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Added on the 23/06/2019 12:23:11 - 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!
We highlight some of the hidden costs of purchasing a property. Before you even start looking for a property you should make sure your finances are in order, including checking your credit score and working out what you can afford for a deposit. Because once you’ve found somewhere you like, the real costs begin
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!
Black Friday kicks off in nine days. If you're not into consumer binging the day after Thanksgiving, Digital Trends published a list of the best deals available now. They include tech, phones and gaming products. PS4 Slim and XBox One S bundles start at $243 dollars, which not only come with a gaming box, but also a game and wireless controller. Looking for a cost effective laptop? Check out the Samsung Chromebook. For $189 dollars Digital Trends admits that it doesn't store large files but is "perfect for taking notes and browsing the web." Need a bargain holiday gift for a kid? The Dragon Touch Kids Action Cam is only $37 dollars.