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Added on the 02/08/2019 11:21:23 - Copyright : Wochit
The average homeowner spends anywhere from 1% to 4% of their home's purchase price on maintenance every year. That can make home warranties appealing. But a home warranty's fine print can translate into it not always coming through when you need it to. So when Business Insider contributor Choncé Maddox got burned by her home warranty company skating out of some pricey repairs, she turned the tables. Instead of paying for another warranty, she put the same $500 she would have spent on it into a high-yield savings account for home maintenance. If a new air conditioner costs $2,000 to $3,000, she can come up with the money a lot quicker without paying for a warranty! Also, she and her husband took it upon themselves to learn how to take care of the valuable systems in their home. Hooray for YouTube!
Financial consultant Alli Williams was just 29 when she took on $154,000 of her husband's debt when they got hitched. Since then, they've paid off $50,000 of the debt, including an auto loan, some student loans, and a credit card. Not only that, but they also paid for a wedding, college tuition, and have saved for a baby and a house. According to Business Insider, Williams believes in prioritizing expenses, such as bonding activities and savings goals, but not in harsh deprivation. On a practical level, every paycheck is divvied up between bills, savings, and debt repayment. As for windfalls such as gifts, bonuses, or tax refunds, Williams sets allocation percentages without knowing the amount. For example, 50% will usually go toward debt, another 20% towards savings, and so on. When the money hits the bank account, she doesn't have to dither!
Going through the mortgage approval process can be tedious, time-consuming, and stressful. But working hard to get a lower interest rate is totally worth it. According to Business Insider, prospective homebuyers should give themselves at least a few months to get prepared for the rigamarole. First, get your credit score up as high as you can. Second, get your debt-to-income ratio as low as you can. Always pay on time, and pay off any credit card balances before applying for a new mortgage. Take at least a six-month moratorium from applying for new accounts as well. Finally, shop around for the best rate that's suitable for your particular situation. Good luck!
Chart-topping pop star Selena Gomez has bought Tom Petty's former home in Encino, California.
Michael Jackson's youngest child Blanket has reportedly celebrated his 18th birthday by buying a $2.6 million Calabasas home.
Adele has reportedly forked out $10.65 million on a second Beverly Hills home, and there is speculation her estranged husband Simon Konecki may move into the property.
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