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Save For a Home While Renting

There are so many benefits in owning a home that not even these hard economic times can deter its appeal.  Saving for a house, on the other hand, can be challenging for many apartment dwellers and tenants.  The truth is it is difficult to save for a house, when a big chunk of your income goes toward rent. The cost of renting can make the idea of owning a home seems like a fantasy, but saving for a house can be well within your reach.

 

Follow these five (5) tips to help save up for a house while renting:

 

Budget first, save later:

Making a list of your expenses and working out a budget seems like the oldest financial advice in the book, probably because it is.  People should take the time to learn where their finances are at, and then save as much as they can comfortably afford.

 

Stick to your savings:

A weekly savings account contribution of $50 adds up to $2,600 after a year.  After just five years, that gives you $13,000 to put towards purchasing your own home.

 

Downsize:

Move to a cheaper apartment for a few years.  You’ll save money on rent that could be put to better use, like buying your home.  A $100 to $200 savings per month goes a long way in giving your housing fund room to grow.

 

Start negotiating:

Consider negotiating rent with your landlord or property manager.  Emphasize to them your high value as a reliable tenant who pays his/her rent ahead or on time, and that it might be hard to find a new tenant of the same quality.

 

Roommates:

Find a roommate through friends, internet sources, social media, or newspaper advertisements, to cut down on your $1,200 monthly rental payment.  Put your money saved toward your housing fund.

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Saving Energy in Your Home Office

In our last column we discussed saving energy around the home and saving money as a result.  We touched on ways to reduce costs contributed by lighting and appliances; more specifically, the refrigerator and washing machine.  In a previous article we talked about the home office.  Today we provide a few tips on reducing energy costs in the home office.

 

Persons working from home will most likely use electronic devices and may use them very frequently.  These normally include a computer, fan or air condition, printer/copier etc.  Although it saves on transportation cost it increases your home energy bills, so in order to actually realize savings there are a few things we should bear in mind.

 

  1. Selecting energy-efficient office equipment and turning off machines when they are not in use can result in significant energy savings.

 

  1. Spending a large portion of time in low-power mode not only saves energy but helps equipment run cooler and last longer.

 

  1. Using the power management settings on computers and monitors can cause significant savings.

 

  1. It is a common misperception that screen savers reduce a monitor’s energy use. Use automatic switching to sleep mode or simply turn it off.

 

  1. Another misperception is that equipment lasts longer if it is never turned off. Many appliances continue to draw a small amount of power while switched off so unplug appliances not in use and unplug battery chargers when the batteries are fully charged or the chargers are not in use.

 

  1. Use rechargeable batteries for products like cordless phones and digital cameras.

 

  1. Turn on air conditions and fans at hotter times of the day.

 

  1. Reduce the use of paper. Do double-sided printing and use printed paper with errors for scrap.

 

  1. Make use of emails and free or cheap calling systems like Skype.
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Saving Energy Around the Home

Right in your own home, you have the power to save energy and money.

 

Maintaining an energy-efficient home will save you money.  Saving energy will also contribute to the reduction in our nation’s overall resources needed to produce and provide energy.

 

An average household dedicates about 5% – 6% of its energy bill to lighting.  Switching to energy-efficient lighting is one of the fastest ways to lower your energy bill.  You have many choices in energy-efficient lighting; the most popular ones being halogen incandescent, compact fluorescent lamps (CFLs), and light-emitting diodes (LEDs).  Switching to these may seem to cost more money initially but the cost saving benefit will be realized during its lifetime.

 

Appliances account for about 13% of a household’s energy costs, with refrigeration and laundry at the top of the list.

 

To reduce the amount of energy costs refrigeration and laundry account for, the following could be practiced:

 

Refrigeration

  • Ensure your refrigerator door seals airtight
  • Cover liquids and wrap foods stored in the refrigerator. Uncovered foods release moisture and make the compressor work harder.
  • Regularly defrost freezers and refrigerators. Frost buildup decreases the energy efficiency of the unit.
  • Ensure your refrigerator or freezer is not kept at a very cold temperature.

 

Laundry

 

  • Wash your clothes in cold water using cold-water detergents whenever possible.
  • Wash and dry full loads. If you are washing a small load, use the appropriate water-level setting.
  • Dry towels and heavier cottons in a separate load from lighter-weight clothes.
  • Don’t over-dry your clothes.
  • Air-dry clothes on clothes lines or drying racks. Air drying is recommended by clothing manufacturers for some fabrics.

 

Whether you take simple steps or make a large investment to conserve energy it will ultimately be beneficial to you and your family.

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Buying Land

Many long-term endeavors involve the use of real property and most times present the option of purchasing.  In some cases land and building will be needed and in other cases only land.  Today we will discuss a few key areas concerning the purchase of land which should be given careful attention.

 

  • Use of the land: Dominica, although a predominantly mountainous country with vast acres of forest, has areas which are flat and areas that are sloping. Many people are charmed by the idea of having flat land but a sloping lot may be quite convenient for your endeavor.

 

The local planning authority has separated land use into categories: residential, commercial, industrial, institutional, agricultural, tourism and urban development, wildlife, conservation/forestry and protected lands.  The type of land that you purchase should coincide with your plan for the land.  You would not want to buy a piece of land located in a residential area for the purpose of building a factory.

 

Check with the physical planning authority to find out if the desired area has any restrictions or if the land is fit for your purpose.  It may be considered a hassle, but this may save you from troublesome situations in the future since you will ultimately need permission from the Physical Planning Division to build any structure or feature on the land.

 

  • Budget your money wisely: When purchasing land there are government and other associated fees that the vendor as well as the purchaser have to pay. On a typical land (and building) transfer in Dominica the purchaser pays 4% stamp duty, 1% assurance fund and 2.5% judicial fee of the purchase price or value, whichever is greater.  Often times a lawyer and a surveyor have to be engaged and paid a fee during this transaction.  All these must be factored into your budget.

 

  • Surveys are essential: A land survey plan provides information on the dimensions, access and boundaries of the land. A topographical survey will come in quite handy in providing more information about the gradient of the land allowing you to plan better.
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Home Office

“Make Thousands of Dollars Working From Home!”

 

You’ve been seeing these ads around right?  Although many of these turn out to be scams there are quite a few genuine “work from home” jobs.  There is actually an increase in remote jobs within many common industries like sales and marketing, real estate and information technology where the concept of working from home falls quite conveniently.

 

Working from home provides much convenience but in order to be efficient in performing duties, persons are encouraged to have an appropriate work area which will allow them to separate office work from house chores.  Today we share 5 simple tips to assist you in working effectively at home.

 

  1. If you have an extra room, a garage or an area that is seldom used, dedicate that area for working or convert it into an office. You may consider adding another room if there’s sufficient yard space.  This will actually increase the value of your home.

 

  1. Once the space is set out, choose the most appropriate furniture and fitting (be mindful of the size of your designated office space). Your health may be the top contributing factor to the furniture you choose.  If you are one of the people who complain of back pain and eye strains, consult your doctor before choosing your furniture and equipment (computer etc.).  If you are not, you should still choose wisely to reduce your risk of suffering from those ailments in the future.

 

  1. Get all distractions away from your office space. Televisions, games and even house hold chores are common distractions.  Take the television and similar devises away.  Ensure your office chair is not facing areas like your kitchen where you may spot some dirty dishes staring at you.

 

  1. An organized office encourages efficiency. An office desk with draws would be useful for some storage and should be considered when choosing office furniture.  Depending on the amount of documents you need to store, consider investing in a filing cabinet or shelves.

 

  1. Personalize your office space. Don’t over accessorize so that it creates a distraction, remember we are eliminating distractions, but a little personal touch, say something that inspires you, can go a long way.

 

You need to make sure that your work space or office at home has the right location, furniture and setup to allow you to be physically and mentally prepared to perform your duties most efficiently.

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What’s In a Roof? Roof Options Available

The Gable Roof – is triangular in shape; also known as pitched or peaked roof and are very popular.

Pros: Gable roofs will easily shed water and snow, provide more space for an attic or vaulted ceilings and allow more ventilation.  Their simple design make it easy to build them and cheaper than more complex designs.

 

Cons: Gable roofs can be problematic in high wind and hurricane areas.  If the frames are not properly constructed with adequate supports, the roof can collapse.  High winds can also cause materials to peel away from gable roofs.  If there is too much of an overhang, winds can create an uplift underneath and cause the roof to detach from the walls.

 

If a gable roof is used in high wind areas, be sure proper braces are used and have the roof inspected after a large storm to ensure no damage occurred.

 

The Hip Roof – Slopes on all four sides which are all of equal length and come together at the top to form a ridge.

Pros: Hip roofs are more stable than gable roofs.  The inward slope of all four sides is what makes it more sturdy and durable.  They are excellent for both high wind and snowy areas. The slant of the roof allows snow to easily slide off with no standing water.  Hip roofs offer extra living space for vaulted ceilings or an attic.  They also provide more ventilation and are able to make additions, such as dormers or a crow’s nest.

 

Cons: Hip roofs are more expensive to build than a gable roof.  It’s a more complex design that requires more building materials.  Also, additional seams can make it easier for water leaks to form if a roofing system is not properly installed.

 

The Saltbox Roof – is one with two stories in front and one in the back, having a pitched roof with unequal sides, being short and high in front and long and low in the back.  The front of the house is flat and the rear roof line is steeply sloped.

Pros: The slope makes it easy for water to run off, making the saltbox roof good for areas that receive heavy rain.  The asymmetrical design makes it more durable than a simple gable roof.   It adds more living space by making a home one and a half to two stories.

 

Cons: The design can be tricky, which makes the building costs higher. Although more living space is provided, it isn’t as much as a regular pitched roof.  Also, some of the rooms may have slanted ceilings.

 

The Flat Roof – It appears to be completely flat but has a slight pitch to allow for water run-off and drainage.  Though generally used in industrial or commercial buildings, this style roof can be found on houses.

Pros: Easy to construct and requires fewer building materials, keeping costs down. It allows for more living space on the roof for a patio, garden.  Heating and cooling units can also be placed on flat roofs, keeping them out of sight. The design is also conducive for installing PV solar panels for a more energy efficient and energy independent home.

 

Cons: The low pitch makes flat roofs more susceptible to water leakage. They are not advised for high rainfall or high snowfall areas.  Although the upfront cost of building a flat roof is less expensive than a pitched roof, they can be more expensive in the long run due to maintenance and ongoing roof repair and replacement costs.

Ensuring a flat roof is waterproof is imperative. Using material that is continuous with no seams is the best.  The most common materials used are tar and gravel, roll roofing, metal sheets, PVC, TPO, and rubber membrane.

 

The Butterfly Roof – It is a V-shaped roof constructed of two tandem pieces which are angled up on the outside.  The midsection is angled downward where the two pieces meet into a valley.  The overall effect is of a butterfly’s wings in flight.

Pros: The upper angle of the outer edges allows larger windows to be used.  This gives the home more natural light, lower heating bills in the winter and brings an open feel to the design.  The valley in the midsection of the butterfly roof allows rainwater to be collected, making it beneficial for high drought areas.  The butterfly roof lends itself to an environmentally friendly home design, as PV solar panels, water collection systems and natural light can all be easily incorporated.

 

Cons: The complexity of the design makes the butterfly roof more expensive.  Not only are the upfront costs higher than conventional roofs, but the maintenance will also be more expensive.

 

Using a solid, continuous membrane with no seams is the key to keeping a butterfly roof watertight.  Other options are to use metal, organic materials or solar panels.

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Small Spaces: The Reward of Choice

A recent article revealed that the size of a typical home from the 1970’s has grown from an average of 1,600 square feet to now 2,500 square feet while family sizes have in most cases lowered in numbers over time – with two working parents in the home – a statistic to which most of us can relate.  The logic for many is that size represents greater success or so we tell ourselves. We have essentially considered less of our own individual needs and more of the desire to “keep up with the Jones’”. What we fail to realize is that bigger spaces don’t often satisfy our personal requirements or objectives instead much effort is spent on outfitting extra spaces that may never be fully used.

 

Evaluation of ‘space needs’ becomes very important for any family considering to build or renovate.  This was most evident in a recent renovation for a client where a space evaluation yielded the need for an additional bathroom; more specifically a half bathroom/powder room. The project though started with a far greater want of space, as the matrix of needs vs. wants developed it was soon realized that wants far exceeded the needs column and an appropriate balance had to be achieved.  With two bathrooms   already within the main house and a growing family plus the focus on outdoor living and entertainment the need for more bathrooms translated into a real functional                requirement.  Once the clients were convinced the project scope became a reality. The overall dimensions of 6’ x 8’ meant materials were in small quantities so the ability to showcase finish styles that could not normally be afforded for larger spaces were now a reality.

 

The client had the desire for some time to modernize their home but could not afford, now was the opportunity to take this approach and run with it for this new bathroom addition.  Finishes included Group 2 nicely finished porcelain wall and floor tiles, a        rectangular vessel sink mounted on a wooden vanity overlain with a corian countertop, an elongated comfort toilet, and a special streamlined sink faucet for more regulated flow. Choice of lighting was an important decision as a balance between energy          consumption and lumination needed to be made.  A selection was made to use recessed LED lights. This turned out to be a great choice to highlight the level of finishes chosen and blend with the colour scheme.

 

Oftentimes, smaller projects are better funded in contrast to the budget constraints    witnessed for larger projects.  So the next time you’re considering a home improvement project, a half bathroom remodel/construction may be the solution.

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News: Millenia Realty offers sales professionals the opportunity to be part of its Real Estate Sales Affiliate Network.

Millenia Realty has been operating as a broker in Real Estate sales and rentals on the Dominican market since 2010.  Over this period, we have earned the reputation of being trustworthy, fair, flexible and creative.

 

After doing business the conventional, same ole, same ole way all these years, we realized that both the broker/in-house agent commission-based structure and the broker/fixed salary employee structure often shortchanges the customer and typically disappoints the agent/employee.

 

We have concluded that a model that allows for complete flexibility and control by the sales person with a parallel commission split will address the inefficiencies and laissez-faire attitudes that we have seen in the conventional model.

 

This new model forms the basis of the Real Estate Sales Network that we recently launched.   This network offers independent sales professionals who are interested in the fast-paced and lucrative real estate sales business with an opportunity to fast-track their own business by utilizing our brand, our well-established online presence, among other benefits.

 

The flexibility of agents running their own businesses while they utilize our services lends itself to greater motivation and freedom which will improve on agent commitment and therefore increase client satisfaction.

 

Anyone interested in using their sales knowledge and experience to develop their own profitable real estate business should contact us to discuss how to join our Sales Affiliate Network.  Millenia Realty’s office is located on 24 Church Lane, Pottersville, Dominica.  We can be reached via email: realty@millenia.dm; phone: (767) 614-1806.

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Choosing Interior House Paint Colors

When painting the interior of your home it is important to stick with a cohesive color scheme throughout the entire home (remember to keep the exterior in mind as well). Before selecting paint colors it is also important that you consider what the individual rooms will be used for since color has been proven to have an effect on our mood. Certain colors can also affect the appearance of a room in terms of how large or how small it looks and feels.

Today we share a few tips to help you select the right paint colors for the interior of your home.

  • If you want the room to feel energized or comfortable use warm colors such as red, yellow or orange. Warm colors tend to work well when used in rooms that host a lot of activity, such as family rooms or living rooms. Muted shades of these colors would be best as the main color as brighter paint colors can make a room feel overwhelming when they are used too much and too often. Instead, use these brighter tints of warm colors as an accent.
  • Cool colors such as blue, green, and purple are ideally used to give a room a relaxing feel by creating a calming sensation. Cool colors are great options for bedrooms as well as sitting rooms but using darker shades such as deep green or navy blue can help the room feel more grounded giving the space a cozy feeling.
  • To give a room an open feel or to make it feel larger than it actually is, consider using lighter tints such as pale yellows, blues or even white. Because light colors have minimal visual weight our eyes are not drawn toward them as they would with more vibrant and darker shades. When painting a room keep the ceiling in mind. Using light colors for the ceiling can create the illusion that the room is taller than it is.
  • Since darker colors draw our eyes towards the walls they make rooms feel smaller and more intimate. If you have a home library or a study you might want to use dark colors to create a quiet, intimate atmosphere.