Eric Mitchell Real Estate

Closing Cost Primer: Know Your Terms Buying a home is undoubtedly one of the most expensive ventures of your lifetime. But it’s important to understand that much more goes into budgeting for a new home than the price of the house itself—like closing costs. Closing costs are fees charged by the lender at the closing of your real estate transaction, and usually amount to thousands of dollars. Your real estate agent can explain and estimate what all of your particular closing costs will be, as they vary by state, but here is a handy list of terms and definitions from Bankrate.com to help bring you up to speed. Real estate lingo can be confusing, so becoming familiar with these terms in advance will help demystify the closing process. Origination, broker, lender or originator:  A fee charged to create a home loan. It's often a set percentage of the mortgage amount. Discount points:  A fee in the form of mortgage interest paid upfront. In exchange for this fee, the le...

Solutions to Common Basement Problems If you have a basement, whether finished or unfinished, you’ll likely encounter problems at some point. Basements are notorious for water-related issues that can affect the condition of the house, damage the basement’s contents and even affect residents’ health. Problems Caused by Excessive Humidity Humidity is a frequent source of major problems in a basement. Moisture can accumulate in an area that is poorly ventilated and can lead to mold and mildew. Those issues can result in poor air quality, not just in the basement, but also on the first floor of the house, which likely includes living areas where family members spend a significant amount of their time. Mold and mildew can cause a variety of health problems, ranging from headaches to respiratory issues to allergic reactions. The effects can be particularly serious in children and the elderly. If the basement does not have windows, a dehumidifier can control the level of moisture in...

Credit Card Habits Your Kids Can Take to College Starting college is full of all kinds of new experiences. Students are left on their own for probably the first time in their lives, and it can be daunting. Using a credit card can be one of those “firsts,” and parents can help by explaining how credit cards work and instilling good financial habits in them. Here are some credit card habits students should learn before they get to college: Have a Job To get a credit card in their name, students will often have to have a job and a credit history. Both of those may be hard to establish; some credit card issuers will only require an income. Either way, it’s important to have an income for the basic reason that they’ll need money to pay for what they buy with credit. If not, and they still want a credit card, they can either be added to your credit card as an authorized user or apply for a secured credit card where they put down a deposit and can only charge up to that amount...

4 Ways to Be Happier (It’s Not What You Think!) If you think more money and grander achievements are among the things that will make you happier in life, guess again. According to Professor Laurie Santos - who developed and teaches the most popular class in the history of Yale University, “Psychology and the Good Life” - the habits that lead to true well-being run counter to what most people believe would make one happy, such as the accumulation of luxurious material possessions. So what does make us happy? Here are just a few of the simple practices that when done regularly, exponentially increase our health and well-being: Sleep.  Often overlooked and passed by in our productivity-focused society, sleep deprivation is a serious trigger for anxiety and depression. When Santos’ students traded all-night study sessions for eight hours of sleep, not only did their well-being increase, so did their grades. Exercise . Instead of quizzes, Santos requires students to parti...

5 Painless Ways to Save Money Everyone wants to save money—to put funds aside in case of emergency, put a down payment on a house, or take a fun vacation. But for many people, saving isn’t easy. One sensible way, say financial advisors, is simply to pay yourself first; put 10 percent of every paycheck in a savings account before you do anything else. Proponents say you’ll hardly miss the money you skimmed off the top—and the joy of watching your savings mount up will be more than worth the sacrifice. The penny-pinchers at PennyHoarder.com suggest five more (relatively) painless ways to build up your savings: Get a piggy bank.  Empty your pocket change into a piggy bank every night and count it whenever it’s full. You’ll be amazed at how much you save. Join an online focus group.  Taking polls and answering surveys can pay off in bankable funds. Check out sites like MyPoints, Opinion Outpost and Inbox Dollars, which may pay you more than $700 a year for taking s...

How to Save for Retirement If You're Self-Employed Working for yourself comes with a lot of responsibilities—and funding a retirement plan should be one of them. After all, if you don’t think ahead to your retirement, who will? Payroll deductions and 401(k) retirement plans set up by employers make it easy for workers at 9-to-5 jobs to contribute to retirement plans. But for the self-employed, it can be more of a challenge simply because there’s no one to do it for you. Here are some ways to take the process of funding a retirement plan into your own hands: Traditional or Roth IRAs If you’re just starting out or saving less than $55,000 a year, a traditional or Roth IRA is a good option. If you’re leaving a job to start a business, you can roll your old 401(k) into an IRA. As of 2018, the annual IRA contribution limit is $5,500, plus $1,000 catch-up contribution if you’re 50 or older. The Roth IRA has income limits for eligibility, meaning that those who earn too ...

Signs That Your Chimney Needs Repairs A damaged chimney is a fire hazard. Some problems can be identified by a homeowner, but many are only noticeable to a professional under specific conditions. If you see any signs of a problem, contact a chimney repair company. You should also have your chimney cleaned and inspected regularly. Common Chimney Problems Moisture in a chimney or fireplace can cause rust in the firebox or on the damper. Even if you don’t see rust on the damper, if it’s difficult to use or doesn’t seal well, it may be rusting. Rust can also cause the flue lining to crack, which can lead to a house fire. A chimney sweep will need a special camera to identify a cracked flue liner. If water enters brick, it can cause the surface to peel or flake off or to pop out in a process called spalling. Pieces on the outside of the chimney can fall off, and the problem will only get worse if it isn’t repaired. Efflorescence, or white staining on the chimney, is caused b...

To Rent or to Buy? That Is the Question Many renters, especially young couples planning to settle down and start a family, debate whether to keep renting an apartment or buy a home. Depending on your financial situation and long-term goals, though, one option may be better than the other. To determine if it’s the right time for you to start searching for a house, consider the following: Money Some renters think they’re throwing away money on rent. It’s true that you might be able to find a monthly mortgage payment that is similar to, or even lower than, your current rent; however, be careful not to overlook the additional costs of homeownership. As a homebuyer, you’ll need to save up thousands of dollars for a down payment and closing costs. After the purchase, you’ll also need to budget for the mortgage, insurance, property taxes and maintenance, among other expenses. As a renter, you might need to pay for renters insurance, but all taxes, maintenance and repair costs are...

Bang for Your Buck Upgrades That Will Help Sell Your Home When you’re ready to list your home for sale, you want it to look its best. But some upgrades are worth more than others if you’re talking about what appeals to a buyer. Fortunately, we know some quick and affordable tricks that will give your home the facelift it needs: A fresh coat of paint . Nothing refreshes a home more than a new coat of paint. It’s a worthwhile and inexpensive upgrade that will more than pay for itself. A lighter color will also open up rooms, making your home seem brighter and more spacious Improved lighting . Replace your boring dining room light fixture with something eye catching. Use warm 60-watt light bulbs to make spaces feel bigger and brighter. Leave curtains open when the house is being shown, but make sure they look neat. Clean flooring . Old or dirty carpeting is a turnoff, but replacing it can be expensive. In many cases, buyers prefer to replace it with hardwood floors....

7 Costly Mistakes You're Making in Your Home Homes cost a lot of money to maintain. But are you spending extra money unnecessarily on upkeep? Here are seven of the most expensive mistakes you could be making in your home: 1. Using Traditional Light Bulbs.  If you still have incandescent light bulbs in your home, you could be throwing a lot of money away every month on inflated electric bills. Over its life span, an incandescent bulb can use almost $200 worth of electricity. A CFL will only use about $40 worth of electricity over the same time period. Even better is the LED bulb, which only uses around $30 per bulb. Think what replacing every light bulb in your home could do to your home’s bottom line! 2. Letting Faucets Leak.  A leaky faucet that drips one drop per second can waste more than 3,000 gallons per year, which is enough water to take more than 180 showers. Some people live in areas where water is plentiful, but for others in areas plagued with drought, t...

How Yards Affect Home Values After deciding on a neighborhood, finding the perfect home can come down to price. One home could be priced five or six figures higher or lower than another home on the same block. What gives? Big factors such as neighborhood comps, crime and the quality of nearby schools affect prices, but they should affect all homes in an area equally. Some factors are less obvious but can affect a home’s price in a big way. For example, yards that can have a big influence on a home’s value for a number of reasons, according to an analysis by  HouseCanary , a data analytics real estate business. Here are some: View Angle The bigger the view angle is from a backyard to scenery or nature, the better. This was the most popular hidden factor influencing home values in the analysis, affecting 95 percent of counties studied. No scenic view would be the worst angle, while 180 degrees is a scenic view from every angle. Backyard view angles were most prize...

The 5 Habits of Digitally Successful People Do you feel overwhelmed by today’s all-consuming digital culture, both at work and at home? With the pervasive, non-stop quality of technology, it’s easy to see why. Yet, technology is also our best friend, provided we know where to draw the line. Here are five daily habits to help you tame the technology beast and make the digital world work for you, not against you: 1.   Don't let emails linger.  When you're reviewing emails, try and take an immediate action: respond, flag for follow up, file, forward, delete, or block as junk. Letting emails accumulate thinking you'll get back to them later only creates a mounting pile of digital paperwork that you'll likely never get to, and worse yet, will eat up critical communication. So when it's email time, focus and be proactive. 2. Know when to close your email.  You might have trouble accomplishing tasks if you’re constantly tending to emails. When you need to focus...

Social Security Spousal Benefits: What You Need to Know The spousal benefits available through Social Security can be a huge benefit in retirement. Understanding how they work is the first step to making it work for you, whether you or not you worked yourself. While checking with your financial advisor - or with Social Security - is always a good idea, the finance experts at The Motley Fool suggest five things every spouse should know: You can receive up to half of your spouse’s benefits.  If you’ve never worked but your spouse is entitled to Social Security, you can claim up to 50 percent of your spouse’s benefit if you wait until your full retirement age. (You can file earlier, but your benefit will be reduced). You can claim spousal benefits even if you worked.  If your benefit amounts to less than 50 percent of your spouse’s benefit at full retirement age, you can choose to receive the spousal benefit instead. You can’t claim spousal benefits until your spou...

5 Tips to Stay Well This Cold and Flu Season Nothing spoils the fun of fall faster than being hit with a cold or flu. To help keep you and your family safe, consider the following tips from GOJO Industries. 1. Get vaccinated.  According to the Centers for Disease Control and Prevention (CDC), the single best way to prevent seasonal flu is to get vaccinated each year. As the flu vaccine takes approximately two weeks to work, the CDC recommends that everyone six months of age or older get a flu vaccine by the end of October—before the flu begins spreading in your community. It's especially important for those at high-risk for developing flu-related complications be vaccinated. That includes those age 65 and older, pregnant women, young children and those with chronic conditions like asthma, diabetes and heart disease. The flu vaccine reduces your risk of getting sick with the flu, and can reduce the severity of your illness if you do develop the flu. During the 2017 - 2018...

Organizing the Linen Closet, Once and for All If your linen closet is one of those doors you quickly open and shut for fear one false move may bury you under an avalanche of towels and blankets, then it’s time to take action. Getting your linen closet in order is easier than you think with the following game plan. Empty.  Yes, this is the hardest part, but it must be done. Take absolutely everything out of the linen closet first, even that impossible-to-reach stuff hiding on the back of the top shelf. Emptying the closet is the only way to guarantee everything will go back orderly. Sort.  Now, go through the contents and organize by category, ie, bath towels, hand towels, fitted sheets, flat sheets, pillowcases, table cloths, etc. The more granular you get, the more organized your closet will remain moving forward. Fold your categorized items neatly and place them into piles. Consider storing sheet sets inside the pillow case to keep them intact. Discard.  Th...