10 Cost-Cutting Tips for Furnishing a New Home

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When you’ve just bought a home, closed on a home, or rent your home, furnishing it can be a daunting and expensive task. From furniture and appliances to decorations and accessories, it’s easy to blow your budget in the process, especially after the costs of buying a house.

But there are a few tips and tricks you can use to save money and still get the look you want. Here are 10 cost-saving tips for furnishing a home on a budget.

1. Measure Everything

Before you start shopping for furniture, make sure to measure the space you have available. Understanding how to calculate the square footage in a house is essential. If possible, measure before you move into your new space. This will help you know what size of furniture to buy and will also help you avoid buying something too big or too small.

Make sure to measure doorframes, hallways, staircases, and any other areas you plan on bringing the furniture through. Taking these measurements will ensure that you don’t end up with furniture that won’t fit in your space.

Furnishing a Home

2. Shop Second Hand

Shopping second-hand is a great way to save money when furnishing a home on a budget. Look for furniture at thrift stores, estate sales, and online consignment stores.

You can even find great deals on furniture that has been gently used. Be sure to inspect the furniture before you buy it, and make sure to clean it properly. If you’re buying furniture online, ask the seller for photos and more detailed information before you make a purchase.

Shopping secondhand can be especially useful when you have finished your basement and have a significant need for furniture.

3. Buy in Pieces

Instead of buying sets, buy pieces of furniture separately. This will save you money, and you’ll be able to customize your furniture to fit your tastes and space. Don’t be afraid to mix and match styles and colors.

You can find pieces that coordinate with each other but don’t necessarily match perfectly. This type of eclectic look will give your home a unique and personalized feel.

4. Shop Online

Shopping online for furniture can be a great way to find deals. Online stores often have sales and discounts, and you can compare prices quickly and easily.

Make sure to read reviews and check the return policy before you make a purchase. Many online stores also offer free shipping, so be sure to look for these deals when shopping.

5. Buy Used Appliances

If you’re in the market for appliances, look for used appliances. You can find stores that specialize in used appliances and you can also find great deals on sites like Craigslist. Inspect the appliances before you buy them, and ensure they are in good working order.

If you’re buying appliances online, ask the seller for photos and more detailed information before you make a purchase.

6. Buy Multi-Purpose Furniture

When furnishing a home on a budget, consider buying multi-purpose furniture. Look for pieces that can serve multiple functions, like a couch that doubles as a bed or a table that can be used as a desk.

These pieces can be great space-savers that allow you to get rid of bulky items and can also save you money.

7. Shop Out of Season

Buying furniture and decorations out of season is a great way to save money. Look for sales on summer furniture in the winter and winter furniture in the summer.

You can also check clearance sections in stores for items that are marked down. Don’t be afraid to shop at stores that specialize in outdoor furniture; these stores also have great deals on indoor furniture.

8. Get Creative with Decor

Regarding decorations, look for ways to get creative and make your own. You can do plenty of great DIY projects to spruce up your home without spending a lot of money.

From painting and wallpapering to crafting and upcycling, there are plenty of ways to make your home look great on a budget.

9. Buy in Bulk

If you’re looking to buy a lot of items for your home, look for stores that offer bulk discounts. Buying in bulk can save you a lot of money, and it’s a great way to stock up on essentials like towels and bedding. Bulk discounts can also be found on items like paint and cleaning supplies, so be sure to look for these deals when shopping.

10. Utilize Airbnb

If you’re looking to buy used furniture, consider using Airbnb to find used furniture from other people’s homes. You can often find furniture in excellent condition at a fraction of the cost.

Airbnb also offers a way to rent furniture for short-term use, which can be great if you’re looking to buy furniture for a specific event or time period. Be sure to inspect the furniture before you buy it, and make sure to clean it properly.

Furnishing a home on a budget doesn’t have to be daunting. From shopping second-hand and buying in pieces to shopping online and utilizing Airbnb, there are plenty of ways to get the look you want without breaking the bank.

With these 10 cost-saving tips, you can furnish your home on a budget and create the home of your dreams.

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Selling a Damaged House As-Is: 10 Tips for Home Sellers

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When it comes to selling a damaged home, it can be difficult to make the best decision. While the ideal scenario is to make all necessary repairs before listing the home, sometimes it is simply not feasible.

When repairs are too costly and time-consuming, home sellers may consider selling their homes as-is. Here are 10 tips to help you make the most of selling a damaged house as-is.

1. Know Your Options

Before making a decision, consider all of your options. Depending on the house’s condition, you may be able to make repairs and list it for sale on the open market. You could also look into a home improvement loan, or even a cash-out refinance to cover the costs of repairs. If none of these options are available to you, selling the home as-is may be your best bet.

Tips For Selling a Damaged House As Is

2. Research Market Conditions

Before proceeding with a sale, you should research the current market conditions. If the housing market is sluggish, you may be better off waiting until the market improves before selling. On the other hand, if the market is hot, selling your home as-is may be a smart move.

3. Price It Right

When pricing a damaged home for sale, you should factor in the cost of repairs. Avoid pricing it too low, as this will leave money on the table. Instead, you should price it to accommodate the repairs that need to be made.

Accurate house pricing is the number one factor for getting it sold!

4. Find the Right Buyer

When selling a damaged home, you should look for buyers that are interested in a fixer-upper. Look for cash buyers or investors who are comfortable with the repairs that need to be made. A real estate agent may be able to help you find the right buyer.

5. Make the Necessary Disclosures

When selling a damaged home, you must make the necessary disclosures to potential buyers. Be honest about the condition of the home and provide any materials that may be necessary, such as inspection reports. This will help to protect you from any potential legal issues in the future.

6. Offer Incentives

When selling a damaged home, you should consider offering incentives to potential buyers. For example, you could offer to cover closing costs or offer a home warranty. These incentives could be the difference between a successful and unsuccessful sales.

7. Consider an Assumable Loan

If you have a loan on the home, you may consider offering an assumable loan to the buyer. This could be a great way to make the sale more attractive to potential buyers, as they won’t have to go through the process of qualifying for a loan.

8. Make Minor Repairs

It may be worth doing if you can make minor repairs without breaking the bank. This could help make the home more attractive to potential buyers and increase the chances of a successful sale.

9. Leave Major Repairs for the Buyer

Major repairs should be left for the buyer to make. This could be a great way to save money, as buyers may be willing to make the repairs themselves in exchange for a lower price. Major repairs could include replacing the roof, foundation repairs, or updating the electrical system.

10. Consider a Quick Sale

You may consider a quick sale if you need to sell your damaged home quickly. A quick sale is when you sell the home to a cash buyer or investor willing to take the home as-is. This could be a great way to sell the home quickly and begin planning your move.

Selling a damaged house as-is is not always ideal, but it can be a viable option. Before making a decision, consider your options and research current market conditions. You should also make sure to price the home correctly and find the right buyer.

An as-is sale may be the best option if you need to sell the home quickly. Following these tips, you can make the most of selling a damaged house.

Tips For Increasing Your Credit Score By Paying Rent

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Rent payments are usually a tenant’s most significant expense, but they’re not traditionally represented in Americans’ credit history.

However, this has changed — renters today can easily report on-time rent payments to the major credit bureaus so they can be used to improve their credit scores.

In this article, we’ll discuss the financial impact of a credit score and the steps renters can take to improve their credit.

The Importance of a Good Credit Score

An estimated 11% of the U.S. adult population is considered “credit invisible” — meaning they have no credit history — and an additional 8% are unscorable or have fragile credit files.

A lack of credit limits an individual’s financial independence by making it hard to access funding sources like credit cards, car loans, mortgages, and even rental units. Here’s how a low credit score or lack of credit history impacts a renter.

Increase Credit Score By Paying Rent

Landlords Prefer Tenants with Higher Credit Scores

As home prices continue to rise, more Americans are renting homes instead of purchasing property. This has put landlords in a position to be more discerning about the types of tenants they rent to.

As part of the rental application, landlords often ask prospective tenants for references from previous landlords, proof of employment, and credit checks.

Without a solid credit history, it’s difficult for tenants to reassure potential landlords that they will pay their rent on time.

Poor Credit Scores May Mean Higher Security Deposits

Security deposits are commonly required at the start of the lease to cover any missed rent payments or potential damage caused by tenants during the lease term.

To protect their investment, landlords may require renters with poor credit scores to pay higher security deposits — meaning the up-front costs of moving into a new apartment are even high.

Renters with excellent credit scores may also have the advantage of negotiating lower security deposits for long-term rentals or even lower rent.

Better Credit Leads to Better Financing Options

Young individuals often rent in the early stages of their career to maintain flexibility and minimize significant expenses — and because they don’t yet have a credit history.

Tenants who take steps to build their credit scores early on can eventually finance a home purchase in the future.

Good credit improves the chances of getting approved for loans and credit cards of all types. Individuals with high credit scores are considered lower-risk borrowers and have better negotiating power when it comes to getting favorable interest rates and loan terms from lenders.

3 Ways Renters Can Improve Their Credit

  1. Use a Rent Reporting Tool

Rent reporting is creating reports of rent payments to the major credit bureaus (Equifax, Experian, and TransUnion). It’s a new strategy for renters to improve their credit when they don’t own a home or have other opportunities to build equity.

There are several relatively low-cost rent reporting tools available for tenants, so find one that makes sense for you and your landlord. The effort will pay dividends — one Experian report suggested that reporting rent payments improves credit scores by up to 29 points.

  1. Pay Rent on Time, Every Time

Once you’re reporting your rent, it’s important to pay rent on time to improve your credit score and remain in good standing with your landlord.

Even missing payments once in a while or during periods of economic hardship can affect credit scores if they’re more than 30 days late.

Once a late payment is reported to a credit agency, it stays on the renter’s credit report for seven years — even if all payments after that are made on time. Regular offenders are likely to have their credit score affected enough to limit their rental options for future leases.

  1. Monitor and Dispute Credit Report Mistakes

Even when renters make payments on time or within the grace period offered by credit bureaus, uneven or delayed processing times can lead to mistakes being placed on tenants’ shoulders.

Therefore, renters must look through their statements and credit reports to ensure mistakes are rectified immediately and that the appropriate companies are informed of the error.

This can prevent inaccuracies from showing up on credit reports and can help renters save time and energy if they don’t find it until later.

  1. Complement Rent Reporting with Other Credit-Boosting Strategies

Rental payments can give tenants a good credit boost, but these aren’t the only arrow in their quiver. Always pay your bills on time, and don’t spend beyond your means.

Regular usage and on-time payments of credit cards are other simple ways to improve credit scores.

Why Should Landlords Help Tenants Use Rent Payments to Boost Credit Scores?

Renters Are More Likely to Pay Rent on Time if Payments Are Reported

Recent research shows that 15% of renters in America are behind on rent payments. This impacts cash flow for landlords, so it’s in their best interest to find ways to incentivize paying rent on time.

Statistics gathered by Experian revealed that almost three-quarters of renters are more likely to pay rent on time if their payments are reported to credit bureaus.

This is especially true for younger renters who are in greater need and have less available avenues to build credit.

Younger Renters Prefer Units That Offer Rent Payment Reporting

While landlords can be discerning in choosing the best tenants, these renters are also in high demand. Landlords, like tenants, must show they are collaborative and willing to help renters where they can.

If given a choice between identical rental units, 67% of renters would choose the one that offers rent reporting. Good quality tenants are always highly sought after, and offering rent reporting increases the chances of finding a tenant who pays rent on time.

Improving Credit Scores with Rent Reporting

Americans depend on good credit scores to apply for credit cards, get financing for large purchases, improve rental options, and much more.

Rent payments form a significant part of most American renters’ regular expenses, and tenants can leverage rent reporting as an affordable and simple way to build credit.

About the author: The article on How to Use Rent Payments to Boost Your Credit Score was written by Mike Bang. Mike is Head of Growth at Azibo, the one-stop-shop financial services platform for rental properties, providing a world-class platform for rent collection, banking, lending, insurance, and more.