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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

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Apache is functioning normally

June 6, 2023 by Brett Tams

This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.


The question of whether a car is an asset or a liability has been debated for decades.

The reason for the debate is that there are many types of cars in the world and each car serves different purposes.

In the past, many people bought cars that were used and old to save money, because they believed it was cheaper in the long run than purchasing new ones every few years. This mindset shifted after some studies showed that replacing your car more often actually costs you less over time in terms of maintenance cost and depreciation on your vehicle value when compared to keeping a newer model longer.

Nowadays, most consumers are aware that the car is an asset and are more willing to pay for a new one.

However, there is a huge caveat on how you purchase the car, the age of the car, and the purposes of the vehicle.

All in all, depreciation can eat into your car’s worth.

What’s your take on this debate?

Is a car an asset or liability? Answer this question by looking at the purpose of the vehicle, its value and how much it will cost to repair if damaged.

What is Considered an Asset?

The definition of an asset is broad and includes most things that have value. Assets are tangible or intangible property such as land, buildings, equipment, intellectual property such as patents and trademarks, or stocks.

This can be anything from a physical asset such as a house or equipment, to a more intangible asset such as a strong brand name or a loyal customer base.

Is a car an asset or liability?

Picture of a couple looking at a car discussing is a car an asset or liability.

A car is an asset to its owner because it took money to buy the vehicle. It is also a liability in that the cost of maintaining the car can be high, and depreciation on a new vehicle can eat into a person’s savings.

There is no definitive answer as to whether a car is an asset or a liability. It depends on the specific situation and the person’s circumstances.

For example, if someone needs a car to get to work, then the car would be considered an asset. However, if someone only uses their car for recreational activities, then the car would be viewed as a liability.

On the whole, cars are considered liabilities. They require regular maintenance, insurance, and other associated costs. However, there are a few exceptions. For instance, in some cases, a car can be used as collateral for a loan or as an investment vehicle.

Is a Car a Depreciating Asset?

Picture of a key with cash for is a car a depreciating asset.

A car is a depreciating asset because its value decreases over time. The depreciation of a car is based on a number of factors such as the age of the car, the make and model of the car, the condition of the car, and the miles on the car.

Cars are assets, but not smart investments as they will depreciate over time.

Reason # 1 – Wear and tear

Cars require a great deal of care and maintenance in order to keep them running smoothly. This includes everything from regular oil changes and tune-ups, to replacing worn-out parts and fixing dents and scratches.

In addition, cars depreciate in value over time due to normal wear and tear.

Reason # 2- Higher Mileage

The value of a mile decreases the more it is used. This is because the value of something depends on its rarity and when something becomes common, its value decreases.

The average car is only good for 200,000 miles. This is because of both the increased mileage and the cost of repairs as a car gets older.

Reason # 3- Cars become obsolete

Cars are becoming obsolete because new models and makes are constantly being released. This means that people want the newest and latest model, so they trade in their old car for a newer one.

Plus many of the parts for older cars become harder and harder to find. Thus, causing the cost to repair to escalate.

Reason # 4- Cars are not investments

Some people may argue if a house is an investment as well.

When you think of an investment, you want a certain rate of return on your money.

Most people use the stock market as a benchmark of earning 8% of the initial outlay of money. Thus, a car is an investment that depreciates over time. It will lose value as it gets older and the parts wear out.

If you want a return on your money, you should be asking is now a good time to buy stocks?

Can a Car Appreciate?

Yes, vintage cars and luxury sports cars have always been the exception. There are select vehicles that are in pristine condition with little to no mileage. These collector cars have a special fan base willing to spend money on these appreciating collections.

However, for the average car, the answer has always been a resounding NO!

Well, that was up until 2020, when used vehicles started to increase in value due to lack of microchips availability has been scarce causing the production of new cars to be halted. Thus, the supply and demand for new cars have been skewed causing an increase in car worth.

As the supply chain gets back to normal production, this appreciation in our sedans, trucks, and SUVs will be short-lived.

How To Calculate Car Value

Picture of a car driving on a highway to figure how to calculate car value.

Car value is the estimated worth of a car. There are two main methods for calculating this:

  1. The trade-in method, which takes your vehicle’s current market value and divides it by its estimated remaining life span.
  2. The resale method takes your vehicle’s current market price and then subtracts the depreciation rate from that value to get a car’s market value.

To calculate the value of a car, you need to know its make, model, year, and condition.

Personally, I like finding the worth of a car based on its Kelley Blue Book (KBB) value. This is the resource my dad used when he worked in the car industry, so I can trust the information.

The KBB value is updated monthly and takes into account recent sales and modifications.

When it comes time to buy, sell, or trade-in your car, you’ll need to know a fair price.

You can use a variety of methods to calculate your car’s worth, including using online tools, checking with dealerships and other buyers in your area, and looking at recent sales data. Remember to factor in your car’s condition and mileage when calculating its worth–prices will vary depending on the location and condition of your car.

Car Value Deprecation Curve

Picture of a car driving on a path for the car value depreciate curve.

Before you head out and purchase your car, car value depreciation is a real consideration in your decision.

As KBB states, the first year of owning a brand new car will depreciate the most. While it feels great to drive off the lot in a brand new SUV, you can watch hundred dollar bills float behind you with how quickly the car depreciates.

To calculate the depreciation of a car, it varies depending on the make and model.

However, here is a car value depreciation chart to estimate based on.

  • In year one, most models will depreciate at least 20% or more.
  • From years 2-4, the car depreciates about 10% each year.
  • After five years, a car will depreciate about 60% of the original purchase price.

Car Value Deprecation Curve Example

For example, let’s take the average price of a new car of $47,077 according to Car and Driver.

  • 1st year = car lost $9415.40 in value and is now worth $37,661.
  • 2nd year = car lost another $3,766 in value and is now worth $33,895.
  • 3rd year = car lost another $3,389 in value and is now worth $30,505.
  • 4th year = car lost another $3,050 in value and is now worth $27,464.
  • After 5th year, the car has lost an estimated $28,246 in value and is now worth about $18,830

That is the reason most people do not believe a car is an asset.

That is a depreciating asset. Would you consider an investment if you knew 60% would be wiped away in less than five years? Probably not.

This is why most thrifty people look for cars that are at least 5 years old and lost most of the depreciation. Personally, I have never purchased a new car; everything I owned was new-to-me used vehicle. Even growing up as a daughter of a car salesman and manager, my parents never purchased a brand new car due to deprecation.

Another reason beater cars are super popular!

How Your Car Is An Asset

Picture of someone driving to show how your car is an asset.

There are a variety of ways to define what an asset is, and whether or not a car falls into that category depends on the definition used.

In general, most people would say that a car is an asset because it has value and can be sold for money.

However, there are other definitions of assets that may not include cars. For example, some people might say that an asset is something that generates income or increases in price.

A car can be an asset for someone who is making money off of it. For instance, an Uber driver uses his or her car as a business asset. The car is providing them with income, and thus it can be considered an asset.

On the other hand, most people use their vehicles for personal use as a mode of transportation and do not make money off of it. If your car was purchased with cash or paid off, then you can consider it an asset.

Is a paid off car an asset? Yes.

Why is a car not an asset?

Picture of an older car as to why is a car not an asset.

A car is not an asset because it depreciates in value the moment you drive it off the dealership lot. While it may be a necessary expense, it is not an asset that increases in worth over time.

Is a leased car an asset?

No, a leased car is not an asset because the asset (car in this case) is the asset of the leasing company. This is 100% liability for you and a monthly payment which you must make.

Leasing a vehicle allows you to drive it for the length of your lease term without the risk of buying and then selling or trading in at the end of your lease. Once the lease expires and if you decide to purchase the car, then it would be considered an asset on your net worth.

How Your Car Is Considered A Liability

Picture of someone handing over cash with a car in the background for how your car is considered a liability.

The car is considered a liability if the debt exceeds the car’s value.

Simply put… If you have an auto loan, your car would be considered a liability.

Given that most people believe car loans are a part of being an adult, many view cars as a liability and monthly payments normal.

In addition, a car is a liability because, like any other depreciating asset, it will lose its value over time.

The longer you own it, the more money you will likely have to spend on repairs and general upkeep. This means that your car is not only costing you money every month in terms of payments and insurance, but also in terms of the decreasing worth of the asset itself.

Is a car loan an asset?

A car loan is a type of debt that is incurred when borrowing money to buy a new or used car. Thus, the car loans are considered liabilities and the car itself would be considered collateral.

Should I Include My Car in My Net Worth Calculation?

The answer to this question depends on how much your car is worth.

Personally, at Money Bliss, we recommend counting the vehicle as an asset and any auto loan as a liability. That means you would include both in your net worth calculations.

The reason why to include in net worth is if you had to sell your car immediately, you would be in one of two situations:

  1. You have instant access to cash if needed.
  2. You owe more in your car loan and thus, have negative equity. Meaning you would have to pay additional money to get out of your car loan and sell your car.

To keep your net worth accurate, you should adjust the price of your vehicles as they decrease over time.

Is Having a Car the worst investment of your Money?

There are a lot of factors to consider when answering this question.

Owning a car can be a major expense, and there are a lot of costs that come with owning a car, such as insurance, registration, and maintenance. However, a car can also provide a lot of benefits, such as convenience, freedom, and security.

Ultimately, it depends on your individual circumstances.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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Apache is functioning normally

June 3, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

DC-apartments-with-all-utilities-included

This post was updated June 2023

With most rentals, the phrase, “all utilities included” means the building or landlord pays for water, sewer, trash, electric, heat, and gas.  One of the best ways to keep your housing budget in check and predictable is to rent an apartment with all utilities included.  Read more…

Apartments-with-all-utilities-included-Baystate-Apartments

Baystate Apartments

1701 Massachusetts Ave NW
Washington, DC 20036

Are you in search of apartment features that evoke a sense of storytelling and capture the essence of a captivating book? Look no further than The Baystate, where we offer stunning studio apartments in various floor plans. What’s more, all utilities are included, relieving you of any worries about additional bills.

Situated in the vibrant Dupont Circle neighborhood of Washington, DC, The Baystate places you just two blocks away from a world of local culture and flavors. Immerse yourself in the fascinating surroundings and discover the hidden gems that await. Plus, with the convenience of the Red Line Metro within walking distance, the entire city of Washington, DC becomes easily accessible for exploration.

At The Baystate, you’ll find subtle touches of extraordinary in your everyday life. Indulge in the charm of our thoughtfully designed apartments, where every corner tells a unique story. Experience the convenience of having all utilities included, providing you with a hassle-free living experience. Allow yourself to be enchanted by the enchanting allure of The Baystate.

Apartments-all-utilities-included-dc-2800-woodley

2800 Woodley

2800 Woodley Ave NW
Washington, DC 20008

Welcome to 2800 Woodley, where you’ll find a variety of large floor plans designed to suit your lifestyle. Each apartment offers ample closet space, central air conditioning, and stunning hardwood floors that exude elegance. The unique touches, including expansive windows and a secretarial desk, add a touch of charm to your new home.

Nestled on a tranquil side-street, 2800 Woodley provides a serene living environment while being just steps away from the vibrant heart of Woodley Park. Immerse yourself in the neighborhood’s captivating ambiance, with a plethora of popular restaurants and trendy shops within easy walking distance. If you’re in the mood for a change of scenery, simply hop on the Metro from the nearby Woodley Park station, and the entire city of D.C. is at your fingertips.

2800 Woodley offers the perfect blend of convenience and comfort, making city living a breeze. Enjoy the tranquility of your surroundings while relishing the easy access to all that Washington, D.C. has to offer. Experience the best of both worlds at 2800 Woodley.

brunswick-house-apartments-all-utilities-included

Brunswick House

1414 17th St NW
Washington, DC 20036

Apartments-all-utilities-included-dc-Cambridge-square

Cambridge Square Apartments

4909 Battery Lane
Bethesda, MD 20814

As Downtown Bethesda flourishes, Cambridge Square stands proudly at the center of it all, offering a hidden gem of a property nestled against a tranquil park setting. Immerse yourself in the array of new and exciting shopping and dining options that surround you, while enjoying the utmost convenience.

Cambridge Square presents an effortless commute to Washington, D.C. via the nearby Bethesda Metro Station, connecting you seamlessly to the heart of the capital. Whether you seek the bustling energy of the city or the tranquility of nature, Cambridge Square caters to your desires.

Discover the spacious and affordable one, two, three, and four-bedroom apartment homes available for rent at Cambridge Square. Each thoughtfully designed floor plan features large walk-in closets and elegant hardwood flooring, offering both functionality and style.

Experience the perfect blend of convenience, affordability, and comfort at Cambridge Square. Embrace the dynamic growth of Downtown Bethesda while enjoying the peaceful retreat of your home. Cambridge Square invites you to indulge in the best that this thriving community has to offer.

All-Utilities-Included-DC-Apartments-Hampton-Courts-Apartments

Hampton Courts

2013 New Hampshire Ave NW
Washington, DC 20009

Immerse yourself in the timeless charm of Hampton Courts, a meticulously crafted architectural masterpiece constructed in 1926. This historic building exudes the allure of early 20th-century design, captivating you with its elegant appeal.

At Hampton Courts, modern amenities blend seamlessly with classic architecture. The building features two elevators for your convenience, a controlled intercom entrance ensuring security, and a well-equipped laundry room with a convenient card payment system.

Indulge in the comfort of our studio, one, and two-bedroom apartments, where updated appliances and spacious floor plans await. Each residence combines the essence of the past with modern comforts, creating a truly exceptional living experience. Best of all, all utilities are included in your rent, alleviating any concerns about additional bills.

Convenience is paramount at Hampton Courts. The U Street Metro Station, offering access to the yellow and green lines, is just three blocks away, providing seamless transportation options to explore the city. Additionally, you’ll find Capital Bikeshare bicycles, only a block from the building, offering you endless means of transportation to navigate the vibrant surroundings.

Embrace a vibrant neighborhood where a plethora of amenities awaits. The Saturday Farmer’s Market, Yes Organic Market, Trader Joe’s, Vida Fitness, and numerous yoga studios are all within a few blocks from your front door. Explore the culinary delights, wellness centers, and vibrant community events that surround you.

Come and experience the essence of city living at Hampton Courts. Allow yourself to be captivated by its timeless allure and discover a lifestyle that seamlessly combines historic charm with modern convenience.

Congressional-towers-All-Utilities-Included

Congressional Towers

 261 Congressional Lane
Rockville, MD 20852

Experience the perfect blend of comfort and convenience at Congressional Towers Apartments, ideally located just off Rockville Pike. Situated in the heart of Rockville, our community offers residents unparalleled access to a host of amenities.

Just three blocks from the Twinbrook Metro, our residents enjoy seamless connectivity to shopping, entertainment, and a diverse range of dining choices. Whether you’re in the mood for a shopping spree or a night out on the town, everything you need is within easy reach.

Our spacious apartments are designed with your utmost comfort in mind. As a resident of Congressional Towers, you’ll enjoy an array of free amenities, including parking and extra storage, ensuring you have ample space for your belongings. Additionally, you’ll receive a membership to Rollins Congressional Club (RCC), a resort-style water park featuring a club-style gym and fitness center. Embrace a healthy and active lifestyle without ever leaving the comfort of your community.

At Congressional Towers, we believe in providing a hassle-free living experience. That’s why all utilities are included in your rent, eliminating the need to worry about multiple bills. Simply move in and enjoy the convenience.

Call or schedule a tour today to discover your perfect apartment home at Congressional Towers. Experience the unparalleled convenience, exceptional amenities, and a vibrant community that awaits you.

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Hilltop House

1475 Euclid St NW
Washington, DC 20009

Nestled in the vibrant Adams Morgan neighborhood, Hilltop House awaits, offering a collection of studio and one-bedroom apartments for rent. Step into a world of charm and comfort, where each apartment boasts large windows and inviting breakfast bars, creating a cheerful, open, and bright atmosphere that will make you feel right at home.

Simplify your apartment living and budgeting with ease, as all utilities are included with your rent at Hilltop House. Experience the convenience of a worry-free lifestyle, allowing you to focus on enjoying the vibrant surroundings.

Hilltop House boasts an enviable location facing the picturesque Meridian Hill Park. Immerse yourself in a variety of social and cultural events that unfold within its lush green spaces. From kickball leagues and yoga classes to Frisbee sessions and drum circles, the park offers endless opportunities for recreation and community engagement. Experience the vibrant energy that fills the park every Sunday as it comes alive with a multitude of activities.

Just a couple of blocks away from the Hilltop House apartment community, you’ll find the Columbia Heights Metro station. This convenient transportation hub provides access to both the green and yellow lines, effortlessly connecting you to all that Washington, D.C. has to offer. Explore the rich history, iconic landmarks, and diverse neighborhoods of the capital city with ease.

Hilltop House Apartments offer the perfect blend of a tranquil oasis and access to the excitement of the city. Experience the best of both worlds as you soak in the cultural offerings, culinary delights, and vibrant community of Adams Morgan and beyond. Your perfect home in Washington, D.C. awaits at Hilltop House.

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Klingle Apartments

2755 Macomb St. NW
Washington, DC 20008

Nestled at the prime corner of Connecticut Avenue and Macomb Avenue, The Klingle awaits with its stunning landscaped grounds and meticulous upkeep. This coveted property offers unrivaled convenience and a lifestyle that caters to your every need.

Situated at the intersection of Connecticut Avenue and Macomb Street, The Klingle places you within easy walking distance of Cleveland Park’s most popular shops and restaurants. Indulge in a variety of culinary delights and explore a vibrant local scene right at your doorstep. Additionally, the Cleveland Park Metro Station, National Zoo, and the locally-famous Uptown Theater are just moments away, ensuring endless entertainment and cultural experiences.

Immerse yourself in a thriving community where convenience and charm harmoniously coexist. The Klingle invites you to experience a lifestyle that seamlessly blends accessibility, natural beauty, and an abundance of local attractions.

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Parkside Apartments

1702 Summit Place NW
Washington, DC 20009

Discover well-designed apartments that maximize every inch of space, offering a thoughtful layout that meets your every need. Step inside and be greeted by the gleaming hardwood floors, which come to life as natural light streams through the windows, creating a warm and inviting atmosphere. The arched doorway details add a touch of architectural interest, showcasing the attention to detail that sets these apartments apart.

Embrace your inner chef in the kitchens, equipped with gas stoves that allow you to prepare gourmet meals with ease. Enjoy the pleasure of culinary creativity in a space designed to inspire.

Beyond the allure of these exceptional apartments, the location is truly unbeatable. Situated just blocks away from both Adams Morgan and Columbia Heights, you’ll find yourself in the heart of two vibrant neighborhoods that offer a wealth of dining, shopping, and entertainment options. With a Walk Score of 91, every amenity and convenience is within easy reach, allowing you to fully immerse yourself in the vibrant energy of city living.

Welcome to a life where thoughtful design, affordability, and prime location intersect. Experience the best of urban living in these apartments that redefine what it means to feel at home.

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Pleasant Hills Apartments

100 Fort Drive NE
Washington, DC 20011

Escape to Pleasant Hills, a hidden gem just off North Capitol Street, where beauty awaits your discovery. Immerse yourself in a collection of spacious and affordable apartment homes that exude charm and comfort. Step onto the beautiful hardwood floors that grace each residence, admire the built-in shelves that add a touch of sophistication, and delight in the renovated kitchens that ignite your inner chef.

Pleasant Hills enjoys a privileged location, situated across from Archbishop Carroll High School and a mere two blocks from Catholic University. Experience the vibrancy of the neighborhood as you become part of a thriving community filled with academic excellence and cultural richness.

For effortless commuting, the Brookland Metro station is within easy reach, offering seamless access to all the wonders the city has to offer. Indulge in a myriad of dining options within the thriving Brookland community, where culinary delights await at Col. Brooks Tavern, San Antonio Grill, Brookland Cafe, and more.

Pleasant Hills is where unexpected beauty unfolds, where spacious living, affordability, and a sense of community intertwine to create a truly remarkable experience. Embrace the oasis that awaits you at Pleasant Hills and discover a world of serenity and enchantment.

Apartments-all-utilities-included-dc-Sherry-Hall

Sherry Hall Apartments

2702 Wisconsin Ave NW
Washington, DC 20007

Nestled in the charming neighborhood of Glover Park, between the coveted areas of Georgetown and Cleveland Park, you’ll find Sherry Hall. Situated on one of DC’s primary arteries, this exceptional residence offers an ideal location that embodies the essence of urban living.

Indulge in the culinary delights of Wisconsin Avenue as you explore the multitude of popular restaurants within walking distance from your doorstep. Delve into a world of flavors and gastronomic experiences, all conveniently close to your new home.

Step inside your apartment sanctuary and be greeted by the elegance of beautiful hardwood floors that grace your living space, adding a touch of sophistication and warmth. Immerse yourself in the modernity of brand new kitchens, thoughtfully designed with stainless steel appliances, including a gas range, granite countertops, and stylish light wood shaker cabinets. The large windows invite an abundance of natural light, illuminating every corner of your home and creating a welcoming ambiance.

At Sherry Hall, we believe in simplifying your life. That’s why all utilities are included, providing you with peace of mind and transparency in your monthly expenses. Say goodbye to surprises and complex calculations—here, you can focus on enjoying the comfort and tranquility of your new home.

Discover the perfect harmony of serenity, convenience, and modernity at Sherry Hall, where every detail is designed to enhance your living experience. Embrace the unmatched lifestyle that awaits you, where vibrant city living meets the comforts of home.

Apartments-all-utilities-included-dc-Clarence-house

Clarence House Apartments

4530 Connecticut Ave NW
Washington, DC 20008

If you’re seeking a studio, one, or two-bedroom apartment that combines convenience and comfort, look no further than Clarence House apartments. Located within walking distance to the metro, Giant, Whole Foods, pharmacies, dry cleaners, restaurants, shopping hubs, and esteemed schools, this is where your apartment search begins.

Living at Clarence House means unlocking the treasure trove of hidden gems in our vibrant neighborhood. Immerse yourself in a world of cultural experiences as you stroll to a captivating concert at the Austrian Embassy or indulge your passion for music by enrolling in a class at the renowned Levine School. Let your literary soul flourish as you become a regular at the iconic Politics and Prose bookstore, where new discoveries await on every shelf. And for a glimpse into the fascinating history of art and gardens, the Hillwood Museum is just a short trip away.

Beyond the convenience and cultural richness, Clarence House offers a haven of comfort and tranquility. Explore the versatile floor plans of our studios, one-bedroom, and two-bedroom apartments, each thoughtfully designed to meet your needs. Experience the joy of coming home to a welcoming and spacious environment that nurtures relaxation and a sense of belonging.

Begin your apartment journey at Clarence House, where the vibrant pulse of city life meets the comforts of home. Embrace the limitless possibilities and experiences that await you in this dynamic neighborhood.

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The Norwood

1868 Columbia Road NW
Washington, DC 20009

At The Norwood, the perfect fusion of old-world craftsmanship and modern sensibilities awaits you. This historic building has been meticulously upgraded to offer the epitome of apartment living. Immerse yourself in a world where timeless charm meets contemporary convenience.

Step into your new home and be greeted by the allure of hardwood floors, evoking a sense of warmth and sophistication. The high ceilings create an atmosphere of openness and grandeur, while central air conditioning ensures your comfort throughout the year. Experience the harmonious blend of The Norwood’s grace, elegance, and modern upgrades that culminate in a truly distinctive living space.

With an impressive Walk Score of 97, your new home places you at the center of it all. From the vibrant restaurants and nightlife of Adams Morgan to the tranquil beauty of Rock Creek Park, every facet of city living is within your reach. Indulge in culinary delights, explore cultural treasures, and immerse yourself in the energy of the surrounding neighborhood.

At The Norwood, you’ll discover a sanctuary that seamlessly combines history and contemporary living. Unwind in a space that reflects your refined taste and appreciate the convenience of a location that offers endless possibilities. Experience the best of both worlds at The Norwood, where timeless allure meets modern comfort.

Apartments-all-utilities-included-dc-Wakefield-Hall

Wakefield Hall

2101 New Hampshire Ave NW
Washington, DC 20009

As you gaze upon Wakefield Hall’s ornate facade, you’ll soon discover that the beauty continues within. Step into a world of elegance where exquisite apartments await. With hardwood floors, updated kitchens, and walk-in closets, every detail has been carefully curated to create a charming and comfortable living space.

Convenience is at your doorstep at Wakefield Hall. Located near the U St./Cardozo Metro Station, you have effortless access to all that Washington, DC has to offer via the yellow and green lines. Immerse yourself in the vibrant pulse of the city and explore its cultural treasures, all just a few steps away from your front door.

Indulge in the captivating energy of your neighborhood as you venture out. Discover local art galleries, savor the flavors of eclectic cuisines, and embrace the lively atmosphere that surrounds you. Wakefield Hall places you at the center of cultural vibes and offers a gateway to the rich experiences that await in the city.

Embrace a lifestyle that seamlessly combines convenience, charm, and cultural immersion at Wakefield Hall. This is more than just an apartment; it’s a place to call home and an invitation to be part of a vibrant community. Welcome to Wakefield Hall, where timeless beauty and contemporary living intertwine.

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

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Apache is functioning normally

June 1, 2023 by Brett Tams

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America has lots of old houses. According to the National Association of Home Builders, the average owner-occupied structure is about 40 years old in 2016. For reference, that’s higher than the U.S. median age of 38.8.

In some parts of the country, the housing stock is far older. On average, owner-occupied housing in New York, Massachusetts, and Pennsylvania is more than 50 years old. Though there are exceptions to the rule, homes tend to be older throughout the Northeast and Midwest and in urban cores across the country.

By contrast, newer homes and bona fide new construction homes are more common in Southern and Western cities in general, and in suburban and exurban communities across the country. For example, the median age of owner-occupied homes in Nevada is barely 20 years old.

What Counts As an Older Home?

As a general rule of thumb, homes built after 1990 are considered newer, and homes built before 1940 are considered old or antique. But housing age is a subjective condition that turns on numerous factors, including construction style and quality, local climate and geology, and work done over the life of the home.

The most important factors include:

  • Construction style and quality. Prefabricated and mobile homes are generally constructed to lower quality standards than solidly built Tudors, Craftsmans, or Colonials. Mass-produced houses, which tend to be newer, can have quality issues as well. However, custom-built new homes may be constructed even more solidly and durably than older homes. Ultimately, construction quality comes down to the quality of the materials used and the skill and diligence of the builders.
  • Climate and geology. Climate — particularly humidity, temperature extremes, and storms — accelerate the aging process. Homes in the eastern half of the U.S. are more likely to experience problems attributable to these issues, such as roof damage and basement or foundation moisture, than homes in coastal California cities like San Francisco and Los Angeles. Geological factors that can accelerate the aging process include seismic activity, sinkholes and limestone geology, and high water tables.
  • Renovations. In some cases, antique homes are updated so dramatically that it’s difficult to define their age any longer. For instance, my wife’s parents owned a farmhouse built in the 1880s. But successive owners thoroughly updated, modernized, and expanded the house over the years. In fact, the only original components were an old cinder block foundation and basement (now completely encased by a newer, expanded foundation and basement) and a few structural supports rising above the original footprint. Most other components dated from the 1970s or later. So is it really fair to say the house was an original 1880s farmhouse?

Common Older Home Problems & Potential Solutions

Even well-maintained older homes can present problems that owners of newer homes simply don’t need to deal with. These include health hazards such as asbestos and mold, serious pest problems that can lead to structural issues, and issues with utility systems like wiring and plumbing.

1. Lead and Asbestos

Lead and asbestos are two hazardous materials that were used in residential applications until relatively recently.

Lead is a neurotoxic metal that’s particularly harmful to children. It’s commonly found in exterior and interior paint made before 1978. It’s also found in substantial quantities in pre-World War II plumbing systems and in smaller quantities in water pipes installed before the mid-1980s.

Asbestos is a naturally occurring fibrous material that causes a serious form of lung cancer and other respiratory problems. It was a ubiquitous insulation and fireproofing material until the mid-1970s. Successive EPA actions banned most asbestos applications by the late 1980s, but the agency never required building owners to remove existing asbestos products. Accordingly, many older crawlspaces, walls, and pipes still contain asbestos insulation.

If you determine that you need professional help to deal with either of these environmental issues, use a resource like HomeAdvisor to find reputable, pre-vetted contractors in your area.

Possible Solutions: Lead Paint

When you buy a home built before 1978, you’re usually required to affirm your understanding that the home may contain lead paint. If you’re uncomfortable with the idea of coexisting with lead paint, invest in professional lead paint removal services.

According to HouseLogic, professional removal of lead paint costs $8 to $15 per square foot, or about $10,000 for a typical whole-house project. The medical literature isn’t conclusive on the matter, and some housing experts say it’s fine to leave lead in place as long as it’s not disturbed. But removal is recommended for homeowners with small children.

Possible Solutions: Lead Plumbing

If your home’s plumbing system is very old, it could still contain measurable quantities of lead. The most cost-effective way to deal with this is a water filtration system, either for the entire house ($1,000 to $3,000, depending on house size and system quality) or the kitchen tap ($200 to $1,000, depending on brand and quality).

Replacing the home’s entire piping system is the only way to ensure totally lead-free water, but doing so can cost upwards of $10,000.

If your home is older but has had significant plumbing upgrades — plastic-looking or shiny copper pipes being giveaways — then the only remaining lead elements could be in the service line branching out from the water main under your street. That bad news is that replacing a service line means digging up your front yard or sidewalk (or both) at significant expense: anywhere from $3,000 to $5,000 for a short line to $15,000 or more for a longer line.

Fortunately, more and more states and cities subsidize lead service line replacement costs, so check with your local water department or state health department before paying out of pocket.

Possible Solutions: Asbestos

Though direct, prolonged exposure to asbestos is a serious health hazard, insulation tucked away in inaccessible walls is not likely to pose a direct risk. However, removal is recommended if you plan on knocking down walls, expanding your home’s footprint, or attempting other expansive projects likely to uncover asbestos-laden material.

Asbestos removal costs vary greatly by project size and location. The general range is $5 to $20 per square or linear foot, which doesn’t really narrow it down. Think of it this way: a single pipe or wall runs in the high three- or low four-figure range, while a whole-house project costs $10,000 to $30,000, depending how extensive the asbestos is.


2. Termite Damage

Over time, termites can devastate homes’ wooden and wood-like components, including floors, structural supports, and drywall. The problem is particularly acute in the southern half of the country, where termites are active for most or all of the year. Older homes are more likely to have active termite infestations or preexisting termite damage due to compromised foundations or drywall.

Depending on the length and severity of the infestation, termite damage repairs can range from cosmetic fixes (such as replacing damaged floorboards) that cost a few hundred dollars to structural remediation projects that can cost $10,000 or more.

Signs of termite damage include:

  • Sagging or buckling floors
  • Pinpoint holes in drywall
  • Hollow-sounding wood supports or floorboards
  • Bubbling or peeling paint

Possible Solutions: Prevention

Prevention is the cheapest and least invasive termite solution:

  • Remove all loose wood vectors — including shrubbery, mulch, building materials, and stacked firewood — from contact with the lowermost portion of your house.
  • Prevent water from pooling near or against your home’s foundation by filling in low ground or installing a surface drainage system.
  • Use treated lumber (toxic to termites) for decks and other wooden structures attached to your house.
  • Remove dead stumps and root systems from areas near the house.
  • Seal visible foundation cracks, which provide ready entry for termites.

Your prevention costs depend on what’s necessary. They range from basically free (if you don’t account for the value of your time) for removing shrubbery and mulch, to a few thousand dollars for termite-proof decks or elaborate drainage systems.

Possible Solutions: Ongoing Infestations

For infestations in progress, hire a pest control professional to shrink or eliminate the colony. Exterminators typically charge $3 to $20 per linear foot (as measured around the home’s perimeter), according to HomeAdvisor. The average home’s perimeter ranges from 150 to 200 feet, so expect comprehensive treatment to cost anywhere from $450 to $3,200.

Bear in mind that your actual all-in cost will depend on the foundation type, the infestation’s severity, and the treatment type used. Chemical, tenting, and bait treatments tend to be cheaper than heat or fumigation.

If you catch the problem before you buy, perhaps during a professional home inspection (which costs $200 to $500 and is highly advisable before you purchase a home anyway), get a repair estimate from a general contractor. Then negotiate with the seller to cover part or all of the repair costs, as well as the cost of professional pest control services if the infestation is still in progress.


3. Mold and Mildew Damage

Over time, homes exposed to excessive moisture often develop mold and mildew problems. Though particularly common in basements and bathrooms of wet-climate homes, moisture-related microorganism growth can occur anywhere. The problem is more likely to occur in old homes because moisture more readily seeps through cracked foundations and leaky pipes. However, since infestations can start inside walls, it’s possible to walk through a mold-infested older home for sale without realizing there’s a problem.

While small amounts of indoor mold growth are permissible and even expected, uncontrolled growth can worsen allergies and other respiratory problems (such as asthma) even in healthy children and adults. More serious infections can develop in the very young, the very old, and those with compromised immune systems.

Also, mold eats away at its host surfaces, particularly wood, drywall, grout, and other porous or semiporous substances. Unchecked mold infestations can cause structural problems and render a home temporarily or permanently uninhabitable.

Possible Solutions

Your mold and mildew solution will depend on the severity of the problem:

  • Prevention: As with termite infestations, the best solution to mold and mildew is prevention. Buying a dehumidifier (anywhere from $100 to $500 new, plus $30 to $100 in annual electricity costs) for your basement or crawlspace can work wonders. Ensuring proper ventilation through a combination of floor or ceiling fans and open windows during dry, mild weather can help on higher floors.
  • Minor Infestations: You can treat small mold infestations, such as on an isolated area of a basement or bathroom wall, with store-bought mold spray, abrasive sponges or brushes, kitchen gloves, and lots of elbow grease.
  • Major Infestations.: For larger infestations, the spray-and-scrub approach is impractical. According to HGTV, whole-home mold remediation can cost as much as $5,000 and possibly more if the infestation affects hard-to-reach areas like the attic, basement crawl spaces, or inside the walls. To reduce remediation costs, make sure your homeowners insurance policy covers mold cleanup before you buy an older home, and consider switching policies (using a comparison engine like PolicyGenius to save time) if your policy doesn’t.

4. Plumbing Problems

The biggest danger of an old or substandard plumbing system is the possibility of a pipe failure that floods the home or causes major water damage in the walls and floors. A serious failure can temporarily render the home uninhabitable and cost tens of thousands of dollars to clean up, though the damage is often covered by homeowners insurance. It can also cause longer-term problems, such as mold infestations.

Before purchasing an older home, ask the seller how old the plumbing system is and about the material used in supply (fresh water) and drainage pipes. Whereas brass and copper pipes typically last 50 years or more, steel pipes can wear out after as little as 20, according to HouseLogic. Pipes made from PEX, an increasingly common plastic material in fresh water piping, typically last 40 or 50 years.

Special care is warranted if your drainage pipes are made of polybutylene, a grayish, flexible plastic material used from the 1970s to the 1990s. Chlorine, which is found in bleach and other household cleaners, corrodes polybutylene pipes over time and can lead to spontaneous failure.

Root damage is another old home plumbing issue that’s particularly common in heavily vegetated neighborhoods — which also tend to be older and thus have more old houses. Over time, tree roots work their way into older drainage pipes under or outside the home’s foundation, busting through pipe joints and tapping the year-round supply of nutrient-rich water flowing within.

Without proper maintenance, this leads to clogs and backups that can interrupt washing routines and cause water damage in low-lying parts of the house. Remember that tree roots can travel a long way underground. There may be no obvious culprit near your main drain outlet, but that mature tree across the street or around the side of your house could be responsible.

Possible Solutions: Pipes

If you’re eying a home with polybutylene pipes, ask the seller to install (and pay for) new pipes or knock the replacement costs off the purchase price. If they refuse, consider whether you can put up with the inconvenience and cost of replacing the pipes yourself, which you should do as soon as your budget allows to minimize failure risk.

For other common pipe materials, you simply need to ascertain the system’s age and target a date several years before the end of its life expectancy. If you plan on still owning the house when that date arrives, begin saving for a full system replacement now, keeping in mind the effects of inflation.

In a 1,500 square-foot house with two bathrooms, whole-house pipe replacement costs range from $4,000 to $10,000, according to HouseLogic. The exact amount depends on the pipe material and number of water fixtures. Larger homes and homes with more bathrooms cost more than $10,000, so budget accordingly.

Possible Solutions: Root Damage

Root damage fixes can be even costlier. Replacing a root-infested main drain pipe typically requires excavation, a notorious cost multiplier. Expect to pay up to $25,000 if the repair crew needs to dig under the slab or dig a trench in your front yard. Other factors include the length of the pipe and required depth of excavation.

Root-and-line jobs, which remove existing roots and install impermeable liners that prevent further intrusion, are nearly as expensive: $5,000 to $15,000, on average.

Periodic root removals are much easier on the wallet: anywhere from a couple hundred bucks to around $1,000, depending on the severity of the problem. But they need to be repeated every couple years, and even then, the problem slowly worsens over time.


5. Foundation or Structural Problems

Over time, nature catches up with even the most solidly built homes. Older homes are prone to a variety of foundation and structural problems, such as:

  • Major cracks or unevenness in the slab or perimeter foundation wall
  • Corrosion, dry rot, or moisture damage in pilings or concrete foundation supports
  • Damaged piers (support footings)
  • Dry rot or moisture damage in above-ground studs

These issues are particularly common, and tend to occur sooner, in regions with abundant soil moisture, unstable bedrock, seismic activity, and other perils. Though alert homeowners generally catch structural problems before they render homes uninhabitable, remediation is costly and inconvenient.

Signs of foundation or structural problems include:

  • Doors that jam or fail to latch (though this can be a sign of localized moisture damage too)
  • Visible diagonal wall cracks that grow over time
  • Visible cracks wider than 1/8″ in basement or crawlspace walls
  • Cracked tile or concrete floors
  • Persistently stuck windows (also a possible sign of localized moisture damage)
  • Floors that are bowed or have a clear slope in one direction
  • Unexplained water in your basement or sealed crawlspace, especially after heavy rain or snowmelt

Possible Solutions

Any apparent foundation or structural issue requires an expert opinion from a structural engineer ($500, on average). Addressing a modest foundation issue, such as a crack in the perimeter wall, can cost a few hundred dollars. More serious problems, such as uneven soil that requires support piers underneath the foundation, can cost $10,000 or more. And in seismically active areas, foundation anchor bolts are required or recommended — at a cost of at least $1,500 apiece. Many homeowners insurance policies don’t cover these costs.

If the foundation requires extensive repair or wholesale replacement, costs can quickly escalate. Expect to pay a minimum of $25,000 and as much as $100,000 to raise your home and replace the foundation, per HomeAdvisor. Again, homeowners insurance often doesn’t cover these costs. If you’re seriously thinking about buying an older home with obvious foundation damage, factor repair costs into your offer price or ask the seller to address the problems before closing.

Also, note that the cost of repairing secondary issues related to foundation damage (such as damaged upper-level flooring, walls, and doors) varies greatly and can add thousands or tens of thousands of dollars to your project. So the total bill to make your home “like new” after a full foundation replacement — assuming that’s even possible — could well exceed $100,000.


6. Radon

Radon is a radioactive gas that occurs naturally in certain types of bedrock. An Environmental Protection Agency shows elevated radon potential across broad swathes of the Northeast, Midsouth, Midwest, and Intermountain West, but it can occur anywhere.

Radon enters homes through cracks in the foundation perimeter and basement walls, which are more common in older homes. The gas then circulates throughout poorly ventilated houses over time. Though it’s not acutely toxic and has little impacton health when encountered intermittently and in small doses, radon is the leading cause of lung cancer for nonsmokers. Exposure over the generally accepted safe concentration is not recommended for long periods.

Possible Solutions

Radon mitigation typically involves capturing gas in the soil or rock surrounding the foundation and piping it up to a rooftop vent, then sealing foundation cracks to prevent further leakage. It can also involve installing one or more depressurization vents outside the house (venting radon before it reaches the foundation), as well as negative-pressure fans that essentially blow radon from the basement or lowest level back into the soil.

According to Kansas State University, the average cost of a radon mitigation system is about $1,200. But the actual cost can vary between a few hundred dollars to more than $3,000, depending on the home’s size, foundation type, and the problem’s severity.

Amazon sells radon testing kits for less than $20, though you may need to pay to ship the kit to a certified lab for analysis. Still, your all-in cost should be under $50, making for an inexpensive way to see if you need to call in the professionals.


7. Roof Problems

Older homes tend to have older, possibly deteriorating roofs. This presents numerous problems, including pest infestations, interior water damage, and less-effective insulation. Problems stemming from a compromised roof, particularly once interior leaks begin occurring regularly, can cost tens of thousands of dollars to fix and may not be covered by homeowners insurance.

Warning signs of potential roof issues include:

  • Missing or damaged shingles
  • Crumbling roof cement
  • Bowed or sagging gutters
  • Persistent moisture in the attic
  • Evidence of water damage in the upper floors
  • Critters in the attic or upper crawlspaces

Possible Solutions

Before you buy an older home, assess the roof’s age and condition to the best of your ability. Unless the seller put the roof on, they might not be aware of when it was installed, so consider hiring a roof inspector ($100 to $800) if there are obvious signs of wear.

Next, consider the likely lifespan of your current roof and its potential replacement:

  • Shingles. On sloping roofs, asphalt shingles typically remain in good shape for 15 to 20 years. Treated wood shingles last 20 to 30 years.
  • Metal. Metal roofs are typically warranted for 20 to 40 years, though they often last longer and require little maintenance.
  • Tile and stone. Tile and stone roofs can last up to 100 years with proper installation and maintenance.

Within these categories, construction quality matters. For example, on sloping shingle roofs, a rubber or thermoplastic coating layer can mean the difference between a roof that goes bust at 15 years and one that keeps on chugging well beyond that. Of course, no matter the material, a roof’s actual lifespan depends on installation quality, prior maintenance record, roof slope, and local climate.

Replacement costs vary greatly by material, but you can expect to spend anywhere from $5,000 to more than $15,000 to replace an entire asphalt shingle roof. Slate (stone) roofs cost $20,000 to $40,000 to replace, on average. In both cases, inflation has done a number on project budgets due to surging material costs.

If the roof’s problems are confined to a small area and the roof isn’t near the end of its predicted lifespan, you can save money by replacing or repairing only the damaged section. If the roof is older or widely damaged, it makes long-term financial sense to replace the entire thing, or at least one whole side.


8. Inefficient Windows

Old homes are more likely to have older, inefficient windows. The primary downside of inefficient windows is higher electricity bills because the home’s climate control system has to work harder to compensate for leaks.

According to the Federal Government’s ENERGY STAR program, installing the most efficient class of windows in your entire home can reduce your annual electric bill by as much as $600, depending on the size of your home and where you live. You may also be eligible to claim federal tax credits under the Inflation Reduction Act, up to $1,200 per project. This credit must be shared with other types of projects, such as wall and attic insulation, if you’re doing more than one in a single tax year).

Possible Solutions

Address inefficient windows temporarily with passive heating and cooling methods, such as shutting windows and blinds on hot days and opening them at night, and by using plastic film ($10 to $20, on average) to seal leaks during the winter. Sealing cracks around your windows and reinforcing your home’s insulation, a more permanent solution, can cost upward of $1,000.

The ultimate leaky-windows solution is simply to replace old windows with more efficient ones. While judicious window replacement is often cited as one of the top home improvement projects to reduce long-term homeownership costs, bear in mind that super-efficient windows are costly. Installing them in your entire house could set you back $10,000 or more, meaning you might never earn back your investment even after accounting for the tax credits and energy savings.


9. Inadequate or Unsafe Electrical Systems

Electrical problems fall into two categories: convenience and safety.

First, convenience: Unless their electrical systems have been updated, older homes lack sufficient numbers of electrical outlets to address our collective addiction to electronic devices. They might also not have enough power supply to handle energy-hungry modern appliances, such as whole-house heat pumps, induction stoves, and electric vehicle chargers.

Second, and even more importantly, safety: The lifespan of electrical wiring itself is limited by the lifespan of the wire’s insulation. Wiring installed before 1960 lasts roughly 70 years, while newer wiring is estimated to last at least 100 years. Once the insulation deteriorates to the point that the actual wire is exposed, the risk of electrical fire, shocks, short circuits, and localized (single- or multiroom) power failures increases dramatically. Don’t let your home’s wiring reach that point.

Electrical service panels and circuit breakers are also prone to deterioration. Service panels last 60 or 70 years, while breakers last 30 or 40. Failing panels and breakers can cause shock, power failure, fire, and other dangers.

Note that water damage, fire, pest infestation, and other unusual events can harm some or all of an electrical system’s components, necessitating repair or replacement long before they reach their life expectancy.

Possible Solutions

Electrical work is dangerous and confusing for novices, so avoid taking the DIY route with your electrical project. Instead, hire a licensed electrician.

A qualified electrician typically takes 30 to 60 minutes to install a single outlet, at a cost of anywhere from about $100 to about $500, but the average cost is on the lower side of this range. If a new circuit is required, the cost will be higher, though not excessively so.

A new service panel starts at about $900, but a higher-amp option (which may be required for high-power appliances) costs more: up to $2,500 for new 200-amp service and up to $4,000 for new 400-amp service.


10. Failing or Inefficient Mechanicals and Appliances

Old homes are more likely to have old mechanical equipment, such as water heaters, furnaces, and air conditioning units, as well as older household appliances. Mechanical and appliance lifespan varies by item, brand, and workload. On average, expect major mechanical equipment and appliances to age as follows:

  • Water heater: 10 to 15 years
  • Furnace: 15 to 30 years
  • Central air conditioning system: 15 to 25 years
  • Refrigerator: 15 to 20 years
  • Washers and dryer: 10 to 15 years

Equipment near the end of its useful life is more prone to failure, raising the possibility of an inconvenient or dangerous situation — such as the heat going out in the dead of winter or an electrical fire — that needs to be addressed immediately. Moreover, older equipment is usually less energy-efficient, resulting in ballooning utility costs.

Possible Solutions

Older homes with recently updated mechanical equipment and appliances typically fetch a premium. If you’re fine with buying older mechanicals and appliances, research each unit and determine about how much longer it can be expected to last. Draw up a replacement schedule commensurate with your time horizon and begin saving for the most pressing projects. If your furnace has 15 years left and you plan on selling in five, replacement isn’t necessary.

Mechanical and appliance replacement costs vary by item and brand.

Natural gas furnaces cost about $3,000 to $7,000, on average, with existing ductwork. Heat pumps may cost less if they can be tied into existing ductwork. Ductless heat pumps typically cost $5,000 or more per zone, though you may get a deal on systems with three or more zones. Heat pumps have lower operating costs because they’re much more efficient than either gas or traditional electric heaters, however.

Efficient tankless water heaters can cost as much as $6,000, though the average installation cost (per Fixr) is closer to $3,000. Traditional gas or electric tank heaters cost even less, in the $1,000 to $2,500 range. A heat pump water heater costs $2,000 to $5,000, but the lifetime operating costs are lower than gas or traditional electric.

Thanks to the Inflation Reduction Act, your heat pump purchase may qualify for an impressive federal tax credit — up to $2,000 or 30% of the total project cost. State tax credits and utility rebates may stack on top of this incentive, saving you up to $8,000 in some places. So even if the out of pocket cost is a bit higher, your net cost is likely to be lower than a conventional appliance.

If you plan ahead to replace your old water heater or laundry machine, finding room in your household budget won’t be an impossible task. Set up an interest-bearing, FDIC-insured savings or money market account earmarked specifically for the project.

But an unexpected replacement can really set you back, particularly if there’s damage involved. A family friend recently had to replace his old dryer after a massive electrical fire was sparked by faulty wiring and exacerbated by a clogged dryer vent. Including cleanup, the bill came to more than $20,000, though his homeowners insurance policy covered most of the cost.


11. Unhelpful, Unfinished, or Outdated Updates

Older homes typically have more than one previous resident, and sometimes a lot more. All those past homeowners had license to do what they wished with the property.

While many older homes retain the charm and function of their original construction, others have a host of unhelpful or anachronistic updates that detract from the homeowner’s experience and potentially add to the cost of ownership. Particularly costly updates that may need to be rectified shortly after moving in include:

  • Poorly designed, inadequate, or simply tasteless kitchens
  • Illegal basement bedrooms (lacking egress windows, for instance)
  • Incomplete projects, such as a partially finished basement or partially laid patio

Before we bought our current house, my wife and I went to an open house at a 100-year-old home with a half-finished basement, half-finished screen porch, and a literally transparent exterior paint job. The home had been purchased just a few months earlier for far less than the current asking price, suggesting the current owner had attempted to flip the house and had become overwhelmed. Our real estate agent remarked, “It looks like this guy ran out of money and bailed.”

Possible Solutions

As long as they’re not unsafe, you can live with unhelpful or outdated features until you have room in your budget to fix them. The cost of said fixes varies widely. A full kitchen update typically runs north of $20,000, while replacing outdated moldings or rectifying a hideous interior paint job might cost only a few hundred.

Half-finished add-ons, such as the porch at the abandoned flip mentioned above, are another matter. They can be unsafe, particularly for small children, and may provide access points for insects and rodents. Think twice about buying an older home with too many wonky updates or haphazard design touches, as they often disguise bigger problems.

For instance, we found out later that the abandoned flip had serious foundation problems that would cost tens of thousands of dollars to fix. The scale of the foundation issue likely compelled the flipper to walk away from the property before completing the job.


12. Substandard or Unsafe Features

Older homes sometimes have too much charm. Depending on the style, location, and history of a particular house, some original features may be obsolete, not up to current building codes, or actually unsafe. Examples include:

  • Old laundry chutes
  • Servants’ staircases
  • Staircases leading nowhere (commonplace in houses that were once divided into multiple dwelling units)
  • Steep staircases
  • Low ceilings
  • Blocked-off chimneys
  • Nonworking fireplaces

Our current home is by far the nicest place we’ve ever lived, but it nevertheless has a steep, winding staircase we’d feel uncomfortable allowing a toddler to traverse, as well as an obsolete chimney that’s showing early signs of deterioration.

Possible Solutions

Many jurisdictions are lenient about substandard or against-code features in owner-occupied residences, relative to rental or commercial properties. Accordingly, you likely won’t be required to fix such issues after taking possession of your older home unless they threaten other properties (for example, by directing excessive storm runoff toward neighboring foundations). However, fixing these issues can preserve or increase your home’s value, not to mention enhance the safety and comfort of its occupants.

Some problems have straightforward, affordable solutions. For example, childproofing our steep staircase simply involves installing a latching door or child gate at the entrance. Others, such as a crumbling chimney, require regular upkeep (repairing flashing and any damaged roof materials) that can cost a few hundred dollars per year.


Potential Benefits of Owning an Older Home

You wouldn’t guess it from the litany of potential problems owners of old houses can face, but old-home ownership has its benefits too. Older homes are often conveniently located in established, amenity-rich neighborhoods; inside, they offer abundant charm and equity-building opportunities.

1. Convenient Location

Because most cities grow outward over time, older homes tend to be located closer to employer- and amenity-rich downtown cores. A convenient location offers many time-saving and healthful benefits, such as shorter commutes (and the opportunity to use public transit or commute by bike) and easier shopping trips.

By contrast, newer owner-occupied homes tend to be built where land is cheapest, often on the edges of existing towns and cities. Such places aren’t always convenient.

However, these rules aren’t universal. Big cities have plenty of newly built condos downtown or close by, and many rural homes are quite old.

2. Hard-to-Duplicate Original Features

Though some older homes lack character, many showcase charming, period-specific features that are pleasing to the eye and may increase resale value. For instance, the built-in storage and display cabinets in our older home’s dining room definitely influenced our purchasing decision because it was both aesthetically pleasing and practical. In our region, the only new homes that contain such built-in furnishings were well out of our price range and preferred neighborhood.

3. More Established Neighborhood

In towns and cities, older homes are often located in established neighborhoods with long-term homeowners who care about the area and community, mature landscaping and tree cover, and a general sense of community. Such areas are also more likely to be connected to municipal infrastructure, such as sewer and water systems.

By contrast, less-established neighborhoods tend to have less community engagement, particularly if the homes are very new and most residents are busy professionals without the time to engage their neighbors. Plus, newer subdivisions look bleak until newly planted trees and shrubs fill out.

4. Potential for Better Construction Quality

Depending on the building style and location, an older home may be constructed more solidly and durably than newer homes. This is particularly true for budget-friendly new homes in recent subdivisions, which are typically built by big companies with the ability to cheaply mass-produce the structures.

Then again, some of America’s original suburbs were mass-produced housing tracts built shortly after World War II. When considering any home built to standardized specifications, learn as much as possible about the materials, methods, and labor used by the construction company.

5. More Opportunities to Build Equity

Creative, enterprising, diligent homeowners see opportunity in older homes’ shortcomings. Every poorly designed kitchen, unfinished basement, or non-landscaped yard is a project in waiting. A well-chosen, well-executed renovation or update can boost a home’s appraised value, and its eventual resale value, by more than the project’s cost.

Your budget is likely to limit the scope of your vision, particularly right after you move in. But equity-building projects become more manageable when they’re planned and budgeted for well ahead of time. My wife and I are already kicking around ideas (and saving) for a finished basement and brand-new detached garage, even though we won’t start on either project anytime soon.


Final Word

Even a charming, beautifully staged older home in a convenient, tight-knit neighborhood is likely to have some of the drawbacks mentioned above. If you choose to fix most or all issues as they arise, you’ll likely end up spending tens of thousands of dollars during your time in the home.

Alternatively, if you choose to ignore serious issues or do only the bare minimum to fix them, you’ll likely have to accept a lower sales price or cover the cost of major repairs just before selling. Either way, you could limit or negate the overall return on your real estate investment by purchasing an older home.

That’s not to say that newer homes don’t require major repair and upkeep investments over time. And new homes often come with additional expenses that owners of older homes aren’t likely to face, such as homeowners association fees. Ultimately, it’s more important to choose the home that feels right to you and your family than to obsess over what could go wrong with your new abode.

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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

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Apache is functioning normally

May 27, 2023 by Brett Tams

When I worked in management consulting, one of my responsibilities was to help my company figure out ways to make money while we slept. As a consulting business, our revenue stream came from selling the hours of the people who worked at our company. But to grow our margins, we knew we had to scale our time. This is where I first learned about passive income — the Holy Grail of the business world.

Now that I’m in my 30s, I think a lot about how to direct my active streams of income into passive income opportunities. Here are some things I’ve learned about active and passive income in my wealth-building journey.

What’s Ahead:

What Is Active Income?

Active income is earned by trading your time for money. Most people at the beginning of their careers are focused solely on earning active income to make a living.

What Is Passive Income?

Passive income is earned from income-producing assets. Someone who has passive income is not trading their time for money. Instead, the assets they own produce income without much involvement from the owner of the asset.

With the rise of financial influencers and the FIRE movement, finding ways to earn passive income has become a popular topic in the personal finance community.

Is Any Income Truly ‘Passive’?

The idea of earning truly passive income sounds amazing, right? But what’s often not discussed about passive income is that unless you inherit passive income-producing assets, creating passive income streams actually requires a substantial amount of active work.

Famous American entrepreneur Gary Vaynerchuk has gone as far as to say that truly passive income doesn’t exist outside of passive public market investing and rental income.

I tend to agree with Gary that the term ‘passive’ income is something of a misnomer. Creating passive income is never truly passive; there is no free lunch when it comes to financial mobility!

But thinking of income in active and passive terms might nonetheless have some benefits for those who are assessing their current financial status and crafting their wealth-building strategy. For that reason, I’ll break down the broad differences between active and passive income streams, as well as the most prominent ways to generate active or passive income.

Pros & Cons of Active Income

Pros

  • Allows you to develop a specific skill or expertise consistently
  • May provide social interaction and camaraderie associated with a traditional worksite

Cons

  • Trades time for money
  • Takes time away from doing other things
  • Cannot scale income potential beyond time constraints
  • Can be taxed at high rates

Pros & Cons of Passive Income

Pros

  • Generates money while sleeping, vacationing, etc.
  • Frees up more time for recreational activities
  • Subject to potential tax deductions
  • Scales income potential beyond time constraints
  • Does not require physical presence at a work site

Cons

  • Often requires you to create active income first
  • Usually harder to create than active income

Types of Active Income

Salary and Wages

The most basic and obvious form of active income is the salary that you earn from a typical job. A salary is a fixed amount received for working a regular schedule like 9 to 5, Monday through Friday. While a salary is a consistent form of active income, it can be taken away at a moment’s notice due to layoffs or downsizing. Most people earn their living from this type of income.

Bonuses and Commissions

Bonuses and commissions are other forms of active income. This type of income is not fixed and can vary dramatically based on the type of work performed. Many jobs can have a bonus or commission element added to a base salary, while other jobs can be 100% commission based.

Real estate agents, commercial real estate sales professionals, and other types of salespeople tend to fall into this income category. 100% commission-based jobs tend to have higher earning potential compared to salaried positions. However, they are also highly competitive, and their profitability is subject to ups and downs based on the economy, seasonality, and other factors.

Read more: How to Become a Real Estate Agent

Consulting and Freelancing

Freelancing and consulting fees are other types of active income that can either make up 100% of one’s income or serve as a side hustle. Those with valuable skills in high demand are often able to build side businesses, selling their time for specific short-term projects or long-term contracts. As of August 2021, there are 57 million freelancers working in the U.S., with 10 million more considering freelancing.

Looking ahead, more and more businesses are noting they’re willing to hire freelancers to support their mission, growth, and revenue.

Being a freelancer or consultant requires an entrepreneurial spirit, as this type of work can be very inconsistent and requires building a strong brand/reputation. Some of the most popular types of freelance work include graphic design, software development, copywriting, and photography.

Read more: 35+ Side Hustle Ideas

Equity Compensation

Equity compensation is a type of bonus that is given out at public or private companies to senior individuals or particularly valuable employees. Different types of equity compensation include straight shares, stock options, and Restricted Stock Units (RSUs).

It’s not uncommon for equity compensation to make up most of an individual’s income. For example, in 2020, 85% of an average CEO’s income was stock-related compensation.

Capital Gains

Buying and selling certain types of assets, like stocks and real estate, can generate capital gains if the asset’s sale price was higher than its original purchase price. For example, you might buy shares in a company while its stock price is low and then sell those shares later after the stock’s price has increased. The difference between the price you paid and the price you sold at is a capital gain.

Generating capital gains as a means of consistent income requires a significant amount of work, expertise, and risk-taking. Capital gains also have different tax treatments depending on how and when they are generated.

Read more: Claiming Capital Gains and Losses

Renting Out Property

Listing your property on sites like Airbnb can help you earn active income. While listing your property for rent may not require a significant investment of time and energy upfront, it’s not a set-it-and-forget-it income source.

Actively managing your listings, communicating with renters, and maintaining your property certainly requires active effort (unless you have a property manager).

Old Goods and Furniture Flipping

I’ve seen lots of people recently on TikTok and Instagram building side businesses by taking old or broken furniture, refurbishing it, and selling it for a profit. If you are handy and have an eye for design, this can be a great way of making active income given the low startup costs.

In addition to making money from selling the furniture, after you’ve built an audience you can sign brand partners and feature their products on your social media pages to generate even more income. Lastly, this type of business is a great way to help recycle old products that would have otherwise been thrown out.

Types of Passive Income

Interest and Dividends

Interest from your savings can be generated from high-yield savings accounts or by investing in CDs or bonds.

Dividends are paid to the shareholders of public companies. Not all companies pay dividends and the amount of dividends paid varies significantly. While earning dividends is passive income, choosing the right investments that generate dividends is a very active and time-consuming process.

In my experience, those looking to earn dividends can typically expect returns of 1–5%.

Rental Income

You can earn passive income from real estate by investing in rental properties, commercial real estate, public real estate investment trusts, or real estate crowdfunding platforms. Income-generating real estate can also provide landlords with tax benefits by deducting depreciation costs, property management expenses, insurance, and other expenses.

But there’s always an active element of real estate investing, no matter what type of real estate you invest in. This includes property management, dealing with tenants, managing relationships with lenders or investors, ensuring upkeep, or simply picking the right real estate projects to invest in. Some forms of real estate investing can become so time consuming that many personal finance experts question if real estate investing can be considered passive at all.

Read more: How to Invest in Real Estate

Peer-to-Peer (P2P) Lending

Peer-to-peer lending has attracted investors looking for an alternative to persistently low interest rates on savings accounts and bond yields. With P2P loans, investors make unsecured personal loans to others and can earn high returns.

While P2P lending has exploded in popularity (check out Lending Club and Prosper), these investments are very risky. The loans are often not secured against collateral, are not FDIC insured, and money invested in P2P lending can be difficult to access in times of economic stress.

Digital Product, Online Course, or Community Development

Creating digital products, courses, or online communities can be one of the best ways to earn passive income if you can package your skills and knowledge and sell it to a group of customers. In today’s digital age, the costs of creating a course, digital product, or community have never been lower, and all you really need is a computer and some creativity.

While there are lots of instances of everyday people earning millions on their digital products, don’t forget that getting to that point likely required a lot of work. Keeping these types of products relevant and up to date after launch also requires time, effort, and attention, not to mention having to market your product and keep up community engagement.

If you are interested in starting something like this up, platforms like Thinkific, Teachable, and Patreon are all options to explore.

YouTube/TikTok Ad Revenue

I became fascinated by the prospect of earning money on YouTube after coming across financial influencer Graham Stephan. Earning money on YouTube or Tik Tok generally comes down to building your channel’s audience and monetizing content through ads or affiliate marketing links. Once your presence meets a critical mass, every video you create has the potential to become an income-generating asset.

On the surface, making money on YouTube seems amazing, but again, it takes a lot of work and dedication to get there. For example, Graham has mentioned having to post videos at least three times a week for several years to get traction. And it often takes audiences of tens of thousands or hundreds of thousands of followers to earn any money.

But there’s lots of potential to earn sizable passive income from YouTube after you build an audience. The average YouTuber can make $3 to $5 per 1,000 video views and the top YouTubers can make millions annually.

Final Thoughts

Passive income can be a great way to earn more while working a regular 9 to 5, or it could fully replace your current stream(s) of active income entirely.

When it comes to building real wealth, however, the discussion around active vs. passive income is more nuanced.

According to a five-year study of 233 wealthy individuals, a common thread between them was that self-made millionaires generated income from multiple sources. 65% of them had three streams of income, 45% had four streams of income, and 29% had five or more streams of income.

These figures suggest that when it comes to building wealth, it’s not just a question of prioritizing passive vs. active income. Rather, it’s about generating multiple streams of income and scaling your time.

Personally, I have four streams of income:

  1. The income I make from my 9 to 5
  2. Investment capital gains
  3. Dividends
  4. Freelancing work

You can leave it to your own creativity and aspirations to find what constellation of passive and active income streams works best for you. But remember, whether you are looking to create passive or active income, there is no free lunch, and any source of income that ultimately becomes passive will likely start as a highly active pursuit.

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Source: moneyunder30.com

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Apache is functioning normally

May 26, 2023 by Brett Tams

A few weeks ago, I wrote about how my husband and I are moving to be closer to his new job. Well, it’s been a whirlwind of chaos and uncertainty ever since. Since I wrote that post, we put our house on the market and began the search for a new home. And despite the fact that we’re excited for the opportunity to move on with our lives, it hasn’t been pleasant.

First of all, something happened that we never expected. Our house sold for almost full asking price in 13 days.Yes, you read that right. Thirteen days. This was great, of course, because we were able to put that part of the move behind us. And anyone who has sold their home knows how big of a pain it is to keep their house in prime condition, especially with small kids. Regardless, the fact that our home sold so quickly meant that we needed to find a new home….and fast. Plus, the fact that the buyers of our home wanted possession in 45 days meant that we had 45 days to make an offer on a home, negotiate a price, and close the deal.Gulp.

Searching for Our Dream Home

So we started our home search by making a list of the features we wanted in our new house. Fortunately, we were mostly on the same page. My main concern for our new home was price. Since selling our current home meant that we would have almost 100K for a down payment, I wanted to find a home that was as inexpensive as possible. One of our dreams is to be debt free (including our mortgage) as soon as humanly possible; so the more we burden ourselves with debt, the further we’ll be from reaching that goal.

Greg’s wish list included features that we have in our current home — a home office, a play room for the kids, and a guest bedroom — and I agreed, adding that I’ve always wanted a Jacuzzi tub in the master bathroom. We also agreed that we wanted a nice back yard and a two-car garage with some added space for storage. We thought it would be nice to have an open kitchen, plenty of storage, and a fireplace, preferably wood-burning. So, with our list in hand, we started browsing real estate listings in the new area where we are moving. And, thankfully, we found a huge selection of homes that fit our criteria.

Champagne Taste, Beer Budget

Since the house we’re selling sold for $160,000, we were hoping to keep our budget somewhere near that amount, (hopefully) not to exceed 200K. But, we also started looking in the low 200s and were even willing to go as high as 230K or 240K to get exactly what we wanted. So with our budget in mind, we started looking for a home that would work.

Over the next few weeks, we looked at least 40 homes.I fell in love at least 10 times. I saw beautiful stone-stacked fireplaces, granite counter tops, and great rooms with vaulted ceilings and custom-built bookcases to boot. I saw Jacuzzi tubs where my problems would surely melt into oblivion as well as back yards that were beautiful, peaceful, and tranquil, like I’ve always dreamed of.

As I crunched the numbers, I also saw that I would be paying on these homes for way longer than I wanted. And, even though we had found what we were looking for, we were extremely hesitant to pull the trigger. Something was holding us back. Something was telling us to stop and really think about what we were doing.And one thing I’ve learned is that when that voice talks, I need to listen. What we wanted and what we needed were, as always, two entirely different things. So we started the entire process over. Except this time, we focused on what we need, not what we want.

What Did We Really Need?

The house we’re selling is 2,370 square feet, with nearly half of that unused most of the time. Our guest room is only used twice a year, when Greg’s parents come from out of state to visit. Our home office houses a beautiful desk set that I purchased off of Craigslist, but I rarely use it and prefer to work in the living room. And the kids’ play room? Sure, they love it, but most people I know don’t have a room in their home dedicated only to toys. I didn’t have a play room growing up, after all — nor did my husband, my best friend, or either of my parents.We all survived.

And, since most of the homes we were looking at were the size of our old home, or bigger, we began to wonder if we were even looking in the right place. We started asking ourselves what we really needed. Did we really need a home office or would a small desk in our bedroom work? When Greg’s parents visited from out of state, could they stay in one of our girls’ rooms for the weekend? My 4-year-old does have a queen-sized bed. And was a playroom really necessary or could the girls each keep part of their toys in their rooms?

The more we talked, the more we discovered that we could likely live without much of the space that we enjoyed in our old house. And, in a weird twist of fate, we would soon find out whether we liked it or not.

The Benefits of a Small Home

We wasted so much time looking at larger homes that we completely ran of time to find a home altogether. And as an experiment, as well as out of necessity, we’ve decided to rent a small home temporarily to see if we can make it work. Starting November 1, we’ll be living in a three-bedroom home with less than 1,200 square feet. Since we’re renting the home from a friend, we’re able to rent month to month without a long-term commitment. Not signing a lease will allow us to continue our search for a permanent place of our own. And, although we’re slightly nervous about the transition, we’re excited to see how it pans out.

It seems like most people who live in a small space become avid small-house enthusiasts, mainly due to the many benefits a small house can offer. First of all, many small homes are less expensive which can free up cash each month for other savings goals. Since small homes usually cost less, property taxes tend to be lower as well, which can add up to even greater savings over the months and years. And, as if that wasn’t enough, smaller homes generally have lower utility bills since they often require less energy to heat and cool.Maintenance and upkeep can also cost less as well. Think about it. The smaller the home, the fewer windows to replace.Less carpet. Less to paint. Almost any big-scale home improvement project will cost less in a smaller home, simply because there’s less space, less to tear down, and less to replace. Small homes are also easier to clean and keep organized, which can make them especially attractive to those who don’t have the time, or patience, to do much housework.

Could We Make a Small Home Work?

Of course, I had all this in mind as we moved into our temporary, smaller home. And, as we unpacked boxes and configured all of our stuff, I was surprised to find that it…ummm…works.For the most part, at least. The majority of our furniture does fit in the house, after all, and there’s still plenty of room for the kids to run around. And, even though my kids lost their play room when we moved, they haven’t seemed to notice or care.

One of my biggest worries was that we would feel cramped with only one main living area, and I was surprised to find out that wasn’t the case. I’m growing to like it, actually. And more than that, I love having all of the bedrooms on one floor.

Our old office is now in the corner of our bedroom, which has been quite a change, yet doable. Our kitchen table fits snug as a bug in the eat-in kitchen as well. And if we angle the table just right, the four of us can manage to eat a meal at the same time.

But, Is it Too Small?

Even though our stuff technically fits, something still doesn’t feel quite right. There’s no pantry in the kitchen, for instance, which means that all of our food is stuffed in the few kitchen cabinets that we have. There’s also nowhere to keep the vacuum, broom, or dust pan. The house does have a small linen closet but it only holds a handful of towels and supplies, nothing more. Since we’re pretty organized folks, we’re struggling with our inability to do what comes natural to us. Shoving things wherever they fit is against our nature and I’m longing for a few more closets, or perhaps some additional cabinets or drawers.

So, after thinking long and hard about why I’m not enjoying this space as much as I could be, I’ve come to realize that the size of the house itself isn’t the problem. What this house lacks is general storage space. Not places for loads of junk that I don’t need…space for necessities.Like pots and pans, for instance, and my extra sheet sets, toiletries, and beach towels. Storage space is something that I took for granted in our old house, and it’s apparently not something that I’m willing to give up.

What We’ve Learned so Far

I’ve got to be honest. We don’t have much of a future in a 1,200-square-foot home. It’s a little small when you’ve got two hyper little ones who whip through the house daily leaving total chaos in their wake. And it’s never quiet enough for anyone either, especially after the kids go to bed, mostly because you can hear everything that’s going on, even with all of the doors shut.

And, even though I thought I could live without an office, I’m finding it rather uncomfortable working in the corner of my tiny bedroom. And, I miss having plenty of cabinets, closets, and drawers in the house. Not so that I can fill them with Stuff, but so that I can organize the things we do use on a daily basis.

Finding Our Own Normal

Fortunately, we don’t have to choose between two extremes. And, as we continue to search for a permanent home, we’ve decided to look for a medium-sized home somewhere in the range of 1,500 to 2,000 square feet. We’re opting for something big enough to accommodate our growing family, yet small enough to make prudent financial sense. And while we can’t fully commit to the small-house craze, we’re staying far away from many monstrosities and starter castles that come off and on the market on a daily basis.

According to the National Association of Home Builders, most buyers are looking for a home with a median size of 2,266 square feet. Nearly half of buyers want three bedrooms, and another 32 percent want at least four. Sixty-six percent of buyers also want a full or partial basement. And more than half (53 percent) want at least a two-car garage.

Know what I want? A home that can be paid off quickly and easily. Low utility bills. To sleep at night. Peace. Security.

Although I’m annoyed that we’ll now have to move again once we buy, I’m glad that we got to experiment with smaller living, mostly because it’s something I wouldn’t have been able to do any other way. This opportunity gave us a chance to try something new without making a huge commitment or buying a smaller home without knowing, definitively, that we could make it work. In my opinion, the small house experiment was a success. Within a short amount of time, we proved that we can live comfortably, and be happy, with less. And now that we know that for a fact, that’s exactly what we’re planning to do.

Do you prefer a small house or a big house? What do you think are the benefits of each? And, do you have any small house living tips for me?

Source: getrichslowly.org

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Apache is functioning normally

May 26, 2023 by Brett Tams

In the past, you had to drive to your bank and work with a teller to manage your deposit accounts. These days, however, you have the option to complete virtually any banking need with any device that has internet access. You can pull out your smartphone and deposit a check. Or you may use your laptop to check your account balance.

That’s where banks called neobanks come in. It’s no surprise that neobanks are more popular than ever before. Let’s take a closer look at what they are and how they work so you can decide whether a neobank makes sense for your particular situation.

20 Best Neobanks

While traditional banks take up more market share than neobanks, you can still find a good amount of them if you do your research and shop around. The right neobank for you will depend on your unique lifestyle, needs, and preferences. To help you hone in on the ideal option, here’s our list of the top neobanks of 2023.

1. Chime

Founded in 2012, Chime is a financial technology company that offers banking services from The Bancorp Bank, N.A. and Stride Bank N.A. The Chime Checking Account is free of monthly maintenance fees and no minimum balance requirements.

Its perks include early direct deposit, automated savings features, access to over 60,000 or more fee-free ATMs, and free debit card replacement. In addition, you can take advantage of SpotMe and get up to $200 in fee-free overdrafts.

There’s also a Chime’s Savings Account, which offers a competitive interest rate with no cap on the amount of interest you can earn. Other services include Secured Chime Credit Builder Visa® Credit Card that doesn’t require a credit check, making it a suitable option if you have limited credit. Chime should be on your radar if you prefer a one-stop-shop for all of your banking needs.

You can read our full Chime review to learn more.

2. GO2bank

For more than a decade, Green Dot Corporation has specialized in alternative banking products. In 2013, GoBank made its debut as the first digital bank offering digital financial services. Then, in 2021, the company launched GO2bank, its second online bank.

GO2bank stands out from other neobanks which require you to sign up online because you can pick up their debit cards in person at Walmart and other popular retailers. GO2bank’s bank account tends to be a popular product in addition to its secured credit card that can help you build credit.

For a comprehensive overview, read our full GO2bank review.

3. Current

Since its inception in 2015, Current, which is not a bank, but a fintech company based in New York City, has partnered with Choice Financial Group and Metropolitan Commercial Bank to offer banking services. Its flagship products are a personal checking and debit card you can access via a mobile app on any iOS or Android device.

Even though Current’s product line is limited, the neobank prides itself on no shortage of perks and benefits. You can get your deposit up to two days early and earn cash back for debit card spending from more than 14,000 merchants. Additionally, Current doesn’t charge minimum balance fees or bank transfer fees and offers fee-free ATM withdrawals from ATMs in the Allpoint network.

If you would like to learn more, take a look at our Current review.

4. Revolut

Founded in 2015, Revolut is one of the largest European neobanks, serving more than 16 million customers. It has expanded its footprint to the U.S. market and has plans to become one of the most reputable neobanks in the world.

Revolut is unique in that it offers a wide array of financial services, such as bank accounts, debit cards, peer-to-peer payments, cryptocurrency, and currency exchange. It supports both individual consumers and businesses with more than 30 currencies. For a neobank with a diverse lineup of offerings, Revolut has you covered.

To learn more, read our full Revolut review.

5. Quontic Bank

Quontic Bank is a full-service, FDIC-insured online bank that was founded in 2002. It offers a range of banking products and services, including checking and savings accounts, credit cards, mortgages, and business banking solutions.

They offer some of the best annual percentage yields (APYs) in the industry. Quontic accounts come equipped with no overdraft fees, no incoming wire transfer fees, no monthly service fees, and access to over 90,000 surcharge-free ATMs.

Quontic also has a savings accounts feature called “Roundup”, which makes saving money simple and easy. In addition, they have a responsive U.S. based customer service team available to assist with any questions or concerns.

Read our full Quontic review for more information.

6. Dave

When Dave began in 2017, its sole focus was paycheck advances. Over time, it evolved to offer a checking account with no minimum balance requirements. If you become a Dave customer, you can receive early access to your paycheck, without a credit check or interest charges.

Dave also offers handy built-in budgeting features and doesn’t charge overdraft fees or ATM fees, as long as you use an ATM from the MoneyPass network. Dave may make sense if you’d like the option for small cash advances to get you through a financial hiccup from time to time.

See also: Free Online Checking Accounts: No Opening Deposit Required

7. Albert

Albert began as a money management app in 2016, but is now a personalized banking service that has attracted over 6 million customers. This digital banking account offers cash back and a range of benefits.

These including no-interest cash advances of up to $250, integrated budgeting and savings tools, and annual savings bonuses of up to 0.10%. There are no minimum balance requirements or overdraft fees. However, there is a minimum monthly fee of $4. Keep in mind that you’ll need to have an external bank account to open an account with Albert.

8. Varo

Varo Bank began in 2015 as a fintech company that partnered with The Bancorp Bank. In 2020, it acquired its own national banking charter, making it different from other neobanks you might come across. Even though Varo operates as an actual bank, it focuses on online banking via its website and mobile app.

Its checking account is free of monthly fees and there’s no minimum balance requirement. Plus it comes with a debit card. In addition, Varo partners with more than 55,000 ATMs through the Allpoint ATM network.

We can’t forget its other perks, such as contactless payments, credit cards with reporting to the major credit bureaus, early direct deposits, and no foreign transaction fee or transfer fees. Varo might be worthwhile if you’re looking for a checking account with all the bells and whistles.

Read our Varo Bank review to learn more.

9. Aspiration

Aspiration was founded in 2013 under the motto “Do Well. Do Good.” It partners with financial institutions like Coastal Community Bank and Beneficial State Bank to offer cash accounts, savings accounts, and a few investment accounts.

Aspiration’s most popular product is the Aspiration Spend & Save Account, which is a hybrid of a checking account and savings account. There’s also the Zero credit card, which offers cash back and plants a tree every time you make a transaction. Aspiration can be a good fit if you’d like to get rewarded for your spending and like the idea of one account for your checking and savings goals.

Read our full review of Aspiration to learn more.

10. Bluevine

Bluevine made its debut in 2013 as a fintech company with a mission to improve banking for small and mid-sized business owners. Its flagship product is the Bluevine Business Checking. It’s completely free and comes with a competitive annual percentage yield and unlimited transactions. This is rarely seen in the world of business checking.

In addition to the business checking account, Bluevine offers financing products, such as lines of credit of up to $250,000. Bluevine should be on your radar if you’re a business owner in search of fast, convenient startup banking and financing.

11. SoFi

Social Finance or SoFi entered the market as a student loan refinance company. Recently, however, the fintech company received its own bank charter to offer digital banking services. You can use the SoFi Checking and Savings combo account to manage your spending and saving needs in one place.

Fortunately, SoFi doesn’t charge monthly maintenance fees, overdraft fees, and ATM fees. Additional perks and extras include no-fee overdraft coverage, sub accounts for various savings goals, and additional products like credit cards, cryptocurrency trading, and retirement accounts, like an individual retirement account.

Read our full review of SoFi to learn more.

12. Acorns

Acorns has a reputation as an easy-to-use micro investing app. Since 2012, many people have downloaded it on their iOS or Android devices to invest their spare change. Over time, Acorns has expanded to offer a checking account.

You can open Acorns Checking for free and enjoy perks such as no monthly or overdraft fees, early direct deposit, mobile check deposit, and access to a network of 55,000 ATMs.

The checking account seamlessly integrates into the Acorns micro investing feature. Plus when you use your Acorns debit card, you can earn cash back at participating retailers and use it to invest, along with your spare change. If you’d like to get started with investing, Acorns is worth considering.

13. One

One is a neobank owned by Walmart. It offers a budget-friendly overdraft program with customized budgeting and savings options for its customers. One’s banking account allows users to organize their money into subaccounts called Pockets.

Pockets offer saving rates of 1% on up to $5,000 for any customer and 1% on up to $25,000 for customers with direct deposit. Additionally, One provides fee-free overdraft coverage of up to $200 for customers with direct deposits of at least $500 per month.

14. Cheese

Cheese is a digital banking platform that was launched in March 2021 and caters specifically to the immigrant and Asian American communities. It offers up to 10% cash back at 10,000 businesses, including Asian-owned businesses and restaurants.

Cheese’s customer support is available in English and Chinese, with more languages to be added in the future. One of the benefits of opening an account with Cheese is that accounts earn interest and do not have monthly fees or ATM fees when using the national MoneyPass ATM network.

15. Unifimoney

Unifimoney is a money management and investment app that helps you manage your banking, investing, and borrowing needs all in one place. It caters to account holders who earn at least $100,000 per year but have significant amounts of student debt. You can download Unifimoney to pay bills, deposit checks, and write checks.

It’s unique in that it also allows you to refinance student loan debt and can create a diverse investment portfolio with particular stocks, cryptocurrencies, precious metals, stocks, and exchange-traded funds (ETFs).

In addition, you can turn to Unifimoney for insurance products, like car insurance and health savings accounts (HSAs). If you’d like to get started with Unifimoney, open the Unifimoney high-yield checking account with as little as $100.

16. NorthOne

Headquartered in New York and founded in 2016, NorthOne offers digital business banking services. If you’re a startup, entrepreneur, or small business owner, NorthOne can be a good fit. It differs from other banks that serve businesses in that there are no transaction limits that require premium upgrades.

You can open a business bank account for a flat $10 monthly fee and won’t have to worry about additional fees for deposits, transfers, ACH payments, or app integrations. In addition, you’ll get to create as many “Envelopes” or sub accounts as you want so you can save for payroll, taxes, and other business needs.

17. Oxygen

San-Francisco based Oxygen focuses on two accounts: the free thinker account for individuals and the pioneer account for business users. Even though it doesn’t charge fees, like monthly fees, ACH fees, and overdraft fees, you will have to pay an annual fee that can go up to a few hundred dollars.

While most neobanks don’t allow for cash deposits, Oxygen does. As long as you have an Oxygen bank account, you can make deposits at GreenDot locations, which are usually located inside popular retailers, like Walmart, Walgreens, and CVS. If you don’t mind paying an annual fee and like the convenience of being able to deposit cash, Oxygen is worth exploring.

18. Bella

Bella is a fairly new player in the neobanking space. Its partner bank is nbkc bank, which allows it to provide banking services. With Bella’s checking account rewards program, you can receive a random percentage of cash back on randomly selected purchases.

The cash back amount may be anywhere from 5% to 200%. Like most neobanks, Bella doesn’t charge monthly fees, ATM fees, and overdraft fees. You can also opt for a no-fee savings account. Bella accounts are FDIC insured for up to $5,000,000.

19. Lili

Lilli services small business owners and believes that managing two accounts is a hassle. That’s why this neobank offers a single account you can use for both your business and personal transactions.

Come tax time, Lili will eliminate financial stress and let you automatically save a certain percentage of your income into a “tax bucket.” Plus, it produces quarterly and yearly reports instantly, reducing your tax prep costs. While the Lili Standard account is free, Lili Pro will run you a couple dollars per month.

If you upgrade to Lili Pro, you’ll get cashback rewards on all your debit purchases and 1% interest on your savings accounts. Lili could be a solid pick if you’re a freelancer or solopreneur hoping to simplify your finances.

20. Monzo

Monzo is a UK-based neobank that just opened up to the U.S. market in late 2022. All accounts are insured by the FDIC for up to $250,000. Plus fee-free withdrawals are available at more than 38,000 ATMs.

Furthermore, Monzo is similar to Aspiration as it strives to protect the planet. Additionally, this neobank offers budgeting tools that can help you meet various savings goals.

What is a neobank?

Often called challenger banks, neobanks have recently entered the financial services industry and challenged banking norms. Most neobanks are financial technology or fintech companies that offer the same banking services you may find at traditional banks, like Bank of America or PNC.

But they promote innovation and act like digital only banks or online banks as they don’t have any physical branches and operate via apps. Most of these apps are user-friendly and loaded with a variety of handy features, such as early deposit and savings tools to simplify the banking experience. They are specifically designed to give you greater control of how you manage and spend your money.

Also since neobanks don’t have any physical branches, their overhead costs and customer acquisition costs are low and enable them to offer more affordable banking products and services. Many neobanks let you choose from a number of free and paid premium subscription services.

Are neobanks safe?

Since neobanks are fairly new and different from many traditional banks, you might wonder whether they’re safe. Fortunately, most of them are very safe because they operate within a regulated market.

These financial institutions typically work with U.S. banks to offer FDIC-insured accounts, which protect your money from potential bank failures and the losses that come with them. To help determine if a neobank is safe, check out their ratings and reviews on reputable websites like the Better Business Bureau (BBB).

Neobanks vs. Traditional Banks

To further explain neobanks and their modern spin on traditional banking, let’s take a closer look at how they differ from traditional banks.

Neobanks

Neobanks operate without physical branches. To take advantage of their offerings, you’ll likely need to download an app and provide some personal information.

While you can expect fewer banking and credit products than you’d find at traditional banks, you’ll reap the benefits of lower fees and extras that improve the overall banking experience.

Some neobanks have decided to expand their lineup of products and services to create more of a one-stop-shop you’d get from a traditional bank. Since most neobanks don’t earn money from lending, like incumbent banks, their business model depends on interchange fees or transaction fees, which usually come from debit cards. They might also charge for premium accounts and extra features.

Traditional Banks

Traditional banks often have brick-and-mortar locations across the country or in a specific geographic region or area. But many of them also have digital banking divisions in which you can perform banking services online.

Most banks focus on strong customer relationships and earning interest through loans as well as account fees from banking, lending, and investing. They typically target customers who appreciate customer engagement and a traditional in-person banking experience.

See also: Best Alternatives to Traditional Banks

Pros & Cons of Neobanks

Just like all types of financial institutions, neobanks have benefits and drawbacks you should consider, including:

Pros

  • Lower fees: Compared to traditional banks, neobanks offer lower fees. That’s because they don’t have the high overhead costs associated with the upkeep of physical branches.
  • Higher rates: Neobanks often pride themselves on higher interest rates on their checking and savings accounts. This can make it easier and faster for you to save money.
  • Convenience: Perhaps the greatest benefit of neobanks is the convenience they bring. You can perform a variety of banking tasks, like depositing checks or making payments from your smartphone device, round-the-clock.
  • Easy access: You can manage your banking 24/7 without ever having to leave your home and visit a local branch. All you have to do is download an app from the app store.
  • Simple setup: It’s usually fast and easy to open an account with neobanks. Many of them will approve you, regardless of your credit score or credit history.
  • Focused services: While most neobanks don’t offer all the services you might find at traditional banks, the few services they do provide focus on service quality and are typically loaded with perks and benefits. For example, you can get a no fee checking account with cash back rewards.

Cons

  • No bank charters: Neobanks don’t have bank charters. Instead, they often partner with traditional banks to insure their products. Before you move forward with a neobank, ensure they partner with a Federal Deposit Insurance Corp or FDIC-insured bank and offer their own FDIC insurance.
  • Customer service restrictions: Since neobanks operate on app instead of through physical branches, customer service can be a downside. You may have to turn to chatbots or social media for basic banking questions and support. If you notice fraud in your account, it may be more difficult to resolve the issue.
  • Fewer services: Traditional banks usually pride themselves on a long list of services, including loans, wealth management, and brokerage services. Neobanks, however, tend to limit their offerings to checking accounts and savings accounts.
  • Unproven track record: Neobanks are still in the startup phase as many made their debut within the last few years. This means that they may fail and force you to look elsewhere for your banking needs.
  • Require knowledge of technology: While most neobank apps are intuitive and designed for the average person to use with ease, they may still be inconvenient for some people. If you don’t consider yourself tech literate, a neobank might not make sense.

Bottom Line

There’s no denying that neobanks have revolutionized the banking industry and financial industry. If your primary goal is convenience and you prefer mobile or online banking, a neobank can be a great alternative to a traditional bank or legacy bank. Just make sure you explore all your options and read the fine print before you choose one.

Source: crediful.com

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Apache is functioning normally

May 25, 2023 by Brett Tams

Renting from corporate landlords versus private landlords can offer two very different experiences. Each has its pros and cons and can be the right fit depending on your needs.

Property management firms oversee most properties owned by corporate landlords. These may include real estate investment trusts (REITs), which allow investors to put their money into a wide range of properties. The largest one in the U.S. is Starwood Capital, a REIT in Miami that had 115,000 rental units in 2022, according to Statista.

Many private landlords with smaller holdings manage their own properties. The 2018 census data found that individuals own about 70% of rental properties, as reported by Pew Research. The tasks they’re involved in may include tenant screening, property upkeep and rent collections.

As you can imagine, a private landlord may offer a much more hands-on approach. Renting from a corporate landlord places the majority of responsibilities on a property manager.

Let’s break down the differences and explore which type of landlord may be right for you.

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Property repairs and maintenance

According to Porch, landlords, on average, receive about six repair calls per year from tenants. If something breaks down in your rental, you call a private landlord directly.

The time you may have to wait for a repair or replacement depends on their responsiveness and the availability of tradespersons in the area. Of course, if your landlord, who is also a contractor, lives next door, you can expect fast and more personal service.

A property management firm usually requires filling out forms which are then directed to maintenance. This may result in timelier requests, depending on the number of properties under their care and how busy maintenance is. If they’ve been in the business for a while, they may also have vendors in place for specific requirements. Many also offer 24/7 service in emergencies, such as blocked plumbing.

Direct communication

Renting from a private landlord translates to direct communication between you and the owner of the property. This direct line may offer greater flexibility as the owner might handle requests on a case-by-case basis.

For example, if your past entailed a rough patch that resulted in a low credit score, a private property owner is more likely to work with you. Should issues arise during your tenancy, such as a delayed rent payment, you may be able to talk to your landlord and work out a payment plan.

A larger firm usually has stricter policies and procedures in place. As a result, they are often less flexible when it comes to pet policies, lease terms, deposits and rent prices. You may also pay slightly more for a rental that a professional property manager oversees, as the owner must factor in their costs.

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Interacting with your landlord

A private landlord may live nearby. While this may result in faster repairs, it can also lead to running into each other regularly. Depending on their nature, this may be a welcome addition or an uncomfortable intrusion.

Unless you make friends with your property manager, chances are you will rarely meet up. These professionals are usually busy keeping their properties running smoothly and rented out.

Procedures and protocols

A landlord’s role is to provide a secure and safe home. While most private landlords take this seriously, they may not always know the acceptable minimum standards.

A professional management firm knows the law and has procedures and protocols in place for their rental units. These companies are generally trained and licensed in real estate.

For instance, if a wild animal, such as a skunk, decides to make a home under your deck, they may have experienced this before and understand the immediacy. They may also know wildlife relocators in the area to contact.

On the downside, written protocols may also include a faster response to a late payment. One study found that some large corporate landlords were more likely to file eviction notices.

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The importance of amenities

Private landlords generally oversee single homes or smaller multi-family units. Taking care of the lawn and yard and plowing snow in the winter may fall under the responsibility of the renter. On the plus side, this property type can offer greater privacy.

In contrast, large multi-unit apartment buildings tend to attract corporate landlords. These may offer many amenities, including swimming pools, gyms, tennis courts and security. Consider your lifestyle and preferred setting when selecting a property that could be your home for a year or more.

Checking out your potential landlord

Just as a landlord checks their tenants, you should appraise your landlord. If a property management firm, check their credentials. For instance, if they are a member of the National Association of Residential Property Managers, you know they receive ongoing education and training and agree to abide by ethical standards. You can also check their ratings on Yelp.

If a REIT or other corporate landlord owns your rental, Google them to see if they’ve made the headlines, for better or worse.

If they are a private landlord, check for reviews and watch for rental scams. If possible, talk to current renters. Ask about anything especially important to you, whether maintenance, privacy or noise level.

What type of landlord is right for you?

If you enjoy a personal, hands-on experience, you may want to consider a private landlord. If you’re looking for a business-minded professional that goes by the books, a corporate landlord and professional management firm may be your best bet.

Still looking for a place to live in your target city? Start here.

Source: rent.com

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Apache is functioning normally

May 25, 2023 by Brett Tams

Being mayor of New York City comes with a lot of responsibilities, challenges and a great deal of stress.

However, this high-profile job does come with some pleasant perks, too. One of the privileges of being mayor of the city that never sleeps is that you get to reside in a historic mansion in the very heart of Manhattan — also known as Gracie Mansion.

Gracie Mansion, the official residence of the mayor of New York City

The Archibald Gracie Mansion, better known as Gracie Mansion, is the official residence of the Mayor of the City of New York, and it has held on to that title since 1942.

It is located in Carl Schurz Park at East End Avenue and 88th Street in Yorkville, overlooking the Hell Gate channel in the East River. 

entrance to Gracie Mansion NYC
Driveway and front entrance of NYC’s Gracie Mansion. Photo credit: SCOOTERCASTER / Shutterstock.com

The site has a long history; it originally housed merchant Jacob Walton’s Belview Mansion, and was commandeered by George Washington during the American Revolutionary War.

The property was an excellent strategic outpost, given its location overlooking Hell Gate, where the East River, the Harlem River, and the Long Island Sound intersect. 

Belview Mansion was unfortunately destroyed by the British during the war, but the location was too good to sit vacant for too long.

In 1799, a businessman/career U.S. army officer by the name of Archibald Gracie constructed Gracie Mansion on the same site and used it as his country home up until 1823. 

Gracie Mansion throughout the years

In 1896, Gracie Mansion was seized by the municipal government and integrated within the grounds of Carl Schurz Park. It housed the Museum of the City of New York from 1924 until 1936, and after that, it was shown as a historical house.

Then came 1942, when the U.S. was fighting in World War II. New York developer Robert Moses suggested to Mayor Fiorello H. La Guardia to turn Gracie Mansion into a mayoral residence.

Moses thought that the waterfront location would be an advantage in case of a Nazi attack, offering a quick evacuation option for the NYC mayor. La Guardia agreed, and so he became the first in a long line of NYC mayors to reside at Gracie Mansion during his term. 

Nobody is sure who the architect was at Gracie Mansion. The two-story Federal-style design is attributed to either Ezra Weeks or John McComb Jr., who designed the New York City Hall and Hamilton Grange.

SEE ALSO: Mark Twain’s houses: From his Connecticut mansions to the New York City brownstone known as ‘The House of Death’

Other sources report Archibald Gracie came up with the design of the property himself.

Did you know that Alexander Hamilton died at Gracie Mansion?

Fun fact: Gracie Mansion hosted a historic meeting of the New York Federalists, including Alexander Hamilton, held in 1801 with the goal of raising $10,000 to start a newspaper. That newspaper was called the New York Evening Post, which eventually became the New York Post we know today. 

Alexander Hamilton made his last visit to the mansion in July 1804, after being wounded in a duel with Aaron Burr, his political rival at the time.

The duel took place in Weehawken, New Jersey, and Hamilton was shot by Burr and was then transported to Gracie Mansion, where he met his end.

The original fireplace by which Hamilton died has been carefully preserved and can still be admired at Gracie Mansion. 

black-and-white photo of the fireplace inside Gracie Mansion, next to which Alexander Hamilton died.
The fireplace inside Gracie Mansion, next to which Alexander Hamilton died. Photo source

Who lives at Gracie Mansion now?

Gracie Mansion is to be used solely for official city business, and only visiting public officials and family members of the mayor can reside at the property.

The long list of NYC mayors who called Gracie Mansion home over the years includes William O’Dwyer, Robert F. Wagner, John V. Lindsay, Edward Koch, Rudolph Giuliani, and Bill de Blasio. Current NYC mayor Eric Adams and his family reside at the mansion. 

Michael Bloomberg was the first Mayor of the City of New York to refuse to stay in the mansion for the duration of his term. Instead, he used it for meetings and official events, and invested in a major restoration effort to bring the property to modern standards. 

Restoring the iconic mansion to its former glory

Gracie Mansion underwent a number of changes throughout its long history. In 1966, a new west wing was completed, and that was when the fireplace from the Bayard home, where Alexander Hamilton died, was installed in the ballroom.

The library and the main two floors of the mansion have been impeccably preserved. The mantel and dentil molding in the library have been there since the construction of the house in 1799. 

Numerous prestigious guests have attended events or visited the mansion over the decades, including Leonard Bernstein, who once played the historic piano in the yellow room, Nelson Mandela, Bill Clinton, and even the Dalai Lama.

The mansion is a New York City Landmark and is included in the National Register of Historic Places.

SEE ALSO: The San Remo, NYC’s First Twin-Towered Building

The Gracie Mansion Conservancy

In 1981, Mayor Edward I. Koch and his charter Board Chair, Joan K. Davidson established the Gracie Mansion Conservancy.

A closer look at Gracie Mansion, the New York City mayor's house.
A closer look at Gracie Mansion, the New York City mayor’s house. Photo credit: Jim.henderson, CC0, via Wikimedia Commons

The private not-for-profit organization was created to preserve, maintain, and promote Gracie Mansion, and to raise funds to restore and upkeep the historic structure. The Conservancy is constantly working on improving the mansion, acquiring furnishings, caring for the surrounding gardens and grounds, and educating the public. 

Under the guidance of the Conservancy, the first major restoration took place between 1981 and 1984. Since then, the historic mansion has been upgraded, repaired, and restored several times throughout the years, with all efforts overseen by the Conservancy. 

Gracie Mansion was carefully restored and redecorated in 2002 during Michael Bloomberg’s mandate – even though he was the first NYC mayor who did not live there.

It was the first time that the family quarter on the second floor opened to the public, and the entire structure was redesigned to be fit for official meetings and events. The entire effort cost $7 million and was one of the most significant restorations undertaken at the historic estate. 

Former mayor Bill de Blasio also made efforts to improve and enhance Gracie Mansion, and his focus was on bringing the historic mansion into the 21st Century.

Blasio and his wife, Chirlane McCray, enlisted the help of Brooklyn-based company West Elm to add a modern touch to Gracie Mansion, while still preserving its history under the guidance of the Conservancy. 

Gracie Mansion in NYC, sheltered by trees. Photo credit: John Penney / Shutterstock.com

Can you visit Gracie Mansion?

Gracie Mansion’s two main floors are open to the public, and the property also houses a small museum. So, if you’re visiting New York City, or maybe you’ve lived there your whole life but didn’t know about Gracie Mansion, be sure to plan a future visit. 

General Tours of the estate take place on most Wednesdays at 10am, 11am, 1pm and 2pm.

General admission is $7 for adults, $4 for seniors, while students are admitted free of charge. There are also Tea Tours available for groups of 25-50 people, on Tuesdays and Thursdays. These tours cost $25 per person and include a selection of tea sandwiches, scones, and teacakes. 

The Gracie Mansion Conservancy strives to educate the public on the historical significance of the property. To this end, School Tours are also held Tuesdays and Thursdays, catering to local school students, particularly those studying in New York State’s 7th grade social studies curriculum. School Tours are free of charge. 

If you’re planning a visit to Gracie Mansion or want to support the Conservancy, email grac[email protected] or call 311 for more information. 

Frequently asked questions

Where is Gracie Mansion located?

Gracie Mansion was built in 1799 and is located in Carl Schurz Park, at East End Avenue and 88th Street in Manhattan’s Yorkville neighborhood. The Mansion overlooks Hell Gate channel, where the East River, the Harlem River, and the Long Island Sound intersect.

Does the mayor live in Gracie Mansion?

Gracie Mansion has been the official residence of the Mayor of New York City since 1942. Various NYC mayors have called Gracie Mansion home, including Robert F. Wagner, Edward Koch, Rudolph Giuliani, Bill de Blasio, and Eric Adams. Michael Bloomberg was the first NYC mayor to not reside at Gracie Mansion. 

Why is it called Gracie Mansion?

Gracie Mansion was originally built in 1799 by Archibald Gracie, a Scotland-born magnate, Army officer, and American businessman. He built the mansion and used it as his family home until 1823, when he sold it to pay off debts. But the property retained his name.

Is Gracie Mansion open to the public?

Yes, Gracie Mansion can be visited by the public, although some rooms are off-limits to the general audience. General Tours, School Tours, and Tea Tours can be scheduled by emailing [email protected]. 

More iconic homes

The Breakers, the Vanderbilts’ Iconic Summer Estate in Newport
The Remarkable Sheats-Goldstein Residence in LA: Past, Present and FutureThe Three (Tragic) Lives of Frank Lloyd Wright’s Taliesin House
Ernest Hemingway’s House in Key West Stands Tall after 168 Hurricane Seasons

Source: fancypantshomes.com

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Apache is functioning normally

May 24, 2023 by Brett Tams

Perhaps unsurprisingly, it didn’t take long for a castle in Georgia to find a buyer. The fanciful space is currently pending sale.

In fact, the first person who saw the Oakhurst Castle in Decatur, GA, put in an offer on the 116-year-old property. The home—a real standout in its suburban Atlanta neighborhood—is listed for $1,335,000

“It’s in an area that’s full of 1920s bungalows interspersed with new construction, and then you’ve got this castle-looking building on a corner lot that just doesn’t look like anything else,” says listing agent Kathleen Sickeler, with Coldwell Banker Realty. “It’s in an amazing school district and at that price point, we knew we would get offers right away.”

Turret

(Madelyn Livingston)

The current owners bought the place in 2012 for $575,000 and, as Sickeler says, did all of the necessary but “unsexy stuff” to the property—updating the electrical, replacing the plumbing, adding insulation, and other essential upkeep.

And all of their work seems to have helped attract a buyer.

“It was very turnkey—nothing needed to be done,” Sickeler says. “The potential buyer really didn’t have to do anything except just walk into this updated, modernized home that is filled with all the integrity and character of a bygone era.”

Entry

(Madelyn Livingston)

Kitchen

(Madelyn Livingston)

Mural

(Madelyn Livingston)

The castle was built in 1907 and, according to lore, the original owner had an affinity for English castles; so he built one for his family on a piece of property and added a courtyard and many other special touches, Sickeler notes

“His brother is said to have owned a stained-glass factory in California, hence why there’s a lot of stained glass in the property and a lot of original glass windows,” she says, adding that the large stained-glass window in the stairway has mysterious origins. “It was hanging in the home when the sellers purchased it. They made it a permanent fixture and put it in a window. Nobody knows if it came from the brother’s factory. You hear these stories that can’t be validated but seem to have been passed along generation to generation.”

Interior

(Madelyn Livingston)

Bathroom

(Madelyn Livingston)

There are four bedrooms and three bathrooms in the 3,318-square-foot house. The turret connects to one of the bedrooms, creating a a cozy spot.

“It’s just a beautiful, round reading nook, and everywhere you look, you see a beautiful view,” Sickeler says.

The ground floor of the turret is an open patio-seating area.

Another of the home’s unique features is the overhead painting in the kitchen. The design features a nod to the iconic “The Joy of Cooking” cookbook.

“In the skylight, you’ve got this huge hand-painted mural,” Sickeler says. “It was painted in 1992 for the previous owners, and you’ll never find anything like that in another house.”

Garage

(Madelyn Livingston)

Garage bonus room

(Madelyn Livingston)

The home also offers a detached garage with a bonus area that Sickeler calls a great hangout space.

The home’s interiors are surprisingly modern but still seem to fit with the character of a castle.

In fact, the listing agent and sellers had discussions about how to emphasize the light and bright interiors to potential buyers, who might have imagined an old castle would be dark and dusty inside.

Sickeler emphasizes that the house definitely speaks for itself.

“Once you walk in, you’ve got a beautiful amount of light coming through that stained-glass window,” she observes. “It’s such a grand foyer. It just opens up and with high ceilings. It’s just beautiful. You walk in you just feel, ahhh.”

Source: realtor.com

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