Tips for Talking with Your Loved One about Assisted Living Decisions
When choosing an assisted living home, you need to consider many factors and find the best fit for your loved one in terms of price, location, services, and atmosphere. How much will it cost? Will I be able to afford it? Can my loved one afford it or rely on Medicaid? What are the costs beyond rent? Here, we address these questions and make a good decision regarding your loved one’s care. Important Aspects to Consider There are many important questions you’ll need to answer when seeking the right care for your loved one. Here are some of them along with some things to consider as you answer them for yourself. Will you or your loved one need memory care? Memory care is a type of specialized assisted living facility that is geared toward elderly patients or those with Alzheimer’s disease and forms of dementia. This type of specialized care can be beneficial for the person suffering from dementia by reducing symptoms like confusion and anxiety. In order to enjoy moving forward with memory care, it is important to research information about all the different aspects of memory care such as costs, benefits, and location. Will the new resident need help with day-to-day care? As Frontier Management explains, there are many everyday tasks which can become challenging in our senior years, like dressing, bathing, managing medications, and toileting. Those who are suffering from incontinence will require the assistance of a licensed nurse or aide capable of helping with cleaning up accidents and dealing with other hygiene needs. Depending on the severity of your loved one’s situation, you may need to find a facility equipped to deal with both physical and mental aspects of their care. How to Pay for Long-Term Care If you or your loved one require long-term care, there are several ways to pay for nursing home costs in the long term: Option 1: Sell a Loved One’s Home to Fund Their Stay If you’re looking to pay for a nursing home with money in your own pocket, selling your loved one’s current home or other assets might be an option. However, depending on the situation, it may not be easy. First, your loved one will have to have enough equity in the home to cover the costs of a nursing home. You can get an idea of what the property is worth with a quick online search, and use that information to calculate an estimated sales profit number. Look into quick and easy upgrades that can help with the appraisal and sale, like adding appealing bronze plaques to the front for the home number. Second, you’ll need to consider the ramifications this may have on their Medicaid assistance. Medicaid will review finances carefully, and there could be penalties if the property is sold in certain circumstances. Consult an attorney or Medicaid professional on this. Coming to a decision about senior financial matters can be rife with difficult conversations with your loved one or other family members. It’s wise to keep in mind negotiating strategies when having these discussions. Try to keep in mind that you’re acting collaboratively in these situations. Everyone wants what’s best for the senior loved one. Avoid getting distracted by petty squabbles. Option 2: Turn Your Loved One’s Home into Investment Property If your loved one doesn’t need a lot of cash upfront, then consider updating and renting out their home instead of selling. Or you could sell their home and contact Franklin Investment Realty to use that money to purchase a different house as an investment property. Going this route leads to a steady stream of income, which can be helpful for paying monthly dues at an assisted living facility. Option 3: Utilize a Reverse Mortgage This may be an option if you’re looking to pay for your loved one’s long-term care bills with their own home. A reverse mortgage allows you to convert your home equity into cash, which can then be used as needed. To qualify, they must either own or have legal rights to use and occupy the property (also known as “having a vested interest in the property”) or already live there. Like many medical-related decisions, this is one that should be discussed with a financial professional and an elder law attorney. Option 4: Utilize Medicaid Assistance to Pay for Nursing Home Costs This is probably the most common way families pay out-of-pocket for nursing home costs. If your loved one is accepted into Medicaid, you’ll have to pay a portion of their costs out-of-pocket and the government will cover the other part. Many states require that your assets be depleted down to $2,000 or less before you qualify — so selling their house may not always be an option. However, there are some states (Florida, for example) where your property doesn’t count toward this asset limit since it’s considered a “protected exempt asset.” This way, you can retain your home in case it’s something you want to pass on to your kids. Find the Right Option for Your Family In conclusion, there are several important aspects to consider when choosing an assisted living facility or nursing home. You should also consider how accessible the facility is for family members as well as any other non-medical needs they may have. Explore the options available for paying for the transition, and then look for trustworthy care providers. – David Dixo
How to Navigate the Stress of Moving and Starting a Business
If the idea of starting a business and moving at the same time gives you anxiety, take a moment to plan before you make any major decisions. By putting a few measures into place now, you’ll make things easier on you both as you launch your startup and change homes to accommodate your entrepreneurship efforts. Get to know the housing market. No matter where you live, chances are the housing market is in a period of transition. This doesn’t mean that you can’t gain a bit of insight by looking at home prices for the last 30 days. Make sure to compare home prices in the neighborhood you’re interested in and have the amenities you’re looking for. Start your business slowly. As much as we hope success will come our way, we have to start slowly if we want to grow sustainably. You might begin working part-time on your future business. This is also smart if you plan to buy a home; quitting your job before closing may hinder your ability to take get financing. Another smart move is to start an LLC before you move into a growth pattern. Forming an LLC gives you some management flexibility and requires very few steps. You don’t even need an attorney, and you can save yourself some money if you research local LLC formation rules and do-it-yourself online. Confirm codes and regulations. Just as you have to make sure that you know the laws around LLC formation, you should also touch base with your realtor and/or the city regarding home-based business rules and regulations. You also want to talk to your homeowner association, if applicable, especially if your business will bring traffic into the neighborhood. If you plan to have more than one or two vehicles at your home at any given time, you may also need to build a parking lot – which costs a minimum of around $10,000 – and this may be prohibited by your HOA bylaws. Get help with your business. We can all use a helping hand sometimes, and this is never truer than when we are trying to launch a new business. Although there are many things you can do yourself, such as choosing a name, forming your business structure, and writing your business plan, you may need assistance as you launch and grow. A smart option here is to hire a freelancer, which is a specialist in a specific area that set their own pricing and only gets paid for the job they do. In other words, you are not committed to a 40-hour-per-week salary. Take some classes on your own time. If you want to go back to school while you’re moving house, it can be done — but it will take a little work. Going back to school online while moving is a big undertaking, but it can be very rewarding. Pursuing a degree in information technology, for example, allows you to develop valuable skills and knowledge which could open new opportunities for career advancement and growth. Online education makes it much more convenient for busy individuals who live hectic lives or have family commitments, meaning that learning can take place wherever there’s an internet connection so it won’t be disrupted by the movement from house to house. With the bachelor of science in information technology degree at your disposal, you will have the tools to go above and beyond what many people consider a “standard job.” Other Tips To Get You Going Research the market. Perform a competitive marketing analysis. If you’ve never done so, IMPACT offers detailed instructions on how to collect and interpret information on your competitors. Reduce stress when selling your home. If you’re selling your current home in the midst of buying a new home and starting a business, reduce stress here by ensuring that your listing is priced right and is presented online in its best light. Find a coworking space. According to Coworking Mag, there are many benefits associated with working in a communal space. These are flexible, offer lots of opportunities to network, and can put you in touch with like-minded individuals. A co-working space will also come in handy as you transition from one home to the other so that you don’t have to skip a beat with your customers. Is it going to be easy to buy a house, sell a house, and start a business at the same time? No. But you knew that before the idea even swirled through your brain. This doesn’t mean that you can’t relax some of the stressors that can make all three experiences less-than-positive. Remember, start by getting to know the housing market and forming your business structure, but don’t be afraid to get help at home and work so that you can focus on each when you are needed the most. In the market for a new home or investment property? Let Franklin Investment Realty help you find exactly what you’re after. Stop by our main page and send us a message today! – Shirley Martin
First-Time House-Flipping How-Tos for Seniors
Have you considered starting a house-flipping business? As a senior with time and the motivation to work hard, it can be a good idea to go into the house-flipping industry. This is one of the businesses that give you the opportunity to get exercise while making some money. Here is an outline the things you should consider that will help you get started with flipping houses. Consider Financing To acquire the first house to flip, you need money. There are costs involved when buying a house to flip, including renovations and marketing. The money you need to renovate the house depends on market conditions and you should also consider utilities, taxes, and insurance while working on it. The Mortgage Reports notes that one of the options is getting a loan, which can be difficult sometimes as banks consider first-time flippers risky borrowers. Once you get several houses under your belt, you’ll raise your profile and find it easier to get approved for credit. Use Software to Your Advantage As a property flipper, you’re now running your own business, which calls for utilizing technology to help with areas like marketing. Your logo, for example, will be on your business cards, your letterhead, your website, and all your social media accounts. The challenge with designing an eye-catching logo is that the combination of graphics and text must convey your values and your messaging, but you don’t have to spend a fortune on a graphic designer to get this done. You can go online and make a logo for free today using one of thousands of professionally designed logo templates that you can customize to your liking. SimplyShowing points out that there will likely be pros that you’ll use for repairs and upgrades that you either aren’t equipped to do yourself or don’t have the time to complete. You may also employ a property manager to handle ongoing maintenance like lawncare and appliance upkeep. In any of these cases, your best bet is to check out payroll software that is robust enough to handle timely distribution of paychecks, as well as tracking labor expenses per project. Look for a platform that will generate W-2s and direct deposit. How to Find the Ideal Property Not every house out there is a good investment. Buying a house “as is” for example may not be as beneficial as you’d think, as there’s always the possibility of costly repairs in the future. Finding good real estate will help you sell without problems, and you can raise your profits significantly. First, ensure the home is in a great location. Begin with searching local cities and neighborhoods. Consider areas with rising real estate sales, a thriving town, employment growth, and other indicators. Also, consider safety in each neighborhood. You can use services like ADT to know what’s happening in a neighborhood. Next, check the condition of the home to know if it would require too many renovations. If the condition is not too bad, calculate the market value of the property. Don’t overvalue as you still need money for renovations and other upgrades. Understand the 70% Rule When analyzing the amount they can pay for a house, skilled flippers use the 70% rule. The rule states one should never pay more than 70% of the properties’ value after repair before all those repairs are done. This means if the after repair value (ARV) of the home is $200,000 and you need $30,000 in repairs, the rule states you should not pay anything more than $110,000 for the home. This is a valuable guide you can use when you enter the house flipping business. Be Cautious About Fixer-Upper Property When buying fixer-upper property, you need to be cautious. While it’s an option when you want to save money, you can be stuck with massive costs for renovations and repairs. Ensure the home does not require a major overhaul to be ready for the market. Things like foundation problems, HVAC upgrades, mold and asbestos, and electrical work could be a deal-breaker. While estimating repair costs, always add about 20% in the estimate to ensure you don’t end with a property that would take you ages to sell. Flipping houses is a risky business that can also be rewarding if you understand how to approach it. If you make the right decisions, you will make good money. Learn everything about flipping houses, including payroll processing, dealing with taxes, evaluating a property for repairs, and calculating market value. This guide could be the starting place for your journey in house-flipping. Franklin Investment Realty specializes in the acquisition of investment properties, leasing, management, sales and development of properties in the Greater Philadelphia area. Contact us today for more info! (215) 382-7368 – Shirley Martin
What to Know Before Buying a Commercial Building
Buying a commercial building is the best way to push your business ahead and make massive strides: but if you decide poorly or don’t plan well enough, you could be setting your company up for failure. Whether this is your first commercial building or your fiftieth, it’s vital that you consider some things before making that purchase. These are the top ideas to think over. How Much Space You Need Now and Will Need in Ten Years Although you may be looking at some of the most incredible buildings and feeling inspired by them: it’s vital that you consider the space within them. Before anything else, plot out what a reasonable growth plan for your business for the next ten years would be. Of course, it’s a good idea to be realistic, but every company changes and shifts over time, so it’s vital that when you put in the money, you know that this building will be able to handle your needs. If you’re expecting to bring in more employees or change to bulkier equipment within the next five years, you’ll need to get a commercial building that has room for you to grow into. What Features The Building Has, And Which You Need What features does this commercial building have? Does it offer an updated breakroom with awesome options for your employees? Does it have attractive architectural louvers that ensure the HVAC system runs like a dream? Is there ample parking with easy access to the building? These may seem obvious, but one of the biggest mistakes you can make is buying a building without looking at what it offers: and considering what you need. On the other hand, if a building is just outside of your budget, but you love the details and amenities it has: consider buying lower and looking into the cost of adding those amenities yourself. Although this will make you put more money upfront, it can turn out cheaper overall. Do The Spaces Work For Your Specific Needs Many features that buyers look for in commercial office design ensure the building is perfectly suited to their business. If your budget is tight, it’s good to be flexible, but not so flexible that you try to turn an overheated warehouse into a call center. Look at the layout of the space, consider the number of rooms and their current use, and think about whether or not this speaks to what your business needs. Although you can update things and change walls or the layout whenever you want, it’s expensive to do so and should be avoided if possible. Is The Location In An Area Easy to Reach By Customers and Employees Whether you’re going for a 5,000 square foot or 20,000 square foot building: it’s vital that you consider the location. If you’re not planning on running your business alone, is this location a space that customers and employees could easily access? Although you shouldn’t buy a city-center location if you can’t afford it, it’s a good idea to keep as close to populated areas as you can. Land may be extremely cheap in distant communities, but if you can’t get enough employees to work the machinery or handle operations: it’s not worth the saved money. Try to find a balance between affordable and accessible for your employees. How Are You Financing This? Can You Afford it Even if Sales Dropped? How do you plan on financing your commercial building? Are you planning on getting a long-term loan that you’ll pay back in sales, or are you paying for it out of pocket? If you’re getting a loan, it’s vital that you ensure even if you lost fifty percent of your sales, you’d still be able to afford this space. Although nobody wants to think about their business dropping that much, 2020 showed many companies that they have to be prepared for any possible incidents that could happen. Careful planning and budgeting will protect your company even if everything else goes south. Do You Have a Team Behind You Helping Make Decisions? How are you deciding on this property? Are you the only decision-maker, or is there a board you have to gain approval from? Try not to work alone on this decision, and loop in an experienced commercial real estate agent to help you. Not only will they be able to show you more properties that you may not have considered, but their experience will also help you avoid making any big mistakes. Your business is a large investment of time, work, and money, so don’t go into any huge decision until it’s been thoroughly discussed and plotted out. Buying a Commercial Building is a Huge Investment Buying a commercial building is a massive investment that will tie your entire financial future into whether or not your company succeeds. It’s important to plan ahead and work with an experienced real estate agent to make sure you’re making the right choices. Sam Willis is a contributor to Innovative Building Materials. He is a blogger and content writer for the real estate industry. Sam is focused on helping fellow homeowners, contractors, and architects discover materials and methods of construction that increase property value, maximize energy savings, and turn houses into homes. – Sam Willis
Volatile Stock Market and Interest Rates
The stock market took another hit after the Fed cut interest rates by half a point. Mortgage rates are already nearing all-time lows, but appear poised to continue to decline after the Fed’s emergency intervention. Low mortgage rates increase Buyer spending power due to decreased mortgage payments. Buyers can now afford to buy more house and pay the same amount monthly, just in time for the spring market. For current homeowners – it would be wise to review your current mortgage interest rate and evaluate the potential savings of refinancing. Rates have not been this low since the housing market crash in 2008. – Matt Scannapieco