read more: How much money should you save each month?

Minimum deposit requirements

Some banks may require you to make a certain minimum deposit when signing up for your account. Failure to do so may disqualify you from opening an account or result in a fee.

A minimum deposit requirement could be anywhere from $5 to $500. Sometimes minimum deposit and minimum balance requirements are the same, and sometimes not. It’s not uncommon for a bank to have a minimum deposit requirement but no minimum balance requirement or vice versa.

Many high-yield online savings accounts have very low or no minimum deposit requirements.

Interest and APY

You’re naturally going to gravitate toward accounts with the highest interest rates, right? That’s free money that you don’t have to work for. But be sure to pay attention to the requirements to earn interest too, not just the annual percentage yield.

For example, if a bank requires you to maintain a balance you can’t maintain to earn interest, it’s probably not the right bank for you. For your first savings account, you might prefer a variable interest rate over a tiered interest rate so you don’t have to worry about if your balance is high enough to earn interest.

Some banks also reserve their best interest rates for preferred customers. This might mean you need to have another account such as a checking account or loan to qualify for the highest APY, and that might be more trouble than it’s worth.

Monthly fees

Some banks still charge monthly maintenance fees on savings accounts, but many don’t. When your goal is to earn money on your savings, monthly fees you get charged just for having an account can really get in the way.

While you should generally look for accounts that don’t charge fees, you might make an exception if a bank offers a waiver. For example, the fee may be waived if you maintain a certain minimum balance in your account for each statement cycle or make a recurring transfer from another account.

If you feel like you can easily meet the requirements to waive a fee and an account is otherwise a perfect fit, go for it.

Cash access

Most people try to ignore the money in their high-yield savings account when they can to take advantage of compound interest.

But life happens, and sometimes you need to dip into your savings. When that happens, you should have convenient access to your money. You might be able to make a withdrawal via:

ACH transfer
Cash withdrawal
ATM withdrawal

Most savings accounts give you the option to make a transfer from your savings to a linked checking account. This checking account can either be with the same bank or another one entirely. If with the same bank, transfers may be instant.

Some banks also offer ATM cards with high-yield savings accounts, though you may incur a fee for ATM transactions. You can also make cash withdrawals at branch locations.

Any transfers or withdrawals you make will count toward your monthly transaction limit.

Mobile apps

Almost every bank out there offers a mobile app today, but some are far better than others. As you’re researching the features of an account, always look into the app too.

Saving from your phone only works when an app does what it’s supposed to, so functionality and convenience are important. You should be able to easily access your savings account, initiate transfers, and see your balance at any time. Those are the basics. You might also want an app that will let you make mobile check deposits, create savings goals, and chat with customer support when there’s an issue.

As a rule, online banks and larger institutions tend to have the best mobile apps. But while you might be looking for an app that’s simple and straightforward to use, someone else might prefer a robust app with educational resources, features, and a variety of notifications. Check out some customer reviews to see what real users have to say about their experiences.

Sign-up bonus

Many banks and credit unions offer sign-up bonuses when you open a high-yield savings account. These offers change all the time and can be quite enticing. For example, bonuses up to $200 are not uncommon. But while sign-up bonuses are nice, they’re not more important than interest rates, fees, and minimums.

Also, be aware that sign-up bonuses come with restrictions. Typically, you’ll need to maintain a certain minimum balance for a set amount of time to qualify. This may be six months or even longer. If your account balance drops below the minimum requirement at any time during the first six months, you may forfeit the bonus. Many bonuses also come with direct deposit requirements.

If you do qualify, you probably won’t get the bonus right away and may have to wait several weeks. All this to say that sign-up bonuses aren’t a good option for getting quick cash. Consider these after all of the other features we’ve outlined.

Are high-yield savings accounts safe?

Your money can’t get a lot safer than it is when it’s in a savings account.

Almost all savings accounts with banks are protected by the Federal Deposit Insurance Corporation (FDIC) and insured for up to $250,000 per depositor. This insurance coverage protects your money in the event that your bank loses money and is unable to repay its deposits. Almost all savings accounts with credit unions are protected by the National Credit Union Administration (NCUA) for up to $250,000 per depositor. This provides the same protections.

If a bank or credit union is not FDIC- or NCUA-insured, you may qualify for private deposit insurance.

Benefits of online savings accounts

High-yield savings accounts and online savings accounts are often one and the same. Here are some of the top benefits you can expect from an online savings account.

Higher interest

A traditional savings account with your bank or credit union might seem like the best choice, but you can do a lot better. Compared to traditional accounts, online savings accounts tend to offer much better interest rates, plus benefits like fewer fees, extra savings features, and the convenience of opening and managing your account completely online (or from your phone).

Online savings accounts can pay higher interest rates because digital accounts are cheaper to operate, lowering a bank’s costs and passing on the savings to you in the form of better interest.

Fewer fees

Online savings accounts almost always have lower fees than traditional savings accounts for the same reasons they can offer better rates. Many charge no monthly fees at all.

Avoiding monthly fees like maintenance fees, low balance fees, and inactivity fees can save you serious money in the long run. Plus, let you actually keep the interest you’ve earned.

Convenience

Online savings accounts are much more convenient to open and use. You can open your account online and fund it by just transferring the money from another account. Usually, all of this takes less than five minutes.

An online account lets you make deposits, transfer money, pay bills, and see your account activity at any time without the need for a phone call or visit to the bank. You can even view your account statements and track your progress. If you’re not a fan of brick-and-mortar branches, an online savings account either with a fully-digital bank or a hybrid bank could be perfect for you.

Perks and benefits

Online savings accounts tend to come with a lot of great, free features. Automatic transfers into your savings account from your checking account, mobile check deposit, and account alerts are just a few common ones.

Some online savings accounts go above and beyond this. They might offer savings support like boosters and automated tools, help you create a saving strategy with resources and insights, or the option to organize your savings into separate buckets or categories.

Read more: Best online savings accounts

Disadvantages of savings accounts

Although a great tool for saving for your future and protecting your finances, savings accounts in general do have limitations. Let’s talk about some of those here.

Limited withdrawals

One of the main disadvantages of high-yield savings accounts is limited cash access. A lot of this has to do with withdrawal restrictions.

Remember, you’re often restricted to just six transactions per statement period with a savings account. This is a limit that was originally set by the federal government that many accounts still stick to. You shouldn’t use your savings account as a secondary spending account because when you hit that limit, you risk losing the account. This is why savings accounts should be for money you don’t immediately need.

If you’re looking for a place to set aside some extra money you do plan to dip into regularly, consider a high-yield checking account instead of a savings account. While the rates for high-yield checking accounts aren’t usually as good as the rates for high-yield savings accounts, you’ll have more flexibility to spend your money.

Read more: Best high-yield checking accounts compared

Rates can change at any time

Another downside to savings accounts is that the interest rates are always variable. This means the rate you earn on your balance can change at any time, and it definitely will as the market fluctuates. It’s important to remember that you’re not locked into the annual percentage yield you sign up for when you open a high-yield savings account.

And if the rate does change, your bank doesn’t have to give you any sort of warning. Although competitive high-yield savings accounts will, for the most part, stay competitive and continue offering the highest yields compared to other accounts, there’s no telling how much you’ll earn in dividends a year from now.

You should choose a high interest rate but know that it can change and don’t rely on the dividends for income.

Security risks

With any type of financial account, there are going to be certain safety concerns. While these are really minimal with an insured savings account, you can take steps to maximize your personal security.

If an account offers multi-factor authentication, set it up (it’s free anyway). If you have the option to enroll in fraud protection, do it. Set up account alerts to notify you about suspicious activity and check your balance often to make sure everything looks good.

FDIC and NCUA protection will keep you safe from losing all of your money if your bank goes bankrupt, but it’s your responsibility to make sure your account is as safe as it can be from hackers.

Read more: How to make online banking more secure

Are high-yield savings accounts worth it?

The answer to this question is probably, but it really depends on what kind of account you choose. We’ll say it again, we always prefer an online savings account with no minimums and no fees. Even if you can’t yet afford to set much money aside, you can start earning a small amount of interest on your balance and setting those good savings habits with free accounts.

But if you open a savings account that charges monthly maintenance fees, overdraft fees, low balance fees, etc., you’re going to have to work harder to make the account worth it. Keep in mind that all of these fees can eat into and even exceed your interest earnings, causing you to lose money in the long run.

So basically, as long as you don’t make the mistake of choosing the wrong account and letting it drain your earnings, you have nothing to lose.

High-yield savings accounts vs. money market accounts (MMAs)

Which is the better option for your money right now: a high-yield savings account or a money market account?

A money market account or MMA is a special type of savings account. They typically have higher balance requirements to earn interest but may offer better interest rates than high-yield savings accounts. Usually, MMAs pay tiered variable interest rates so the more you save, the more you earn.

MMAs often come with higher fees, higher deposit requirements, and higher balance requirements than savings accounts. While they can earn more depending on the interest rate environment, right now the best rates are really comparable between high-yield savings accounts and MMAs.

Savings accounts and money market accounts have the same transaction limit of six per statement period.

Read more: 9 best money market accounts

High-yield savings accounts vs. certificates of deposit (CDs)

A certificate of deposit or CD is a type of deposit account that usually offers a fixed interest rate for a fixed term. This means that the amount of money you earn on your deposits is guaranteed for the length of the CD term.

CD terms can range from as little as one month to as much as 10 or even 20 years. During the term of the CD, you agree not to withdraw any of the money you’ve deposited. If you do need to access your money before the end of the term, you’ll pay an early withdrawal penalty fee.

Early withdrawal fees are equal to the interest you earn for a set number of days or months. For example, you may pay three months’ interest for taking money out of a one-year CD early.

Because of early withdrawal fees, you risk losing your interest in a CD, so you should only deposit money you’re absolutely certain you won’t need until the term is up.

Stick with a savings account until you have an emergency fund built up before you consider a CD. CDs can be better vehicles for long-term saving but they should not replace your emergency savings account.

Read more: Best CD rates of 2023

Source: moneyunder30.com

Apache is functioning normally

June 7, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

Welcome to Crest, where style and value converge to offer an exceptional living experience in the heart of DC. If you’re in search of one-bedroom apartments for rent in DC, look no further. At Crest, they have crafted the perfect combination of comfort, convenience, and affordability, ensuring that our residents enjoy a lifestyle that surpasses expectations.

Highlight the Style and Comfort

The one-bedroom apartments at Crest are thoughtfully designed with meticulous attention to detail. Step into a world of contemporary elegance, where every corner showcases modern aesthetics and functionality. From the moment you enter, you’ll be greeted by spacious floorplans that provide ample room for both relaxation and entertainment. With features like full-size washers and dryers, stainless steel appliances, and granite countertops, your apartment becomes a haven of convenience and sophistication.

Emphasize the Value

At Crest, they understand the importance of finding value in your home. That’s why the one-bedroom apartments offer exceptional square footage, walk-in closets, and balconies that extend your living space and provide breathtaking views of the surrounding Skyland Town Center. Crest believes that luxury should be accessible to all, which is why they provide unbeatable pricing for well-appointed apartments. Experience the perfect balance between quality and affordability at Crest.

Amenities for an Elevated Lifestyle

Beyond the four walls of your apartment, Crest offers a host of amenities that elevate your living experience. Immerse yourself in the refreshing oasis of our courtyard pool, stay active and fit at our two-story fitness center, or socialize with friends at the clubroom featuring a pool table. For those who work remotely, our business area and coworking space provide the ideal environment to stay productive. With a helpful 24/7 concierge team and dedicated maintenance staff, your needs are always taken care of at Crest.

Explore the Skyland Town Center Neighborhood

Living at Crest means being at the heart of the vibrant Skyland Town Center neighborhood. Enjoy the convenience of having shopping, dining, and service options right outside your front door. With the completion of Skyland Town Center, exciting retail destinations like Lidl grocery and DC’s first-ever drive-through Starbucks are just steps away. This thriving community offers endless opportunities to explore, connect, and enjoy a truly fulfilling lifestyle.

Don’t miss out on the perfect combination of style and value. Discover Crest’s one-bedroom apartments for rent in DC at Crest and experience the pinnacle of modern living. Contact the Crest today to schedule a tour and seize the opportunity to unlock your ideal home at Crest in the coveted Skyland Town Center neighborhood.

Schedule a Tour of Our One-Bedroom Apartments at Crest Today!

Equal Housing Opportunity

The housing provider will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com

Apache is functioning normally

June 7, 2023 by Brett Tams

The Sunshine State is a great place to call home. Whether you’re an individual or small business owner, rest assured there are many banks available to help you meet your financial goals.

While some banks have brick-and-mortar locations in Miami, Tampa, Jacksonville, Orlando, and other parts of the state, others are online-only, meaning you’ll need to use an online portal or mobile banking app to manage your accounts.

15 Best Banks in Florida

We’ve done all the research and compiled this list of the best banks in Florida so you can make the most informed decision for your unique situation.

1. Huntington Bank

Huntington Bank has been around since 1866 and primarily services Southwest Florida. Its solo Florida branch can be found in Naples but you can bank from anywhere, thanks to a robust digital banking program.

Huntington’s checking accounts come with many benefits, such as 24-hour grace overdraft fee relief, platinum debit cards, mobile pay, and early pay. You can make deposits to them directly or through an ATM or mobile device.

If you’re looking for the ideal savings account, you may choose from several money market accounts, IRAs and other retirement accounts, and certificates of deposit. Huntington serves small business owners in Florida as well through business checking accounts, business credit cards, business loans, insurance products, and more.

2. Chime

Chime isn’t a traditional bank or credit union. However, it’s a mobile banking app you can take advantage of in Florida. It made its debut in 2013 and offers online banking services through Bancorp Bank, N.A. and Stride Bank.

With the Chime Checking account, you can enjoy early direct deposit, automated savings tools, free debit card replacement, and access to over 60,000 fee free ATMs across the county. If you opt for the Chime High-Yield Savings account, you’ll lock in a competitive interest rate and won’t have to pay monthly fees or meet a minimum balance requirement. Plus, there is no cap on how much interest you may earn.

3. Revolut

Revolut is another non-traditional banking opinion that serves Floridians from the U.K. With Revolut, you can access your paycheck up to two days early and won’t be charged fees for withdrawals at 55,000 ATMs across the nation.

If you consider yourself an avid traveler, you’re sure to appreciate its travel perks, such as currency exchange, overseas health insurance, delayed baggage and flight insurance, and the ability to make purchases in numerous currencies.

With the Smart Delay feature, you’ll get to hang out in airport lounges if your flight is delayed. Additionally, Revolut offers budgeting and analytics tools so you can keep your finances in check as well as cash back when you make purchases at select retailers.

4. Ally Bank

Ally Bank is an online bank with rates that are about 10 times the national average. Even though there are no Ally branches in Florida, it’s a solid pick if you’d like your money to grow quickly. Unlike most brick-and-mortar financial institutions in the Sunshine State, Ally doesn’t charge monthly fees or impose minimum balance requirements.

You can open an Ally account with any deposit amount. In addition to a savings account, you may take advantage of an interest bearing checking account and credit cards with rewards like cash back and travel points. We can’t forget Ally’s retirement and investment services, which include self-directed trading, robo portfolios, IRAs, stocks, commission-free ETFs, and even cryptocurrency.

5. Regions Bank

Regions Bank is a regional bank with more than 300 branches and 500 ATMs in Florida. If you’re an avid traveler, rest accrued the bank also has many locations in the Midwest, South, and Texas. Regions stands out from other, larger financial institutions for its checking account rewards program and LifeGreen Savings account, which is free of monthly maintenance fees and service fees.

In addition to the LifeGreen Savings account, you may opt for a Regions Savings account. This account offers a discount on a safe deposit box, a minor account for children under 18, and the Now Savings account, which is specifically for those with a Regions prepaid Visa card.

Furthermore, Regions offers CDs with terms that range from seven days and 72 months. Other perks include a robust mobile app and 24/7 customer service through an online secure messaging system.

6. Bank of America

Bank of America is a large bank with nearly 500 branches throughout the Sunshine State and no shortage of ATMs across the country. Thanks to its handy mobile app, you can cash checks, pay bills, and manage your accounts while you’re on the go. Speaking of accounts, there’s something for everyone at Bank of America.

The Bank of America Advantage Banking account is a checking account with three features: SafeBalance, Advantage Plus, and Advantage Relationship. With SafeBalance, which is ideal for students, you don’t have to worry about overdraft fees.

Advantage Plus offers several ways to waive monthly fees and Advantage Relationship rewards you with interest and other perks for higher balances. In addition, Bank of America boasts credit cards with generous sign on bonuses for new checking account customers, a variety of mortgages, and investment management services.

7. Chase Bank

Chase Bank is a part of JPMorgan Chase and has more than 400 branches in Florida. With Chase, you can expect a large ATM network of over 16,000 ATMs across the country and a number of online and mobile banking tools. If you decide to become a Chase customer, you’ll have access to two savings accounts: the Chase Savings account and the Chase Premier Savings account.

While Chase Savings comes with a low monthly fee, the Chase Premier Savings is a solid pick if you’re looking for a competitive interest rate on a large balance. When it comes to checking accounts, Chase offers several options, like the Chase Total Checking account and the Chase Sapphire Checking account with perks like attractive interest rates and no ATM fees.

Note that the Chase Sapphire Checking account is only available for Sapphire members with an average balance of $75,000 average balance.

8. Fifth Third Bank

Fifth Third Bank is a national bank that was recognized by J.D. Power for the great banking experience it provides in Florida. It has numerous branches in Bradenton, Lakeland, Apopka, Orlando, and other cities throughout the state.

You can open a checking or online savings account without having to worry about an opening deposit requirement and won’t be charged a monthly fee for any checking account.

If you do face a fee for a savings account, there are several ways to get it waived. Fifth Third also offers an extensive ATM network, which will give you access to more than 50,000 ATMs across the country.

Additionally, if you get paid via direct deposit in a Fifth Third account, you may access your paycheck up to two days early. For questions and concerns, you can reach out to Fifth Third’s customer service team 6-days a week.

9. TIAA Bank

TIAA Bank is the largest regional bank in the Sunshine State. You can find its financial centers in Jacksonville, Clearwater, Boca Raton, Coral Gables, Fort Lauderdale, Naples, and Fort Myers.

In addition to a personalized banking experience, this Florida bank provides a checking account featuring low fees and no transaction limits, a savings account with no monthly account fees and competitive rates, and three different types of CDs.

Plus, the bank is digitally savvy and provides online banking tools so you can keep tabs on your accounts, set a budget and savings goals, make transfers, pay bills, and send money with Zelle. If you’re interested in investing, TIAA Bank will give you the opportunity to invest in precious metals and foreign currencies.

10. Capital One

Capital One is a national bank that’s known for its flagship 360 Checking account. With a 360 Checking account, you can enjoy an attractive interest rate, access to more than 70,000 fee-free ATMs across the U.S., and 24/7 mobile banking.

You also won’t be on the hook for any monthly fees and Capital One will automatically decline any transitions that overdraw your balance for no extra charge.

Even though Capital One does not have any physical branches in Florida, you can apply for and manage your accounts online. Other benefits of Capital One include early paycheck, which can allow you to receive your incoming funds up to two days early, free financial coaching sessions, and a well-designed mobile app.

11. Raymond James Bank

Raymond James Bank is based in Florida. It’s an affiliate of Raymond James, which is a financial company with headquarters and one branch location in St. Petersburg. Through its Enhanced Savings Program, you’ll be able to earn interest on certain cash if you link your brokerage account to a high-yield Raymond James bank account.

You can also receive yields that are higher than traditional checking or savings accounts without bank fees or holding periods. Raymond James also offers a plethora of mortgage products, such as fixed rate and adjustable rate mortgages, interest-only mortgages, jumbo mortgages, pledged securities mortgages, construction mortgages, and home equity lines.

12. PNC Bank

PNC Bank is one of the largest traditional banks in the U.S. with nearly 200 branches in Florida. It offers the PNC Standard Savings account, a children’s savings account, and Virtual Wallet, which pairs a traditional checking and savings account. If you decide on the Virtual Wallet, you can enjoy a generous sign-up bonus and no fees.

When it comes to CDs, you can choose from a plethora of options including fixed rate CDs, ready access CDs, fixed rate IRA CDs, callable CDs, variable CDs, and stepped rate CDs. Additionally, the bank goes the extra mile with free budgeting tools and competitive interest rates for account holders that meet certain criteria. As an added bonus, PNC has a reputation for stellar customer service.

13. Discover Bank

Discover Bank is known for its credit cards. However, it’s an online bank with other banking products for Florida residents. Not only does Discover offer cash back on debit card purchases, it doesn’t charge monthly maintenance fees, insufficient funds fees, or overdraft fees.

While there are no branch locations in Florida, Discover has an intuitive mobile banking app and is part of a large ATM network of more than 60,000 fee free ATMs. In addition to checking accounts and savings accounts, you can turn to Discover for credit cards with various rewards and loans, like personal loans, student loans, home equity loans, and mortgage refinancing.

14. Wells Fargo

Wells Fargo is a major financial institution with more than 600 branches and thousands of ATMs throughout Florida. At Wells, you’ll find a full suite of banking products and services, such as checking accounts, savings accounts, certificates of deposit (CDs), credit cards, personal loans, and home loans.

You can choose from a basic, no-frills free checking account or opt for an interest checking account or a checking account for a teen or young adult. There are also a few saving account options, like a goal-based savings account and a high-interest savings account.

While you can visit a local branch if you prefer an in-person banking experience, you may also take advantage of online and mobile banking. In addition, Wells offers other conveniences like Zelle money transfers and online bill pay.

15. My eBanc

My eBanc is an online savings bank that serves customers in Florida and other parts of the U.S. It’s part of Banco Bradesco, a large bank in Latin America, which is an FDIC insured institution chartered in Florida. As a My eBanc customer, you’ll have access to several products that can help you save money and achieve various financial goals.

The SuperSaver Money Market account requires a $5,000 minimum deposit but offers perks such as a competitive interest rate, unlimited deposits, money management tools, and mobile check deposit. Other popular accounts you might consider include the eRelationship Savings account and Advantage Checking account. My eBanc also offers online time deposits with terms between 6 months and 36 months.

Types of Banks in Florida

The ideal bank depends on your particular banking preferences. In the Sunshine State, most banks are either national banks, regional banks, community banks, or online banks. Let’s take a closer look at how each banking option works.

National Banks

National banks are common in larger cities throughout Florida. If you’re looking for a wide range of banking products, you’re sure to find them at national banks, such as Wells Fargo, PNC Bank, and Wells Fargo.

Regional Banks

Regional banks have branches in certain regions of the U.S. In most cases, these banks are mid sized and offer a good mix of personal banking and business banking products. A few examples of regional banks in Florida include Regions Bank and TIAA Bank.

Community Banks

Community banks serve customers in specific geographic areas. Also known as local banks, community banks are similar to credit unions in that they focus on personal customer service and community outreach. Community Bank of the South and Mainstreet Community Bank of Florida are two community banks in Florida.

Online Banks

Online banks don’t have physical locations in Florida but serve individuals and businesses with online banking services. Since they have less overhead costs than banks with brick-and-mortar locations, online banks tend to offer more competitive interest rates and minimal to no fees.

Bottom Line

If you live or work in Florida, there are many reputable banking options available to you. As you explore various banks and credit unions, consider their accounts and services, fees, interest rates, customer service, and perks. Good luck in your search for the best bank in Florida.

Frequently Asked Questions

What are the largest banks in Florida?

The largest banks in the Sunshine State include Bank of America, Wells Fargo, and Fifth Third Bank. These banks have many branches throughout the state.

Should I choose an online bank?

If you’re comfortable with the internet or mobile apps, online banking from a place like Ally Bank and CIT Bank can be a smart choice. This is particularly if you can find the products you need with competitive interest rates and low fees.

What is the best bank for in person service?

Florida offers many great options if you prefer an in-person banking experience. You might want to consider Regions Bank, TIAA Bank, or Raymond James Bank.

How do I open a bank account in Florida?

Most banks allow you to open a deposit account online, from the comfort of your own home or office. Be prepared to make a minimum opening deposit and provide basic personal information, like your name and Social Security number.

Do Florida banks charge fees?

In most cases, larger brick and mortar banks require customers to pay fees like monthly service fees, wire transfer fees, overdraft fees, excessive withdrawal fees, ATM fees, and late payment fees. You might be able to get them waived, depending on the bank and the type of account you open.

What is the best local bank in Florida?

There are many local banks in the Sunshine State that each come with their own benefits and drawbacks. Several options you might want to explore include Florida Shores Bank, Seaside Bank and Trust, and One Florida Bank.

What is the difference between a bank and a credit union?

Anyone can become a customer at a bank. If you want to take advantage of the products and services at a credit union, you’ll need to meet certain criteria and join it.

Source: crediful.com

Apache is functioning normally

June 7, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

Berkeley Property Management: Understanding General Wear and Tear in Rental Properties + Precautions Landlords Should Take (2023)

picture-of-rental-property-understanding-wear-and-tear-as-a-landlord

The third quarter of the 2021 Market Medians Report indicates a significant rise in new tenancies in Berkeley, with a 104% increase (1863 new tenancies) compared to the same period in 2020 (913). If you own a residential property in Berkeley and are hesitant about finding a new tenant due to concerns about general wear and tear, it may be worthwhile to reconsider your decision.

As a landlord, finding reliable tenants for your Berkeley property management is crucial. It is essential to comprehend the natural deterioration in rental properties and the precautions landlords should take.

Did you know?

The total average rent ceiling in Berkeley for the year 2021 stood at $2,137.60.

The concept of ‘wear and tear’ usually refers to the expected deterioration of a residence and its fixtures due to regular and foreseeable usage over a period of time. It is common to encounter damages in any residential property due to regular, everyday usage. Examples include faded wall color or cracks in corners or on the floor. Such deterioration takes place throughout a tenant’s occupancy of the property.

It is typical for your property to experience wear and tear as a result of tenant usage, so you should anticipate the following damages.

Faded or cracking paint is a common occurrence in residential properties that are in use.
As part of your Berkeley property management responsibilities, it is important to address any damages or cracks in the flooring that you may encounter and ensure they are repaired.
The doors or door frames may suffer damage due to humidity.
It is common to discover cracked window panes in the house, which can be attributed to various reasons.
Over time, the color of the carpet may diminish due to cleaning and exposure to light or chemicals.
Regular usage can damage bathroom tiles, bathtubs, and other similar fixtures.

It is essential to be aware of significant damages that can be categorized as losses to your property. Furthermore, the tenants may have purposely caused the following damages:

Carelessness can lead to the breakage of windows or doors.
Unwanted stains on the wall or wallpaper may be present, which were not approved.
Mishandling can result in a broken sink or bathtub.

Habitability and Maintenance

As a Berkeley property owner, you must understand the concept of habitability and repairs. It is mandated by regulations that rental units must be in a condition suitable for living, meeting the habitable standard. A rental unit is deemed habitable when it meets the standards outlined by state and local building and health codes, ensuring its suitability for human occupancy and prioritizing the well-being and safety of tenants.

Did you know?

California law assigns different repair responsibilities to landlords and tenants. However, landlords ultimately bear the legal obligation to ensure the habitability of their rental units.

Maintenance Duties of the Tenant

Your Berkeley property management task won’t seem difficult if you are planning to find tenants if you are aware of the maintenance rules of the tenants. According to the law, tenants are responsible for maintaining the rental units in good condition. It includes keeping the areas clean and free from damage. Tenants are also accountable for repairing any damages caused by their neglect and addressing damages caused by individuals under their responsibility, such as family members and pets.

Did you know?

According to law, when a rental unit is uninhabitable, the landlord may not have a legal obligation to make repairs if the tenant has failed to fulfill their responsibilities.

house-for-rent-sign

Precautions That Landlords Must Take

Making Withdrawals from Security Deposits:

If you clearly understand the concept of general ‘wear and tear,’ you would know that it is a normal occurrence. If you come across any damages caused by tenants’ negligence, you can deduct the necessary amount from their security deposit. The leading providers of property management services always suggest that it is important to familiarize yourself with local laws before taking any action in this regard.

Have Before and After Images:

Prior to the tenant’s occupancy, it is essential to capture photographs of every area within the rental unit. Remember to share these pictures with the tenants when handing over the keys. Similarly, when the tenants vacate, take photographs of the previously documented areas and compare them. This will enable a discussion on any damages that may have occurred and facilitate finding a resolution.

Tenant’s Background Check:

Among your Berkeley property management responsibilities, you must perform comprehensive background checks to ensure that responsible tenants occupy your property. Additionally, you can review all prospective tenants’ complete eviction history report before making a decision.

Endnote

As a landlord, it is wise to make informed decisions regardless of who you choose to lease your residential property to. It is advisable to familiarize yourself with state and local laws for tenants and landlords. Furthermore, finding responsible tenants is of utmost importance, so it is recommended not to rush into decisions. If you encounter difficulties reaching satisfactory resolutions even after discussions, seeking assistance from legal experts is highly recommended.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com

Apache is functioning normally

June 7, 2023 by Brett Tams

Step into a realm of unparalleled vacation rental mastery, where insider secrets await to catapult your property to five-star excellence. In this Redfin article, we explore these closely guarded secrets that will elevate your guests’ experience during their stay at your vacation rental

Whether you’ve already established your venture on Airbnb and VRBO, or are beginning to enter the industry in unique destinations, like the beautiful shores of Virginia Beach or the charming community of Katy, Texas, our guide will equip you with distinct strategies to unlock your property’s true potential. Ready to transform your vacation rental into an enchanting sanctuary where guests revel in unforgettable moments and glowing reviews naturally follow?

Luxury Apartment With Private Pool

1. Become an informed and successful host in the travel and hospitality industry

Heather Bayer from Vacation Rental Formula states, “The moment you exchange your accommodation for money, you have entered the travel, tourism, and hospitality industry. It is not a passive business. Gain comprehensive knowledge through continuous learning: engage in networking, read industry-related materials, listen to informative podcasts, attend conferences, and enroll in relevant courses. Being the best-educated host on the block will be the key to your success.”

2. Set the stage for a memorable stay in the first 10 minutes

“The first 10 minutes of your guests’ stay is pivotal to their overall experience,” says Heather. “Ensure entry is easy, the temperature is right, it looks just like the photos, it smells fresh, the Wi-Fi code is prominently displayed, and there is a welcome message.”

3. Leverage the pre-stay period by sharing your local knowledge and expertise

“Don’t leave your guests wandering in tumbleweed time,” says Heather. “This is the period between booking and the stay when travelers are eagerly anticipating their vacation, yet most hosts and managers ignore this opportunity to share their local knowledge and expertise. Share your best recommendations for restaurants, tours, activities, and events way before your guests arrive. They will be able to plan and make reservations and avoid the disappointment of finding the things they want to do are sold out.

Woman packing suitcase for summer trip, including face masks and travel-sized antibacterial hand gels

4. Make a direct booking website for your vacation rental

“Savvy owners and managers are creating content-rich websites that serve as a showcase for their location,” shares Heather. “They no longer rely on the big platforms to deliver their guests – instead, guests are being encouraged to book directly for the best value and experience.”

6. Control the guest experience by owning the entire rental stack

“In our experience, the key to maintaining a five-star rental property lies in a balanced blend of hospitality, high-quality amenities, and efficient communication. Our motto is ‘Strive not just to meet, but exceed guest expectations,’” says Murat Gocmen from MG Vacation Rentals.

“Owning the entire stack, from the cleaning company to the hot tub cleaning and snow plowing businesses, is a cornerstone of our vacation rental management strategy. It allows us to ensure an exceptional level of service and quality that’s consistent across all aspects of a guest’s experience.

Our hot tub cleaning company makes sure that this popular amenity is always in top condition, while our snow plowing company ensures clear and safe access to the property regardless of the weather, and our in-house professional cleaning service is employed after each stay to ensure a thoroughly cleaned and comfortable experience for the next guest.

By controlling these critical services, we have the ability to directly address any potential issues swiftly, maintain high standards, and uphold our promise of a pristine environment for every guest.”

MG Vacation Rentals property in a mountainous area with a cabin like feel

In Courtesy of MG Vacation Rentals – North Lake Tahoe Vacation Rental Management Company

7. Address guest’s needs promptly

“Our most successful strategy for ensuring guest satisfaction and positive reviews has always been proactive communication,” insists Murat. “We believe in the power of listening to our guests’ needs and promptly addressing any concerns. This creates a trust-based relationship that often results in repeat bookings and glowing reviews.”

8. Personalize your amenities

“We’ve found that offering personalized amenities, like local coffee or guidebooks for local attractions, adds a special touch that enhances the guest experience. These thoughtful extras show guests that we care about their stay and are invested in making it memorable,” recommends Murat.

9. Provide feedback-driven improvements

“The main focus of creating a five-star rental experience lies in continuous improvement based on valuable guest feedback. While meticulous upkeep and personalized service are crucial, understanding guests’ unspoken needs and consistently enhancing your property based on their input is key,” shares Lotus West Properties.

“By prioritizing immaculate cleanliness and providing amenities that offer a true ‘home-away-from-home’ experience, you establish a strong foundation for guest satisfaction. Moreover, incorporating a personal touch, maintaining open communication, and actively implementing improvements based on feedback become the pillars of a rewarding and unforgettable rental experience for your guests.”

10. Deliver impeccable cleanliness

“As a frequent traveler and hospitality industry professional, I leverage specific elements to create a wow factor that ensures an exceptional experience for my guests. Anyone can provide basic accommodation, but to maintain a five-star experience, I always want to ensure immaculate cleanliness,” says ResortCleaning. “Guests should have peace of mind that your rental is cleaned to the highest standards.”

Shot of a couple relaxing in the chairs at a balcony

11. Shift your focus from ratings to guest care and unique experiences

“My first advice is to stop pursuing five-star ratings. It makes you one-dimensional. Instead, make it clear that your top priority is to genuinely welcome and care for your guests,” insists founding member Alan Colley of Host2Host and co-owner of Summit Prairie. “Caring is the secret sauce of superior hosts. Do your honest best to ‘sell the sizzle’ that makes your place one where a guest feels comfortable and enthusiastic about telling others why they chose you.”

12. Build a top-notch management team for the unexpected

“In my opinion, to maintain a five-star rental managed by a property management team, it is essential to uphold the highest cleaning standards, incorporate pre-checks between cleaning crews and guest check-ins, hire experienced reservationists for top-notch guest communication, and ensure the amenities are delivered as advertised,” recommends Reservation Specialists.

“Setting accurate expectations is critical. In case of unexpected circumstances, maintaining upbeat and positive communication is essential, along with providing alternative options if advertised amenities are unavailable.”

13. Have a single, dedicated point of contact for guests that can streamline communication between all channels

“The key to maintaining a five-star rental property goes well beyond mere upkeep and starts with having a dedicated point of contact for seamless communication,” suggests Jim Lagan from Home Realty LLC. “From there, having a mindset for meticulous maintenance, an unwavering focus on cleanliness, and a commitment to providing swift resolutions is what creates an exceptional experience for every guest or resident.”

14. Creating unforgettable stays goes beyond cleanliness with thoughtful details

“When it comes to running a five-star rental, it’s the details that make the difference. Immaculate cleanliness, combined with thoughtful touches like curated amenities, crafts an unforgettable guest experience,” explains Soda Stays. “It’s more than just maintaining high cleaning standards. It’s about putting your heart and soul into creating an environment where guests don’t just stay, they feel valued and appreciated. This unwavering dedication not only ensures an exceptional stay but also engraves an unforgettable experience.”

Modern patio next to swimming pool

15. Manage your guest’s expectations

“I’ve managed everything from mansions in Malibu to cabins in the woods, but the best thing you can do for five-star ratings is manage guest expectations,” recommends Jeff Iloulian, CEO of HostGPO. “You should take great photos and your place should look like the photos. Is there anything guests should know about your place? Send them a message to let them know in advance. Share the amenities you provide in your listing so guests know what will be there for their stay.”

16. Provide the guests with a guidebook and all essential information about their stay

“I’ve found that answering all guests’ questions before they even have a chance to ask them through the use of a digital guidebook such as Touchstay, is essential,” says Avery Carl from The Short Term Shop. “Many guests are traveling in the evening to an area they are unfamiliar with, and having a resource prior to arrival that provides them with all the necessary information, such as the nearest grocery store and the type of coffee maker in the rental, can really take the stress off of guests after a long day of travel.”

17. The importance of high-quality products in vacation rental properties

“High-quality and durable products are crucial in a vacation rental property as they enhance the guest experience and reduce operational hassles. By providing reliable appliances, comfortable and well-kept furniture, and durable fixtures, vacation rental owners can ensure guest satisfaction, receive positive reviews, and minimize the need for frequent repairs or replacements,” insists Minoan Experience. “This not only leads to repeat bookings but also contributes to the long-term success and profitability of the vacation rental property.”

18. Positively set the ground rules

“One of the biggest keys to keeping any rental – as in not getting banned – is ensuring your guests behave respectfully in your community,” says Alexa Nota, Co-Founder and COO of Rent Responsibly. “Frame your house rules positively but clearly before guests arrive so they know what to expect. For example, for noise hours, you can say, ‘We love our neighbors and our neighborhood, so we kindly ask all guests to honor local quiet hours of 10 AM to 7 AM.’

Another tip is to offer an alternative. If you can’t accommodate many cars, for example, recommend a great parking area nearby so guests don’t park where it disrupts nearby homes.”

Personalized welcome note from a host given to a renter

19. Quick tips for managing your vacation rental listing

Lifty Life provides a straightforward list of tips and tricks with managing rental vacation properties “to enhance the guest experience and satisfaction”:

Clear and accurate property descriptions: Provide detailed and accurate information about your vacation rental in your listings. Highlight the unique features, amenities, and any restrictions or limitations. Use high-quality photos that showcase the property’s best aspects.
Transparent communication: Be transparent about your rental policies, pricing, and any additional fees. Clear communication helps build trust and ensures guests have the necessary information before booking.
Thoughtful welcome pack: Create a welcome pack or basket that includes small but meaningful items such as bottled water, snacks, local maps, and guides. You can also leave a handwritten note to greet guests upon arrival. These small gestures make guests feel welcomed and appreciated.
Guest feedback and reviews: Encourage guests to leave feedback and reviews after their stay. Positive reviews can attract more guests, while constructive feedback helps you identify areas for improvement. Respond to reviews promptly and professionally, addressing any concerns or issues raised.
Flexibility and personalization: Whenever possible, try to accommodate special requests or preferences from your guests. This could include flexible check-in/check-out times, arranging transportation, or offering additional services like grocery shopping before their arrival. Personalized touches can leave a lasting impression.
24/7 support: Provide a reliable point of contact for guests in case of emergencies or any issues that may arise during their stay. Make sure they have access to a phone number or email address they can use to reach you at any time.

20. Invest in your vacation rental

“The number one trick to keeping your property rated as a five-star rental is understanding that, as owners, we must be willing to invest each year in the upkeep and maintenance of our properties,” suggests Norman Block from Block & Associates Realty. “Everyone who buys a car knows and expects that they will spend money annually to maintain the vehicle and protect their investment in that car. Yet, when it comes to rental homes, I am always amazed that landlords are reluctant to do the same.

Every property owner should expect to spend somewhere around a fourth to a half percent of the property value annually for repairs, fix-ups, and improvements. Real estate properties are most people’s biggest assets and these properties often carry our largest debts.”

family walking outdoors at beach house

Source: redfin.com

Apache is functioning normally

June 7, 2023 by Brett Tams

When you make the decision to move into a new home, there are a lot of questions that you need to have answered. You need to know what you can afford, whether you should stay in the same neighborhood, how many rooms you need, and more. Another big question that you may need to consider is whether it makes sense to rent a home instead of buying one. (You can use our Renting vs. Buying Calculator to help you decide.)

If you choose to rent a home, ask these questions before you say yes.

What changes can you make? Ask your landlord how much you can alter the home. Can you paint the walls a bright color? What about making holes in the wall to hang pictures? Not being able to decorate your home the way you want may alter your decision; however, there are ways to make changes without upsetting your landlord.

How is maintenance handled? Should you be making the repairs yourself or will the landlord handle them? What about emergency repairs? Ask this question before you sign on the dotted line so you’re aware of your financial responsibilities.

What’s the penalty for breaking the lease early? Most leases have a time limit and a repercussion for breaking the lease. Find out the fee in advance so you can add it into your budget should you need to move.

How are utilities factored in? Ask if you will be responsible for paying the utilities or if you’ll owe the landlord a lump sum that is included in your monthly rent. Find out the details about your monthly utility bills before the lease is signed so you can budget properly.

Ask these questions so you choose a “Home Sweet Rental” that’s right for you!

Source: century21.com

Apache is functioning normally

June 7, 2023 by Brett Tams

Are you looking to add some style to your home decor? Look no further than area rugs. We have researched and tested many beautiful area rugs, and we are excited to share our top 10 picks with you.

Area rugs have become increasingly popular in recent years, and for good reason. Not only do they add a pop of color and texture to your floors, but they also help to define a space and make it feel more cozy and inviting. With so many options out there, however, it can be overwhelming to choose the perfect rug for your home.

That’s where we come in. Our team of experts has evaluated a variety of rugs based on essential criteria such as quality, durability, and style. We’ve also taken into consideration customer reviews to ensure that our top picks are both beautiful and practical. Whether you’re looking for something modern and geometric or more traditional and floral, we’ve got you covered.

With these tips in mind, get ready to be inspired by our top 10 beautiful area rugs. Scroll down to see our ranking and find the perfect rug for your home.

Our Top Picks

Luxe Weavers Grey Area Rug.

Luxe Weavers Grey Area Rug is a perfect addition to any home decor. Made with high-quality materials, this rug is both durable and comfortable. The grey color scheme of this rug makes it a versatile choice for any room, and it is available in a 5×7 size that is perfect for smaller spaces.

This rug is perfect for use in a living room, bedroom, or entryway. It is soft to the touch, making it comfortable to walk on, sit on, or lay on. The high-quality materials used in its construction ensure that it will last for years to come, making it a great investment for any home.

The Luxe Weavers Grey Area Rug is also easy to clean, making it a great choice for families with children or pets. It is resistant to stains and spills, so it is a great choice for high-traffic areas. Overall, this rug is a great choice for anyone who wants to add comfort, style, and durability to their home decor.

Soft and plush

Stylish design

Durable construction

Non-slip backing

May shed initially

May have a chemical smell

May show footprints and stains

The LUXE WEAVERS Grey Area Rug is a budget-friendly option that adds a stylish touch to any room. Its soft pile and durable construction make it a great choice for high-traffic areas.

Modway Border Outdoor Rug

The Modway Border Outdoor Patio Dining Table is a great addition to any outdoor space. This table is made from a durable powder-coated aluminum frame and features a slatted wood tabletop. The modern design is both stylish and functional, with a spacious surface area that can accommodate up to four people.

One of the best features of this dining table is its versatility. It can be used for a variety of outdoor activities, from dining to playing games or working on projects. The table is also easy to clean and maintain, making it a great choice for busy families.

Another benefit of the Modway Border Outdoor Patio Dining Table is its durability. The aluminum frame is rust-resistant and weather-resistant, so it can withstand the elements and last for years to come. Additionally, the slatted wood tabletop is treated to resist water damage, ensuring that it stays looking great even after extended use.

Overall, the Modway Border Outdoor Patio Dining Table is an excellent choice for anyone looking for a high-quality outdoor dining table. Its modern design, versatility, and durability make it a great investment for any outdoor space. Whether you’re hosting a dinner party or just enjoying a casual meal with family and friends, this dining table is sure to impress.

Stylish design

Weather-resistant material

Easy to clean

Comfortable seating

Limited color options

May require assembly

Not ideal for large groups

The Modway border rug is a great outdoor option with a durable construction and easy-to-clean surface. It’s perfect for adding a pop of color to any patio or deck.

Modway Perplex Black Beige Area Rug.

The Modway Perplex Geometric Area Rug is a stunning piece that adds style and sophistication to any room. Made from 100% polypropylene, this rug is durable and easy to clean, making it a great choice for high-traffic areas. The black and beige geometric pattern is eye-catching and modern, making it perfect for contemporary homes.

This rug is incredibly versatile and can be used in a variety of rooms, including living rooms, bedrooms, and even dining rooms. It comes in two sizes, 5’x8′ and 8’x10′, so you can choose the size that best fits your space. The rug is also lightweight, making it easy to move and place wherever you need it.

One of the best things about the Modway Perplex Geometric Area Rug is its ability to tie a room together. The black and beige pattern is subtle enough to not overpower the room, but bold enough to make a statement. It’s perfect for adding a touch of elegance to any space.

Overall, the Modway Perplex Geometric Area Rug is a fantastic choice for anyone looking to add a stylish and modern touch to their home. Its durability, versatility, and stunning design make it a must-have for any design-savvy homeowner.

Comfortable

Affordable

Easy to assemble

Not very durable

May require additional cushioning

Limited color options

Modway Perplex Accent Chair is a stylish addition to your home decor with its unique design and comfortable seating. It’s perfect for any modern living room, bedroom, or office space.

PAGISOFE Carpets Bedroom Nursery Playroom

PAGISOFE Carpets for Bedroom Nursery Playroom is a must-have product for anyone looking for a comfortable and stylish rug. The plush texture and softness of the rug make it perfect for bedrooms, nurseries, and playrooms.

The PAGISOFE Carpets come in a variety of colors and sizes to fit any room in your home. The rug is made of high-quality, non-toxic materials that are safe for children and pets. It is also easy to clean and maintain, making it a practical choice for busy households.

One of the most common uses of the PAGISOFE Carpets is for children’s bedrooms and playrooms. The soft and cozy texture of the rug makes it perfect for children to play on, and the variety of colors available means it can match any decor. The rug also provides a safe and comfortable space for babies to crawl and play.

Overall, the PAGISOFE Carpets for Bedroom Nursery Playroom is an excellent product for anyone looking for a comfortable and stylish rug. Its non-toxic materials, easy maintenance, and variety of colors and sizes make it a practical and versatile choice for any home. Whether you’re looking for a cozy space for your children to play or a soft and stylish rug for your bedroom, the PAGISOFE Carpets are definitely worth considering.

Soft and fluffy

Stain-resistant

Non-slip bottom

Affordable price

Not very thick

May shed initially

Limited color options

The PAGISOFE Carpets are soft and comfortable with a non-slip bottom. Great for bedrooms, nurseries, and playrooms. Available in different sizes and colors.

Nourison Essentials Solid Contemporary Ivory

The Nourison Essentials Solid Contemporary Ivory Area Rug is a must-have for anyone looking to add a touch of elegance to their home décor. This rug is perfect for any room in the house, from the living room to the bedroom. Made from high-quality materials, this rug is soft to the touch and durable enough to withstand heavy foot traffic.

The ivory color of this rug gives it a timeless and sophisticated look that will complement any design style. The contemporary design features a simple yet stylish pattern that adds a touch of texture to the rug. Whether you have a modern or traditional home, this rug will fit right in.

Measuring at 5’3″ x 7’3″, this rug is the perfect size for any room. It is easy to clean and maintain, making it a great choice for busy households. The rug is also lightweight and easy to move around, making it perfect for those who like to rearrange their furniture frequently.

Overall, the Nourison Essentials Solid Contemporary Ivory Area Rug is a great investment for anyone looking to add a touch of style and sophistication to their home. It is a versatile and durable piece that will last for years to come. So, whether you’re looking to update your living room or bedroom, this rug is sure to impress.

Soft and comfortable

Minimal shedding

Easy to clean

Affordable

Limited color options

May require rug pad

This is a high-quality, contemporary ivory rug that is perfect for any room in your home. It is soft, durable, and easy to clean.

Nourison Indoor Outdoor Multicolor.

The Nourison Indoor/Outdoor Multicolor Area Rug is a stunning addition to any living space. With its vibrant colors and intricate patterns, this rug is sure to catch the eye of anyone who enters the room. Made from durable polypropylene, it is perfect for high-traffic areas and can be used both indoors and outdoors.

The rug comes in a variety of sizes to fit any room in your home, from a small entryway to a large living room. Its low pile height makes it easy to clean and maintain, and its fade-resistant materials ensure it will look great for years to come.

Not only is this rug beautiful, it is also functional. Its non-slip backing keeps it securely in place, providing a safe surface for children and pets to play on. It is also easy to roll up and store, making it a great option for seasonal use.

Overall, the Nourison Indoor/Outdoor Multicolor Area Rug is a fantastic choice for anyone looking to add some color and style to their living space. With its durability, functionality, and eye-catching design, it is sure to be a favorite for years to come.

Vibrant colors

Durable material

Easy to clean

Suitable for indoor/outdoor use

Tends to curl at edges

Colors may fade over time

Durable and vibrant indoor/outdoor rug with a variety of colors and patterns. Easy to clean and maintain.

TABAYON Tie-Dyed Anti-Skid Rug

The TABAYON Tie-Dyed Upgrade Anti-Skid Rectangular Area Rug is a stylish and functional addition to any home. Made from high-quality materials, this rug is durable and will withstand daily wear and tear. Its unique tie-dyed pattern adds a pop of color and personality to any room.

One of the most common uses of this product is as an area rug in living rooms and bedrooms. The rectangular shape is versatile and can fit into a variety of spaces. The anti-skid backing ensures that the rug stays in place, even on hardwood or tile floors. Additionally, the rug is easy to clean and maintain, making it a practical choice for high-traffic areas.

Measuring 4 feet by 5.3 feet, the TABAYON Tie-Dyed Upgrade Anti-Skid Rectangular Area Rug is the perfect size for most rooms. It is lightweight and easy to move, making rearranging furniture a breeze. The rug is made from soft and comfortable materials, adding an extra layer of comfort to your home.

Overall, the TABAYON Tie-Dyed Upgrade Anti-Skid Rectangular Area Rug is a great investment for anyone looking to add style and functionality to their home. Its durability, practicality, and unique design make it a top choice for homeowners and renters alike.

Attractive tie-dyed design

Upgrade anti-skid bottom

Soft and comfortable material

Easy to clean

Not suitable for outdoor use

May have a chemical smell

Limited color options

The TABAYON Tie-Dyed Upgrade Anti-Skid Rectangular Rug is a stylish and practical addition to any room. Its non-slip bottom and easy-to-clean design make it perfect for high-traffic areas.

Ophanie Fluffy Non-Slip Rug

The Ophanie Fluffy Non-Slip Area Rug is a fantastic addition to any home looking for a cozy and stylish touch. Made with high-quality faux fur, this rug provides a soft and comfortable feel underfoot while also being durable and easy to clean. The non-slip bottom ensures that the rug stays in place, providing added safety for you and your family.

This rug is perfect for a variety of uses, whether you want to add a touch of luxury to your bedroom or create a comfortable play area for your children in the nursery. The size options available make it easy to find the perfect fit for any room in your home. The neutral color options also make it easy to coordinate with any existing decor.

One of the standout features of this rug is its ability to hold up to daily wear and tear. Its high-quality materials and construction ensure that it will look great for years to come. Plus, its easy-to-clean surface makes it a great choice for families with pets or children.

Overall, the Ophanie Fluffy Non-Slip Area Rug is a great investment for anyone looking for a cozy and stylish addition to their home. Its durability and ease of maintenance make it a practical choice, while its soft and luxurious feel make it a comfortable and inviting addition to any room.

Soft and fluffy

Non-slip bottom

Machine washable

Versatile usage

Thin pile height

May shed initially

Color not as pictured

The Ophanie Fluffy Non-Slip Area Rug is soft, stylish, and durable. Perfect for adding comfort and texture to any room in your home.

Shaggy Rug for Bedroom and Livingroom

The Shaggy Rug is a must-have for anyone looking to add a touch of cozy luxury to their home decor. This beautifully crafted rug is made of high-quality materials that are both soft and durable. The shaggy texture adds a layer of warmth and comfort to any room, making it a perfect addition to your bedroom, living room, or nursery.

This rug is available in a variety of sizes and colors, giving you the flexibility to choose the perfect fit for your space. The neutral colors make it easy to match with any decor style, while the soft texture adds an extra layer of comfort to your living space.

The Shaggy Rug is also easy to clean, making it a practical choice for any busy household. The high-quality materials are designed to withstand wear and tear, ensuring that this rug will last for years to come.

Whether you’re looking to add a cozy touch to your bedroom, create a comfortable space for your little one, or simply add a touch of luxury to your living room, the Shaggy Rug is the perfect choice. With its soft texture, durable construction, and stylish design, it’s sure to become a favorite in your home.

Soft and shaggy texture

Versatile use in any room

Easy to clean and maintain

Comes in different colors

May shed fibers

Not very thick

May need a rug pad

This shaggy rug is soft, cozy and perfect for adding texture to any room. The non-slip bottom ensures it stays in place. Available in multiple sizes and colors.

SAFAVIEH Medallion Distressed Rug.

The Safavieh Vintage Hamadan Collection is a beautiful and durable rug that adds a touch of elegance to any room. Made from high-quality materials, this rug is perfect for those who want to add a touch of sophistication to their home decor. Whether you’re looking for a rug to place in your living room, bedroom, or dining room, the Vintage Hamadan Collection is a great choice.

One of the best things about this rug is its durability. Made from a blend of polypropylene, jute, and polyester, it is designed to withstand heavy foot traffic and last for years to come. Additionally, the rug is easy to clean, making it a great choice for those with pets or children.

Another great feature of the Safavieh Vintage Hamadan Collection is its beautiful design. The rug features a stunning medallion pattern in a distressed finish, which gives it a timeless and elegant look. The colors are rich and vibrant, and the rug is sure to make a statement in any room.

Finally, the rug is available in a variety of sizes, making it easy to find the perfect fit for your space. Whether you need a small rug for a cozy corner or a large one to cover an entire room, the Vintage Hamadan Collection has you covered.

Overall, the Safavieh Vintage Hamadan Collection is a great choice for anyone looking for a durable and stylish rug. With its high-quality materials, beautiful design, and wide range of sizes, it is sure to be a great addition to any home.

Attractive design

Soft and plush

Durable construction

Non-shedding

May require frequent cleaning

Not suitable for high traffic areas

Beautiful, well-made rug with a vintage look. Non-shedding and easy to clean.

Buyers Guide

1. Size: Before purchasing an area rug, it’s essential to measure the space where you plan to put it. Make sure to measure the length and width of the area to determine what size rug you’ll need. A rug that’s too small will look out of place, while a rug that’s too big will overwhelm the room and make it look cluttered.

2. Style: Area rugs come in different styles and patterns, so choose one that matches the decor of the room. If you have a minimalist space, stick to a rug with solid colors or simple patterns. For a more eclectic room, you can choose a rug with bold patterns and bright colors.

3. Material: The material of the rug is also important. Some materials are more durable than others, while others are more comfortable to walk on. For high-traffic areas, choose a rug made of durable materials like wool or polypropylene. If you want something soft and cozy, go for a rug made of cotton or silk.

4. Maintenance: Consider how easy or difficult it will be to clean and maintain the rug. If you have pets or kids, choose a rug that’s easy to clean and won’t show stains easily. Some materials like wool may require professional cleaning, while others like synthetic fibers can be cleaned with a vacuum or spot cleaning.

5. Budget: Area rugs come in different price ranges, so determine your budget before making a purchase. Keep in mind that a high-quality rug will last longer and be a better investment in the long run. However, if you’re on a tight budget, you can still find affordable options that will suit your needs.

FAQ

Q: What are the three criteria for choosing the right area-rugs?

A: When selecting an area-rug, there are three essential factors to consider: size, style, and material.

Q: Why is size important when choosing an area-rug?

A: The size of the rug plays a crucial role in determining how it will look in a room. A rug that is too small can make the space feel disjointed, while one that is too large can overpower the room. The rug should be big enough to anchor the furniture, but not so big that it covers up too much of the flooring.

Q: What style of area-rug should I choose?

A: The style of the rug should complement the overall aesthetic of the room. If the room has a lot of patterns and textures, a solid-colored rug can help balance it out. Conversely, if the room is relatively neutral, a patterned or textured rug can add interest.

Q: What materials are best for area-rugs?

A: The material of the rug will determine how it feels underfoot, how it wears over time, and how it needs to be cared for. Wool is a popular choice for its durability and softness, while synthetic fibers like nylon and polyester are easy to clean and maintain. Natural fibers like jute and sisal add texture and a natural look to a room.

Q: What are some common uses for area-rugs?

A: Area-rugs can serve multiple purposes, from adding warmth and comfort to a room to defining a space or adding a pop of color. They can also be used to protect flooring from wear and tear or to cover up unsightly stains or damage. Ultimately, the best area-rug for your space will depend on your specific needs and preferences.

Conclusions

In conclusion, finding the perfect area rug for your home can seem like a daunting task, but with the right research and approach, it can be a fun and exciting experience. After reviewing the top area rugs on the market, we recommend the LUXE WEAVERS Grey as our top pick for its high-quality materials, beautiful design, and affordable price point. Our second recommendation goes to the Modway Perplex Black/Beige for its unique geometric pattern and durable construction.

When selecting an area rug, it’s important to consider the size, material, and style that will best fit your space and personal taste. Whether you’re looking for a cozy shag rug for your bedroom or a durable outdoor rug for your patio, there’s a perfect option out there for you. Don’t be afraid to mix and match styles and patterns to create a unique and personalized look.

We hope this review has been helpful in your search for the perfect area rug. Remember to take into account your specific needs and preferences, and don’t be afraid to do additional research and read customer reviews before making a final decision. Thank you for reading, and we’re confident you’ll find the perfect area rug to elevate your home decor.

Source: jpost.com

Apache is functioning normally

June 7, 2023 by Brett Tams

Are you an accidental landlord? An accidental landlord is someone who lived in a house or inherited a house and decided to rent it out without ever planning to be a landlord in the first place. Being a landlord can be a daunting task, especially if you’re new to the game. Many accidental landlords completely misjudge what it is like to manage a rental property or choose the wrong tenants who cost them a lot of money. There are some things accidental landlords can do to make their lives easier and reduce the risk.

Here are 5 accidental landlord tips.

1. Set realistic rent prices

It’s important to set a fair and realistic rent price for your property. Do some research on what similar properties in the area are renting for and set your price accordingly. Overpriced rent can lead to longer vacancy periods, which can cost you more in the long run. You also want to have your pick of tenants, not be stuck with the only one willing to pay your price. Many times the tenants who are willing to pay more for a rental, have other issues like bad credit or evictions on their record.

According to a recent survey by Zillow, the average U.S. rental property is vacant for 25 days before being rented out.

How to get started investing in rental properties.

2. Screen your tenants carefully

A bad tenant can cause all sorts of headaches, from missed rent payments to property damage. It’s crucial to screen your tenants carefully before signing a lease. Run background and credit checks, check references, and verify employment. According to the National Association of Realtors, the most common reason for eviction is non-payment of rent. When I first started as a landlord I relied on my gut to choose tenants. That was not a smart move! I had multiple issues and I realized there are people who are really good at lying and manipulating you.

What Is The Best Way To Screen Tenants For Rentals?

3. Don’t skimp on maintenance

Regular maintenance can prevent larger, more expensive repairs down the line. Make sure to stay on top of things like HVAC system maintenance, landscaping, and plumbing. A leaky pipe left unattended can turn into a costly water damage repair. A house in disrepair can also make it harder to rent and attract tenants who you may not want.

In fact, according to HomeAdvisor, the average cost to repair water damage is $2,700.

How Much Does It Cost To Maintain A House?

4. Familiarize yourself with landlord-tenant laws

Each state has its own set of landlord-tenant laws, and it’s important to familiarize yourself with them. These laws govern everything from security deposits to eviction procedures. Ignorance of the law is not an excuse, so make sure you know your rights and responsibilities as a landlord. The laws are always changing as well. Colorado is trying to implement many changes that will make it much tougher on landlords.

How Evictions Work And How To Avoid Them As A Landlord

5. Consider hiring a property management company

If being a landlord is not your full-time job, you might want to consider hiring a property management company to handle the day-to-day tasks of managing your rental property. A property management company can help with tenant screening, maintenance, rent collection, and more.

According to the National Association of Residential Property Managers, the average property management fee is around 10% of the monthly rent.

How To Find A Great Property Manager

Conclusion

Being an accidental landlord doesn’t have to be stressful. In fact, it can dramatically increase your wealth!

By following these 5 expert tips for expert landlords, you can make sure your rental property is a success.

And if you’re looking for even more real estate investment tips, sign up for the InvestFourMore email list. You’ll receive a free book that covers how to build wealth with real estate, as well as numerous other real estate investment tips and exclusive discounts on coaching courses.

Build a Rental Property Empire

Source: investfourmore.com