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Owning a second home, a sanctuary from your daily grind, is
a dream for many. But can you afford both your current mortgage and a vacation
home loan? Let's explore this topic, offering practical insights to help you
achieve financial freedom and secure your dream vacation home.
Evaluate Your Financial Situation
Begin by thoroughly examining your financial situation.
Ensure your income can comfortably cover your current budget and an additional
mortgage. This first step is essential to determine if you can manage the
financial commitment of a second home.
Build a Strong Credit Profile
A good credit score can help you secure a mortgage with a
lower interest rate. For example, having a credit score of 750 might allow you
to get a mortgage at 6% instead of 7%, saving you a significant amount over the
life of the loan.
Consider All Expenses
Look beyond the purchase price and consider all associated
costs, such as property taxes, homeowners' association fees, insurance, and
maintenance. For instance, if a vacation home has $3,000 in annual property
taxes, $500 in monthly homeowners' association fees, $1,000 in annual insurance
costs, and $2,000 in maintenance, your total annual cost would be $11,000.
Choose the Right Financing
Explore different financing options to find the best rates
and terms. A 15-year mortgage might have a lower interest rate than a 30-year
mortgage, resulting in substantial interest savings over time.
Generate Income from Your Property
Consider renting out your vacation home to offset costs.
Renting it for $200 per night for 60 nights a year could bring in $12,000,
covering most of your ownership expenses.
Understand Tax Implications
Be aware of tax deductions for mortgage interest, property
taxes, and operating expenses. Consult a tax professional to maximize your tax
benefits and ensure you're making informed decisions.
Plan for Long-Term Success
Align your financial goals with your dream of owning a
vacation home. By making strategic financial decisions, you can enjoy the
benefits of a second home while ensuring long-term financial stability.
Ready to discover your options for buying a vacation
home?
Contact us today for personalized guidance and start your
journey towards owning your dream vacation home 303-444-1200.
Did you know that nearly one-third of the population has difficulty swallowing pills? Most people dont swallow pills correctly. This often results in gagging, choking, and vomiting, which usually results in people not taking their medications at all, or not taking the recommended dosage, which then results in a need for later additional medical care.If you are caring for a senior who has trouble swallowing their pills, here are some medication tips and some good news. Researchers have found new techniques that make pill-popping easier, even for large pills.German researchers recently tested two methods of swallowing pills and found that 80% of the time these methods worked better than the normal way of taking a pill. The first is the pop-bottle method, and it makes tablets go down with ease. The second is the lean-forward technique, which sends capsules straight down the throat. Both have been rigorously tested by 151 volunteers who swallowed numerous dummy pills for the sake of science. And now they are being shared with the world via their publication in the Annals of Family Medicine.Read about each method so you can try it yourself or have the senior you are caring for try it. Just may make life a little easier for you both.
At least 42 percent of U.S. workers have been caregivers for aging loved ones in the last five years. In fact, most family caregivers work full or part-time while caring for their parent, spouse, aunt, uncle, or other loved one. Juggling Your Job and Caring for a Loved One The majority (68 percent) of family caregivers report making work accommodations because of caregiving duties, including: Arriving late/leaving early or taking time off Cutting back on work hours Changing jobs Stopping work entirely If this is you, you understand the challenge of juggling work and caregiving. Youll want to know that AARP is fighting for workplace flexibility, like family leave or paid or unpaid sick leave, to support family caregivers as they balance work and caregiving responsibilities. AARP is pushing for legislation that would: Let employees use their existing sick time to help care for a family member; or Give employees a few hours of unpaid time each year to help care for their loved ones; or Allow employees unpaid leave to take their loved ones to the doctor, in the same way 15 states allow employees to take unpaid time off to attend parent-teacher conferences and school events.
Many people with dementia lose their social filters and no longer understand what is or is not appropriate to say in public. They do not say embarrassing things intentionally but have indeed lost the lens they used to live with. You may have encountered situations like these: Person with Dementia upon hearing someone speaking a different language: Speak English! or they may use a racial slur to describe them.I have seen and heard many elders using racial references that were, to say the least, disrespectful. It doesnt necessarily mean the people are racist. Many of our elders grew up in much less diverse communities than we have today. They have simply lost whatever inhibitions they may have had. When they see someone of another ethnicity, they blurt out labels that they heard as youths, embarrassing everyone involved.How to respond: One of my clients used to make these remarks frequently. He also had travelled a lot. I would apologize calmly to the person and then begin talking about what language I thought they might be speaking and what country they might be from, asking my client if he had ever been there on his travels. This could lead him into a conversation about travel. If the person, he was making the remark about was on staff at the nursing home Id include them in the conversation.Person with Dementia, generally a man pinches a woman or otherwise acts out sexually: Nice butt!Stay calm and realize that this behavior is caused by the disease. Dementia has stripped your dad of his inhibitions and he really cant help it. Try not to overreact from embarrassment.How to respond: Calmly say, Thats inappropriate, Dad, or something to indicate that the action is not acceptable. It wont help to scold, however. Apologize to the person affected and then if possible, move your dad away. Explain to the person that dad has Alzheimers and his actions are the result of the disease. If you cant defuse the situation by moving him away, just allow the affected person to handle it. If it happens to a professional caregiver, they are trained to handle these situations.When these and other uncomfortable situations occur, we are embarrassed for ourselves and for the person our elder once was. Learning that we arent alone in enduring this public embarrassment helps, Talk with other caregivers, either in person or online, for perspective and the chance to laugh about these situations. When we share our stories with people who understand, our pain and embarrassment doesnt take on a life of its own. Try a caregiver forum, such as the one at AgingCare.com
We look forward to putting our mortgage services to work for you! We offer the best mortgage tools available on the Internet - easy, convenient, online shopping for the best loan programs and most current rates available, together with the assistance of an experienced live loan officer to guide you through the often difficult and confusing process of choosing and getting the exact loan to meet your specific needs.For more information contact, Gregory Pavlich,NMLS# 243373