Sully Real Estate & Land, Inc.

August

 


Want to help yourself and your mortgage lender?A Micro Home?
Most people would balk at the idea of living in a home that’s only 300 square feet (or less!). For a growing number of people, it would be a dream come true. With the uncertain economy and the current state of the housing industry, more and more people are joining the micro house movement. These homes are the backlash against the McMansion movement of the last few years. They’re simple, environmentally friendly, and incredibly inexpensive to live in.
Why Live In A Micro House?
These micro homes, especially the super-small ones, are not for everyone. For instance, families with children would have a trying time of things. But the good news is that micro homes come in a wide variety of sizes. The smallest start at 60 or 80 square feet, while the larger pre-fab micro homes start at 300
square feet and go up to 900 or more. So, why would you want to sell 95% of your possessions and move into a home the size of many people’s closets?There Are Several Reasons.

Simple Living: Most people have a house full of possessions. But many times, the possessions you own end up owning you. Living with only the bare
necessities frees up your time (and income) to do things you really want to do. Instead of spending hours cleaning your house, you spend minutes. Instead of shopping and spending money, you visit with friends. These homes allow you to live on a drastically reduced income. Just imagine the possibilities.

Green Living: Most of the builders and designers that are part of the micro home movement live green in their own lives. Thus, most of their homes are green as well. Living in a micro home means that you’re using dramatically fewer resources. You can’t buy stuff because you have a limited amount of
space. Micro homes consume far less energy than traditional homes, and most of the time they’re designed and built using renewable resources, like cork and bamboo. Many of them also utilize green practices like wind and solar
energy, and greywater recycling.

Frugal Living: As you can probably imagine, micro homes cost far less to live in than a 2,500 square footer. How much do they cost? Well, the price range is fairly wide. The micro home with the man in front costs around $15,000. But, it has no bathroom. Larger homes, start at $36,000 and go up from there. Some, like the larger, ultra-modern designs, will cost $100,000 or more.

I’m sure you can also guess that living in a micro home means that your utility bills are mini as well. Many designers and builders of micro homes allow
you to completely live off the grid. Average utility bills for their homes are about $300. That’s per year.

Want to help yourself and your mortgage lender?

Working With A Professional

…is one of the best decisions you can make this year.
Loan Officers, Realtors, Title Representatives and
Builders are in the best position to give you personal
service, have current knowledge of the market,
understand the laws, and have the expertise to guide you
away from any hazards you might find along the way.

 

Want to help yourself and your mortgage lender?

15 For Retirement

This might qualify as an old-fashioned and quaint notion.
But if you’re still committed to paying off your debt, a low rate
on a 15-year mortgage presents an interesting opportunity to
rethink your retirement planning strategy. For what it’s worth, the
payment on a 15-year loan today is what you would have paid for a
conforming 30-year mortgage some time ago. That’s how cheap this
is in historical terms.

The 15-year is a ridiculously great deal. What’s that got to do with your retirement?

Housing costs are a major reason older folks are running into financial trouble these days. Paying off your mortgage before you retire is one of the surer ways to give yourself a shot at a stress free retirement. Assuming you have the equity and income to refinance, choosing a 15 year will speed up the payback and save tens of thousands of dollars in interest costs in the
process.

If you’re in your 50s and just a few years into paying off a 30-year mortgage, this move gets you mortgage-free before you retire. Might that be worth trying to find an extra $100 or so a week to put toward the mortgage? Or if that’s not feasible, consider the idea of scaling back your 401(k) contributions to free up more money for the mortgage. Yes, you’ll have less saved in your 401(k) come retirement. You’ll also have much lower housing costs in retirement, right?
That’s not to suggest you stop contributing to the 401(k) altogether. This is about reducing the contribution rate so you can knock off one of your biggest
(if not the biggest) retirement costs: the mortgage.

The rigidity of committing to the 15-year is sometimes needed to get you to stick to an aggressive repayment plan. The 15-year could be just the push you need to wipe out one. Also there are many different mortgage terms now available, so check and see what might be right for you.

Want to help yourself and your mortgage lender?


Speed Up!

Still fewer than half of Americans have taken advantage of their right to get their free credit report. Of those, 21% paid a minimal fee to get their credit score. Order a free copy of your credit report every 12 months from the credit reporting companies. Also if you get one of the three each 4 months, you get
all year around coverage. Go to:
www.annualcreditreport.com

 

Credit card companies might raise your rate if you cancel a card, so it is best to keep the account open until you pay it off.

Credit card companies might raise your rate if you cancel a card, so it is best to keep the account open until you pay it off.