Millions of consumers are finding it difficult to make ends meet, living week to week on what they earn, hoping that they can keep up with their bills or even get a little bit of ahead of things for awhile. Now that we’re in a recession, the challenge to keep one’s head above the water is greater than ever before.

9 Sites That Can Really Help

SmartMoney recently shared a list of websites — nine in all — that can help consumers with their budgeting. I won’t repeat what the article, “9 Sites That Help With Everyday Budgeting,” said here, but I can encourage you to visit each site to find tools that work for you.

Though the SmartMoney list was quite good, I’d like to draw your attention to a site that did not make that list, SayLowerBills.com, a companion website to SayEducate.com. SayLowerBills.com provides a number of different ways that you can save money offering help on specific topics including:

• Lower Monthly Housing Costs — mortgage refinancing - rent - taxes - heating/cooling - home repairs - utilities.

• Lower Family Care Costs — insurance needs - medical visits - vet expenses - medications - care facilities

• Lower Recreation Costs — cutting recreation costs - dining in - personal movie house - reducing vacation costs

• Manage Your Income — career plans - back to school plans - small business opportunities - home businesses

• Lower Family Living Costs — food shopping - general groceries - clothing costs - baby care / feeding

• Lower Transportation  Costs — auto loan refinancing - auto insurance - fuel costs - repairs - public transportation

• Manage Debt Obligations — credit card payments - student loans - personal loans - charitable donations

• Keep Those Savings Up — personal savings - college savings - saving for a home - retirement savings

Planning Centers and Budget Worksheets

SayLowerBills.com also offers links to related planning centers and offers free monthly budget worksheets to help consumers track everything. In addition, you’ll find links to the following free downloads that can help you exert better control over your money:

1. home buying-selling-building
2. remodeling specs
3. moving checklists
4. college planning forms
5. house parties

Despite the current economic doldrums, you can succeed and even thrive under tough conditions. The federal government may offer solutions that will run up our national debt, but on the family level you can find your own solutions and come out ahead in the long run.

Tags: budget worksheets, budgeting, cash, credit, debt, housing, income, money, planning centers, recreation, Smart Money, transportation

The condominium market has imploded over the past year or two thanks to a downturn in the overall housing market and overbuilding in many local markets. Complete condo projects remain unfinished in Miami with some nearby completed units half empty due to foreclosure and/or a failure to sell.

Bad news for one person could be good news for another one, particularly for the investor who wants to snap a bargain while the market remains depressed. But, condo living isn’t for everyone and when condo fees are included, that bargain can quickly yield some nasty surprises.

Unlike most other residential housing options, condo costs are difficult to predict long term. Certainly, both the house owner and the condo dweller must pay property taxes, insurance, and similar expenses, but there are other costs which tend to go up much faster than the rate of inflation, expenses which are added to condo fees.

Let’s take a look at the charges which drive condo fees:

Age of Building — Newer projects don’t have quite the overhead of older buildings, namely the need to update or overhaul old equipment, repair fascia, replace flooring, paint walls, you name it. Your particular unit may have been updated, but the common areas may need a refreshing or, worse, a complete makeover. You’ll be responsible for a portion of these costs which are frequently added to monthly condo fees.

Utilities — Everyone is paying more for gas, electricity, and water. Condo owners are responsible for their share of the building’s utility usage and these rates have gone up dramatically over the past few years. Add in garbage removal, recycling, landscaping, sewer, and related expenses too.

Insurance — You have insurance on your own unit, but the association governing your building has to insure the entire property. Condos close to the ocean or in major cities have seen their rates skyrocket. These costs, of course, are passed on in the form of higher condo fees.

Of course, buying a condo may be the only option for people who have to live in a particular area. If you are planning to buy, examine the financial documents closely before you sign. Learn how much reserves the condo association has on hand to cover planned maintenance including a new roof, elevator, pool, etc.

If the funds are insufficient, you can expect your condo fees to increase dramatically even before maintenance is needed. That $225 monthly condo fee could suddenly jump up to $350 or $400 per month, a figure that must be added to your own mortgage costs, insurance, and property taxes.

Most defintely, if you are planning to buy a condominium, condo fees are going up and, in most cases, at a rate much faster than inflation. Think before you buy!

Resources

7-Step Home Buying Guide

Home Buying Map (download)

Lending Calculators

Tags: common areas, condo association, condo fees, condominium, home maintenance, housing, pool, real estate, roofing

In some areas of the country, the condominium market has crashed as a huge surplus of defaulted or unsold homes has wreaked havoc on the market. One market that comes to mind is Miami.

On the other hand, some cities are experiencing a building boom as empty nesters, retirees, and investors look for good values in real estate. In my area — Raleigh, NC — several all-new construction projects are in progress, providing state-of-the-art housing adjacent to everything: government offices, museums, businesses, shopping, and more.

If you are desiring all-new construction or conversion housing, the time to start, build, and complete the project can span several years. This means that you must do your homework before deciding whether a particular condominium is right for you. Let’s take a look at some things you should consider when buying pre-construction.

Why would someone buy something before it is built. For several reasons:

• Oftentimes, early buyers receive a discount as builders want confidence that their project is in demand. By offering a price slightly lower than the market rate, you could find a nice deal.

• Buying now and paying for it later could mean that your property has appreciated during the time it took to be completed. For example, if that two bedroom garden high-rise was contracted for $440,000, it could have gone up in price since. You’ll pay financing on its original value or if you are looking for a way to make some money, you could sell your unit and pocket the money.

When buying pre-construction keep in mind the following:

• What will your financial situation be when the project is complete and you’re ready to move in? Will you need a mortgage and, if so, will you qualify for one?

• Will interest rates be stable or are they trending higher or lower?

• If you are investing in the property will you live in it or rent it out? What are the rental rates for comparable units?

• When the project is completed, what will the neighborhood be like? Will there be other projects under development and what sort of local amenities will be found nearby?

Of course, when you buy pre-construction, your chances of getting what you want are greater if you act sooner rather than wait. Specifically, you’ll be able to choose the floor, floor plan, and unit location (will it face an office building or will you have an unobstructed view of the river?) if you act quickly.

Consider also your down payment monies, possible taxes (property taxes will come later), fees, and the like when buying pre-construction. Theoretically, your cash outlay should be small at first.

The end result of new or repurposed housing is that your home is brand new. You bought it at yesterday’s prices and, if you did all your research, you now possess a home that has appreciated significantly in value.

Resources

Arrange Home Financing

Home Buying Checklist

Repairing Your Credit

Understanding Escrow

Tags: condo, condominium, housing, mortgage, prec-construction