How to Avoid Home Buyer’s Remorse

/1 Comment/in , /by

Here’s a quick quiz for you: What percentage of millennials regret buying a house?

a. 30%
b. 49%
c. 54%
d. 68%

The answer is d. Astoundingly, more than two-thirds of millennials have home buyer’s remorse.

You might be thinking, why would a real estate company write about people wishing they hadn’t bought a house? It’s because we don’t want anyone buying a house they’ll regret. We’re writing on this issue because you can absolutely prevent home buyer’s remorse — here’s how.

Think long-term.

Many people want to buy a house for one of the following reasons:

  • A house is a crucial step in adulthood.
  • Buying a house is a good investment.
  • I don’t want to rent anymore.
  • When having a family, it’s important to have extra space.
  • I want my own property, my own space.

Most of these reasons are great reasons to buy a house. However, most of these reasons don’t remind us that a house is a massive investment.

Home buyer’s remorse is the same as regular remorse: we regret how our past decisions have impacted our future. It’s critical to think of a house in the long-term — it’s better to wait on buying a house than to rush into an investment you’re not ready for.

Think big picture.

Owning a home means affording a down payment and monthly mortgage, right? 

Not at all. A lack of planning ahead leads to a lot of home buyer’s remorse. You should put at least 1% of your home’s value into savings each year, solely for repairs and annual maintenance. You probably should wait on buying if this feels like a stretch.

If you don’t burn through all that money in a year, consider yourself lucky, and keep saving. Having to suddenly replace your home’s heating or deal with a burst pipe is a lot less intimidating when you’ve put the money away ahead of time.

Don’t put too much down on a down payment.

CNBC reported that about 40% of millennials feel like they didn’t make good financial decisions when buying a house. That’s almost half of all millennial homebuyers.

A big source of home buyer’s remorse came from spending too much on the down payment. Reports showed that one-third of millennials were dipping into their retirement funds to pay for their house. This should be avoided at all costs — and if it can’t, nine times out of 10 you should wait on buying.

While a 20% down payment might seem traditional and best for paying off your house, it’s not the only way to go. FHA loans allow you to put down 10% or less. Conventional loans can be as low as 3% down. Research your options until you feel confident in how you’ll afford your home.

Do what’s right for you.

Are you more interested in traveling and moving around? Do you want to switch jobs or careers in the next year or two? Do you see yourself settling down into a different area than where you are now? Are you worried about managing a property? Would paying for a house feel more sacrificial than rewarding?

Just because your parents, grandparents, or even friends have bought houses does not mean you have to. There’s no timeline to home ownership — you can (and should) wait if you don’t feel ready. And even if you never want to buy a house, that’s OK!

Listen to your gut.

We’ve all been there — you want to buy something, it doesn’t feel *quite* right, but we’re already committed to the idea and don’t want to back down. In the event of a house, you should absolutely back down if something feels off. 

Twenty percent of millennials felt home buyer’s remorse when they discovered damages and expensive issues after closing. Order a thorough home inspection, read up on contingencies, hire an attorney or real estate agent to help you through closing, and remember — if this house doesn’t work out, there will be another one.

At RealtyHive, we will always work to help you find the best real estate situation. Whether that means selling your house through a time-limited event, buying your first home, or even getting cash back in both the buying and selling process, we’ve got you covered. See what’s currently on the market, and work with RealtyHive to truly avoid home buyer’s remorse.

Creating a Sense of Urgency to Help Sell Your Home

/1 Comment/in , /by

“Buy NOW!”

“Going, going GONE!”

“One day sale only!”

Urgency is a sales tactic that we see everywhere. Creating a sense of urgency is an effective way to get people to act fast. But does this sales tactic work with selling your house? 

Not to spoil it for you, but the answer is yes, absolutely! Read on to find out why.

How Selling a House Is Different From Traditional Sales

In some ways, the sense of urgency in selling a house is reversed from traditional sales. Oftentimes, those selling a house are more in a rush to get their house sold than people are to buy it.

Not to mention, houses don’t “go bad” like produce at the grocery store or seasonal clothing at a boutique. But don’t worry — there are still plenty of ways that you can create a sense of urgency when selling your house.

List a deadline.

If you’re certain that you’ll have a ton of activity on your home, you can put “Presenting all offers on ____” your listing description. This can work super well if your price is slightly underpriced because you could potentially skip negotiating offers and escalation clauses.

However, we can’t stress this enough: only do this if you’re 100% positive your home is in high demand, otherwise this can backfire.

Live in a desirable area.

Living in an area where everyone wants to live practically creates the sense of urgency for you. Many homes out West (such as in Colorado and Montana) are selling like hotcakes because there is such high demand. If you’re in the buying stage, it’s to your benefit to pick a house that’s in an up-and-coming location.

Have a desirable home.

A property that meets the needs of a specific demographic or has some amazing assets is sure to be a hot commodity. Having an energy efficient or smart home is a definite plus. So is having a space that future owners can turn into a vacation rental, such as a home with a shed that can be converted into a home.

But what if you don’t have a super desirable property?

First off, there’s nothing to be ashamed of if that’s the case. We can’t all have the hottest properties on the market, it’s just not possible! 

However, we’re going to let you in on a secret: it is possible. Working with RealtyHive is a key way to create a sense of urgency for your home sale.

List in a time-limited event with RealtyHive!

Did you know that most properties listed with RealtyHive sell before a time-limited event takes place? It’s because these events are the definition of creating a sense of urgency for your home sale. If people wait until the day of the event, they’re at risk for losing the property, or for paying a higher price.

Just like many other psychology selling tricks, you don’t need urgency to create a sense of urgency. However, successfully creating a sense of urgency massively helps your property sell. Don’t worry about becoming a sales expert — just work with RealtyHive instead when it’s time to sell your house!

Preparing for Winter (In Places That Don’t Get Winter)

/0 Comments/in , /by

In 2019, the city of Redding, CA received more snow in a single day than Boston had the entire season. Last year, sunny Tucson, AZ — where the average temperature is 84°F — experienced snow.

While every place experiences winter, being prepared for winter’s worst is no longer limited to northern states. Whether you’re in Albuquerque or Atlanta, San Antonio or Scottsdale, take these cold weather tips to ensure you’re ready for whatever comes this winter.

Slipping on ice — is not so nice.

Warmer states tend to have more of an ice problem than colder states. This is because these states and their residents are often less prepared to deal with ice and because temperatures can hover right around freezing. It might be rainy and in the 40s one evening in Georgia, only to freeze overnight and turn driveways into the world’s worst slip-n-slide.

Stock up on at least one of the following things — even if you don’t use them this year, they’ll last for years to come:

  • Rock salt: A bag of salt is your best bet because it melts the ice. Plus, there will be leftover traction (salt particles) once the ice melts. One downside: Rock salt doesn’t work as well at 10°F and lower.
  • Sand: Sand creates traction on top of the ice, but doesn’t melt it. Even in the coldest of temperatures, sand helps tires and boots grip better.
  • Kitty Litter: Kitty litter should really only be used in desperate times. It provides some traction but ultimately absorbs the water because it’s mostly clay.

A bag of water-softener salt can also work in a pinch, but your best bet is rock salt.

Put down some paper — invest in a scraper.

True story: this writer lived near Phoenix, AZ, then traveled to Colorado and learned the hard way that she didn’t have a car scraper.

A car scraper is a best and quickest way to eliminate snow and ice on your windshield. Even if you don’t use a scraper this year, even if you think defrosting will work fine, you never know! There are countless scenarios and places where a scraper will come in handy. Drop the 10 or 15 bucks now for a lifetime of protection.

Show your hands love — get some gloves.

Living in a warm place and buying the proper winter attire doesn’t make you weak, it means you’re smart! There’s no reason to suffer months of mild cold, because mild cold is still “cold.” Consider getting a warmer jacket, a pair of gloves, a headband or hat, and winter boots. Again, even if you don’t use them now, there’s a good chance you will eventually.

Traveling near or far — stock up your car.

Breakdowns do happen. Road closures occur. No one wants to skid into a ditch on a particularly frosty night, but unexpected occurrences don’t wait for when you’re ready.

Pack up your car with the following things to ensure you’ll be set for winter:

  • Blankets
  • Non-perishable food items
  • Water bottles
  • Reflective cones or signs
  • First aid kit
  • Paper towels
  • Phone charger (preferably a car charger, but consider buying a portable charger if your car doesn’t have charging capabilities)

Another true story: This writer was in a car that broke down on a country road at 8 p.m. on a Sunday in February. It took over an hour for AAA to arrive and the battery was dead. Everyone in the car was so grateful for the blankets!

Cold weather tips might seem pointless if you’re not in a place with cold weather, but recent years and patterns have shown otherwise. Ice storms, blizzards, and cold snaps can happen to anyone, anywhere. 

Wherever you are, RealtyHive is your local real estate expert. Whether looking for a home in super sunny El Centro or wanting to tough it out in Montana, our real estate listings have it all.

Smart Home Devices to Check Out

/2 Comments/in , /by

The Jetsons or the severely underrated Disney original movie “Smart House” portray what life is like when technology makes its way into our homes. But in present times, these movies are closer to fact than fiction. 

While everyone knows about Alexa and Google Home, these smart home devices might not be common knowledge — but they’re certainly just as cool.

RealQuick: Why update to smart home devices?

Convenience: What is technology if not an improvement on the ordinary? Some of these smart home devices (like the speaker/bath fan combo) eliminate the need for multiple appliances or technologies.

Safety: Better technology can help improve our safety. An outdated garage door can be broken into; a lack of water monitoring system could lead to mold.

Be in the Know: Living in Florida for the winter? Renting out an Airbnb in Spain? Smart home devices help you keep track of your property, even when you’re away. 

Save Money: Smart thermostats are just one of the many forms of technology that improve energy efficiency. The more energy you save, the more money you save.

Bluetooth Speaker/Bath Fan Combo

Bluetooth speakers are great, but installing them in with your bath fan is next level. Bathrooms need fans to properly ventilate steam and moisture. This combination would be perfect for listening to your favorite album or podcast while taking a blissfully long shower, with the added benefit of clearing out all that humidity!

Smart Garage

Most garages operate remotely, but it’s getting better than ever. Smart garages allow you to open a garage door from a phone, tablet, or desktop, anywhere in the world! This is not just convenient for families, it also adds a layer of protection. 

Certain garage openers and garages can also automatically open or close once you leave or arrive home. You’ll never have to wonder if you remembered to close the garage door again.

Water Monitor

The average household with leaks leads to more than 10,000 gallons of water wasted every year. This isn’t environmentally friendly, but it also isn’t very wallet-friendly, either. Oftentimes, we don’t realize we have leaks until there’s something noticeable (like a faucet or the development of mold).

Water monitors nowadays can both detect and even stop leaks from happening. This saves you countless dollars in repairs and wasted energy bills.

Smart Thermostat

Sure, you can program many thermostats to certain temperatures at certain times of day. But what about when you come home from a trip at a weird hour, or something else unexpected comes up?

Smart thermostats use an app on your phone to allow you to program your thermostat, whenever and wherever. Many also connect Alexa or Google Home so that your thermostat is voice-activated. Not too shabby for when you’re sick on the couch and don’t want to move!

Another benefit to adding all these smart home devices? You’ll improve your home’s value. A smart home is a major selling point in the market, and listing with RealtyHive makes the selling process easier than ever. Find your new home or sell your existing one with RH!

Is it Better to Build or Buy a House?

/4 Comments/in , /by

To build or to buy — that is the question. Both options have their draws and flaws, and figuring out the right option for you is crucial in the homebuying process. Our real estate blog is here to help you make this tough decision a little easier.

If you want to customize everything…

Building is a better option for you. It’s not impossible to renovate a house into your dream home, but it could be more expensive than just starting from scratch. The median home in the US costs $229,000 and adding on renovations only increases that price. An important rule of thumb: The more you want to change about an existing home, the more you’re going to pay.

If you want to save money upfront…

This is a bit of a toss-up, but the short answer is that buying will likely be cheaper.

As mentioned, the median home price is $229k. The average cost to build a house is $290,000. The variances from region to region are massive, but on the whole, building is known to cost more.

When new build homes are cheaper

In rural areas, it’s usually cheaper to buy a plot of land and build on it — as long as the house you’re building is on the modest side. If you build a 1- to 2-bedroom house on a plot of rural land, there’s a good chance you’ll save money compared to buying a house in the nearest city.

If you want to move in faster…

Buying will almost certainly be quicker. The closing process on buying a home can take around 35 to 45 days. While that feels like a long time (especially to the homebuyers ready to move in!), a 2014 survey showed that building a house took an average of 7 months. If you’re itching to get into your new home, building is not the way to go.

If you want to flip or rent out a property…

You’ll want to buy. In the time it takes to build a house, you could already have closed on an existing home, made the necessary renovations, and have tenants paying you rent. Time is money, and the time it takes to build will cost you way too much. 

As a property flipper or rental property owner, you obviously want to make money. Nine times out of 10, buying will be a better investment with more immediate and visible ROI.

If you want an eco-friendly house…

This one is also a toss-up, but either way, good for you for thinking about your environmental impact!

If you build a house, you can make it eco-friendly from the start, installing things like solar panels and geothermal heating. Everything from the building material to the types of windows you install can make a difference for your home. Depending on how eco-friendly you want to go, there’s a chance you could save money by building in these measures instead of replacing things in an existing home.

Buying a house and trying to make it eco-friendly can have its limits. However, buying a home means you’re not disrupting the land, nor using new materials. Creating those new materials and transporting them uses energy, and also leads to more things in landfills. 

Ultimately, there’s much less of an environmental impact to buy a home and outfit it with some green renovations. But since building homes is still necessary, you could take the opportunity to create a house that’s highly sustainable. In some instances, these homes practically pay for themselves. 

No matter the route you go, you’re bound to help the environment and add immense value to your home.

If you’re looking for a solid home that’s built to last…

You’ll probably want to buy. Home inspections tell a lot about how well a house functions. If you put in an offer on a home (including a contingency about the results of an inspection) and find out it’s got issues, you can turn it down. If something goes wrong while building, you’re stuck with it.

That’s not to say building issues can’t be resolved, but it’s really stressful to find the right contractors for the job. Not wanting to deal with the stress of creating a home? Look for a solid, sturdy, existing home that people have already lived in and loved.

No matter whether you build or buy, with RealtyHive, you’ve got options. We’ve got plenty of beautiful and reliable existing homes to choose from! What’s more, we sell land so you can build your dream house — and we have an in-house building company that you can trust. You can find a home or plot that’s in development and add on customizations as you like. Start buying or building your beautiful new home with RealtyHive today!

Rebates for Homebuyers (And Sellers!)

/1 Comment/in , , /by

It’s tough and competitive to be a real estate agent. In most states, agents try to set themselves apart from their competition by offering real estate rebates to potential homebuyers. Find out how rebates work, and how our new Cashifyd app can help buyers and sellers alike.

What are real estate rebates?

Real estate rebates are incentives, usually monetary in some way, that agents offer homebuyers who choose to work with them. This might be cash back after closing (usually up to 1% back from the broker), a gift card, or some other type of gift.

Are rebates hurting consumers?

The Justice Department did a study on this very topic. They found that rebates are actually helping consumers because it’s saving them money on such a huge investment. Even a little bit of savings can go a long way.

Can anyone get a real estate rebate?

No. There are nine states that do not permit rebates. Rebates are prohibited in Alabama, Alaska, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee. Iowa doesn’t allow rebates when two or more brokers are used

Traditionally, rebates are only for homebuyers. Sellers have to pay commission for real estate agents, so they could try to negotiate paying a lower commission. But this isn’t exactly a rebate or incentive for sellers — they’re just paying less money.

However, rebates are about to change and include sellers as well. That’s because RealtyHive is introducing Cashifyd, the only app that allows buyers and sellers to get cash back on a home sale.

Make Yourself the Middleman With Cashifyd

Cashifyd is a self-referral marketplace — the first and only of its kind. 

  • If you are a seller looking for an agent, you’ll still pay for their commission. The difference is that by looking for agents through Cashifyd, you’ll actually get money back.
  • If you’re a buyer looking for an agent, you’ll receive a referral rebate when working with Cashifyd.
  • If you’re an agent on Cashifyd, you only pay referral fees when sales happen. No more having to pay big real estate databases for leads that lead nowhere.

How do Cashifyd rebates work?

Other real estate rebate programs have it where you only get cash back if it’s a house that a particular site or company is selling (or helping you buy). In other instances, you might only get a rebate by working with a specific agent.

With Cashifyd, rebates apply for any property and almost any agent — we say “almost” only because the agent has to agree to partake in this. But as of this blog post, we haven’t had anyone say no!

Cashifyd rebates do not work in those aforementioned nine states, but otherwise can be used around the world. Even buying an international property could land you a referral rebate! And as mentioned, this is the only option for sellers to get a rebate, too.

RealtyHive strives to make buying and selling a better experience for all. Get ready for the Cashifyd launch, and start saving money on your next home sale or investment!

What Makes a Good Investment Property?

/6 Comments/in , /by

No matter the route you go for real estate investing — such as fixing up your own home, flipping, or renting out a home or commercial property — you want to make sure you’re choosing the right property. These tips can help your income property bring you ROI instead of regret.

The necessary changes are relatively minor.

Some real estate investors pass on home inspections in favor of a faster closing date. These investors typically have an experienced team of contractors who complete renovations quickly. Time is of the essence with investment properties, because the longer you’re holding onto a vacant home, the longer it will take for you to generate a profit.

This is true for flipping or renting out a property, though less so if you’re renovating for your own home. That being said, in nearly every instance you want a property that doesn’t require massive changes. Foundation problems, mold, or other damages will massively eat away at both time and your savings.

The location is a selling point.

Investment property success lies heavily in where the property is located.

  • For most commercial properties, lots of traffic and visibility is crucial. This isn’t always the case if your commercial property is a huge space, such as for corporate offices. But for local shops, you need a location that requires little to no commuting time for your clientele.
  • When buying your first rental property, consider the demographic you’re targeting. Near a college town? Look for a house that’s on-campus or close to it. Single-family home? Suburbs or just outside the hustle and bustle of a city are great locations.
  • If wanting to renovate and sell your own home later on, you should pick a location that’s on the up and up. It’s not ideally located right now, but it will be in 5-15 years. Smaller cities or cities that are remote (such as places out West) are a good place to look.

The property has potential.

It’s OK if your potential rental investment is a carpet nightmare out of the ‘70s. But qualities like hardwood floors (beneath all that carpet), high ceilings, and killer views make this a property with potential. Again, you don’t want a money pit for an income property, but the underlying beauty can turn out incredibly valuable.

Similarly, if your property is in one of those “up-and-up” locations, there is a ton of potential in appreciation. Property owners in cities like Fort Collins and Boulder experienced insane ROI, selling just as these cities became increasingly popular. Even commercial property owners can see huge success from renting out or selling in an area that’s on the come-up.

No property is perfect, but considering these factors can help turn your investment into a successful one. Find the perfect investment property or sell the one you have with RealtyHive! Learn more about time-limited events and get started today.

Think Outside the Search Box

/0 Comments/in , /by

It’s no secret we live in a digital world. According to a  2017 research report published by the National Association of Realtors, 44% of home buyers’ first step in finding a home was to look online. Contacting an agent came in distant second place with 17%. As a real estate agent, it’s an exciting time to be in business with tons of cool, new tools. It should be easy. You get your listings, add them to your MLS, and then let the powers of the Internet take over and push your listing to the edges of the universe…or something?

For many agents this dramatic shift toward the digital space can be a little overwhelming. You’re an expert in buying and selling properties for your clients, not the intricacies of search engine algorithms or the inner workings of the interweb. We all know Google is king, but what can you do to make sure Google likes your listings and shows them to prospective buyers?

While you can’t guarantee that you’ll show up in the number one position every time, here are some quick tips on simple things to do make your listings more internet-friendly.

1). Write Two Descriptions

Sometimes you can’t say everything you want to about a listing in one tiny listing description.

If you’re a member of an MLS with a strict character or word limit for your listings, you often have to choose your words wisely. Abbreviations can be necessary, but that doesn’t mean they are conducive to having your listings found.

While an agent may know EXACTLY what you mean when you say “LR fp” (living room fireplace) or “w/o LL” (walkout lower level), those terms don’t always translate for buyers–the ones you should really be trying to reach.

If character limits are no issue, then simply write out everything completely. Looking for some inspiration on how to create a stellar listing description? Check out the tips in How to Write Listing Descriptions.

2). Think in Google Terms

Everyone wants to show up high in Google’s search results– and for good reason. These days, when you need anything from directions to a recipe for meatballs, Google is the first resource many go to. It’s no different when it comes to finding the perfect home. When writing your listing description, it’s a wise idea to think in “Google terms”.

To do this, you’ll want to do a little reverse-engineering thought experiment.

Imagine your listing is the first search result on Google. What did you search to find this?

Thinking in specifics will help you connect with the right buyer at the right time in their search. Geography often plays a large part in this, someone searching “West Village brownstone for sale” has a much more specific idea of what they’re looking for than someone searching “New York home for sale” and is more likely to be a legitimate (and ready-to-go) buyer, rather than a looker.

Other things to keep in mind are unique features, architectural styles, and upgrades. These features and amenities are often searchable on Listing sites (like Zillow or RealtyHive) so having your listing description optimized in this way will help you to reach buyers who are specifically looking for homes with that particular feature.

3). A Photo by Any Other Name

One of the easiest, least known ways to improve the way search engines show your listing is by giving your photos good names. Instead of keeping the default image name, usually a nonsensical string of numbers or letters, change your image titles to be things like “Johnsonville home” “kitchen at 123 Main” and other descriptive phrases. Naming your photos adds a little additional piece of information to each one of your photos, helping them to be found by search engines. Looking to take it one step farther? Change the “alt tags” on your photos before submitting them to your MLS for an enhanced presence. 

Additionally, this helps to cover you if the image itself should break for any reason. Instead of having the typical grayed-out broken image icon, the alt tag will appear. The user might not be able to actually see the adorable “loft bedroom overlooking Lake Beautimore”, but at least they’ll know it exists.

4). Divide and Conquer

If you’re listing a large parcel of land or a mixed residential-land parcel, this next tip might be perfect for you. If your seller is willing, it can sometimes make sense to divide a property up — or at least offer the possibility of this. Search functions of websites and search engines themselves try to help users find what they are looking for in the best possible way.

This means if someone is searching for 40 acres of land somewhere, it probably won’t show them a 160-acre parcel, even if inside the listing description it says the sellers would be willing to sell off smaller parts. Likewise, this can be very useful when you have a home and a large land tract together in an area that typically has lower home values. Since most buyers search by geography and price, properties like this often are not found until they make it into a lower search bracket.

These tips can’t guarantee that you’ll shoot straight to the top of the search results, but they can  help you to achieve higher ranking and greater visibility. To learn more about creating your best chance to sell, check out How to Sell Tough Listings or contact RealtyHive   to find out how they can help you create your best chance to sell.     

Everything You Need to Comfortably Enjoy Summer from Home

/0 Comments/in , /by

Now that we’re in the thick of summer, and what tends to be the hottest month of the year is upon us, it’s time to prepare for the coming heat if you haven’t already. Throughout our lives, we look forward to summer. Whether as kids longing for the break from school or as adults craving the warmth of the sun and excuse to go on vacation, summer is a time to be enjoyed. But what about when the heat gets to be too much? That’s when you need to take a look at your home and make the necessary improvements to make summer living comfortable. 


Upgrade your cooling system


Air conditioning is without a doubt one of our most sacred modern blessings. Few things feel better than the blast of cool air when coming in from the heat outside. But you also have that nagging voice of your parent or grandparent in the back of your mind telling you that running the A.C. is going to raise your energy bill. While it’s true that HVAC systems use up a lot of energy, newer models are more energy efficient and can do the same work while reducing your monthly energy payment. Do some research on if you should consider upgrading your HVAC unit and then consult with a certified technician on what option will work best for you.


Furnish your basement, plus upgrade your home value


If your home has a basement, it’s a great idea to make sure it’s furnished. Basements provide you with a naturally cool place to spend time when it’s warm outside because they are underground. Not only will the project of finishing your basement keep you cool, it will also add value to your home. So not only are you getting a literally cooler place to spend time, but the investment you put towards transforming the space will help you to profit in the future. 


Create the perfect sleeping environment


No one wants to be hot in their sleep. It’s just plain uncomfortable, and it makes it much harder to get your rest. That’s why, especially during the warm summer months, it’s extremely important to make sure your room is your ideal sleeping temperature. This means lowering your set A.C. temperature at night and, just in case that doesn’t cut it, keep a fan at your bedside. Take things a step further by purchasing a new mattress, potentially one with cooling technology to regulate your temperature while you sleep. 


Have ways to keep cool outside


During those long and cold winter months, you long for days spent outside in the warmth of the sun. When the heat and humidity come you feel like you need to soak it in as much as possible and don’t want to complain, but it can also be too overwhelming sometimes. Believe it or not, there are options to help keep you cool when outside as well. Make sure your backyard has some sort of shaded area, whether it’s natural or achieved by your addition of a covered patio. This way you can enjoy the warmth without being in direct sunlight 24/7. Add a misting fan to your shaded area for another layer of cooling.


Make use of simple techniques to keep cool air inside


When spending your hard earned money on keeping your home cool, the last thing you want to do is cause your HVAC unit to run more than it has to. Keep an eye on your local forecast and if it’s going to be especially hot, do not introduce warm air into your cool environment by using your stove/oven. Plan ahead and premake meals you can warm in the microwave or eat cold. You also want to keep the sunlight and heat out of your space as much as possible. While under door draft stoppers are popular in winter months, they can also be used in the summer to keep warm air from entering your home from underneath your exterior doors. You should also hang blackout curtains and keep them closed to prevent heat and warm sunlight entering through your windows.

We look forward to the warmth of summer all our lives. Don’t let the sun become too much for you and make sure you have a retreat from the heat. You shouldn’t have to venture out to stores and restaurants to seek solace. Instead, make sure your home is the place you find comfort no matter the weather.

2023 Retirement Havens

/1 Comment/in , /by

It’s been widely acknowledged that Americans work too much and for too long. While retirement is seen by many as the perfect opportunity to travel, explore new passions, and enjoy the fruits of many years of labor, for many people retirement seems too expensive. With the high cost of medical care, lightening fast pace of life, and often extreme weather in the United States, it’s no wonder that many look to other countries to spend part or all of their retirement years.

There are many exciting and affordable countries in which to explore during your retirement, but people looking to maximize their money can find some of the best deals for retirees just south of the border in Central America and the Caribbean. This region is known for its impressive history, warm people, beautiful weather, ease of travel to the U.S., and relatively inexpensive cost of living, but the charms don’t end there. Here are some of the incredible programs offered to retirees in these countries.

Belize

Belize offers what they call the Qualified Retirement Program, or QRP. This program allows eligible applicants to permanently live, retire, and relax in beautiful Belize.

Benefits

  • Residence Card – You and your qualified dependents (spouse and children under age 18) will receive a residence card which allows you to come and go from Belize without a visa
  • During the first year you are enrolled in this program, you receive duty-free tax exemptions on your personal belongings as you bring them into the country. Qualifying items include personal boats, vehicles, and light aircraft.
  • Additional tax exemptions – QRP enrollees are exempt from paying Belizean tax on all income received from outside the country, any capital gains tax and any inheritance tax on received funds.

Eligibility

  • Must be 45 years old or older
  • Must have a pension, annuity, or similar funds of at least $2,000/month or $24,000/year from a source outside of Belize
  • You must deposit the funds from above in a Belizean financial institution
  • Must pass a security clearance by the Ministry of National Security of Belize
  • Remain in Belize for at least 30 consecutive days each year

Application Information: Application can by found on the Belize Tourism Board’s website

Ready to make the leap? Find a home in  Belize on RealtyHive!


Panama

Panama raises the bar on best places to retire with its world-renowned “pensionado” program. This program doesn’t just allow foreign citizens to live in Panama, but also includes incredible benefits for those that do.

Benefits

  • Discounts of up to 50% on entertainment (movie and theater tickets, concerts, sporting events) and hotels; 30% off bus, boat, and train fares; 25% off airline tickets and monthly energy bills and 15% off hospital bills (unless insurance applies)
  • One-time exemption of duties on the import of household goods (up to $10,000) and tax exemptions every two years on the import or purchase of a car
  • Grandfathered pensionado status. If the laws for acceptance into this program change, your status will remain unchanged

Eligibility

  • Must have a pension (or similar) of at least $1,000/month
  • Applications for the program as reviewed on a case-by-case basis and do not have a minimum age to qualify

Learn more about the pensionado program by checking out “Panama for Retirees” or find your perfect Panama home on RealtyHive

Application Information:  You’ll need an immigration lawyer in Panama to complete many of the steps. Learn more about the details of this process by visiting the Embassy of Panama website

Ecuador

While many people don’t immediately think of this South American nation as a prime retirement destination, Ecuador has grown in popularity in recent years. As one of the world’s most biodiverse places, this country is perfect for adventurous retirees looking for excellent value for their money. This program is a little less straightforward than others requiring a temporary visa for the first two years of residency and then a permanent residency visa can be applied for.

Benefits:

  • 50% off public transportation, airfare, cultural/sports/artistic/recreational events, and electricity/water/telephone services
  • Discounts on property, income, and vehicle taxes as well as a refund of sales tax
  • Pay no taxes on foreign income
  • Import household goods duty free within 6 months after obtaining residency

Eligibility:

  • Must show guaranteed income of at least $800/month, plus an extra $100/month for each dependent joining you.
    • Note: If the income comes from a source other than pension or Social Security income (like investment dividends or income from a trust), the amount of $800 per month for 5 years ($48,000) must be deposited in an Ecuadorian bank in advance
  • Cannot leave Ecuador for more than 90 days in calendar year during first or second year of holding the visa
  • Must have proof of private health insurance or must be affiliated with Ecuador’s social security system

Application Information: Ministry of International Relations and Immigration (Ministerio de Relaciones Exteriores y Movilidad Humana) https://www.cancilleria.gob.ec/wp-content/uploads/2018/10/formulario_de_solicitud_de_visa.pdf

Colombia

From the 1970s to the mid-2000s, the news out of Colombia was not great for anyone looking for a peaceful retirement destination. Between guerilla factions, political unrest, and a deadly drug war, Colombia was seen as a dangerous place for tourists and citizens alike. These days, Colombia is a relatively safe country where you can enjoy incredible natural wonders and lively cultural. While Colombia’s benefits for retirees aren’t quite as robust or codified into law like in other countries, the low financial requirements and low cost of living make this a great choice for retirement.

Benefits:

  • Can be converted to a Resident visa after 5 years

Eligibility:

  • Must be at least 18 years old to apply
  • Must have a pension of at least 3 times the Colombian monthly minimum wage (approximately $766 per month as of June 2049)
    • A second, almost identical program allows for qualification with non-pension income such as interest or dividends. This program requires at least 10 times the monthly minimum wage or just over $2550 per month

Application Information: Application can be found by visiting the Minister of International Relations website

Author’s Note: This article contains research done in June 2019 and should be considered a starting point of research only. Tax, benefit, real estate, and other laws are constantly changing and you need to consult relevant licensed professionals when making big, important decisions.