A four-bedroom townhouse with park views and tons of charm has recently hit the market, and we’re dying to tell you all about it. The listing, brought to market by Compass’ Michael J. Franco, is right next to Prospect Park, Brooklynâs second largest park, and has plenty of outdoor space (and a rooftop deck to boot).
The townhouse sits in one of Brooklynâs trendiest, most desirable neighborhoods — Park Slope — with its leafy streets lined with brick and brownstone townhouses, many of which were built near the turn of the 20th century and have been lovingly updated over the decades by young families migrating from Manhattan. Much like its neighboring properties, the 2,600-square-foot townhome at 15 Prospect Park was originally built more than a century ago in 1915 and retains its old-world charm — but has been carefully updated to meet modern standards of living.
With 4 bedrooms, 3.5 baths, a generously sized living room, and a finished basement, the Brooklyn townhouse also comes with a few rare features for a New York home: ample outdoor space and private parking (that includes a private garage and its own driveway).
The layout is split on three levels, with the first floor housing a large living room and open dining room — both with distinctive pre-war features like classic moldings and arches — and a renovated kitchen that opens up to a lovely terrace.
The second floor is home to 3 bedrooms and a sizeable landing which is perfect for either a library or a home office, while the third floor is dedicated to the primary bedroom suite and its massive walk-in closet, renovated bath with skylights and soaring ceilings, with a separate sitting area/den. The third level also provides access to the townhouse’s own rooftop deck, which adds more outdoor space and looks like a perfect place to entertain guests.
The property is listed for $4,400,000 with Compass associate real estate broker Michael J. Franco.
More beautiful New York City homes
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The post Newly Renovated, 1915-Built Townhouse in Park Slope Asks $4.4 Million appeared first on Fancy Pants Homes.
How long does it take to buy a house? The answer is: it depends. You can buy a house in a matter of weeks or it can take you anywhere from 4 to 6 months. The question is how ready are you? It can take a long time, and that’s just learning about various mortgage options or improving your credit score.
So understanding the various factors involved in buying a house can give you an estimate of how long it will take you to buy the house
Check out now: 5 Signs You Are Not Ready To Buy A House
How long does it take to buy a house? A step-by-step guide.
It can take a homebuyer a few weeks to several months to complete the home buying process. But when determining how long it will take you to buy a house, you first have to find out if you will be pre-approved for a mortgage. There is no sense of shopping for a house to then realize you can’t afford it.
If you are interested inÂ comparing the best mortgage rates through LendingTree click here. Itâs completely free.
I. How long does it take to get a pre-approved mortgage letter in order to buy a house?
If you’re serious about buying a house, it’s important to get pre-approved for a mortgage. So when it’s time to make an offer, the seller will know you’re serious. If you don’t have one handy, the seller will likely move to the next buyer.
Getting pre-approved for a mortgage in order to buy a house can take longer. That is because you have to make sure your financial situation is in shape. For example, your income-to-debt ratio, your down payment, and your credit score must be good. That’s exactly what a mortgage lender will look at.
Even when these things are in order, shopping and comparing mortgage rates and fees can take several weeks.
Let’s take a look on how long it will take you to get these things in shape before buying a house.
Click here to compare mortgage rates through LendingTree. Itâs completely FREE.
A. How good is your credit score?
A low credit score can make buying a house take longer, because it can take months to a year to improve a bad credit score.
A conventional loan will usually require a 640+ credit score.
In fact, your credit score is the number 1 item mortgage lenders look at to decide whether to offer you a mortgage. And if it is not where it’s supposed to be, you might get rejected.
Luckily for you there are other ways to get a loan with much lower credit score: FHA loans.
FHA loans only require a credit score of 580 with 3.5% down payment. You may get qualified with a 500 credit score, but you’ll have to come with a 10% down payment.
So before you get into the fun part of shopping for a mortgage or visiting homes, it’s best to know what your credit score is and take steps to improve it.
You can get a free credit score at Credit Sesame.
B. Fix errors on your credit report.
Fixing errors on your credit report in order to get pre-approved for a loan in order to buy a house can take 30 days.
According to Transunion, “most investigations are completed within 2 weeks, but some may take up 30 days.”
Again, we recommend you get a free credit report at Credit Sesame. A credit report will give you a detail analysis of your credit history, how much debt you owe, and how creditworthy you are, etc. If there are any errors or inaccuracies, fix them immediately so there’s no surprise when you’re actually applying for a mortgage.
The best way to do that is by filing a Transunion dispute or Equifax dispute.
C. Do you have a down payment for the house?
How long it will take you to buy a house will also depend on whether or not you already have money saved up for a down payment.
Unless you’re going to buy the house with outright cash, you’ll need a down payment. And saving for a down payment can take a long time. Depending on your income and expenses, saving for a down payment on a house can take years.
Assuming, for example, you want to buy a house that will cost you $450,000, and you’re using a conventional loan to finance the house. With a 20% down payment, you will need to come up with $90,000.
Let’s say again, because of other monthly expenses, you can only save $1500 a month for the down payment.
You see how long it will take you to save for a down payment to buy the house? 5 years. And that doesn’t even take into account other upfront costs of buying a house, such as closing cost.
While it’s possible to get a mortgage with a down payment as low as 3.5% of the home purchase price, it’s advisable to put at least 20% down. The reason is because you will avoid paying private mortgage insurance (PMI), which protects the lenders in case you default on your mortgage.
Home buyers with a down payment below 20% are usually charged with PMI.
Another reason for a larger down payment is that it reduces the cost of the mortgage, grows equity much faster, and saves you on interest over the life of the loan.
As you can see, it can take you as much as 5 years from the time you’re thinking about buying the house to the time you’re actually ready to start the process.
But once you have taken care the things above, buying a house can go a lot faster.
II. How long does it take to find a real estate agent?
Average time: 1 day to a month
Once you have been pre-approved for a mortgage, the next step is to find an experienced real estate agent. Finding a good real estate agent can take a day to a month. Websites such as Zillow and Redfin list real estate agents you can use.
III. Shopping for a home.
Average time: a few weeks to a few months
With the help of a real estate agent and your own due diligence, finding a home can can go faster or take longer depending on available homes, the season and your desired location.
But experts say on average it can take a minimum of three weeks to a few months.
IV. Making an offer, negotiation, and inspection.
Average time: 1 to 10 days
Once you have found the home of your dream, the next step is to make an offer. You and the seller can go back and forth negotiating the price.
Once your offer has been accepted, you and the seller sign something called a purchase agreement. Then, the next step is to hire a professional to inspect the home for defects. Depending on your state, a home inspection must be completed within 10 days. And if the inspection finds some defects in the house, that could delay the process.
V. How long does it take to close on a house?
Average time: 30 to 45 days.
Once the inspection is done, your lender will need to officially approve you for the loan. And depending on the lender, it can also affect how long it takes to buy a house. You may need to provide additional documents. But the lender will need to assess the home for its value. And depending on the program (whether it’s conventional loan or FHA loan) it can take anywhere from 30 to 45 days to close on a home.
When asking yourself this question: “how long does it take to buy a house?” The answer is : it depends. If you have your credit score, your down payment, your other finances under control, you can buy your house in two months or less. But if you have to save for a down payment, fix errors on your credit report, raise your credit score, the whole home buying process can take years.
Click here to compare mortgage rates through LendingTree. Itâs completely FREE
Still wondering how long it takes to buy a house? Read the following articles:
5 Signs You’re Not Ready To Buy A House
10 First Time Home Buyer Mistakes To Avoid
3 Signs You’re Not Ready to Refinance Your Mortgage
The Biggest Mistakes Millennials Make When Buying a House
7 Signs You’re Ready To Buy A House
Work with the Right Financial Advisor
You can talk to aÂ financial advisorÂ who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). So, find one who meets your needs withÂ SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals,Â get started now.
The post How Long Does It Take To Buy A House? appeared first on GrowthRapidly.
As one of the top five fastest-growing cities in the US, Denver is quickly becoming the place to be. The vibrant city life, the outdoor culture, and the growing economy are attracting numerous people looking to become Denver homeowners.
If you, like many others, have noticed how much this Colorado city has to offer, you might be wondering how home-buying works in Denver. Weâve got you covered. Hereâs what every Denverite or potential Denverite needs to know about becoming a homeowner.
Start With a Budget
Before the hunt for your dream home can begin, youâll need to determine how much you can afford. Get in touch with a lender to talk this through. Your lender will help you determine how much of a down payment youâll need, as well as what kind of monthly payment you can expect.
Once you speak with a lender, youâll know what kind of loan you qualify for, and you can narrow down your search to homes within your budget. Now youâre ready to really get serious about finding your future home.
When looking for a lender, many people start with their bank. Your bank isnât a bad place to start, but donât forget to shop around for the best rate. If you donât check out all the options, you might miss out on deals from companies like Homie Loans. Homie Loans guarantees they can get you the best rate possible. In fact, if you find any lender with a better rate, theyâll give you $500 cash*.
Find the Right Agent
Most people work with an agent while buying a home, but not everyone knows how essential it is to find the right agent to work with. The right agent will be experienced and knowledgeable about the highly competitive Denver market.
Your agent should also understand your goals and interests as a prospective buyer. Theyâll use their knowledge of your goals with their knowledge of different neighborhood vibes to help you find the perfect fit for you. If easy access to the mountains is one of your priorities, your agent will tell you which cities to look at. If downtown living is your thing, your agent can help you find a good deal in a vibrant, Denver neighborhood.
When you have an expert agent on your side throughout the whole home buying experience, youâll never have to stress about missing out on important information or getting the bad end of a deal. There are a lot of pieces to the puzzle when it comes to real estate, but agents are there to make each step along the way easy on you. Thatâs why the sooner you bring an agent in to help, the better.
Check Out the Options
Now itâs time to start looking at homes. For many people, this is the fun part of buying a home. Your agent will help you find homes in the areas youâre interested in. It can be a lot of fun to visit potential neighborhoods and imagine yourself as a resident. If a home really catches your eye, donât be afraid to visit more than once. You want to be sure that itâs the right one for you.
Be sure to be thorough when checking out your options. You donât need to settle for something youâre not happy with. If youâre not looking for the extra work that comes with a fixer-upper, donât skip the home inspection. Some homes have issues that you wouldnât have noticed without an inspection. You want to find a home thatâs in great condition.
When youâve found the perfect home, your agent will help you determine if itâs listed at a fair price. A home could check every box on your wishlist, but if the price isnât right, it may not be the right one for you. One of your agentâs main jobs is to help you negotiate to get a price that works for you. On the other hand, if the price is where youâd like it, your agent will help jump on that home faster than any of the other potential buyers.
Streamline the Process With Homie
Whether youâre a home-buying veteran or this is your first rodeo, Homie will make your experience the best it can be. Searching for your dream home is a breeze when you have our easy-to-use app.
When you work with Homie, you donât only get access to the app, though. Youâll also have your very own, top-ranked licensed agent who will help you every step of the way. Our buyersâ agents are dedicated only to their buyers, so youâll get the best quality service throughout the process.
To get access to amazing homebuying tools and some of the best agents in the state, you might think youâd have to pay top double, but not with Homie. We want to make homeownership accessible to everyone, which is why working with Homie is more affordable than working with any traditional realtor. We offer buyers a refund of up to $2,500 at closing. With those savings and those benefits, buying with Homie is a no-brainer. Click here to start the process.
*Subject to terms and conditions.
Get more tips on buying your Denver home!
5 Tips to Help You Afford Your First Home
Common Home Buying Fears and How To Overcome Them
Can You Buy and Sell a Home at the Same Time?
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The post How to Buy a Home in Denver, Colorado appeared first on Homie Blog.
This weekâs Mint audit introduces us to Selena, 48, a mom of two living in San Antonio, Texas. She is a community college director and her husband, 51, is a full-time graphic designer who also manages a booming side hustle in the same industry.
Selena and her husband have already achieved some impressive financial accomplishments, thanks to tracking their finances on Mint, leveraging coupons and shopping at thrift stores. Theyâve paid off $52,000 in student loans and invested in a piece of land next door for $26,000, which they believe has appreciated by nearly 40% since purchasing it a few years ago.
But with retirement looming and two children (currently ages 9 and 12) to possibly put through college, Selena wants to learn about additional money moves that could better prepare them for future expenses. She would also love to pay off the familyâs 30-year mortgage before she retires in the next 10 to 12 years. Currently theyâre on track to pay it down by 2030.
First, a breakdown of their finances:
His: $40,000 plus an additional $40,000 in freelance work
Total: $136,000 per year
Just paid off student loans and a property loan (for the lot next door)
Credit Card Debt: $0
Mortgage: $163,000 (Monthly payment, including real estate tax, is $1,985)
Car note: $5,300 (should be paid off within the year)
Selenaâs teacher pension: Roughly $5,000 per month at retirement if she retires in 12 years ($3,800 if she retires in 6 years).
Various IRAs between the two of them: $65,000
Estimated social security payments: $2,500 to $3,000 (combined)
Husband does not have a 401(k)
RAINY DAY SAVINGS
In an emergency, the family has at least six months of expenses saved up or roughly $35,000.
Selena and her husband havenât specifically saved for their childrenâs college education. Theyâre concerned that a 529-college savings plan might limit their childrenâs options, if they didnât choose to attend a traditional college program.
Leverage the Side Hustle
All in all, I think the familyâs finances are in solid shape. But if theyâre interested in further securing their future, I would suggest investing the annual side hustle income (which currently sits in a bank account earning no interest) to advance retirement savings and carve out an account for their two children.
Starting that side hustle was a very smart money move because it effectively boosted the familyâs net income by 40%. And according to Selena, the business, which they operate out of their living room, is only growing, with profits expected to grow another 30% in the future.
Income from side hustles is how I managed to pay off debt in my 20âs and boost savings. Today, itâs more prevalent among working Americans. More than 44 million Americans have a side revenue stream, according to a recent survey by Bankrate. âHaving a side hustle is fiscally responsible,â says Susie Moore, founder of the program Side Hustle Made Simple and the new book, âWhat If It Does Work Out: How a Side Hustle Can Change Your Life.â âIt’s an economic hedge that mitigates disruption to wealth building and future planning. There is no such thing as a fixed income,â she says.
So, letâs do some math and see how far this $40,000 per year side revenue stream can go using a compound interest calculator.
The coupleâs retirement nest egg is not too shabby. Not including their existing IRAs, the couple has about $8,000 a month coming to them in retirement between social security and Selenaâs pension. That amount, alone, basically replaces their current full-time income. (And I do recommend Selena wait 12 years before retiring so that she can take advantage of the maximum pension payment.)
But with all the uncertainty around social security and future health care costs, it canât hurt to save a little more, right? By placing $6,500 in a Roth IRA each year for the next, say, 15 years (Selenaâs husband can qualify for the catch-up contribution since he is 5- years old), theyâll have an additional $142,000 for retirement that wonât be subject to taxes. This assumes an average annual return of 4%. They can open a Roth IRA at any bank.
Future Savings for Children
While a 529 plan may not be the best fit for this family, Selena still would like to carve out savings for her kidsâ future endeavors, be it to start a business or attend an alternative school. For this, Iâd recommend opening a 5-year certificate of deposit or CD and placing $25,000 in it this year. The going yield right now for a 5-year CD at that deposit level is averaging a little more than 2%.
Then, every year, as income rolls in from the side hustle, create a new 5-year CD and deposit $25,000 in it. Do this for the next four or five years. All CDs will have matured by the time her youngest is starting college (or pursuing something else). And theyâll have at least $100,000 plus interest reserved for their kids. If they do choose to go to college, the familyâs prepared to help pay for in-state tuition at one of the fine Texas universities.
After funding the Roth IRA each year ($6,500) and the annual CD contribution ($25,000), the familyâs left with $8,500. They could choose to put this toward the mortgage principal to knock a few years off their payoff schedule. Or, they may want to just hold onto it for that annual family vacation. And if Iâm being honest, Iâd say, go for the vacation! They deserve it!
The post Mint Money Audit: Making the Most of a Side Hustle appeared first on MintLife Blog.
Around 6.1% of employed Americans worked for themselves in 2019, yet the ranks of the self-employed might increase among certain professions more than others. By 2026, the U.S. Bureau of Labor Statistics projects that self-employment will rise by nearly 8%.
Some self-employed professionals experience high pay in addition to increased flexibility. Dentists, for example, are commonly self-employed, yet they earned a median annual wage of $159,200 in 2019. Conversely, appraisers and assessors of real estate, another career where self-employment is common, earned a median annual wage of $57,010 in 2019.
When you work for yourself, you might have to jump through additional hoops to qualify for credit.
Despite high pay and job security in some industries, thereâs one area where self-employed workers can struggle â qualifying for credit. When you work for yourself, you might have to jump through additional hoops and provide a longer work history to get approved for a mortgage, take out a car loan, or qualify for another line of credit you need.
Why Being Self-Employed Matters to Creditors
Hereâs the good news: Being self-employed doesn’t directly affect your credit score. Some lenders, however, might be leery about extending credit to self-employed applicants, particularly if youâve been self-employed for a short time.
When applying for a mortgage or another type of loan, lenders consider the following criteria:
Generally speaking, lenders will confirm your income by looking at pay stubs and tax returns you submit. They can check your credit score with the credit bureaus by placing a hard inquiry on your credit report, and can confirm your debt-to-income ratio by comparing your income to the debt you currently owe. Lenders can also check to see what assets you have, either by receiving copies of your bank statements or other proof of assets.
The final factor â your employment status â can be more difficult for lenders to gauge if youâre self-employed, and managing multiple clients or jobs. After all, bringing in unpredictable streams of income from multiple sources is considerably different than earning a single paycheck from one employer who pays you a salary or a set hourly rate. If your income fluctuates or your self-employment income is seasonal, this might be considered less stable and slightly risky for lenders.
That said, being honest about your employment and other information when you apply for a loan will work out better for you overall. Most lenders will ask the status of your employment in your loan application; however, your self-employed status could already be listed with the credit bureaus. Either way, being dishonest on a credit application is a surefire way to make sure youâre denied.
Extra Steps to Get Approved for Self-Employed Workers
When you apply for a mortgage and youâre self-employed, you typically have to provide more proof of a reliable income source than the average person. Lenders are looking for proof of income stability, the location and nature of your work, the strength of your business, and the long-term viability of your business.
To prove your self-employed status wonât hurt your ability to repay your loan, youâll have to supply the following additional information:
Two years of personal tax returns
Two years of business tax returns
Documentation of your self-employed status, including a client list if asked
Documentation of your business status, including business insurance or a business license
Applying for another line of credit, like a credit card or a car loan, is considerably less intensive than applying for a mortgage â this is true whether youâre self-employed or not.
Most other types of credit require you to fill out a loan application that includes your personal information, your Social Security number, information on other debt you have like a housing payment, and details on your employment status. If your credit score and income is high enough, you might get approved for other types of credit without jumping through any additional hoops.
10 Ways the Self-Employed Can Get Credit
If you work for yourself and want to make sure you qualify for the credit you need, there are plenty of steps you can take to set yourself up for success. Consider making the following moves right away.
1. Know Where Your Credit Stands
You canât work on your credit if you donât even know where you stand. To start the process, you should absolutely check your credit score to see whether it needs work. Fortunately, there are a few ways to check your FICO credit score online and for free.
2. Apply With a Cosigner
If your credit score or income are insufficient to qualify for credit on your own, you can also apply for a loan with a cosigner. With a cosigner, you get the benefit of relying on their strong credit score and positive credit history to boost your chances of approval. If you choose this option, however, keep in mind that your cosigner is jointly responsible for repaying the loan, if you default.
3. Go Straight to Your Local Bank or Credit Union
If you have a long-standing relationship with a credit union or a local bank, it already has a general understanding of how you manage money. With this trust established, it might be willing to extend you a line of credit when other lenders wonât.
This is especially true if youâve had a deposit account relationship with the institution for several years at minimum. Either way, itâs always a good idea to check with your existing bank or credit union when applying for a mortgage, a car loan, or another line of credit.
4. Lower Your Debt-to-Income Ratio
Debt-to-income (DTI) ratio is an important factor lenders consider when you apply for a mortgage or another type of loan. This factor represents the amount of debt you have compared to your income, and itâs represented as a percentage.
If you have a gross income of $6,000 per month and you have fixed expenses of $3,000 per month, for example, then your DTI ratio is 50%.
A DTI ratio thatâs too high might make it difficult to qualify for a mortgage or another line of credit when youâre self-employed. For mortgage qualifications, most lenders prefer to loan money to consumers with a DTI ratio of 43% or lower.
5. Check Your Credit Report for Errors
To keep your credit in the best shape possible, check your credit reports, regularly. You can request your credit reports from all three credit bureaus once every 12 months, for free, at AnnualCreditReport.com.
If you find errors on your credit report, take steps to dispute them right away. Correcting errors on your report can give your score the noticeable boost it needs.
You typically need two years of tax returns as a self-employed person to qualify for a mortgage, and you might not be able to qualify at all until you reach this threshold. For other types of credit, it can definitely help to wait until youâve earned self-employment income for at least six months before you apply.
7. Separate Business and Personal Funds
Keeping personal and business funds separate is helpful when filing your taxes, but it can also help you lessen your liability for certain debt.
For example, letâs say that you have a large amount of personal debt. If your business is structured as a corporation or LLC and you need a business loan, separating your business funds from your personal funds might make your loan application look more favorable to lenders.
Having more liquid assets is a good sign from a lenderâs perspective, so strive to build up your savings account and your investments. For example, open a high-yield savings account and save three to six months of expenses as an emergency fund.
You can also open a brokerage account and start investing on a regular basis. Either strategy will help you build up your assets, which shows lenders you have a better chance of repaying your loan despite an irregular income.
9. Provide a Larger Down Payment
Some lenders have tightened up mortgage qualification requirements, and some are even requiring a 20% down payment for home loans. Youâll also have a better chance to secure an auto loan with the best rates and terms with more money down, especially for new cars that depreciate rapidly.
Aim for 20% down on a home or a car that youâre buying. As a bonus, having a 20% down payment for your home purchase helps you avoid paying private mortgage insurance.
10. Get a Secured Loan or Credit Card
Donât forget the steps you can take to build credit now, if your credit profile is thin or youâve made mistakes in the past. One way to do this is applying for a secured credit card or a secured loan, both of which require collateral for you to get started.
The point of a secured credit card or loan is getting the chance to build your credit score and prove your creditworthiness as a self-employed worker, when you canât get approved for unsecured credit. After making sufficient on-time payments toward the secured card or loan, your credit score will increase, you can upgrade to an unsecured alternative and get your deposit or collateral back.
The Bottom Line
If youâre self-employed and worried that your work status will hurt your chances at qualifying for credit, you shouldnât be. Instead, focus your time and energy on creating a reliable self-employment income stream and building your credit score.
Once your business is established and youâve been self-employed for several years, your work status wonât matter as heavily. Keep your income high, your DTI low, and a positive credit record, youâll have a better chance of getting approved for credit.
Matthew Perry of âFriendsâ found a buyer who was there for him. He has successfully sold his Malibu, CA, beach house for $13.1 million.
Perry had initially listed his “kick-ass Malibu home”âas he called his place on social mediaâin August for $14.95 million. In September, the actor dropped the asking price by a million dollars, to $13.95 million.
Matthew Perry’s Malibu beach house (realtor.com)
Loft-like space (realtor.com)
Dining area (realtor.com)
Home theater (realtor.com)
Floating staircase (realtor.com)
Master suite (realtor.com)
Master bath (realtor.com)
Steps to the beach (realtor.com)
He then slashed the price one last time to $12.95 million. That reduction attracted a buyer, who scooped up the swanky space for just a little over the ask.
Although the price ended up lower than his initial asking price, Perry came out ahead. The savvy star picked up the the property in 2011 for $12 million.
Perry reportedly bought the beachfront abode from the Southern California developer Scott Gillen, who completely transformed the circa-1960 build.
The result is a loftlike space with expansive walls of glass, looking out to the Pacific Ocean.
The fab pad can hold lots of friends, with two floors, four bedrooms, and 3.5 bathrooms on 5,000 square feet. The main level features an open living and dining area, a fireplace, beamed ceilings, and sparkling views of the ocean. The glass walls completely open up, extending the living area out to a deck that runs the length of the house on both floors.
A floating wood-and-steel staircase leads to the lower-level master suite, which includes a sitting area, walk-in closet, and luxurious bathroom.
Watch: Comedian Kathy Griffin Gets a Deal While Downsizing in SoCal
The home also features an outdoor spa and a state-of-the-art home theater.
Meanwhile, the deck comes with plenty of seating and a fire pit, perfect for catching the sunset.
The open floor plan made the buyer swoon, according to Luis Robledo, the Douglas Elliman agent who represented the buyer.
âThe minute you walk through the front door, you have a completely open and expansive view of the ocean, with floor-to-ceiling and wall-to-wall windows,” Robledo says. “Two decks on both levels spanning the length of the homeâmaximizing the outdoor spaceâalso made it extremely compelling. This is the perfect getaway place.â
Perry took full advantage of the beach pad as his personal getaway during the pandemic. He posted photos to his Instagram account from the property as he hung out on his deck or baked cookies in the kitchen.
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A post shared by Matthew Perry (@mattyperry4)
Perry had been on a selling spree, also placing a posh penthouse on the market in Los Angeles in 2019 for $35 million. In 2017, he bought the âmansion in the sky,â which occupies the entire 40th floor of the Wilshire Corridor’s elite Century Building, for $20 million.
He renovated the place to his taste, with what looks like wall-to-wall velvet furniture, a huge master suite with views, and the home theater. The listing is currently off market.
Now that he’s freed from his real estate concerns, the star’s new focus appears to be an adorable puppy.
View this post on Instagram
A post shared by Matthew Perry (@mattyperry4)
Luis Robledo of Douglas Elliman represented the buyer. Joshua Flagg with Rodeo Realty repped the seller.
The post Matthew Perry Sells Malibu Beach House for $13.1M appeared first on Real Estate News & Insights | realtor.comÂ®.
Imagine this: You’ve gone to collegeâeven grad schoolâto pursue a career path you always thought you wanted. But after a few years and many tuition dollars spent, it suddenly hits you: If you have to write one more press release, it might push you over the edge. If this is the case, it’s time to prepare for a career change.
Transitioning careers is not unusual. In fact, according to a survey conducted by the American Staffing Association, 38 percent of working adults say they are likely to change careers within the next year. The only problem is, if you are unsure of how to make a career change and whether it will be financially sound, you might be hesitant to make the leap.
âNo one wants to change careers without knowing the chances of success,” says Mark Anthony Dyson, host of The Voice of Job Seekers podcast, a show designed to help those in career transition. “Adequate preparation can make all the difference.”
âPreparation in every formâfrom updating job skills to financial planning and really taking time to think about what you desire in a fulfilling careerâwill be a huge factor in your career-change success.â
“How do I make a big career change with this adequate preparation,” you ask?
Learning how to prepare for a career change financially and finding out which skills you’ll need in your new career are great places to start. Take these steps to understand your career intentions, then determine the best financial strategies for achieving them:
Figure out if a career change is right for you
Before preparing for a career change, start by doing an honest self-assessment on whether or not a switch is right for you. This is important, says Dyson, because you’ll want to weigh the advantages and disadvantages of changing careers versus exploring a job transition within your current field. Doing the latter might make more sense for you if you aren’t quite ready to go through a full-blown career transition. Either way, taking the time for self-reflection will help you get to your desired career path sooner.
When you are thinking about how to make a career change and if it’s the right time for you, Dyson suggests asking yourself these questions:
What are the professional and financial impacts if I stay on my current career path? A quick list of pros and cons might help your analysis.
Are there other opportunities in my current field that I haven’t yet considered? Talk to a human resources professional or research online to understand the qualifications, salaries and opportunities for advancement within your area of expertise.
What does my ideal career look like?
Do I currently have the skills and experience that can transfer to a new career?
What are the possible financial and professional outcomes if my new career doesn’t work out?
Kelan Kline, a jail deputy turned personal finance blogger for The Savvy Couple, felt stifled by his previous job and the limitations it imposed on his time. He believed that in order to achieve career growth and increase his money-making potential, he would have to change careers. “I knew I was done working for others altogether,” Kline adds.
You may not think you have the skills and experience necessary to transition into a new career, but a tip to prepare for a career change is to consider the skills that have led to your career success thus far. That’s what 10-year human resources veteran Lisa Cassella did when she decided a new career direction was in order and wanted to follow her passion for real estate.
“As hiring and program manager for a senior living facility, I met face-to-face with with people everyday,” says Cassella, now a licensed real estate salesperson for the brokerage firm Compass. “Sometimes you have to have some difficult conversations,” she continues. “It’s the same in real estate. But for the most part, you are helping peopleâwhich is what I enjoy and a strong connection between both careers.”
Sasha Korobov, a career and success strategist, agrees that a tip for preparing for a career change is to use your current skills as a foundation for a new career. Having undergone a career change herself, she advises people to âreally think about what you want to do next, and see if you can start getting those skills and experience in the job you’re already in.”
Once you understand your motives and capabilities, you’ll have the groundwork for what needs to come next: smart ways to financially support yourself through the transition.
Prepare yourself financially for making the switch
One of the best things you can do when figuring out how to make a career change is to have a financial plan. Depending on how you approach your career change, the steps that you take to move to a new industry could impact your finances in various ways.
For example, when you start out in a new industry, you might be taking a lower level position than what you had in your previous career. This may come with a dip in income, for which you will need to adjust your budget as you progress in your new career.
If you plan to take any time off before you make the switch, you may experience a gap in income. “You have to think about how many months of income you need to save to get over that hump,” Cassella says. Cassella planned in advance so that she had at least six months of income in the bank before she made the switch to her new career.
Another consideration when you prepare for a career change is whether there is a cost investment required in moving to the new career you have chosen. For example, you might need to spend money on additional education, training, certifications and other measures before you can move into your new role. Your financial plan will have to consider dips in income that could occur if you need to reduce your hours or quit working in order to get the training and education your new career requires, Korobov says. Cassella had to get licensed before moving into real estate sales. She quit her job and took a two-week course, then immediately took the state test.
If your career change means starting your own business venture, you may have to prepare for all of the financial scenarios mentioned above. Your income might decrease as you establish your own business and gain traction, for instance. You might also have to pay for things that were once provided to you by an employer, such as supplies, computer equipment, software and health insurance.
Because of these potential challenges, having a savings plan is key when considering tips to prepare for a career change.
Fine-tune your savings to prepare for a career change
No matter which path you choose, preparing for a career change may present you with some financial risk. Therefore, it’s beneficial to have savings set aside to manage the transition. With just a few small lifestyle changes that will save you money, you can build the financial safety cushion you need to prepare for a career change, says finance blogger Kline.
Here are Kline’s tips to prepare for a career change and the areas he focused on most when he prepared for his professional move:
Reduce unnecessary expenses. As you work on how to make a career change, consider cutting back on discretionary spending such as eating out, entertainment and vacations, and set that money aside for your career change. Don’t already have a budget to track your expenses? Now is the perfect time to start one.
Pick the right type of savings account. You’ll want to put the money you save from reducing your expenses into the best type of account to support your career transition. A high-yield savings account, such as the Discover Online Savings Account, will help you grow your savings. For a long-term savings strategy, a Discover Certificate of Deposit might be a great fit.
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Start an emergency fund. Similar to establishing a budget and picking a savings account, if you haven’t already started an emergency fund, now is the time to create one (or add to it if you already have some momentum with your rainy day savings). An emergency fund can help you prepare for unexpected expenses and the financial risks involved in changing careers. Experts suggest that you keep at least three to six months’ worth of living expenses in your emergency fund.
Pay down debt. If you are able to pay down debt, such as student loan and credit card debt, it will free up cash to save toward your career transition. Pay more than the monthly minimum to reduce or eliminate the debt altogether as you prepare for a career change.
With just a few small lifestyle changes that will save you money, you can build the financial safety cushion you need to prepare for a career change.
Approach your new career at a gradual pace
For some, a slower transition, with moonlighting or side hustling until they are ready to go full time, has proven effective. When Jeff Neal started his online retail site selling bait and live feeders, he was still a full-time project manager in e-commerce, but not passionate about his day-to-day. He was able to use his skills from this position to build his own online ventures.
Neal says he started his online business as a side hustle, with the intention of always having a full-time job keeping his household afloat. He has now been able to transition into being a full-time internet entrepreneur.
Korobov, the career and success strategist, also started to prepare for her career change with a part-time entrepreneurial venture that grew out of corporate coaching. “I wanted to go into business for myself as a career strategist for women, and I knew that having corporate coaching experience would fast-track my credibility with a lot of potential clients,” she says.
“I began offering workshops and brown-bag lunches at my office,” Korobov continues. This experience was a valuable lesson for Korobov in how to make a career change, helping her boost her confidence and allowing her to tweak her workshops as she got more experience.
One of Korobov’s biggest tips to prepare for a career change that she learned firsthand: “Your entrepreneurial ventures, even if done part-time, can make the transition into your career smoother, while giving you extra income to help with your financial preparation process.”
Ensure your path to career-change success
Making a career change can seem like a huge risk, since you don’t really know if it will work out in your favor. But with research and readiness, you can confidently prepare for a career change. Dyson, of The Voice of Job Seekers podcast, can’t emphasize enough that âpreparation in every formâfrom updating job skills to financial planning and really taking time to think about what you desire in a fulfilling careerâwill be a huge factor in your career-change success.”
Understanding your goals and expectationsâand trusting your gutâbefore you begin is a big step in the right direction. Says Cassella of her move into real estate: “It just made a lot of sense for me and my family. My expectations are that once I really get going, there is no limit to what I can make.”
The post Taking the Leap: How to Make a Career Change and Land on Your Feet appeared first on Discover Bank – Banking Topics Blog.
First-time home buyers today face a tough road, shopping for homes during a pandemic, high housing prices, and deep economic uncertainty. For military families deployed overseas, it’s all even trickier to figure out.
In this second story in our new series “First-Time Home Buyer Confessions,” we talked with husband and wife Kyle LaVallee and Natalie Johnson. They were renting an apartment in Fayetteville, NC, when they decided to start shopping for their own home in the area in April.
At the time, LaVallee was stationed in the Middle East as a sergeant in the U.S. Army. Yet even though he was thousands of miles away, he managed to attend every home tour with Johnson via FaceTime. In July, they closed on a brick, ranch-style three-bedroom that LaVallee would not see in person until a long-awaited trip home in October.
Here’s the couple’s home-buying story, the hardest challenges they faced, and what LaVallee thought of his new house once he home managed to lay eyes on it for the first time.
Location: Fayetteville, NC
House specs: 1,166 square feet, 3 bedrooms, 2 bathrooms List price: $111,900 Price paid: $115,000
A pandemic plus deployment seems like a tough time to buy your first house. What convinced you to forge ahead?
Johnson: Kyle was deployed in October 2019 while we were renting a one-bedroom apartment in Fayetteville. Kyle wasnât fond of renewing the apartment leaseâwe had been there for two years and were running out of space. We wanted to get a dog; we wanted a yard, and our own property where we can do anything we wanted.
We started educating ourselves on the process. We knew a mortgage was going to be significantly less than what we were paying in rent. Kyle thought it would be smart to buy because [nearby] Fort Bragg is one of the biggest military bases in the world. If we ever leave or get stationed somewhere else, weâre not going to have a problem finding anyone to rent it. And we could always come back.
LaVallee:Â I was interested in gaining equity and ownership, rather than just paying to rent something I’d never own in the end.
Johnson:Â We started looking at houses back in January. In April, we kept seeing information about lowering interest rates. Thatâs why we got serious about the process in the middle of the pandemic, and when we connected with our real estate agent, Justin Kirk with Century 21.
How much did you put down on the houseâand how’d you save for it?
Johnson: We put 20% down.
LaVallee: I was making a lot of money while I was deployed, and I had no expenses really. I was just saving everything I had, knowing I wanted to invest it in a house.
Johnson: I cut spending. I didnât buy things I wanted, just what I needed. The pandemic helped a lot, honestly because we obviously couldnât go out.
LaVallee:Â We qualified for a VA loan, but we just wound up using a conventional loan. Most people in the military will use a VA loan where you donât put any money down, but [since we had enough saved] we wanted the lowest monthly mortgage payments.
What were you looking for in a house?
LaVallee:Â We knew we might [eventually] be moving, so it wasnât like it had to be a house we would stay in forever, more of an investment property.
Johnson: We were looking for things that would be attractive to future renters. We had a military family in mind because Fayetteville’s got more than 50,000 active-duty. We looked for a location close to a Fort Bragg entrance. We thought three bedrooms was perfect for us because our families are close with each other, so theyâll all come down at the same time so weâll have two extra bedrooms for them. Kyle really wanted a garage, so that was a huge thing.
LaVallee: Garages arenât very common down here, so that limited a lot of options for us. A lot of houses have carports, or they finish the garage and turn it into a bonus room.
Johnson: We wanted something that needed a bit of fixing up, because we like to be handy and put our personal touch on everything, and we ultimately knew that would be a lower-cost house.
How many homes did you see in person, and how did Kyle participate from overseas?
Johnson:Â It was 10 or 12 homes. We were out three to four times a week looking at places with our real estate agent. We wore our masks for the tours, and I used hand sanitizer since I was opening and closing drawers and closets. Most were vacant, but we did tour one house that still had people living in it, although they were gone during the tour, so we avoided touching a lot of things.
During tours we FaceTimed Kyle in. We figured that was probably the most convenient way to do it since he could see every single house and room in detail.
LaVallee:Â Well, I couldnât really see all the details.
Johnson: He got to know our real estate agent really well via FaceTime. Our agent would say, “Let me know if you need me to hold Kyle while you go look in this room.” I felt so bad, though, because I work full time, so I’d tour homes around 5:30 in the evening, which for Kyle was 2:30 in the morning. But he stayed up for every single tour.
LaVallee:Â I was sometimes frustrated not being able to be there. I left it all up to her. I had to trust the feelings and vibes she got from each house.
How many offers did you make before you had one accepted?
Johnson:Â We put three earlier offers in.
LaVallee:Â They would be listed and the next day would be sold. The first three offers we put in were asking price, and Iâm pretty sure everybody else offered more, and ours were never even considered.
Johnson:Â It was ridiculous. It was definitely a sellerâs market, so you had to act really fast and you had to be really competitive. On our fourth offer, we ended up at $3,100 over asking. I felt like we had to fight for this house.
Were you competing with other offers for the house you bought?
LaVallee:Â There were multiple offers.
Johnson: Our real estate agent told us, “You should definitely write a letter and talk about how Kyleâs gone right now and youâre first-time home buyers and this one really clicked with you,â which it did. The second I walked in, itâs this adorable brick house, itâs super homey, it has a great yard. In the letter, we just talked about how all of that was so attractive to us as first-time home buyers, and we were really excited and could see ourselves in this home.
Our real estate agent suggested going in higher than asking, so we just rounded up to $115,000. He also suggested doing a higher due diligence paymentâwe usually did $200, but this time around we did $500. And the earnest fee we put in was $500 or $600.
After our offer was accepted, we knew it was going to be kind of difficult with the home inspection. They were already redoing the roof, which was a huge cost on their part, so asking for more was definitely going to be a challenge. So we didnât ask for much.
What surprised you about the home-buying process?
Johnson:Â How fast it went, for me at least. Our first home tour was in April and then by June, we had found our house and the contracts were written up. I guess I was expecting it maybe to be double the time that it actually was, but houses were just turning over so fast, we had to act fast.
LaVallee:Â From my side, I thought it happened very slowly! I felt like so much was happening in between each step in the process. I had to be patient because I had so little control of the situation, other than just trying to stay involved and be a part of it.
Johnson:Â You never really think that when youâre married, youâre going to buy your first house while your husband is on the other side of the world. But we got through it.
So Natalie, you were living in the house for a few months before Kyle returned from deployment in October to see it. What was that homecoming like?
Johnson:Â He came home a few days shy of the 365-day mark. We were anxious and excited. Several other families and I waited outside of a hangar on base, and soon after hearing their plane landing, we saw the group walking toward us and everyone start cheering and crying.
Because it was dark when we got home, Kyle couldnât see the outside of the house much, or the “Welcome Home” decorations I hung up! But the moment he set foot in the front door, he just stood there and looked around with the biggest smile on his face.
I gave him the grand tour the next morning. He said it looked much bigger than what he saw on FaceTime. We celebrated with a home-cooked meal and the wine our agent gave us when we closed. It was really special.
LaVallee:Â I came home to a nice house. Natalie was worried I would come back to culture shock. But Iâve felt at home ever since Iâve been here.
What’s your advice for aspiring first-time home buyers?
Johnson:Â I would say to go with your gut. Some of the houses youâll tour are really logical to buy, but if they have a bad vibe or theyâre just not really welcoming, then look at others. A healthy balance between logic and feeling is important.
LaVallee:Â We didn’t even know what we wanted until we saw five or six houses, so itâs definitely important to shop around and see what’s out there.
Johnson: We really didnât know much. I told our real estate agent, “Hey, listen, weâre really going to need some guidance. We donât know what things mean, we need you to break it down for us. You have to be patient with us.” I reached out to three different real estate agents, and Justin was the one who not only answered all my questions but was giving a ton of positive feedback. It was nice to have that encouragement, and it definitely made us more confident. You learn a lot by looking at houses, you learn a ton about yourself.
The post What This Military Family Facedâand FoughtâTo Buy Its First House appeared first on Real Estate News & Insights | realtor.comÂ®.
Saving for retirement is an important financial goal and there are different options when it comes to where to invest. A qualified retirement plan can make it easier to build wealth for the long term, while enjoying some significant tax benefits.
Qualified retirement plans must meet Internal Revenue Code standards for form and operation under Section 401(a). If you have a retirement plan at work, it’s most likely qualified. But not every retirement account falls under this umbrella and those that don’t are deemed “non-qualified.”
So just what is a qualified retirement plan and how is it different from a non-qualified retirement plan?
Understanding the nuances of these terms can help you better shape your retirement plan for growing wealth.
What Is a Qualified Retirement Plan?
Qualified retirement plans allow you to save money for retirement from your income on a tax-deferred basis. These plans are managed according to Employment Retirement Income Security Act (ERISA) standards.
The IRS has specific rules for what constitutes a qualified retirement plan and what doesn’t. Public employers can set up a qualified retirement plan as long as these conditions are met:
• Employer contributions are deferred from income tax until they’re distributed and are exempt from social security and Medicare tax
• Employer contributions are subject to FICA tax
• Employee contributions are subject to both income and FICA tax
Following those guidelines, qualified retirement plans can include:
• Defined benefit plans (such as traditional pension plans)
• Defined contribution plans (such as 401(k) plans)
• Employee stock ownership plans (ESOP)
• Keogh plans
Section 403(b) plans, which you might have access to if you’re a public school or tax-exempt organization employee, mimic some of the characteristics of qualified retirement plans. But because of the way employer contributions to these plans are taxed the IRS doesn’t count them as qualified plans. The same is true for section 457(b) plans, which are available to public employees.
Defined Benefit vs. Defined Contribution Plans
When talking about qualified retirement plans and how to use them to invest for the future, it’s important to understand the distinction between defined benefit and defined contribution plans.
ERISA recognizes both types of plans, though they work very differently. A defined benefit plan pays out a specific benefit at retirement. This can either be a set dollar amount or payments based on a percentage of what you earned during your working career.
This type of defined benefit plan is most commonly known as a pension. If you have a pension from a current (or former) employer, you may be able to receive monthly payments from it once you retire, or withdraw the benefits you’ve accumulated in one lump sum. Pension plans can be protected by federal insurance coverage through the Pension Benefit Guaranty Corporation (PBGC).
Defined contribution plans, on the other hand, pay out benefits based on how much you (and your employer, if you’re eligible for a company match) contribute to the plan during your working years. The amount of money you can defer from your salary depends on the plan itself, as does the percentage of those contributions your employer will match.
Defined contribution plans include 401(k) plans, 403(b) plans, ESOPs and profit-sharing plans. With 401(k)s, that includes options like SIMPLE and solo 401(k) plans. But it’s important to note that while these are all defined contribution plans, they’re not all qualified retirement plans. Of those examples, 403(b) plans wouldn’t enjoy qualified retirement plan tax benefits.
What Is a Non-Qualified Retirement Plan?
Non-qualified retirement plans are retirement plans that aren’t governed by ERISA rules or IRC Section 401(a) standards. These are plans that you can use to invest for retirement outside of your workplace.
Examples of non-qualified retirement plans include:
While these plans can still offer tax benefits, they don’t meet the guidelines to be considered qualified. But they can be useful in saving for retirement, in addition to a qualified plan.
Traditional and Roth Individual Retirement Accounts
Traditional and Roth IRAs allow you to invest for retirement, with annual contribution limits. For 2020 and 2021, the maximum amount you can contribute to either IRA is $6,000, or $7,000 if you’re over 50.
Traditional IRAs allow for tax-deductible contributions. These accounts are funded using pre-tax dollars. When you make qualified withdrawals in retirement, they’re taxed at your ordinary income tax rate. IRAs do have required minimum distributions (RMD) starting at age 72.
Roth IRAs don’t offer the benefit of a tax deduction on contributions. But they do allow you to withdraw money tax-free in retirement. Unlike traditional IRAs, Roth IRAs do not have RMDs, meaning you donât have to withdraw money until you want to.
A self-directed IRA is another type of IRA you might consider if you want to invest in stock or mutual fund alternatives, such as real estate. These IRAs require you to follow specific rules for how the money is used to invest, and engaging in any prohibited transactions could result in the loss of IRA tax benefits.
Advantages of Qualified Retirement Plans
Qualified retirement plans can benefit both employers and employees who are interested in saving for retirement.
On the employer side, the benefits include:
• Being able to claim a tax deduction for matching contributions made on behalf of employees
• Tax credits and other tax incentives for starting and maintaining a qualified retirement plan
• Tax-free growth of assets in the plan
Additionally, offering a qualified retirement plan, such as a 401(k), can also be a useful tool for attracting and retaining talent. Employees may be more motivated to accept a position and stay with the company if their benefits package includes a generous 401(k) match.
Employees also enjoy some important benefits by saving money in a qualified plan. Specifically, those benefits include:
• Tax-deferred growth of contributions
• Ability to build a diversified portfolio
• Automatic contributions through payroll deductions
• Contributions made from taxable income each year
• Matching contributions from your employer (aka âfree moneyâ)
• ERISA protections against creditor lawsuits
Qualified retirement plans can also feature higher contribution limits than non-qualified plans, such as an IRA. If you have a 401(k), for example, you can contribute up to $19,500 for the 2020 and 2021 tax years, with an additional catch-up contribution of $6,500 for individuals 50 and older.
If you’re able to max out your annual contribution each year, that could allow you to save a substantial amount of money on a tax-deferred basis for retirement. Depending on your income and filing status, you may also be able to make additional contributions to a traditional or Roth IRA.
Making Other Investments Besides a Qualified or Non-Qualified Retirement Plan
Saving money in a qualified retirement plan or a non-qualified retirement plan doesn’t prevent you from investing money in a taxable account. With a brokerage account, you can continue to build your portfolio with no annual contribution limits. The trade-off is that selling assets in your brokerage account could trigger capital gains tax at the time of the sale, whereas qualified accounts allow you to defer paying income tax until retirement.
But an online brokerage account could help with increasing diversification in your portfolio. Qualified plans offered through an employer may limit you to mutual funds, index funds, or target-date funds as investment options. With a brokerage account, on the other hand, you may be able to trade individual stocks or fractional shares, exchange-traded funds, futures, options, or even cryptocurrency. Increasing diversification can help you better manage investment risk during periods of market volatility.
While a qualified retirement plan allows investors to put away pre-tax money for retirement, a non-qualified plan doesnât offer tax-deferred benefits. But both can be important parts of a retirement saving strategy.
Regardless of whether you use a qualified retirement plan or a non-qualified plan to grow wealth, the most important thing is getting started. Your workplace plan might be an obvious choice, but if your employer doesn’t offer a qualified plan, you do have other options.
Opening a traditional or Roth IRA online with SoFi InvestÂ®, for example, can help you get a jump on retirement saving. Members can choose from a wide range of investment options or take advantage of a custom-build portfolio to invest.
Find out how an online IRA with SoFi might fit in to your financial plan.
SoFi InvestÂ® The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individualâs specific financial needs, goals and risk profile. SoFi canât guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . The umbrella term âSoFi Investâ refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated InvestingâThe Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (âSofi Wealthâ). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (âSofi Securities). 2) Active InvestingâThe Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation. 3) Digital AssetsâThe Digital Assets platform is owned by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business. For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, http://www.sofi.com/legal. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market. External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Year in and year out, we know the holidays are almost upon us when TV networks start airing Home Alone, the iconic family movie that has by now become synonymous with Christmas cheer. And while the first two Home Alone movies starring Macaulay Culkin are the clear fan favorites, the third one (written and produced by the same John Hughes that gave us the first two festive flicks) was deemed the least successful in the series — by far — and failed to make a lasting impression.
And that’s not because of the plot, cast, or setting, but rather the result of the ultra-high expectations created by the first two Home Alone movies, and the fondness audiences had for Macaulay Culkin (which refused to return for a role in the third one, despite popular demand). In fact, the plot of the third Home Alone was quite an elaborate — and downright frightening — one, seeing Alex Pruitt, an 8-year-old boy living in Chicago, fending off international spies who were seeking a top-secret computer chip that was hidden in his toy car.
Unlike a normal cat burglar situation â the first two movies featured petty thieves just trying to score a hit during the holidays, eyeing million-dollar-homes left unattended while the owners were celebrating elsewhere â Home Alone 3 is actually a matter of national security. With four thieves (said to be working for a North Korean terrorist organization) looking to retrieve the toy car/computer chip gifted to Alex by his unknowing neighbor, Mrs. Hess, the movie’s plot tackles a far more dangerous situation that the first two, despite the light way in which it is presented.
But there are two major things that all the Home Alone movies have in common: a clever, brave 8-year-old that will stop at nothing to protect himself and a beautiful Chicago-area home that acts as the ‘battleground’ of sorts where the bad guys get what’s coming to them. And since we’ve already covered the house in the first Home Alone movies, we thought I’d be the perfect time to do some scouting and find the one in the third movie too, especially since it’s no less beautiful.
The real-life house from Home Alone 3
While the movie’s storyline places it in Chicago, the house used in the third Home Alone is located in Evanston — a city 12 miles north of Downtown Chicago. According to ItsFilmedThere.com, the exact address is 3026 Normandy Place, Evanston, and a quick Google Maps search confirms that, showing us the exact same Pruitt family house we see in the movie.
According to real estate website Zillow.com, the Pruitt family home is worth a little over $1,000,000, with neighboring properties all selling for about the same amount — though admittedly, none of the other houses that line the street had a high profile movie credit in their property history. Nor did they have Hollywood A-listers on their grounds (just in case you forgot, the most famous cast member in Home Alone 3 was none other than Avengers star Scarlett Johansson, who played Alex Pruitt’s sister in the 1997 movie).
Just in case you were wondering, the house where Alex Pruitt’s neighbor — Mrs. Hess — supposedly lived is actually located next door, at 3025 Normandy Place.
More famous TV homes
Richie Richâs House is Actually the Biltmore Estate, Americaâs Largest Home The âFresh Prince of Bel-Airâ House Isnât Even in Bel-Air The Real-Life Homes from Modern Family â and Where to Find Them The Simpsons House Gets a Modern Day Makeover
The post Where’s the House from ‘Home Alone 3’? appeared first on Fancy Pants Homes.