The couple and their children reportedly never lived in the 6,800-square-foot home, which is 25 feet wide and has six bedrooms and seven — count ’em, seven — fireplaces.
There are twin fireplaces on the “parlor” floor, a marble fireplace near the kitchen, a Victorian fireplace in a guest suite and a stone fireplace — plus a hand-carved stone tub — in the master suite. Photos indicate a couple more fireplaces in bedrooms.
The ground floor opens onto a split-level, landscaped garden that is also visible from a Juliet balcony off the second floor, and the master suite boasts a large, private terrace.
The cliche of 20-somethings taking up refuge in their parents’ basements is a now tired way to describe millennials. Unfortunately, it became a stereotype because it’s true. Millennials have been known to graduate college, quit work or just opt out of adult life and scurry back to the nest.
But for every millennial who ran home to mommy and daddy, there is a set of parents who allowed a grown child to linger in a state of arrested development without consequence. Which begs the question, what is a loving parent to do?
Charge the kid rent, of course.
Before boomers and millennials alike end up in a blind rage, understand that extolling a little tough love is exactly the way parents can lead a stray millennial back to the expressway toward adulthood.
The Return Home Trend
There is no shame in needing to head back home for some time to figure out the next steps. A lot has changed in how the world works. Not that long ago, it was standard that many young men and women would graduate from college and get married just a few months later.
Today, few millennials are leaving college and heading straight down the aisle. Plus, the job market was slow moving for those who graduated four to eight years ago. And let’s not forget to mention the massive student loan burden. So a precedent was set that those who elected not to leap into graduate school or who were struggling to find employment would return home — for a little while.
A little while sometimes turned into years. And hordes of graduating millennials each May still return home (even though the job market has warmed up again).
This phenomenon has been aided by parents willing to let their children take up residence at home and return to a life of mom and dad cooking, cleaning, doing laundry and fulfilling other parts of Maslow’s hierarchy of needs.
Living at home is just easy.
Why Millennials Need to Cough Up Rent
Just because living at home is easy doesn’t mean it should be free. The easier the lifestyle, the harder it will be for a child to feel motivated to strike out on his or her own and learn the life skills necessary to survive outside the protective bosom of mom and dad.
This is why millennials living at home need to pay rent.
The demand for rent means the millennial needs to get a job — even if the job is stocking shelves at the grocery store or whipping up drinks at Starbucks. Keeping idle hands busy and dealing with obnoxious customers in exchange for a paycheck barely above minimum wage will help motivate young millennials to find a career and put that degree to good use.
Paying rent will also force a child living at home to learn how to budget for paying student loans, going out with friends and purchasing whatever they consider necessities. This assumes parents aren’t back on the allowance bandwagon and subsidizing the child’s stay at Resort de Mom and Dad.
Asking for rent from a child doesn’t mean it needs to be at market value. You don’t need to charge the same amount he or she would pay to live in an apartment in your town. About $100 or $150 a month would do just fine.
What to Do with the Money
The money a child contributes to rent could go toward paying household bills. If you use this method, be sure to share with your child how you are spending his or her money. It will help rationalize the need to pay rent if your child sees their money is helping to pay off the mortgage, pad the grocery budget that dropped since he or she went off to college or pay off a parent PLUS loan taken out to help him or her through college.
Parents who don’t feel the need to use the money collected from a child can quietly create a “parental 401(k).” This will force a child to save money without him or her knowing it. When it comes time for the child to move out, parents can present the nest egg in the form of a check, or deposit it into a bank account. If parents are feeling really generous, they can provide a percentage match like an employer would. This is a great way to plant a seed to encourage a child to put money in an employer-sponsored retirement plan once he or she starts a job.
Alternatives to Charging Rent
Many parents have trouble with the idea of charging their child rent. It doesn’t feel right. That’s fine, but it doesn’t mean your nesting millennial should get off without contributing to the family pot.
Instead of asking for an upfront monthly fee, you could require a child to buy the family groceries or put money toward one of the monthly bills such as water, electric or cable. Or you could just return to the glories days of the chore wheel.
Mortgage rates for 30-year fixed loans fell this week, with the rate borrowers were quoted on Zillow Mortgages at 3.93 percent Tuesday, down 2 basis points from the same time last week.
The 30-year fixed mortgage rate rose to 4.03 percent Friday and remained there through the weekend, then dropped to 3.88 percent Monday before returning to the current rate.
“After moving higher on Friday, rates fell as markets absorbed the shock of Greece’s decision to close its banks leading up to a referendum on its debt negotiations,” said Erin Lantz, vice president of mortgages at Zillow. “Greece will likely dominate financial headlines again this week, but Thursday’s early jobs report could move markets if lenders don’t clock out early for the Fourth of July holiday.”
If you’ve found your dream apartment and you’re getting ready to sign the lease, all of your biggest questions should have already been answered. You don’t want to agree to live somewhere without knowing how much it’s going to cost you per month and whether all the appliances are working properly, right?
But there are a number of questions you’ll want to ask before you sign your apartment lease, which is a legally binding document and shouldn’t be taken lightly. Ideally, the property manager or landlord will walk you through the process. When they do, keep these 11 questions in mind:
1. How do I pay rent? This is something that differs from company to company and landlord to landlord, so it’s an important question to ask every time you move somewhere new. You may have to send a check to a specific address or P.O. Box, but some apartment communities will have you drop off a check in a box at the main office. Others will let you pay online. Make note of the preferred payment method for your new apartment.
2. What utilities should I take care of? Some apartments include utilities in the rent and some don’t, so make sure you know which ones to handle independently, including electricity, Internet, cable, water and gas. You’ll have to call each company and set up an account for the apartment under your name. You should also see if the building already has deals with any of the providers. Cable and Internet companies often make deals with property management companies, which usually means the residents get cheaper monthly bills.
3. What Is the late rent policy? Is there a grace period? Many landlords allow residents until the third or fifth of the month before they deem the rent to be “late,” but make sure you know your apartment’s specific policy so you don’t end up paying additional fees.
4. Is renters insurance required? Renters insurance is always a good idea, and it typically doesn’t cost that much per month. However, some management companies require residents to have a policy, so double check with yours.
5. What happens if I have to move out early? It may not seem like it, but 12 months is a long time to commit, especially if you think you may move for your career or family in the near future. So, what happens if you need to leave before your lease is up? Ask if getting out of your lease early is possible, how much notice you need to give and whether you’re allowed to sublet. If moving out early isn’t an option, make sure you know the fee for breaking the lease.
6. Can I make changes to the apartment? Some landlords couldn’t care less if you painted the walls black and the trim purple, while others would dock your security deposit if you tacked a poster to the wall. If you’re planning on decorating your place, make sure you double check the apartment’s policy for making changes to the space. If your landlord says you can paint or make changes that aren’t spelled out in the lease, be sure to get everything in writing.
7. How do I submit a maintenance request? What if it’s an emergency? Is there a maintenance staff member on-site 24/7? If not, what happens if your heat stops working in the middle of winter, your pipes burst, your toilet floods or some other unimaginable maintenance issue arises? Ask for an email address or phone number for basic requests (like if one of your burners stops working or your faucet drips) and if there is separate contact information for emergencies. Some apartment communities even have online maintenance request systems.
8. What can I expect when lease renewal time rolls around? It’s a good idea to find out upfront what to expect when it comes time to renew the lease. Are you allowed to extend the lease on a month-to-month basis? Will the lease automatically renew if you don’t give notice of move-out? Is the rent going to go up? And if so, by how much? Knowing the answer to these questions now will prepare you better when it’s time to decide between renewing and moving out.
9. What is the pet policy? Say you don’t already have a pet (if you did, you should already know the pet policy way before signing a lease). If you think there’s even a slight possibility you’ll want to adopt a furry friend within the next year, find out now if pets are allowed. If they are, discuss how much more you’ll be paying each month and if there are any deposits or fees involved.
10. Can you document any current damage in the apartment? If your landlord or management company doesn’t bring it up, make sure you do a walk-through of your apartment to make a detailed list of any scratches, holes or other damage currently in the apartment. That way, you won’t be blamed for damage you didn’t do.
11. What are some reasons you wouldn’t refund my security deposit? Finally, it’s a good idea to find out the circumstances in which you wouldn’t get your security deposit back. Some wear and tear to the floors and walls is normal and shouldn’t affect your deposit too much, but how does the management define damage that’s beyond normal?
The answers to these questions will hopefully leave you with all the information you need to make the move-in process a success.
Though only 2,000 square feet with one bedroom and two bathrooms, the modern luxe apartment has the added cache of being the abode of the glamorous supermodel and musician. The home itself is also a star: Architectural Digest recently featured the unit on its cover.
Exposed brick and wood keep the historic details of the carriage house front and center, though every decorating detail says “celebrity.” The open floor plan is enhanced by plenty of windows, a cozy gas fireplace and smart home technology.
Reclaimed wood, cast iron columns and brass lighting feature prominently in the chef’s kitchen and bar that open into the living and dining area. Despite the small space, the home includes a butler’s pantry, laundry room, walk-in closet and a large alcove that can flex between being an office and guest quarters.
The master suite is anything but cramped or devoid of luxury. A deep cast iron soaking tub, walk-in shower and radiant floor heating keep the bathroom extravagant.
Despite the home’s apparent charms, Teigen and Legend are ready for a change of scenery. Not long ago they sold their Hollywood Hills home, too. Kids are soon to come, Teigen commented recently, and for that, they’ll need more space.
What kind of pied-a-terre would an 89-year-old British monarch require to make New York City feel like an extension of the royal palace? According to The Real Deal, that would be an $8 million, three-bedroom, 3.5-bathroom apartment on the 18th floor at 50 United Nations Plaza.
Is it Buckingham Palace East? Well, no. The Norman Foster-designed building in Turtle Bay is far more sleek and modern, and there’s nary a beefeater standing sentry in this luxurious, secure and private building adjacent to the U.N.
What drew the queen to this unit? It might have something to do with the 50-foot long dining room and grand foyer, suitable for large-scale entertaining. There’s also a private motor court and garden entry to the building. Last, but not least, the queen has tapped the shoulder of architect Foster before — when she knighted him back in 1990.
And if the queen winds up making only rare use of the place, perhaps she’ll allow her grandchildren and great-grandkids to use the pad the next time they’re in town to hang out with Jay Z and Beyonce at a Brooklyn Nets game.
The idea behind paying off a loan faster than scheduled is pretty simple: It saves you money. That’s a huge part of the reason California couple Andrea Stewart and Jerimiah Honer decided to repay their 30-year mortgage in just seven years — by doing so, they saved more than $130,000 in interest. Now the couple has an opportunity to achieve other goals, like invest beyond their property and existing retirement funds, travel and maybe do a little shopping. The frugal pair hasn’t done a lot of that in the last several years.
Stewart, 32, and Honer, 36, worked hard to save money as they tried to accelerate their loan repayment, but they acknowledge they also had a lot of luck. Paying off debt is a different journey for everyone, but here’s how they quickly achieved their dream of owning their own home.
Stewart and Honer bought their house on a 0.10-acre lot in Sacramento for nearly $300,000 in 2008. Their combined annual income from their full-time jobs amounts to roughly $150,000, but they received supplemental income from a variety of sources along the way to repaying the mortgage. They made a 10% down payment and received a 30-year mortgage with a 6.75 percent interest rate, but they refinanced twice, to 5.25 percent and then to 3.875 percent. Honer calculated their estimated savings of $130,000 using the lowest rate. The couple had some student loan debt when they took out the mortgage, but by paying an additional $200 a month toward their education debt, those loans were paid off by the end of their first year in the house.
That’s when they switched their attention to the mortgage.
How They Paid Off a 30-Year Mortgage in 7 Years
The property itself had a huge impact on the couple’s ability to put a lot of money toward their home loan. The house is close to downtown Sacramento, allowing them to easily commute by bicycle and sell their second car. Honer and Stewart also grow most of their own food.
“It’s actually easier to go into your backyard and pick things than go to the grocery store,” Honer said. “We like the organic element as well as it’s a huge bill cut.”
Not only did they save a lot on gas, vehicle expenses and grocery bills, they also budgeted as if they made less money in the first place. Honer crunched the numbers, and even though both he and Stewart have full-time jobs, they figured out they could manage under one income. The second income went toward the mortgage, and Honer made his own amortization schedule to determine how much they could afford to pay (and eventually save).
Much of their success stems from their mindset toward money.
“I think we were always frugal to begin with — we’re both savers,” Stewart said. “One of the things we asked ourselves when we made a purchase was, ‘Is this really going to make us happy?’ … We try to have experiences like traveling and things like that, yeah, but I don’t think [we like] a lot of stuff.”
Or, as Honer puts it: “We don’t know how to spend money anymore. We kind of forgot.” He also said that they’re not “big credit people,” and even though a mortgage is a helpful credit instrument, it was important to them to be out of debt as soon as possible. (You can see how your debts and your payment history are affecting your credit by getting your free credit report summary on Credit.com.)
Tips for Paying Off Debt Fast
For anyone interested in trying to replicate the couple’s success, there are a few things to know. First, they paid off their other debt obligations (student loans). In addition to cutting out expenses and keeping to a strict budget, Honer and Stewart received some money besides their regular income, which they put toward the loan. The two are aspiring writers and made some money from side gigs, but they also received personal-injury settlements from two separate times a car hit one of them while riding a bicycle. Getting hit by a car isn’t exactly good fortune, but the settlements amounted to $37,000, which helped cut down the debt. Inspired by a friend’s successful pregnancy through egg donation, Stewart twice donated eggs and received about $6,000 each time.
Their story is a combination of hard work, a solid financial situation and luck, but a lot of their success comes down to decision-making: They could have done a lot with their regular income and the additional money they came into, but they chose to put it toward a specific goal. That means their home cost them thousands of dollars less than it could have if they paid for it on schedule.
There’s not much they would have done differently, though they admit they could have saved more, rather than just pay off the home loan and contribute to their retirement accounts. Honer and Stewart don’t see themselves changing their spending habits now that this huge loan is behind them, and they plan to stay in the home for a long time. Now they’re interested in exploring other investments and maybe even retiring early some day.
“I hope it helps some people,” Stewart said of her decision to share their story. She posted about it on Reddit, where it generated a lot of conversation. Her advice? “I would say just think about what makes you happy.” That’s what drove their decisions, and it kept them on track for years.
Whoopi Goldberg has eclectic real estate taste. She sold her Vermont estate in 2011, and before that, her Soho loft. Now it’s a Northern California home in Berkeley that’s up for grabs, as first reported by the Los Angeles Times.
Actress, comedian and “The View” co-host Goldberg is listing the 1890 Victorian for $1.275 million. Though the double lot is still small at only one-third of an acre, the property includes the main house, a detached barn/cottage, five garages and plenty of beautiful outdoor living space.
The main house features an updated but subdued family friendly space with three bedrooms and 1.5 bathrooms. Comfortable but not overstated, the space retains many period details, including woodwork, hardware, a rolling library ladder and plenty of bookshelves.
The barn/cottage is a wide-open wooden space full of vintage charm. There are two fireplaces to keep things cozy in the winter, and skylights for ample natural light.
The outdoor areas really shine, and are perfectly suited to enjoying the Berkeley climate. The porch is well-shaded by mature landscaping, and a curving brick patio invites dining alfresco. There are also open grass spaces for pets and children to enjoy.
Real estate records show the house was last on the market in 1985 and purchased for a mere $335,000, right at the height of Goldberg’s career. “The Color Purple” came out the same year, followed in 1992 by “Sister Act.”
Mortgage rates for 30-year fixed loans rose this week, with the current rate borrowers were quoted on Zillow Mortgages at 3.95 percent, up 2 basis points from the same time last week.
The 30-year fixed mortgage rate fell to 3.82 percent on Friday, then hovered around 3.86 percent before rising to the current rate on Tuesday.
“Rates fell last week due to continued uncertainty about Greece’s fiscal situation and the Fed signaling it might wait longer than expected to raise interest rates, but recovered as negotiations with Greece continue,” said Erin Lantz, vice president of mortgages at Zillow. “Rates will likely be volatile until a deal between Greece and its creditors is finalized.”
Additionally, the 15-year fixed mortgage rate was 3.04 percent, and for 5/1 ARMs, the rate was 2.82 percent.
Nearly one-third of Americans are planning a home renovation this year, according to a Liberty Mutual Insurance survey of 2,000 adults. Of those, 7 in 10 plan to do at least some of the work themselves. DIYing it can be a great way to save money, but you have to be careful with the projects you choose to tackle on your own.
Projects that look enticing and easy on Pinterest can easily go awry if you’re an inexperienced DIYer. Even experienced DIYers can have trouble handling some of the more difficult home improvement projects.
So which projects should you tackle to increase your home’s value, and which ones should you hire out to a professional? Master carpenter Chip Wade of “Ellen’s Design Challenge” and HGTV’s “Elbow Room” weighs in.
Let’s start with the hopeful side of this equation. You can give your home a boost this summer and save money by doing it yourself. You just have to be careful which projects you choose. Chip’s top three projects for homeowners to DIY include landscaping, seating and interior painting.
1. Landscaping. This can be a huge project, but you can use a few simple tricks to add some curb appeal and comfort to your home. “A tip I always give is for homeowners or renters to start by removing dead plants, or trimming unhealthy plants that may bloom later on in the season,” Wade says. This simple trick can make your home appear more pulled-together. Then, add splashes of color with easy-care perennials in a front garden bed, or place potted annuals on the porch.
2. Seating. If you’re hankering to start hammering something, building multipurpose outdoor furniture is a good place to begin. Boxy, bench-style furniture is a great option for cutting your teeth on carpentry. It’s fairly easy to build, and there are plenty of tutorials online. This easy, versatile seating can instantly update a front porch or back deck, and give you a more personable outdoor space.
3. Painting. The easiest of these projects is probably interior painting, and it can make a huge difference. The right paint can make a space look larger and more finished. Or you can simply update the look of your home by opting for a trendy color, like these in the Benjamin Moore Color Trends 2015 palette.
Not to DIY
When it comes to home renovation, Wade says, some projects are simply best left to the professionals. Certain projects, of course, are downright dangerous. For instance, you don’t want to go around messing with electrical wiring if you don’t know what you’re doing. The top three popular projects Wade cautions homeowners against tackling alone include outdoor pathways, retaining walls and large landscaping.
1. Outdoor pathways. This can seem like an easy, cheap DIY project. Pinterest, after all, is full of cute ideas for outdoor walkways. However, Wade notes, homeowners often skimp on costs by using less expensive materials, which crack in a season and need to be replaced. Plus, ensuring an absolutely level underlayment is essential. Without proper tools and knowledge to level the walkway, even the best materials will crack.
2. Retaining walls. These are similarly difficult to install properly, though they can look effortless. Most homeowners don’t understand the intricacies of properly installing a wall that will last for years to come. Engineering is essential, especially for walls over 2 feet high.
3. Large landscaping. The last project to steer clear of may seem contradictory. Wade did say that landscaping is a great DIY project, right? However, when it comes to planting medium-to-large sized trees, it’s a whole different story. These trees and shrubs need particular care to help them take root. You don’t want to spend hundreds on an ornamental tree only to have it die within a season.
If you decide to hire professionals for some must-do projects this summer, Wade gives some good advice: “A great way to find a professional is to ask friends or neighbors who they have used for their renovations or home projects. Additionally, if you have one trusted professional, he or she may be able to recommend a skilled worker they have worked with in the past.”
DIY projects can be a great way to save on summer upgrades to your home. But you won’t save a dime if you waste money on a project that’s better left to the pros,