Samantha Shelton (pictured top), founder at Align Lending, told Mortgage Professional America that the industry had been viewed as an appealing one to enter during the pandemic because of the promise of big volume and booming business. Some who entered during that period may have become disenchanted and exited the space – but most of … [Read more…]
The average square footage of a house in the United States is 2,430 square feet, according to the National Association of Home Builders. That figure varies significantly from state to state, however, with averages ranging from 1,164 square feet all the way up to 2,800 square feet.
Average home sizes tend to be larger in areas where prices are lower and smaller in more expensive locales, though other factors also come into play. Understanding the average square footage of houses in your area can help you set realistic expectations for your house hunt and determine how much house you can afford.
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The size of homes in the U.S. has grown significantly over the past several decades. In 1949, the average square footage of a house for one family was 909 square feet. By 2021, it had almost tripled to 2,480 square feet, according to American Home Shield’s American Home Size Index.
One of the reasons behind expanding home sizes was American migration to the suburbs following World War II. During these years, new highways were built, demand for housing grew, and homeownership rose. People moved into bigger houses with more land outside the densely packed cities.
Overcrowding decreased at the same time. In 1950, 15.7% of U.S. homes were considered overcrowded. By 2000, the proportion had dropped to 5.7%. Today, older homes tend to have smaller floor plans, while more recent constructions are more spacious.
That said, home sizes have decreased slightly in the past few years due to rising interest rates and home prices. Home size was larger during the pandemic when interest rates reached historic lows and homebuyers were often looking for a house that could be home, workplace, and school all at once. Home sizes trended downward in 2022 and 2023 as housing became less affordable. (Learn more about how to save money for a house.)
Still, the mean square footage for new single-family homes was 2,430 square feet in the third quarter of 2023, a huge increase from the 909-square foot average of 1949.
The state with the largest homes on average is Utah, with an average home size of 2,800 square feet. Following Utah are other states in the Mountain West, including Colorado, Idaho, and Wyoming. This chart shows the 10 states with the largest average home sizes in the U.S., along with their median price per square foot.
| State | Average home square footage | Median price per square foot |
|---|---|---|
| Utah | 2,800 | $259.05 |
| Colorado | 2,464 | $279.55 |
| Idaho | 2,311 | $286.85 |
| Wyoming | 2,285 | $189.87 |
| Delaware | 2,277 | $223.75 |
| Georgia | 2,262 | $180.61 |
| Maryland | 2,207 | $234.53 |
| Montana | 2,200 | $324.53 |
| North Dakota | 2,190 | $139.12 |
| Washington | 2,185 | $335.73 |
In states with a high cost per square foot, homes tend to be smaller on average. The smallest homes are in Hawaii, where the median price per square foot is nearly $744. New York has the next-smallest real estate, with a median price per square foot of more than $421. (New York City, however, has a median price of $1,519.57 per square foot.)
That said, home prices and size don’t always have an inverse relationship. California has some of the most expensive real estate in the country, but its home sizes average 1,860 square feet. Along with cost per square foot, some other factors that influence average home size include income levels and age of the homes.
This chart shows states with the highest median price per square foot, along with their average house sizes. If you’re looking to buy in a less pricey locale, consult a list of the best affordable places to live in the U.S.
| State | Median price per square foot | Average home square footage |
|---|---|---|
| Hawaii | $743.86 | 1,164 |
| California | $442.70 | 1,860 |
| New York | $421.49 | 1,490 |
| Massachusetts | $398.77 | 1,800 |
| Washington | $335.73 | 2,185 |
| Montana | $324.53 | 2,200 |
| Oregon | $307.86 | 1,946 |
| Idaho | $286.85 | 2,311 |
| Nevada | $281.85 | 2,060 |
Recommended: 12 Tips for First-Time Homebuyers
Buying a larger home might be appealing if you have a growing family and want space to spread out, but it could have downsides. These are some of the factors to consider before splurging on extra space:
Not only may a larger home have a higher initial price tag, but it could also cost you more in maintenance costs. Home repair projects can easily cost thousands of dollars apiece, and prices only go up when you have more house to maintain. Before opting for a big home, consider what shape it’s in and any potential renovation costs. You could also do some research on the cost of services in your area to estimate future expenses.
Larger homes take longer to clean and organize than smaller ones. You’ll have to purchase more furniture and spend more time on general upkeep. If you hire cleaners for your house, the cost of each visit will be higher if you have additional rooms that need cleaning.
Homes in and around a city are often smaller, while houses with more square feet and land are typically located outside of the urban center. This may not be ideal if you prefer to live near restaurants, theaters, and other urban activities. It could also be a downside if you work in the city and would have a longer and more expensive daily commute.
A larger home will require more heat in the winter and air conditioning in the summer. Not only will your energy bills cost more, but your bigger house will use more resources and have a greater impact on the planet. Some newer constructions may offset this footprint with energy efficient features.
Recommended: Tips to Qualify for a Mortgage
Before starting the house hunt and the quest for a mortgage loan, it’s worth considering how much square footage you can afford. Even if you get preapproved for a mortgage of a certain amount, you might prefer a smaller loan with lower monthly costs to avoid over-burdening your budget. Many first-time homebuyers opt for a smaller starter home before eventually upsizing. One way to figure out how much house you can afford is with the 28/36 rule.
The 28/36 rule is a guideline that can help you estimate what price house you can afford. This rule suggests spending no more than 28% of your gross monthly income on housing costs and no more than 36% on all your debt combined, such as housing costs, car payments, and student loans.
Let’s say, for example, that your monthly gross income is $6,000. Using this guideline, you’d want to keep housing costs at $1,680 per month or lower. If you have other debts, you wouldn’t want to spend more than $2,160 on those debts and housing costs combined.
Purchasing a smaller home can have several benefits, including:
• Smaller mortgage: A smaller home may have a lower cost, so you might be able to put down a lower down payment and take out a smaller mortgage.
• More affordable bills: With less square footage, you’ll have lower monthly bills when it comes to electricity, heating, and cooling. Plus, you won’t have to pay as much in property taxes.
• Easier and cheaper maintenance: Smaller homes can be easier to clean and maintain, and you won’t have to spend as much on furniture and decorations.
• Extra room in your budget for other goals: If you’re saving money on housing, you’ll have more money for other things, such as home renovation projects, travel, investing for the future, and dining out.
The average home square footage in the U.S. is more than 2,000 square feet, but sizes have slightly decreased recently with rising costs and interest rates. Home sizes also vary greatly by state, with the average square footage in some states more than double that in others.
Before splurging on a big house, consider your budget carefully. Use the 28/36 rule to estimate how much house you can afford, and take your other financial goals into account when considering how much you want to spend on housing each month. With careful planning, you can find a house size that meets your needs without overstretching your budget.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
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Basements may or may not be included in home square foot calculations, depending on the state where you live and condition of the basement. If the basement is included, it generally must meet certain criteria for living space, such as having an entrance and exit point that leads outside the home.
While everyone’s needs are different, one guideline for determining the ideal square footage for one’s family size is 600 to 700 square feet per person. For a family of four, that would be a home with 2,400 to 2,800 square feet.
The average house size in the U.S. increased significantly over the past 75 years from 909 square feet in 1949 to 2,430 square feet in 2023. However, the past couple of years have seen a slight decrease in house sizes due largely to rising interest rates and worsening affordability.
Photo credit: iStock/years
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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.
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Source: sofi.com
If you’re searching for a place to live in West Virginia that won’t break the bank, you’re in the right place. Whether you’re a student, a young professional, or just someone looking to save, this list will guide you through five of the cheapest places to live in West Virginia.
We’ve compiled this list along with some of each area’s largest employers and most affordable attractions. Let’s dive in and explore the cheapest places to live in West Virginia, where you can stretch your dollar further while still living the good life.
Average rent: $604
Morgantown tops our list of the cheapest places to live in West Virginia, with an average rent of just $604. This city is incredibly affordable, especially if you’re looking for a studio apartment, which averages a mere $457 per month. Even a two-bedroom apartment is quite affordable here at $747, which is well below the state median.
Morgantown is not just affordable; it’s also full of opportunity. As the home of West Virginia University, Morgantown has developed a reputation as a great place to start a career as well as one of the best West Virginia college towns. For those looking for inexpensive entertainment, the city supports plenty of free and low-cost activities. You can explore the Core Arboretum, hike the nearby Coopers Rock State Forest, or enjoy the events hosted by the university, many of which are free to the public, adding even more to the strong college town vibe.
Apartments for rent in Morgantown | Houses for rent in Morgantown | Homes for sale in Morgantown
Average rent: $625
Weirton is another budget-friendly option with an average rent of $625, making it one of the cheapest places to live in West Virginia. One-bedroom apartments in Weirton average around $600, and two-bedroom units are only slightly higher at $650.
Weirton’s economy is historically tied to the steel industry, with major employers like ArcelorMittal Steel providing jobs to many residents. Additionally, Weirton Medical Center is a significant employer. For a fun day out and about, you can enjoy the city’s parks, like Marland Heights Park, or take a scenic drive along the Ohio River.
Apartments for rent in Weirton | Houses for rent in Weirton | Homes for sale in Weirton
Average rent: $758
Charleston, the state capital, has an average rent of $758, making it an affordable option for city living. Studio apartments in Charleston are especially economical, with an average rent of just $699. One-bedroom apartments aren’t much more expensive at $750, and two-bedroom units come in at $825, which is still well below the state median.
Charleston is home to several major employers, including the State of West Virginia, Charleston Area Medical Center, and Appalachian Power. The city has more than a few affordable attractions, from the West Virginia State Museum, which is free, to the Capitol Market, where you can enjoy fresh, local produce at reasonable prices. The Haddad Riverfront Park puts on free events throughout the year, including live music and outdoor movies, making it easy to enjoy life without overspending.
Apartments for rent in Charleston | Houses for rent in Charleston | Homes for sale in Charleston
Average rent: $760
With an average rent of $760, Wheeling is another affordable city in West Virginia. One-bedroom apartments in Wheeling average $680, and two-bedroom units are around $840, keeping the city below the state median.
Wheeling has plenty of job opportunities, particularly in healthcare and education, with major employers like Wheeling Hospital and Ohio County Schools. For outdoorsy types, Oglebay Park is the place to be for hiking, golf, and even a zoo.
Apartments for rent in Wheeling | Houses for rent in Wheeling | Homes for sale in Wheeling
Average rent: $798
Parkersburg’s average rent is $798. Studio apartments in Parkersburg are slightly higher than other cities on this list, but one-bedroom units average $775, and two-bedroom apartments come in at $945. Despite slightly higher rents, the overall cost of living in Parkersburg remains low compared to other options within the state.
Parkersburg’s economy is supported by major employers like WVU Medicine Camden Clark and DuPont, providing a stable job market for locals. Blennerhassett Island Historical State Park is a great spot for families and offers affordable boat rides and tours.The Parkersburg Art Center hosts low-cost art exhibits and events. The city also has a stellar farmers market, where you can support local farmers and find fresh, affordable produce.
Apartments for rent in Parkersburg | Houses for rent in Parkersburg | Homes for sale in Parkersburg
All cities must have over 10,000 residents per the US Census and have an average rent price under the median rent price for the state – which is $854 per month according to Redfin data. Average rental data from Rent.com July 2024.
Source: rent.com
When it comes to apartment living, the term “luxury” often conjures images of sleek finishes, premium amenities, and an elevated lifestyle. But what exactly defines a luxury apartment, and more importantly, is the upscale living experience worth the higher price tag?
Whether you’re seeking a water-front apartment in the Bay Area or considering a high-rise condo in New York City, luxury apartments cater to those who demand the best. In this ApartmentGuide article, we’ll explore what sets luxury apartments apart from the rest and help you determine whether the extra cost aligns with your lifestyle and needs.
When it comes to luxury apartments, it’s not just about the label—it’s about the experience. But what exactly sets these high-end living spaces apart from standard apartments? Let’s break down the key elements that make these residences stand out.
While renting a high-end apartment might seem like living the dream, it does come with a few quirks and not-so-glamorous trade-offs.
When considering a regular apartment, the main appeal often lies in its practicality and affordability. Regular apartments are typically located in a wider range of areas, including suburban neighborhoods and less central urban locations. Regular apartments focus on providing the essential amenities necessary for comfortable living, such as basic fitness centers, laundry facilities, and standard security features. These buildings are usually more straightforward in design and construction, focusing on functionality rather than high-end finishes.
Management in regular apartments can vary widely, which means the level of service you receive may differ depending on the building. While some regular apartments are managed by responsive and attentive teams, others may not provide the same level of service found in luxury residences. Maintenance requests might take longer to be addressed, and the overall level of service may be more basic.
However, the lower cost of living in a regular apartment often provides greater financial flexibility, allowing you to allocate resources to other priorities like savings, travel, or education. For those who prioritize affordability and a practical living space, a regular apartment can be an excellent choice that meets your needs without the additional costs associated with luxury living.
Deciding whether a luxury apartment is worth the cost ultimately depends on your personal values, lifestyle, and financial situation. If you prioritize comfort, convenience, and the prestige that comes with high-end living, the investment might be well worth it. However, it’s essential to weigh these benefits against your long-term financial goals and other housing options available. While luxury apartments offer an elevated living experience, the question of value is subjective—what’s most important is finding a home that aligns with your needs and aspirations.
Source: apartmentguide.com
This post will dive into a topic that’s been on a lot of minds recently—rising rent prices. It’s easy to point fingers and blame landlords for being greedy, but the reality is far more complex. Rents have been increasing for several reasons, many of which are beyond the control of landlords. In this article, we’ll explore the key factors driving up rent costs, from higher housing expenses to government regulations, and how these factors impact both the rental market and the overall housing market.
One of the primary reasons rent prices are increasing is the rising cost of housing. This isn’t just about the sticker price of homes; it’s about everything that goes into owning and maintaining a property.
Since COVID-19, we’ve seen significant increases in various costs, including:
Rental Property Cash Flow Calculator
As these costs increase, so do the expenses for landlords. When insurance premiums, property taxes, and maintenance costs rise, landlords have two options: raise rents to cover these costs or sell the property. If they choose to sell, it reduces the supply of rental properties, which in turn drives up rents further.
One common misconception is that landlords are just raising rents out of greed. The truth is, many of us would prefer not to raise rents, as it can reduce our pool of potential tenants.
However, if the costs of owning and maintaining a property increase, raising rents becomes a necessity to ensure that the investment remains viable.
Another factor contributing to rising rents is tenant behavior. Over the years, we’ve noticed an increase in tenants not respecting properties. When tenants leave properties in poor condition, it adds to the maintenance costs. This isn’t the only factor, but it’s a significant one.
Additionally, changes in tenant laws have made it more challenging for landlords to manage their properties. In states like California, Washington, and New York—where tenant laws are particularly strict—rents are among the highest in the country. These laws often make it harder to evict problematic tenants or require landlords to pay relocation costs if they need a tenant to move out. All of these regulations add to the cost of being a landlord, which ultimately gets passed on to tenants in the form of higher rents.
Tenant Screening Best Practices for Rental Properties
Government regulations play a significant role in the rising cost of housing. Stricter building codes, such as those related to climate change, have added thousands of dollars to the cost of constructing new homes. The National Association of Home Builders estimated that new climate change building codes could add $31,000 to the price of a new home. These increased costs make new housing more expensive, which in turn drives up rent prices.
Moreover, rent control laws, intended to protect tenants, often have the opposite effect.
Studies, including one from Harvard University on rent control in San Francisco, have shown that these laws can reduce the supply of rental properties as landlords are disincentivized from renting out properties or from investing in new ones. This reduced supply leads to higher rents for the properties that are available.
Does Rent Control Lower or Raise Rents?
The supply and demand dynamics in the housing market also play a crucial role in rent prices. Contrary to popular belief, investors are not buying up all the available homes and driving up prices.
In fact, data from the American Community Survey shows that since 2016, the number of renter-occupied single-family homes has decreased by over a million, while owner-occupied homes have increased significantly. This shift has reduced the supply of rental properties, contributing to higher rents.
The rise in rent prices is not simply a result of landlord greed. It’s a complex issue driven by increasing costs in housing, stricter government regulations, and shifts in the housing market. As landlords, we must adapt to these changes, which sometimes means raising rents to keep up with rising expenses. While it’s easy to blame landlords for higher rents, the reality is that these increases are often a reflection of broader economic and regulatory trends.
If we want to address the issue of rising rents, we need to look at the bigger picture and consider how policies, regulations, and economic factors contribute to the costs of housing. Only by addressing these underlying issues can we hope to create a more affordable and sustainable rental market.
What do you think? Let me know in the comments below!
Source: investfourmore.com
With the rise of companies like Airbnb, the idea of managing vacation rental properties has seen a spike in popularity. Homeowners are enraptured by the idea of making a decent income while providing a unique and fun experience for guests. Vacation rentals provide guests with a one-of-a-kind way to experience a city.
Whether you’re currently renting an apartment in Scottsdale or renting a home in Kansas City with plans of managing rental properties for other homeowners or you plan on buying a home in Albuquerque to use as a vacation rental, you can learn how to curate the best experience for your guests. ApartmentGuide reached out to successful vacation rental managers across the country to compile 15 tips for beginners starting their journey managing vacation rental properties. Read on to learn more.
“I’m a big believer in doing things differently. When you’re competing against a multitude of hosts and property management companies, you need to determine what your competitive advantage is,” advises Dusty Winans, Owner of Padearn. “Beautiful photography can dramatically improve your click-through rate, conversion rate, ranking on Airbnb/Vrbo, and the number of bookings your property receives.
Photos should tell a story about how relaxing, inviting, or fun your property is. Don’t just take pictures of the room; zoom in and show the details. Stage some chocolate chip cookies or an ice-cold drink next to a reading nook or outdoor seating area to help guests imagine themselves there.”
“When writing a description of the property, don’t come across like a car salesman. Write as if you’re talking to a friend or family member,” says Dusty Winans. “Go beyond the number of bedrooms, beds, and bathrooms and talk about what makes your property special. Think about what guests might have questions about, such as pool hours, beach chairs, baby gear, proximity to attractions, etc.”
“Want to increase the number of 5-star reviews and earn an Airbnb Guest Favorite badge? Splurge on a great coffee maker and provide plenty of free coffee,” says Dusty Winans. “You’ll be amazed at how this one freebie can generate so many glowing reviews for your property. Not only that, a beautifully designed coffee bar will encourage guests to share photos of your property on social media.”
“Communicate with guests from a relatable first-person perspective,” says Dusty Winans. “Introduce yourself, share a little bit about you and your vacation rental business, and let guests know you’re there for them. Give them the freedom to reach out to you directly via text for any questions during their stay. The day after check-out, reach out to guests via text, ask how their stay was, and let them know you’d love for them to come back again.
“One common mistake is underestimating the ongoing maintenance needs of a vacation rental property,” says Aaron Carpenter, Owner of Bend & Central Oregon Airbnb Vacation Rental Property Management by Grand Welcome. “Failing to address maintenance issues promptly can lead to negative reviews and dissatisfied guests. To avoid this, we recommend creating a thorough maintenance schedule, conduct regular inspections, and request that the homeowner set aside a portion of their rental income for unforeseen repairs.”
“A significant mistake is not setting realistic expectations with homeowners. Overpromising on rental income potential or downplaying the responsibilities of property management can lead to dissatisfaction among homeowners,” says Aaron Carpenter. “To avoid this, we have open and transparent discussions with homeowners about the potential income, market conditions, and the level of involvement required. We provide clear details about the property management process and any potential challenges that may arise.
“One critical mistake is neglecting to thoroughly clean the property between guest stays. Inadequate cleaning can be one of the main reasons for a negative review and a decrease in bookings,” says Aaron Carpenter. “We avoid this by creating a comprehensive cleaning checklist that covers all areas of the property, from bedrooms and common spaces to outdoor areas. We highly recommend hiring professional cleaners who specialize in vacation rentals to ensure a consistent level of cleanliness and sanitation. Additionally, always perform quality checks after each cleaning to ensure the property meets the highest standards before guests arrive.”
“As a first-time rental manager, dive into your local community by teaming up with neighborhood spots like restaurants, coffee shops, taxi services, handymen, cleaners, florists, tour guides, and local artisans,” says Zach Vavak, owner of Lake of the Ozarks Airbnb Vacation Rental Property Management by Grand Welcome. “Celebrate their successes and give them a chance to shine by promoting them to your guests. Get involved in local networking groups like BNI, and share your connections generously to build meaningful partnerships. Become a bridge, bringing local businesses together with your guests and homeowners, and enjoy the growth and unity that follows.”
“To maximize income and success from your rental property, make sure that you provide excellent local recommendations, address issues and requests quickly, maintain a flawless property, and optimize pricing and strategy,” says Steven Brown, owner of Breckenridge Airbnb Vacation Rental Property Management by Grand Welcome. “With hard work and smart management, you can operate a top-performing vacation rental business as a hands-on manager.”
“The number and quality of guest reviews have a significant impact on future bookings and rates,” says Steven Formica, owner of Beaver Creek Airbnb Vacation Rental Property Management by Grand Welcome. “Historical data shows that occupancy and ADR begin to fall below area averages at 4.6 and below. Similarly, hosts with ratings above 4.9 (“Super host” status on Airbnb) or properties at or above 4.9 (“Guest Favorite” on Airbnb) earn as much as 30% more than standard hosts.”
“Managing your first vacation rental can be both exciting and challenging. One tip I’ve learned is to always account for the unique aspects of your location and weather,” says Simon Kouhana, owner of Hollywood Beach Airbnb Vacation Rental Property Management by Grand Welcome. “Here in Florida, hurricane shutters and humidity control are essential. Ensuring these are well-maintained can save you a lot of headaches and keep your guests comfortable year-round. Remember, attention to detail can turn a good stay into an unforgettable experience!”
“As a first-time vacation rental manager, you should always set clear expectations with your guests,” recommends Niyi Olumide, Owner of Galveston Airbnb Vacation Rental Property Management by Grand Welcome. Ensure your rental listing contains pictures that accurately represent the property and be sure the property is clean and free of clutter prior to a new guest arriving.
Another great way to set clear expectations is by sending clear check-in instructions to your guests prior to their arrival, checking in on them during their stay, and follow up for feedback after checkout. Clear communication with empathy could be all it takes to receive a positive review from a guest even if the stay was less than perfect due to circumstances beyond your control.”
“Put yourself in the position of the guest – walk through the property and use every appliance, open every drawer, turn on the TV and browse channels/apps,” says Luke Brannon, owner and president of Orange Beach Airbnb Vacation Rental Property Management by Grand Welcome. “If the property is not intuitive and functioning well for you, it won’t function well for your guests either. Aside from saving you from surprise emergency calls, this will ensure a better experience for your guests. This will lead to better reviews, higher revenue, and happier homeowners.”
“You want to set yourself apart from all of the other companies and maintain a five-star status? Focus on creating a top-notch guest experience by putting yourself in their shoes,” says Corie Thompson, Owner of Gulf Shores Airbnb Vacation Rental Property Management by Grand Welcome. “Have several eyes on the property before a guest arrives to make sure it is spotless and guest-ready. Communicate with each guest during their stay to get ahead of any issues they may have before they check out and leave you a review. Most guests appreciate that there is someone out there that cares about their experience and someone they can call if there is an issue.”
“As a first-time rental manager, spending time at the physical property can greatly simplify your management tasks,” shares Ian Vogt, Assistant General Manager of Destin Airbnb Vacation Rental Property Management by Grand Welcome. “By familiarizing yourself with the property’s nuances and potential issues, you’ll be better equipped to handle any challenges that arise.”
After a long day at work, you finally arrive at your apartment in New York or condo in Jersey City. You’re ready to kick off your shoes, relax, and unwind, but when you reach for your keys, you realize they’re nowhere to be found. Panic starts to creep in, but don’t freak out—staying calm is your best bet for solving the problem. Speaking of problem-solving, this ApartmentGuide article is full of tips to help you navigate what to do when locked out of your apartment.
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It might sound obvious, but before you start making calls or looking for other ways in, double-check all the potential entry points. Walk around your apartment and try every door and window. Sometimes, in our haste, we forget that we may have left a window slightly ajar or a backdoor unlocked.
If you share the apartment with roommates, your first call should be to them. They might be able to come home quickly, or at least give you an estimated time of arrival. If you live alone, consider calling a trusted friend or family member who might have a spare key or be nearby to offer assistance.
Most landlords or property managers have a spare key for situations like this. Give them a call, explain your situation, and ask if they can come by to let you in. Keep in mind that some may charge a fee for after-hours assistance, so it’s good to be aware of any policies they might have.
If you have a friendly relationship with a neighbor, they might have a spare key or at least be able to offer a place to wait while you figure out your next steps. Some apartment buildings have a community-oriented atmosphere where neighbors look out for one another, making it easier to ask for help in a pinch.
If you have your phone with you, it can be a lifeline in this situation. Search for local locksmiths, check if your building has a 24/7 maintenance service, or see if there are any nearby businesses that might offer a temporary solution, like allowing you to make a call or wait in their space.
If your door has a simple spring bolt lock, you might be able to use a credit card or another thin, flexible tool to slide the latch open. This method isn’t foolproof and doesn’t work on deadbolts, but in some cases, it can save you from having to call in professional help. Be careful not to damage the lock or door frame, as this could lead to more problems down the line. Here’s how to do it:
If you’re locked out and have access to basic tools, removing the doorknob can be an effective way to get back into your apartment. Here’s how to do it:
This method can be useful, but be careful not to damage the door or lock mechanism. If you’re unsure, consider calling a professional to avoid any potential issues.
If you’ve exhausted other options, it’s time to call a professional locksmith. While it’s an additional expense, a locksmith can get you back inside quickly and without damaging your property. Make sure to call a reputable service, as locksmith scams do exist. A quick online search or a recommendation from a friend can point you in the right direction.
If you’re not in a rush and it’s during daylight hours, you might decide to wait until someone with a key comes home or your landlord is available. If the weather is nice and you’re in a safe area, this could be a less stressful option, especially if you’ve called someone and know help is on the way.
If your building has a leasing office, they may be able to assist you during business hours by letting you in with a spare key. However, after-hours, you might be on your own, so it’s important to know the options available.
Additionally, your lease agreement should detail the process for replacing lost keys or changing locks, which could involve fees or specific requirements. Familiarize yourself with these policies to be better prepared in case of a lockout.
Developing a consistent routine can significantly reduce the chances of forgetting your keys. Make it a habit to always place your keys in the same spot when you come home, like a key hook by the door or a specific pocket in your bag. Before leaving your apartment, do a quick check to ensure you have your keys in hand. This simple routine can save you from the hassle of a lockout.
Smart locks offer a modern solution to the traditional key. With a smart lock, you can unlock your door using your smartphone, a keypad, or even a fingerprint. Some smart locks also allow you to grant temporary access to guests or service providers. While they can be more expensive than standard locks, the convenience and security they offer make them a worthwhile investment.
Just be sure to check with your landlord before installing one, as some may have specific requirements or restrictions regarding changes to the locks.
If you prefer to stick with a traditional lock, consider hiding a spare key in a discreet, secure location outside your apartment. Avoid obvious spots like under the doormat or a flowerpot—these are the first places someone might look. Instead, get creative and find a place that’s not immediately obvious but still accessible to you in an emergency.
For example, you could place a magnetic keyholder under a metal railing or tuck the key inside a weatherproof container and bury it near a distinctive rock in your garden. Another option could be hiding the key behind a loose brick. Alternatively, you can leave an extra key in your car, hidden in the glove compartment.
Another option is to leave a spare key with a trusted neighbor or nearby friend. This way, if you find yourself locked out, you can simply give them a call for help. Make sure the person you choose is reliable and someone you feel comfortable relying on in a pinch… Also, make sure they won’t lose the key either.
If you’re prone to misplacing your keys, consider attaching a tracker to your keychain. Devices like Tile or Apple AirTag can help you locate your keys quickly using your smartphone. This can be especially useful if your keys tend to get lost in your home or office rather than outside.
Some apartment buildings offer keyless entry systems that use a fob or a card instead of a traditional key. If your building has this option, consider upgrading. Keyless systems are convenient and often come with backup options like a keypad or app access, further reducing the risk of a lockout. If your building doesn’t currently offer keyless entry, it might be worth discussing with your property manager to see if they would consider upgrading.
Source: apartmentguide.com
Direct Link to offer
This is similar to the offer we saw early 2024, but this time the spend requirement is $20k instead of $30k. It also does not have the higher $100k offer tier. Another option is a similar bonus on the Spark Cash Plus business card.
Remember, Capital One pulls all 3 credit bureaus. Unlike most Capital One business cards, Spark Cash cards do not report the statement balances to the personal bureaus; see these Things to Know About Capital One Credit Cards before applying. We’ll add this to our List of Best Credit Card Signup Bonuses.
Source: doctorofcredit.com
If you’re trying to stick to a budget but still want to build your credit, you’ve likely wondered what you should use your credit card for. While you can use your credit card to pay for just about everything you buy, some purchases are more beneficial to your credit health than others. Here are eight smart purchases you can make with your card.
Key takeaways:
While you can purchase almost anything with your credit card, doing so may not always be in your best interest. Here are a few things you should consider buying with your credit card.
If you have a cash back rewards card that earns a flat rate on most purchases, using that card to buy things like groceries, meals away from home, and other daily expenses may be a good choice. You’ll earn cash back on each purchase you make.
Other credit card issuers offer additional cash back rewards on certain types of purchases. The rewards categories can stay the same each month or change depending on your card but often include purchases like gas, groceries, and certain online retailers. By making purchases that fall under your rewards card’s categories, you’ll increase the amount of cash you earn.
Maximizing your cash back rewards will help you earn money that you can use to pay down your balance or cash in for certain rewards. As an added bonus, regularly using your card can help you fix your credit over time.
If you’re planning a trip, using your credit card to pay for your travel-related expenses, like hotel stays, airfare, car rentals, and more, can be a good option, especially if you have a travel rewards credit card.
These rewards credit cards let you earn points or miles on the purchases you make, and in many cases, you’ll earn more rewards if you’re using your card to pay for travel-related purchases. Even better, most travel rewards cards offer extra benefits like travel insurance, overseas purchase protection, and access to airport lounges.
Every travel rewards card is different, so familiarize yourself with the rewards and perks you could earn with your card before making purchases.
Using your credit card to buy big-ticket items like home electronics and appliances can be a great idea. Those more expensive items often mean you’ll earn more points or rewards.
You may also qualify for additional purchase protection on those big-ticket items through your credit card issuer. If anything goes wrong with the item, you may get a refund or a replacement.
Keep in mind that some electronics and appliance retailers offer their own credit cards with additional perks. You may want to consider applying for a second credit card through them if you’re planning on purchasing a new appliance or device.
Using your credit card to make purchases online can give you added peace of mind. Credit cards typically offer purchase protection and fraud protection for online purchases, while debit cards and gift cards may not. If a hacker or a would-be thief intercepts your personal information, your credit card’s fraud protection will ensure that you’re not responsible for any unauthorized charges. That said, it’s still a good idea to use a credit monitoring app to make sure your information is safe.
Using your credit card for recurring expenses like streaming service subscriptions can be a great way to build your credit while keeping your credit utilization ratio low. These services are typically inexpensive and easy to pay off in full each month. That means you’ll be better able to avoid carrying a balance on your card and won’t have to worry about paying interest on what you charge.
You may want to sign up for auto pay for the streaming services you use. This will help you maintain an on-time payment history while still earning credit card rewards.
Some card providers offer additional benefits for credit card purchases made at grocery stores. These cards often let you earn more rewards for those qualifying purchases, and some offer higher rewards for shopping at certain stores. Since groceries are part of your monthly budget, it’s easy to plan to pay them off in full each month.
Using your credit card can also give you access to additional rewards. Some cards have rotating bonus rewards categories that include gas stations, while other issuers offer cards that always give cash back rewards for purchases made at gas stations. And since your gas use is typically predictable month to month, it’s easy to include in your monthly budget and pay off the purchases you make in full each month.
If you’re renting a car, using your credit card to pay for the rental may be a great choice. Many card providers offer rental car insurance that covers theft or damage to the vehicle in addition to any cash back rewards or travel rewards you might earn. This can save you money on the rental since you may be able to opt out of purchasing insurance through the rental company.
Though using a credit card for most purchases can be a great way to increase your rewards, it’s not always the best way to pay for purchases. Here are a few instances when using a credit card won’t be in your best interest and could lead to additional bad credit card habits that may derail your budget:
If you’ve been asking yourself, “What should I use my credit card for?” keep these eight categories in mind. By using your credit card for regular purchases and paying off what you charge each month, you’ll build your credit and may be able to earn rewards on the purchases you make.
As you make purchases, you’ll want to stay on top of your credit score and report to ensure you’re on the right track. Get your free Credit Report Card and see where you stand.
Source: credit.com
According to U.S. News & World Report, 66% of divorced people had shared debt with their ex-spouse. This can complicate financial situations as both parties are still liable for the debt even after divorce.
If you had joint accounts during your marriage, your ex-spouse’s information will remain on your credit report for up to 10 years after you pay off the balance and close the account. However, if you can’t pay the account in full, you have other options for eliminating shared accounts.
Read on to learn how to remove an ex-spouse from your credit report, plus tips for improving your credit post-divorce.
Key takeaways
Your ex-spouse’s name appears on your credit report because you took on shared debt during your marriage. When a couple gets a joint loan, both of the individuals’ names are listed on the loan agreement, and payment information appears on both credit reports. The responsibility of repaying the debt is equally shared between both individuals.
Examples of shared debt include:
There are a few different strategies for dealing with shared debt after a divorce and separating your credit from your ex-spouse.
Generally, you will need to close shared accounts in order to remove your ex-spouse from your credit report. If you leave the account open, you and your ex’s finances will continue to be linked, and your credit could get damaged if they miss a payment.
If you were using a credit card that earns rewards, remember to redeem your points before closing the account. Once joint credit cards are closed, notify your creditor that you’re going through a divorce and consider requesting individual cards.
As a final step, check that your credit report accurately reflects the closure. Note that after you close the account, it can take up to 10 years for the account to fall off your credit report.
If you cannot afford to pay the account in full to close it, another option is for you and your ex-spouse to both open new personal balance transfer credit cards. Then, you can divide up your debts and transfer the balance to your individual cards. Once the entire balance is transferred from the joint account, you can close it.
If your ex-spouse is an authorized user on a credit card account that you’re the primary cardholder of, you can call your issuer to have them removed. Once removed, they can no longer use the card to make purchases.
Alternatively, if you’re the authorized user and your ex-spouse is the primary cardholder, you can remove yourself as an authorized user. Typically, this doesn’t require any help from the primary cardholder, and you can call the credit card issuer’s customer service line to request your removal.
Divorce can affect your credit in more ways than one, often leading to less income, one-sided nonpayments, and lower credit limits—all of which can negatively impact your credit score. Luckily, you can take steps to rebuild your credit after divorce.
Here are a few ways to improve your credit score post-divorce:
You don’t have to let divorce get in the way of your financial goals. Removing your ex-spouse from your credit report is just the first step in getting your finances back on track. Get your free credit score today to get started.
Source: credit.com