Category: Content

Here are some relevant ideas to help you thrive as a farmer and continue in the industry for years.

Build a Strong Brand

Building a solid brand is one of the most important aspects of running a successful farm. What is your brand? What do you stand for? What is your mission? It is something you’ll want to get in place before you even start growing your first crops. If you have a strong and vocal brand, selling your products and getting your name out there in the market with the overflowing competition will be easier. A relevant and strong brand will make your customers more loyal and create brand advocates who will share your story. It illustrates that the more customers know about your company, the more business you will get.

Don’t Neglect Your Equipment

No matter how careful you are with your money or how many cost-saving strategies you employ, your farm will not run smoothly if your equipment falls apart. The right tractor, combine, and other machinery can boost productivity, save time, and reduce the risk of injury. One of the biggest mistakes that beginning farmers make is neglecting the upkeep of their equipment. It is because they don’t have enough money to buy new machinery, they don’t have enough experience to know how to fix things, or they are trying to save money. Broken machinery can slow down harvesting or planting, damage crops, and cause injuries. It can cause significant problems and cost you a lot of money in the long run. Replacing or repairing broken equipment can cost thousands of dollars, making it a very unwise financial choice for farmers on a tight budget.

Coordinate Your Tasks and Employees Effectively

Farmers are tasked with various tasks throughout the year, from planting to harvesting and more. As a farmer, you want to be sure that you can coordinate these tasks effectively to avoid misfortune. Many successful farmers do this by creating a schedule of all the tasks to be done at what time. It can help you stay on top of all your tasks and ensure they are achieved by the end of the day.

Take Care of Yourself, and Don’t Burn Out

It’s essential to take care of yourself and not burn out. It is easier said than done but necessary because staying in the farming industry will be challenging if you burn out. Most farmers work long hours and throw themselves into their work. It is excellent and reflects that you are working hard and making progress. However, taking care of yourself while managing your business is fundamental.

A prevalent mistake among many farmers is that they overwork themselves, pay employees insufficiently, or take on too many projects. If you are overworked and stressed, making decisions that benefit your business’s growth and cause a hefty loss can be challenging. It can put you in a bad situation in the long run.

Stay Up to Date With Technology

Technology can be a great way to boost productivity and save time on farming tasks, but only if you keep up with it. Equipment can get more sophisticated and more expensive as time goes on. One way to keep up with technology is to subscribe to magazines and newsletters that provide updates on the latest technology. Investing in a few modern tools can help you save time and generate more money in the long run.

Diversify Your Income Streams

Many farmers rely on one or two commodities for most of their income. If something unforeseen happens to that one segment, for instance, if disease hits your crops or the market prices fall, you could lose a lot of money. An excellent way to diversify your income is to grow various crops and sell them at different times of the year. It is a great way to stay consistent throughout the year. It will help provide security in case something unanticipated occurs.

Run Effective Employee Recruitment Processes

Many farmers hire family members or friends for their farms. It can be a great way to pass down the family business but can also cause issues if the wrong people are hired. You’ll want to create a hiring process to ensure you’re recruiting the right people. It can include job descriptions, application forms, and interview questions.

Conclusion

No matter what challenges you face, the future of farming is bright because there is a growing demand for fresh, organic produce. Consumers are switching to more natural and organic foods as they become more health conscious. It has created an increasing demand for products, which can help offset some of the drawbacks of farming. If you are serious about growing your farm and want to run it effectively, you must ensure that you do everything. If you implement our advice, you will undoubtedly create a profitable and thriving farm that will last for years.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Financial statements are the primary source of information about your company’s economic performance. Financial statements provide a snapshot of your company’s financial health and assist you in making informed business decisions. Private companies operate under much stricter requirements than publicly traded businesses, but that doesn’t mean that private companies get off easy regarding accounting standards. Even private companies need to have solid financial reporting practices in place to remain compliant with IRS standards and maintain the viability of their company. So, what does that mean for you? If you own a private company, you must be extremely diligent in keeping track of your finances.

Finding the Right Finance Team

The day-to-day operations of a business can be complex, and one essential part of keeping things running is ensuring you have a good handle on your finances. Even the most experienced business owner can find this challenging, so it’s essential to have a team that can help you understand your financial reports.

One of the most critical aspects of reading your financial report is finding the right team to help you. An excellent finance team will be able to explain your financial statements in plain language and help you make informed decisions about your business. If you’re not sure where to start, ask around for recommendations or look for a financial advisor who specializes in small businesses.

Once you’ve found the right team, reading your financial report will be a breeze. With help, you’ll be able to understand your business better and make sound decisions.

Make Data-Driven Decisions Based on Your Financial Report

Your financial report is one of the essential tools you have for running your business. It can help you make data-driven decisions about where to allocate your resources and how to grow your business. But if you can’t read your financial report, you’re not getting the complete picture of your business’s health! It is alarming since you will not be able to make sound decisions for the progress of your business.

Know the Difference Between an Equity and a Debt Report

When you look at your company’s financial report, you’ll notice that it is broken down into two sections:

• Balance sheet
• Income statement

The balance sheet breaks down your company’s assets and liabilities, while the income statement provides a detailed and clear picture of your company’s operating activities. On the other hand, the equity report includes information about the equity you own in your company and the equity owed to you from your partners. It is essential to note this report because it helps you gauge how your company is doing financially. You can also use the equity report to identify your company’s potential red flags.

Understanding Your Balance Sheet

The balance sheet provides an account of what your company owns versus what it owes. The assets section of the balance sheet lists all your company’s money in its accounts, along with any property it owns and investments it has made. The liabilities section of the balance sheet lists all the money your company owes to creditors. The equity section of the balance sheet lists the amount of money you and your partners have invested in the company. This section also lists the amount of money the company has not paid back to lenders. Describe your company’s short-term and long-term assets. You can also list any intangible assets your company has.

Know What’s Included in Your Income Statement

The items listed in the income statement determine your company’s net income. Your income statement will list the number of sales you made, the expenses you incurred, any taxes you owe, and the amount of profit you made.

To conclude, the main takeaway here is that you need to understand what your company’s financial report is telling you. Not only do you need to know how to read the report itself, but you also need to understand how the numbers listed in the report impact your company. Knowing how your financial report breaks down and what each section is meant to tell you, you can identify red flags and make informed business decisions to help your company succeed.

 

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Be vigilant of offers from banks and financial organizations. Avoid the urge to own more than two credit cards. Utilize one card predominantly to exercise better control over your expenses and to maximize the benefits of rewards programs. Keep another card strictly for emergency situations.

Ensure Your Money!

As opposed to mainstream thinking, insurance is a venture, not a cost. You should deal with your advantages (the car, for instance) against unexpected occasions, and if it is about wellbeing. Also, confronting a crisis or cataclysmic circumstance can break a patrimony of years. Did you realize that a crisis task of an infected appendix in a private medical clinic can cost between $80,000 and $150,000?

To see how insurance functions, the most important focuses are:

• Sum guaranteed. It is the absolute cost that your insurance will cover.
• Coverage. Sicknesses, holding up times, and medical clinics are incorporated into your insurance.
• Deductible. It is a fixed measure of cash that the grantor must pay before the insurance company kicks in its share. 
• Assistance administrations. Additional advantages include transportation in ambulances and restorative charges at rates.

To coordinate the expense or premium of insurance to your financial plan, “play” with components, such as the safeguarded whole, the deductible, and coinsurance. A whole protected unbounded isn’t equivalent to $1 million. Or, on the other hand, a deductible of $4,000 that of $17,000. Dissect your capacity to pay and what reinforcement accounts for if an unanticipated occurrence should occur. Also vital is the contract with lawfully settled organizations.

Spare with an Objective

Putting something aside for reserve funds is exceptionally troublesome, and you will, without a doubt, get debilitated soon. Cash must be a way to enable you to accomplish a target and not an end. “The essential thing is to have a transient objective, feasible because nothing shows superior to anything achievement,” says Mayer from IFIP.

Your objective can be to change the model of your vehicle one year from now to convey the snare of your specialization in three years. When that objective is set up and dependent on your financial plan, you should structure a monetary arrangement to accomplish it that incorporates the accompanying focuses:

• Investment objective (what do I need the cash for?).
• Deadline (to what extent would I like to assemble it?).
• Initial capital (with what amount of cash would I be able to begin?).
• Investment instruments (how might I augment the arrival of my funds?).

The completing touch is to have the control to pursue that venture methodology. To support you, administrators and merchants of speculation subsidies offer direct commitments from your financial records as though it were your phone or satellite TV account.

Set Your Investment Funds to Work

Do not leave your cash under the sleeping cushion and have it produce an act, regardless of whether it is negligible. Not only would you be able to put resources into money-related instruments, but in addition to a capital advantage for going into business or even yourself, you constantly longed for doing that certificate in showcasing to improve work.

If you officially settled on a bank or a money-related organization, do not remain in the customary term speculation accounts or promissory notes. Assets or speculation organizations can give you progressively alluring returns. Interestingly, you characterize what assets you can contribute, what objectives you need to accomplish, and what dangers you are happy to take. Approach money-related foundations to enable you to characterize your financial specialist profile and settle on the best choices. Measure your dangers and be persistent. Numerous individuals anticipate breathtaking additions for the time being and get debilitated soon.

Expand Yourself

Suppose you are resolved to be a piece of support for speculation. If your underlying capital permits it, it is best to disseminate it in a few distinct alternatives to expand the hazard.

This broadening must be legitimately identified with your financial specialist profile. That is, with your age, the liquidity needs, the venture skyline you have set, and your dimension of hazard avoidance. For instance, if you likely convey the initial installment of a house in five years, you can assign 10% of your cash flow to a fluid store, which enables you to confront a crisis and 20% to medium-term finance, which gives you even more fascinating returns; and the rest to higher hazard finance, yet one that guarantees increasingly noteworthy gains in the long haul (no under three years). About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Technological innovations, especially automation, have brought remarkable changes to various industries. Let’s discuss these industries in detail.

Healthcare Industries

As discussed, with technological innovations, healthcare has never been better, especially with the pandemic on the loose. Considering the entire landscape, Artificial Intelligence is now an essential element in the healthcare sector. From diagnosing diseases initially to helping physicians throughout various procedures, it is like the healthcare sector has embraced it perfectly. Another prospect is the increase in deep learning convolutional neural networks, which far surpassed the average minds of dermatologists. Visual examination regarding cancerous skin lesions has improved dermatologists’ practices extensively. Not to mention, robots can extensively help physicians make more precise cuts than humans, i.e., reductions in human errors.

Education Sector

Automation and digital transformation have been critical catalysts for deriving its excellence. For instance, they are looking at the present scenario where everything is closed due to the ongoing virus. However, with digital transformation, institutions have utilized their services extensively to conduct online classes. In broader prospects, technology is expanding its usage in education by enabling mastery-based instructions and diverting the teachers’ focus on facilitation, mentorship, and coaching. Another example is the students at Breakthrough School Models for College Readiness program to tackle the Next Generation of Learning challenges. The students received personalized blended learning prospects in mathematics, which improved 3% more than the other comparison groups.

Environmental Benefits

With the pace of automation expanding, it will become just as important as other aspects of our daily lives. To support that theory, let us shed some light on the advent of intelligent buildings that use sensors and data analytics to enhance energy management. Looking at the example of Google’s data centers, DeepMind technologies assisted in cutting down the cooling bill by up to 40%. While air pollution in Beijing fell by 20% after they introduced Air Quality sensors, which helped regulate traffic and monitor construction as per the pollution level allowed by the government.

Retail Sectors

One of the industries most influenced by automation is undoubtedly the retail industry. Ever since social media and mobile computing came into existence, retail industries have seen a dramatic boost in their sales. Even in today’s state of rest due to COVID-19, mobile shopping and online retail systems have made things easier for them, which is not the same for other industries.

In retrospect, consumers now benefit from online platforms that provide price transparency, more straightforward methods to access, and on-point delivery. For instance, looking at sites like Money Supermarket and Skyscanner allows shoppers to compare their prices with the rest. While in countries like Rwanda and Ghana, drones are used to deliver medicines and vaccines on a large scale. More importantly, with such practices, they can provide medical supplies in a matter of minutes, which could take hours by conventional means.

Gig Economic Benefits

Freelance and independent work has increased exponentially in the last few years due to the presence of online platforms. However, it is not just freelancing, home-sharing, ride-hailing, eCommerce, and many other platforms that have now jumped onto the bandwagon of online excellence. However, with automation, the statistics for independent work improve extensively. Between one-third and one-quarter of people who are advancing in their current economic stature belong to individual work procedures. In other words, 70% of the people have entirely left the traditional work style and opted for freelance efforts to make a living.

Housing Industries

With the concept of 3D printing coming into the ranks of real estate industries, construction companies have found it cost-effective and more flexible to implement. Not to mention that it has also reduced the costs of homes, hence making them more affordable for the normal public. Let us take an example of the construction technology company ICON, which built a 360-square-foot house in around 48 hours. The total project cost consisted of $10,000 worth of 3D printing, which is $15,000 less than the cost that could have been incurred based on traditional construction practices.

Workplace Safety

It has been over 50 years since the importance of workplace safety has been scrutinized, especially for oil and gas companies. With the advent of technological brilliance, these companies can deliver safety prospects quite efficiently. For instance, robots are used underwater in oil fields to fix gas pipelines, while drones are used to conduct inspections.

Another use of automation was when Tyson Foods inaugurated the implementation of virtual reality training. It significantly reduced onsite injuries and illness by 20%. Moreover, they also introduced recycling plants that were programmed to automate garbage sorting with machines. The process is twice as fast and effective as people’s, with no errors whatsoever. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A home is a massive investment in one’s life. It’s the moment where you are finally turning your dreams into reality. The draining and hectic days are about to end, and you are finally getting your dream house. But hang on. Is the process as convenient as mentioned? Arguably, no! Buying or renting a home is quite challenging. But this article will ease things out for you. So, let’s get started!

Have you ever heard the phrase ‘everything has its timing’? Similarly, when buying a house, it’s fundamental to assess the current real estate situation in the market. For instance, house prices increased by 19.2% in January this year. Furthermore, the citizens have shared their insights; acquiring and renting a house is expensive nationwide. However, everything is always a ‘right’ time and season. And for purchasing a house, it’s fall, according to Next Advisor. It’s the time when families usually settle in their new homes before the beginning of the school year. It is not the ideal time, but it is preferred as the best compared to market prices in other seasons. In addition, analyzing the market situation is not the only step; your financial standing, economic conditions, and duration contribute significantly to the decision.

Moreover, the real estate market experienced a historical loop due to Covid-19. Danielle Hale, the chief economist at realtor.com, said home sales fell by 18% to 20% in May 2020, which is typically a busy month. The dip also coincided with a drop in the number of houses for sale.

“Home prices have been quite steady, which I think is surprising to some people, but the supply is still relatively restricted in the housing market,” adds Hale.

Now, we will begin assessing the present mortgage rates and conditions. The mortgage rates in the market prominently drive the decision to buy a home. These are the rates as of 25 July 2022.

Look at the Rates as of Today

• 30-year fixed mortgage rates are averaging 5.65%
• 20-year fixed mortgage rates are averaging 5.51%
• 15-year fixed mortgage rates are averaging 4.87%
• 10-year fixed mortgage rates are averaging 4.76%

5/1 ARM Rates are Averaging 4.20%

Since inflation has affected nearly every sector, mortgage rates have gradually risen. As per the reports of a senior economist, June’s inflation report reveals 9.1% inflation, the highest in the last 40 years! However, the good part about the chaos is that the mortgage rates are still very stable and affordable, historically favorable! For this reason, the ratio of homeownership is progressing with time. It is a great sign, but Mortgage conditions vary tremendously by lenders. You must shop around and conduct a comparative analysis to get the best deal.

Buying a home depends on your financial status, objectives in life, location, accommodation, and timeline. The real estate market’s pendulum keeps swinging, and your rationalism and ability to make a sound decision turn your vision into a reality! Plus, The U.S. has a wide variety of good houses and areas.

Nonetheless, it could be possible the line of homeownership is not present in your palm, then renting can help! You can enjoy several benefits if you rent instead of purchasing a house. For instance, in homeownership, you must keep up with the property taxes, insurance, repair, and maintenance. In contrast, renting is flexible with minimal responsibilities. It’s a prevalent option among individuals.

Here is some relevant information that will assist you in making a sound decision.

American Average for Rent

Since there are so many different rental alternatives available in the U.S., figuring out the average rental cost can be challenging. In the U.S., location and property type typically affect rent costs. The average monthly rent for a one-bedroom apartment is between $900 and $1,000. All kinds of property usually have a median rent of roughly $1,700.

The Most Expensive Neighborhoods’ Average Monthly Rent

Area Apartment with one room  $2,400 in Massachusetts, $2,100 in the District of Columbia, $1,600 in New York, $1,600 in California, $1,500 in Maryland

Areas with the Most Affordable Monthly Rent

State a studio apartment: north Dakota $650, South Dakota $550, New Mexico $550, Arkansas $600.

It would help if you were prepared to spend at least 30% of your income on housing in the U.S., depending on where you live.

Which U.S. Cities Have the Highest Rents?

City a studio apartment $3,500 in San Francisco, $3,000 in New York City, $2,500 in Los Angeles, $2,500 in Boston Miami, $1,800.

California, New York, New Jersey, Maryland, and the District of Columbia have rent control laws. When the tenant wants to extend the lease, it limits how much the landlord may raise the rent. In the U.S., renting an apartment begins online with the submission of a rental application.

The above information is gathered from InterNations Real Estate. For a better and clearer vision, contact your local real estate agent. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

“We must prepare the child for the path, not the path for the child.” – Tim Elmore

Kids are like empty vessels. If you don’t fill it, someone else will. Their environment keeps on filling their vessel. From the sensorimotor phase to school age, they learn and adopt various activities from their surroundings- specifically from their elders. According to children’s psychological development, kids do not know what we teach but mimic what their elders do. For instance, if they are encased in a positive environment, they will grow into healthy and secure individuals with a strong mindset.

Conversely, if their environment is pessimistic, undoubtedly, they will progress as inferior and insecure humans. Nevertheless, parents’ fundamental responsibility is to raise happy and secure kids. In this article, I will discuss how to creatively convey the significance of money management to our kids, which sticks with them throughout their lives.

Demystify the Resource of Money

A prevalent phrase among parents is that money does not grow on trees. As parents, it’s imperative to understand that mysterious things make it complicated for the kids to comprehend the ‘significance’ of the subject. Have a kind and healthy conversation with them for a better and more meaningful lesson. Explain the relation between money and hard work, why earning is essential, how you can make substantially, and why you have to work to achieve. Also, allow them to demonstrate their money-related questions.

“Material wears out, but knowledge stays.” -Bruce Lee

Parents who share a positive and friendly relationship with their kids raise strong, resilient, healthy, well-informed, and financially intelligent individuals with competent decision-making abilities. It’s paramount to transmit relevant knowledge to our children. This practice will undoubtedly instill a precise dimension regarding money and understanding its importance. Once they comprehend its ‘prominence,’ initiate the process to teach its effective management.

Sam X Renick, co-creator of Sammy Rabbit, a children’s character and financial literacy campaign, asserts that it is “tough to perform well in life without a working understanding of money.” “Everyday life transactions revolve around money. Money is involved in everything, including where we live, what we eat, what we wear, what we drive, health care, education, childcare, gift-giving, vacations, entertainment, heat, air conditioning, and insurance.

According to the T. Rowe Price 11th Annual Parents, Kids & Money Survey, nearly half of parents indicated they miss opportunities to communicate with their children about money and finances. Additionally, 25% of parents stated they are very reluctant or highly reluctant to talk to their kids about money. However, many parents aren’t assisting their children in developing financial literacy.

Cultivate Disciplined Money Habits in Kids

You can’t learn something until you go through it practically. Similarly, some suitable money lessons are insufficient to teach innovative money management. It would help if you created an atmosphere where they go through the situation, make errors, and learn from their mistakes. And you can achieve this by giving them an allowance, but with the spend, save, and give concept. Now, what is this? Teach them to allocate their allowance in 3 jars, stating spend. Save and give. The sooner you initiate this habit, the better they will learn to manage their money. Please give them room to make their own decisions; this builds confidence.

Furthermore, a creative tip for a fun adventure is to offer opportunities to earn a commission. For instance, ask them to endorse chores with you or any other productive habit you pay them for. This creates the concept that to earn, you ought to work.

Prevent Impulsive Buying

Inefficient money management and impulsive behavior are a foul! This habit is an imposter! There is no room for it. You should never mistreat your efforts like this for every dollar you earn and save for your hard work. In addition, this unhealthy trait builds a negative impression on our kids. Teach your kids the significance of delayed gratification, which forestalls impulsive buying.

Budgeting is the core of money management, the first ladder to achieving success in financial independence. In addition, educate your kids on budget-making. Please provide them with essentials and emphasize the 50-30-20 budget rule.

Furthermore, recent research conducted in the U.S. revealed that 1 out of 4 kids lacks essential money concepts, which is alarming! It could be your child as well. Parents often neglect this sphere, but to let you know that by maintaining secrecy money, you are destroying your kid’s future. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Before Anything Else, Plan!

Planning is the most critical step toward a low-cost, stress-free makeover. Make a clear strategy, and identify your remodeling goals and the supplies you will need at each stage to prevent complications and unnecessary costs throughout the job. If you don’t feel comfortable planning your renovation, try hiring an engineer or architect who can assess the property’s structure and create a solid plan for your makeover.

Evaluate the Cost-Effectiveness of Your Project

Once you’ve completed the planning, you’ll know if the remodeling is within your budget. You invested a tiny portion of your money, but will it increase the value of your home and enhance your quality of life? Overspending on a home improvement is a long-term investment. Is your project facing structural surprises because it has gone over budget? Consider whether it is genuinely worthwhile to renovate right now.

Count on Qualified Professionals

As we indicated in item 1, the assistance of a specialist who understands the topic is vital for the remodeling to run well. “But then I won’t spend any more?” you must be thinking. No, various pros provide high-quality services at reasonable prices. Seek advice from friends and seek guidance to discover someone you can trust within your budget.

Research Before Buying Building Materials

After the planning is completed, you will determine which materials you need for the remodeling. Get quotations from several businesses and compare the brands and differences between them. After all, you need to know the cost-effectiveness of building materials and their price.

Don’t get Carried Away by the Expensive High

Saving shouldn’t push you to spend more later. Save money by purchasing ornamental goods or products that will not significantly impact the task. Building materials must be high-quality, strong, and long-lasting to avoid the need for regular maintenance.

Reform One Environment at a Time

Can you imagine starting a house makeover and not having the money or time to complete it? Do you wish to live in an incomplete environment? So, to better arrange yourself, analyze your cash carefully and prepare in phases. Renovating one room at a time lowers clutter and prevents overpaying.

Do Not Modify Hydraulic Points

For example, moving a toilet or replacing a countertop faucet with a wall-mounted faucet will change a low-cost remodel into a high-cost one. Furthermore, such alterations might impact your neighbor if you live in an apartment, creating pain and needless plumbing repairs.

Don’t Change Your Initial Project

If one of the primary objectives of planning is to minimize surprises, constantly modifying what you’re doing does not appear to be an intelligent plan, does it? Changing the project when it is already in progress raises expenses and delays completing the task. You should only make these planned adjustments if they are essential.

Keep an Eye on the Weather Forecast

The weather might not appear to make a valuable difference, but it is. High rainfall or humid weather can cause job delays and impact the storage of building supplies, which can be harmful if they come into contact with too much moisture. So, keep an eye on the weather forecast.

When Finishing and Decorating, Use Creativity

Regarding finishing touches and decorating, look for simple and creative alternatives to avoid spending more on the renovation. See some examples:

• instead of changing bathroom or kitchen coverings, use adhesives or tablets
• paint and give a new look to old furniture, such as benches, tables, and cabinets
• Reuse objects such as pallets and cinder blocks

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

A mortgage loan is a loan taken by an individual to purchase real estate or by property owners to raise money for any other transaction by mortgaging their property. It is one of the most common loans taken by individuals and businesses.

Mortgage loans have an interest rate and are amortized over a period of time, usually 30 years. When considering purchasing a home using a mortgage loan, you must understand your options and terms. Here are six mortgage loans and their terms so you can choose the one right for you.

Fixed-Rate Loan

The fixed-rate loan is one of the most straightforward mortgage loans. The borrower pays a single interest rate every month, which usually ranges between 15% and 30%. The loan is recommended for homeowners who avoid taking risks and want to pay a fixed amount for the life of the loan.

Changes in the economy’s interest rate will not impact the mortgage loan; therefore, the borrower enjoys high predictability. However, a Fixed-Rate Loan is not for people who plan on moving to another house soon.

FHA Loan

An FHA loan is a type of mortgage insured by the Federal Housing Administration and is very popular amongst people buying their first home. The loan allows a down payment of 3.5% for people with a score above 580.

The loan for people with credit scores between 500 and 579 requires a 10% down payment. The interest will be higher for people with low credit scores. To get an FHA loan, the borrower must be at least two years out of bankruptcy and have a well-established credit score after the bankruptcy.

Conventional Loan

A conventional mortgage is a mortgage that the federal government does not insure. There are two types of traditional loans: non-conforming and conforming loans. A conforming loan is a loan within limits set by Freddie Mac or Fannie Mae.

Non-conforming loans do not meet any such guidelines. The lenders pay private mortgage insurance on various conventional loans when 20% of the purchase price of the real estate is paid. The overall cost of borrowing a conventional mortgage is lower than other mortgages. However, sometimes the interest rate is higher.

Adjustable-Rate Loan

An adjustable-rate mortgage has an interest rate that changes throughout the loan with changes in the country’s interest rate. The loan initially has a fixed interest rate for five to ten years, after which the interest rate changes per the prevailing interest rate. The variable interest rate is based on an index rate benchmark that varies with market conditions. The borrower enjoys a lower interest rate in the fixed-rate period than the one for a traditionally fixed-rate loan.

Non-Confirming Loan

Non-conforming loans are loans that exceed the limits of conforming loans. The conforming loan limit Fannie Mae and Freddie Mac set in the United States is $424,100. The loan limit may go up to $635,050 for high-cost areas of the United States. There are various types of Conforming Loans.

A Jumbo Loan is a loan given to borrowers when the limit of their respective area has been ceded. However, since the amount is higher, the Jumbo Loan is difficult to get. Most lenders require a score above 680 to qualify for the Jumbo Loan and a 15%—20% down payment.

Jumbo Loans exceeding $1 million are called Superjumbo Loans. Lenders may give up to $3 million to borrowers with excellent credit scores. Cash-out refinancing means the mortgage is refinanced, and the cash is acquired using the house’s equity. The borrower will have to make one monthly mortgage payment, and the interest rates are lower than other equity loans. Around 80% of the house’s value can be cashed with the Cas-Out Refinance loan.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Many people, at some point, will purchase a home. Some will buy more than once in their lifetime. When you are a first-time homebuyer, knowing how it works and what you should do to be a savvy homeowner can be challenging. Here are ten things you need to do as a first-time homebuyer.

Analyze the Pros and Cons of Buying a Home

Owning a home can be a rewarding experience, but it is essential to be prepared for this important milestone. Carefully analyze the pros and cons of buying a home or continuing to rent and decide if buying a home is the right decision for you and your family.

Analyze All Aspects

Although buying a home can be rewarding, it can also involve much work and be expensive. Leaking leaks, pipe problems, and other repairs imply expenses that accumulate. When determining if you are prepared to own a home, consider the cost of general maintenance tasks and unexpected expenses.

Check Your Credit

Analyze your credit report and your FICO score. They will affect the total cost of your loan. Once you obtain your free annual credit report, please review it carefully for errors or unresolved issues. Contact the appropriate credit reporting office, Experian, Equifax, or TransUnion, to request a correction. You can obtain your credit report from each of these agencies if you visit AnnualCreditReport.com.

Get Pre-Approved

Your Mortgage loan agent can help you determine the loan amount for which you may be eligible through a preapproval process. Being pre-approved before looking for a house is particularly useful because it lets you look for homes within your price limits. Real estate agents also value buyers who send offers for a house with a preapproval letter. You can access our preapproval form to start.

Prepare a Budget

While preapproval allows you to calculate how much you can borrow, being comfortable with what you must pay monthly is just as important. Before applying for a loan, especially a loan of the size of a mortgage, it is essential to determine how much you can pay per month. 

Analyze all current monthly expenses, plus how much you save per month. Spending no more than 28%  of your monthly income on housing expenses, including mortgage, taxes, and insurance, is advisable. With a mortgage calculator, you can estimate the monthly installments’ cost and assemble a budget that is appropriate for you.

Do Not Forget Taxes and Insurance

Contact a local insurance agent to prepare a quote using a comparable property in the area you are looking to buy. To better understand ​​how much you will pay in taxes, check the tax assessor’s website on the local property. Remember that the amount of taxes an owner pays and what you must pay may differ depending on the exemptions granted under local tax legislation.

Make an Initial Payment

Most mortgage programs require an initial payment to purchase a home. The amount required varies according to the type of mortgage program.

Start the Housing Search

Decide the place and think about the characteristics you want for your home. Look at local notices, compare prices for similar homes, and ask your real estate agent to help calculate the amount you will have to pay. If you have not yet consulted a real estate agent, check with your friends, neighbors, or local real estate agent association to help you find a specialized housing option in your area.

Loan Application Process

In addition to deciding the type of mortgage you want to take out and calculating your interest rate, gathering the required documentation is a fundamental step that saves you time and frustrations along the way. To ensure a smooth loan application process, you probably need to gather the following:

• Name and address of the employer (s) of the last two years
• Payment stubs for the last 30 days to account for your income for the year to date and current period, in addition to any additional income support documentation
• Statements of checking, savings, retirement, and investment account for the last two or three months
• Documentation of your credit cards, loans, and other debts

Close the Deal

Once you find the house of your dreams, there are certain instances related to closing the deal, such as negotiating the purchase price, requesting an appraisal, and scheduling an inspection. Once you agree with the seller, you should consider the closing costs. 

It usually includes start, title, settlement charges, taxes, and charges paid in advance, such as owner insurance and neighborhood association fees. Your real estate specialist can help you calculate all costs related to the property.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Are you looking for ways to improve your home’s ventilation during summer? You must have tried many things, but it seems nothing worked for you. Purchasing an air conditioner is not a problem, but running it for hours during summer every day is not an option. Doing so will incur huge electricity bills, and constantly running the AC is not an option for many people. With summers growing hotter every year, the possibility of your home temperature becoming too hot to bear is only natural.

Is there any way to improve your home’s indoor air without raising your budget? Yes, but these will require you to think of out-of-the-box ideas.

Why Improve Indoor Air?

Is there a way to make your home friendly and pleasant without breaking the bank? Each of these tips will come in handy for reducing your home’s temperature. Many regions grow hot during summers as global warming continues to rise. If you reside on the first floor, the roof will warm during the daytime, exposing it to sunlight. Suffice it to say that it becomes increasingly unbearable during the afternoon as the sunshine starts to pour down.

Here are some ideas that will improve your home temperature without breaking the bank:

Use Covers

It makes sense to prevent sunlight from hitting your roof, which you can do in many ways. For instance, you can put on covers to keep the sunlight from reaching your roof. Please do not place these covers on the roof. Instead, there must be a distance of a few feet between the covers and the roof. This way, the covers will stop the heat midway and not let it reach the roof’s surface. You can use covers made of fiberglass or rubberized plastic, but avoid using metallic covers. The metal turns hot when it meets sunlight, and placing metallic covers will increase the roof’s temperature instead of cooling it.

Buy Pedestal Fans

As discussed, using AC all summer is not affordable for many. Securing the roof will significantly reduce your home’s temperature, but it is not enough. It would help to have affordable cooling solutions to keep your home cooler. The best way of achieving this is by placing one or more pedestal fans at your home. Please turn on the fan when the temperature rises during the daytime and turn it off when the night falls. It is relatively cooler at night, so you may not need the fan. Turning it on is not an issue as the fan will not consume too much electricity.

Clean Ceiling Fans

Dust cover can make your ceiling fan run slow. More dust on the fan means the slower it will run. Cleaning the fan will make it work like new and improve its throw considerably. When was the last time you cleaned your ceiling fans? If that happened many months ago, now is the time to do it again.

From now on, make sure to clean these fans at least once a month. Cleaning them more frequently will keep them functioning correctly. You will notice that the throw of your fans has improved remarkably. Do the same with other fans at your home, including a pedestal fan and exhaust fan inside the kitchen.

Clean Grills

Grills are often dirty and clogged because they are seldom cleaned. If you want your home to look nice and clean, make sure to clean your grills on time. Cleaning windows and grills will significantly help improve your home’s ventilation. If you have grills at home, it is best to clean them. Ensure the grills are dust-free, which will considerably improve air ventilation in your home.

Metal grills require as much cleaning as those made of other materials. Aluminum grills catch just as much dust as others, which is why cleaning them once a week will improve your home’s ventilation.

Invest in Heating and Cooling Solutions

Investing in a proper heating and cooling solution makes sense, considering global warming. The answer will keep your home properly ventilated and cool during the summer. Run the system only when there is too much heat, and avoid using it unnecessarily. These solutions consume electricity and can increase your electricity bill exponentially; spend on solutions that could reciprocate it well. Use ceiling fans with the AC, albeit at slower speeds. It will save you a considerable amount of electricity during the summer season.

Keep the best practices in practice during summer, saving you time and energy. About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.