Page 2 September 21, 2017
Tips to Prepare your Budget
Before Buying a Home
(BPT) - It’s virtually impossible to know what
size home you can afford if you aren’t fully
aware of how much money you are earning
and how much you are spending each month.
Start with your income: How much do you
bring home after taxes and retirement plan
contributions? Next, look at your expenses:
What are your necessary expenses? How much
are you paying each month toward your debt?
What additional expenses do you have that
wouldn’t be deemed “necessary?” How much
money do you have left (if any)?
While rent payments are generally
straightforward and predictable, the same can’t
always be said for homeownership costs. Your
situation can vary depending on a variety of
factors, but here are a few things you might
need to prepare your budget for.
Property taxes: The amount you pay will
depend on the area in which you are purchasing
a home. This amount can be subject to annual
adjustment by the municipality or local taxing
authority.
Homeowners insurance: Lenders will require
you to provide proof of coverage before closing.
The amount you pay will depend on your level
of coverage, your property and the location.
Insurance costs can increase from time to time.
Private mortgage insurance (PMI) or
mortgage insurance premiums (MIP): If your
down payment is less than 20 percent on a
conventional mortgage, your lender will require
you to carry private mortgage insurance. If
you have an FHA loan, you’ll be required to
pay mortgage insurance premiums throughout
the life of the loan.
Home ownership assistance: A company
like Unison Home Ownership Investors can
strengthen your down payment overnight
and eliminate the need for private mortgage
insurance (see their Unison HomeBuyer
program). Using this method will typically
save you between 15 and 20 percent per
month on your mortgage payment, but you
could owe a portion of the appreciation on
the home when you sell.
Homeowners association fees: Fortunately,
not all homes have a homeowners association
to pay into. Purchasing a home with HOAcovered
amenities could cost, on average, an
additional $200-$400 per month.
Maintenance fees: Ah, the pitfalls of being
a homeowner. The costs that would normally
fall to a landlord, like fixing broken plumbing
or a heater on the fritz, will now fall on your
shoulders. Some suggest saving one percent of
your home’s value annually for maintenance.
Utility costs: Unless your rent has included
the cost of utilities, this is probably already
an expense you’re used to. However, if you’re
moving into a bigger home with less energy
efficient appliances, you should be prepared
to see an uptick.
If you want to avoid experiencing sticker
shock after your home purchase is complete,
start living like a homeowner now.
Consider your current rental or homeownership
costs and compare them to the costs
for a home in your target price point. Can your
current budget handle the difference? Are you
still able to pay for your necessities plus shore
up your financial future through short- and
long-term savings? Or do you find yourself
feeling desperate by the end of the month?
Now that you know where your money is
going, determine the unnecessary leaks. Maybe
your monthly food bill is exorbitantly high. Or
maybe your subscription services have gotten
out of hand. If your priority is purchasing a
home - and being financially comfortable in
that home - work to cut expenses that are
contradictory to that goal. •
Finance
Seniors
3 Pressing Reasons to Talk Hearing
Health at your Next Physical Exam
(BPT) - When was the last time you and
your doctor talked about your hearing?
The fact is, only about 3 in 10 adults who
had a physical exam in the last year say it
included a hearing screening, according to
research conducted by the Better Hearing
Institute (BHI). That’s a shame, because
research shows that hearing health is more
closely tied to whole health and quality of
life than previously understood - which means
that diagnosing and treating hearing loss early
may be beneficial on many fronts.
To help people take charge of their hearing
health, BHI has created a free digital flipbook,
“How to Talk to Your Doctor About Hearing
Loss,” which anyone can view and download
at www.betterhearing.org/news/how-talk-yourdoctor
about-hearing-loss.
The flipbook provides pertinent information
to help consumers start the discussion, which
is especially important because research
shows that patients are more likely to initiate
the conversation about hearing than their
doctors are.
To go along with the free flipbook, BHI
has put together this short list of reasons to
speak up and start the conversation on your
hearing:
1. Hearing loss has been linked to other
significant health issues. In recent years,
a flurry of studies has come out showing a
link between hearing loss and other health
issues, including depression, dementia,
cardiovascular disease, diabetes, moderate
chronic kidney disease, rheumatoid arthritis,
sleep apnea, obesity, an increased risk of falls,
hospitalization and mortality, and cognitive
decline. With so much new and emerging
research, it makes sense for people to talk
with their doctors about their hearing as a
routine part of their medical care.
2. Addressing hearing loss often has a
positive impact on quality of life. Most people
who currently wear hearing aids say it has
helped their general ability to communicate,
participate in group activities and their overall
quality of life, according to BHI research.
The research also shows that people with
hearing loss who use hearing aids are more
likely to be optimistic, feel engaged in life,
get more pleasure in doing things, have a
strong social network and are more likely
to tackle problems actively. Many even say
they feel more confident and better about
themselves as a result of using hearing aids.
3. Leaving hearing loss untreated may
come at a financial cost. Most hearing aid
users in the workforce say it has helped their
performance on the job. In fact, BHI research
found that using hearing aids reduced the risk
of income loss by 90 to 100 percent for those
with milder hearing loss, and from 65 to 77
percent for those with severe to moderate
hearing loss. People with untreated hearing
loss can lose as much as $30,000 in income
annually, the BHI research found. Health care
spending may also be affected. For instance,
middle-aged adults (55-64) with diagnosed
hearing loss had substantially higher health
care costs, according to a study published in
JAMA Otolaryngology-Head & Neck Surgery,
indicating that hearing loss may place patients
at risk for increased health care use and
costs. The study authors suggested that early,
successful intervention may prevent future
hearing-related disabilities and decreased
quality of life. For more information on
hearing loss, visit BetterHearing.org. •
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