What If Our Home Doesn’t Sell? Should We Turn It Into A Rental?

My House Hasn't Sold Yet. What Should I Do Rent It (1)When I originally wrote this article, we had no offers on our home and we were feeling somewhat negative about it. However, last week we accepted an offer on our home and it’s scheduled to (hopefully) close in July. 

It’s been nearly four months and our house hasn’t sold yet.

We’ve had exactly 30 showings and great reviews, yet no offers.

Not even a single lowball offer.

Our home is priced quite competitively and below comparables, so we are afraid to lower the price any further.

We are already going to lose money with what our home is priced at now so we are currently wondering about other possible options. I knew selling a home would be stressful, but I didn’t realize that it would be this stressful. Many ideas have been going through my mind but it’s hard to decide what the best decision is.

Below are some of the things we have been thinking about possibly doing since our house hasn’t sold yet. [Read more…]

Do You Have An Emergency List For Your Family?

Financial Emergency List For An Emergency Response PlanIn our household, I manage most of the bills, financial accounts, and more. I know I’m not alone either – in most families, one person usually handles all of these things.

I’ve been in charge of our important information for years, mainly because it’s just something I know I can do and we’ve fallen into a routine now after doing this for so long.

Recently though, we realized that this could turn into a financial emergency disaster. I manage everything just from my memory, so nothing is actually written down and most of our bills are either auto-pay or paperless, so there is no paper record in our house of anything either.

This could be a financial emergency disaster because if something were to happen to me, I honestly do not know what Wes would do. It would make everything much more difficult for him when he would already be having a hard time, and that is not something anyone wants to deal with. Having some sort of financial emergency response plan is something we need to create.

While to some this situation may be no big deal, I know there are many, many families out there who would be very lost if something were to happen to the person who usually manages their financial situation. Accounts could get lost, bills may be forgotten about, and more.

It’s best to keep a financial emergency response plan of everything just in case something were to happen, even if it’s something no one ever wants to think about. Having one just makes life so much easier.

Below are three easy steps to creating a financial emergency response plan for your family. [Read more…]

A Complete Guide To Renting A Room For Extra Money

Renting Out A Room In Your House For Extra MoneyIn one week, my sister will be moving back in with us.

She’s joining us in Colorado so that she can do a little more traveling while having a safe place to store her stuff. She won’t be with us full-time, as she mainly plans on using our home as a home base so that she can travel more. However, she will be with us some of the time and she will be paying rent for when she is actually with us.

Related article: We’re Moving To Fruita, Colorado! And My Moving Bucket List.

I’m excited to have her move back in. We’ve missed her, it will be nice to have our dog sitter back (I’m not going to lie, this will be amazing), and the little extra money will be nice.

While renting a room in your house most likely will not make you rich, it may earn you a good amount of side income. I know of a few people who rent out many rooms in their home and have been able to pay off their home completely due to this. [Read more…]

How Your Credit Score Impacts Your Home Buying Process

How Important Is A Credit Score To Buy A HouseYour credit score is so very important. Like I said in the post How Your Credit Score Affects Your Life + Credit Sesame Review, your credit score has the ability to impact all areas on your life whether you want it to or not.

Some are completely against credit scores and think they can just do without trying to improve their score, but I don’t think that’s the correct way to go.

Your credit score can impact all areas of your life, such as obtaining a job, waving additional deposits when signing up for new bills (such as utilities), renting a home, and probably most important of all – obtaining a mortgage and buying a home.

Even though it can make such a large impact on your life, your credit score can be quite easy to improve for the better, so why not just do it?

So, how important is a credit score to buy a house? 

Answer: It is very important!

The needed credit score to buy a house can vary a little, but the higher your credit score the better. When you are in the 620 to 720 range, you may come across some problems as stated later in this post.

You can check your credit score for free with Credit Sesame. Click here to find out what your credit score is!

Below are different ways your credit score can impact your home buying process. [Read more…]

Pros and Cons of Paying Off Your Mortgage Early

Pros and Cons of Paying Off Your Mortgage EarlyCurrently, one of our main goals is to save for a down payment for our next house. Due to this, we have been wondering about how much exactly we should save.

With our first house we didn’t put down 20% and had to pay PMI (big mistake), so we will definitely put down at least 20% on our next house.

Also, we are self-employed and I have heard that most self-employed people have to put around 25% to 30% down (and sometimes even 35%!) because banks want to see more upfront from small business owners.

Now, that’s a lot of money!

This has got us thinking. While we are aiming for 30% or more, at what point should we stop saving for our down payment and ramp up our retirement savings instead? Yes, we are still saving for retirement, but should we be saving more?

In the personal finance world, the decision seems to be split. Some are all about paying off a mortgage quickly, whereas others don’t think that’s a good idea. There is no right or wrong answer, which makes the decision a little more difficult. [Read more…]

Should You Rent Or Buy? – Why I’m Excited To Rent

Should You Rent Or BuyWe are currently in the process of settling into our new home in Fruita, Colorado. This move came quickly and we are enjoying our new home so far.

Ever since I announced that we are renting our current home, I have received many questions. Some for some reason have given me flack for deciding to rent, whereas others understand why we made this decision.

While we loved owning our last home and there were many positives, owning this time around would be a huge hassle.

I believe there are positives and negatives when trying to decide whether to rent or buy a house, and our reasons for renting this time around clearly outweigh buying.

Below are the many reasons for why I’m excited to rent a home. Hopefully the below will help you decide whether you should rent or buy a house as well if you are stuck in a similar situation. [Read more…]