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Your backyard is an extension of your living space, offering endless opportunities for relaxation, entertainment, and family bonding. With the right home improvement tips, you can transform your backyard into an oasis that suits your lifestyle and enhances the value of your property. Whether you own a home in Houston, TX, or are renting a house in Sacramento, CA, Redfin has some backyard improvement ideas to inspire your next project.

1. Landscaping magic

Begin your backyard transformation with landscaping that complements your home’s architecture and blends with the natural surroundings. Incorporate lush plants, colorful flowers, and well-maintained lawns to create a serene and inviting ambiance. Consider adding pathways, decorative rocks, and seating areas for an enhanced outdoor experience. If your lawn is struggling, San Jose Tree Service recommends that you overseed, fertilize and repair any damaged irrigation components.

2. Create defined spaces

Optimizing your backyard involves a strategic approach, one that involves dividing the outdoor expanse into distinct functional zones, ensuring you maximize every inch of available space. Consider crafting dedicated domains for various activities, such as al fresco dining, serene lounging, vibrant gardening, and playful recreation. Enhance your backyard by incorporating elements like low walls, charming fences, or lush shrubbery.

3. Outdoor kitchen

Enhance your outdoor living space by incorporating a sophisticated outdoor kitchen, creating an environment that takes your culinary adventures to new heights. The addition of a fully equipped grill, spacious countertops, a functional sink, and ample storage space ensures a seamless outdoor cooking and dining experience. Notably, the thoughtful integration of an outdoor kitchen not only offers unparalleled convenience but also brings about a substantial enhancement in the overall value of your home, promising lasting enjoyment and a smart investment for the future.

4. Add a splash of color to your backyard

“Think outside the box when it comes to sprucing up your yard by placing spots of bright color in your living space, and then continuing the color out into your yard,” says Beckie from Hall Landscape Design.

“You can do that by adding things like bright-colored pots with beautiful plantings, bright yard art such as float balls, a glass birdbath, a colorful statue, etc.a bench with a bright pillow, or add a little stone pathway to those areas as well – have fun with your spaces. This will make your yard inviting, and it will naturally draw your eye out so you can enjoy the entire yard.”

5. Fire Pit

A fire pit stands as a captivating addition that not only introduces warmth but also infuses a charming ambiance into the cool evenings, thereby solidifying its position as a highly sought-after backyard element. Whether you opt for the rustic simplicity of a basic fire pit or the more sophisticated allure of a carefully designed built-in masterpiece, this cozy extension creates a welcoming environment for social gatherings with friends and family.

6. Utilize water features

Enhance the tranquility of your backyard with a water feature, such as a fountain, pond, or waterfall. The soothing sound of flowing water creates a serene atmosphere, inviting you to unwind and escape the stresses of everyday life.

7. Install a pergola

Enhance the ambiance of your backyard by incorporating a charming pergola or arbor, which not only offers shade but also introduces some elegance to the outdoor space. The addition of climbing plants like ivy can artfully adorn the structure, turning it into a lush and picturesque focal point. 

8. Outdoor lighting

Enhance the functionality and charm of your backyard well into the evening hours by strategically incorporating a thoughtfully designed outdoor lighting scheme. Use a selection of gentle, inviting lights to cast a warm and enchanting glow that effortlessly transforms your outdoor space. In addition to improving the aesthetics of your backyard, outdoor lighting can also be a safety feature.

9. Playful elements for kids

If you have children, consider incorporating playful elements like a swing set, sandbox, or treehouse into your backyard design. These additions provide endless fun and foster creativity for younger family members.

10. Add eco-friendly touches

Enhance the environmental integrity of your backyard design by integrating a range of sustainable features. Embrace the concept of responsible living with components like advanced rainwater harvesting systems, thoughtfully curated native plantings that thrive in your region’s climate, and the utilization of eco-friendly materials in your landscaping projects. By making these eco-conscious choices, you not only contribute positively to the health of the planet but also reap the rewards of diminished long-term maintenance expenses.

11. Comfortable seating and outdoor furniture

Invest in quality outdoor furniture to make your backyard a comfortable and inviting retreat. Choose weather-resistant materials like rattan, teak, or metal to withstand the elements and ensure durability for years to come.

A final note on backyard home improvement projects

With these backyard home improvement tips, you can transform your outdoor space into a captivating oasis of relaxation and entertainment. Whether you opt for lush landscaping, an outdoor kitchen, a cozy fire pit, or a water feature, each enhancement adds value and beauty to your property. Create your dream backyard and enjoy the perfect sanctuary for memorable moments with family and friends.

Source: redfin.com

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Incessant patient-monitor alarms. Hospital food. Middle-of-the-night checks of vital signs. The audible suffering of random roommates.

Yes, being in the hospital is no fun, and not only because you’re receiving treatment for an acute illness or serious injury.

Decades ago, doctors began wondering if select patients presenting in hospital emergency rooms with certain illnesses and injuries couldn’t be sent home to be monitored closely and treated there, rather than being admitted to a hospital ward. This seemed feasible for many chronically ill patients experiencing flare-ups, such as people with complications from diabetes or certain heart conditions.

“Who wouldn’t want to be home rather than in the hospital?” says Dr. Jeff Levin-Scherz, an assistant professor at the Harvard T.H. Chan School of Public Health and a health management consultant at WTW, a financial services company. And the stressful hospital environment isn’t just unpleasant for patients; it can impede their healing.

“Who wouldn’t want to be home rather than in the hospital?”

Jeff Levin-Scherz, health management consultant

Adoption of the concept took off in late 2020, as the overcrowding of hospitals treating COVID-19 patients motivated the federal government to authorize and reimburse hospital-at-home care across the country. These programs, now available through nearly 300 hospitals in 37 states, are demonstrating some ability to provide acute, hospital-level care for patients in their own homes, through a variable mix of provider visits, infusions and other treatments, remote monitoring and portable diagnostics.

Many emergency department physicians are glad to consider home hospital care for appropriate patients. “It gives ER doctors an extra option for patients who they are thinking about admitting,” says Dr. Gregg S. Meyer, president of the Community Division and executive vice president of Value-Based Care for the Mass General Brigham health care system in Boston.

But home hospital care may not be the best option for everyone it’s offered to. Data on health outcomes is limited, and a patient’s personal preferences and home situation should factor into the choice of acute care setting. Insurance coverage for home hospital care may not be the same as for traditional inpatient care.

Here’s what you or someone close to you should know about home hospital care — just in case.

Which illnesses and conditions are suited to acute care at home?

Hospital-at-home programs can treat diseases like pneumonia, chronic obstructive pulmonary disease, diabetes, liver disease and heart failure (a chronic condition), as well as acute conditions like serious urinary tract or skin infections. Each provider institution creates its own list of diseases and conditions for which it may offer acute care at home.

In addition to direct medical care, institutions typically offer a range of services for a hospital-at-home admission. Health care provider Kaiser Permanente’s program for advanced care at home offers services such as medical equipment, oxygen, laboratory testing, medical meals and supplies, mobile diagnostics, pharmacy, blood draws and transportation.

Still, there is reason for caution. For one, the physicians’ task of choosing the right patients to be offered acute care at home — “those not too sick but sick enough” — is complex, wrote the authors of a 2023 paper analyzing the effectiveness of burgeoning hospital-at-home programs, published in Public Policy & Aging Report. “Minimal research informs this issue, and no reliable standards or diagnostics have yet been set.”

Will my insurance pay for home hospital?

If you have private insurance through an employer or state or federal marketplace, contact your insurer and inquire about your coverage for hospital-at-home services provided by specific hospitals in your area. Medicare has led the way with paying for home health care, reimbursing these programs for their services at the same rate as if the patient were in the hospital.

Medicaid coverage for home hospital care varies by state. Contact your state’s Medicaid office to learn more.

How does the quality of care compare?

Because hospital-at-home programs are just beginning to gain traction, research on the quality of care that they provide is limited. But so far, the data is mostly encouraging.

“There are dozens of randomized controlled trials that show that acute care at home is actually superior to traditional care in the hospital on many, many outcome metrics,” says Dr. David Levine, a clinician-investigator at Brigham and Women’s Hospital and an assistant professor at Harvard Medical School.

According to Mount Sinai Health System’s data on its home hospital program, 30-day re-admission rates for the New York City provider’s home hospital patients were less than half of those treated in the hospital: 7.8% versus 16.3% for the two years ending December 2016.

On another key metric, how long a patient remains in acute care, Mount Sinai’s impressive results were in line with those of many other home hospital programs. The average length of stay for acute care was 5.3 days for patients in the hospital versus 3.1 days for the system’s hospital-at-home patients. (Since 2020, the average home hospital stay has increased to 4.4 days, probably for reasons related to the COVID-19 pandemic.)

However, concerns about patient care quality and safety have made many physicians reluctant to send acutely ill patients to home hospital care, according to the Public Policy & Aging Report paper. “To date, a handful of rigorous studies have found positive cost and quality results, but these are based on tiny samples.”

How safe is home hospital care?

How does patient safety compare for home hospital versus inpatient care? Each environment has pros and cons. In a hospital ward, a registered nurse is always seconds away, and a doctor can be at a patient’s bedside in minutes; response times for home hospital care are longer. But hospitals have their own safety problems. In 2015, an estimated 72,000 patients with health-care-acquired infections died while in the hospital, according to the Centers for Disease Control and Prevention.

Overall, home hospital care has “very, very low unexpected mortality and very low rates of complications,” says Dr. Bruce Leff, director of The Center for Transformative Geriatric Research at Johns Hopkins Medicine.

Some patients receiving acute care at home say they feel safer in their own domestic environment than in a hospital. That was the case for Theresa Corcoran, 87, who in April 2023 suffered a cut on her leg that required many stitches. Weeks later, after developing a serious skin infection in the injured leg, Corcoran was evaluated at Brigham and Women’s Hospital in Boston during a 24-hour stay and then admitted to the system’s hospital-at-home program, which provided antibiotic infusions and wound care.

“Getting to the bathroom wasn’t easy for her” while she was in a hospital ward, says Bridget Ellis, a registered nurse. Ellis was one of the nurses who visited Corcoran during her time in hospital at home. Corcoran said that during her treatment she felt more confident moving around her own home in Belmont, Massachusetts.

The home environment also helps patients in acute care maintain their mental health while healing physically, Ellis says. “If someone wakes up in the hospital in the middle of the night, they’re very confused about where they are. Not being around familiar faces and surroundings, people do get very confused and some lash out — it can be difficult to keep them safe.”

A study at Johns Hopkins Medicine found that delirium was observed in 9% of hospital-at-home patients versus 24% of inpatients.

How does it feel to be a hospital-at-home patient?

When the hospital offered Corcoran admission to Mass General Brigham’s hospital-at-home program, “my first thought was, ‘Ooh, go home?’ That sounded good,” she says. “The places of comfort for me are in my own home.” In the hospital, “there were people in beds in the hallway.”

Corcoran says that at home, it was easier to heed her doctors’ advice. “One of the good things about this is that I can find a spot that’s comfortable in my house and keep my leg up.” Corcoran also says that sleeping in her own bed in peace and quiet and having meals on her own terms helped set the stage for healing.

When Corcoran entered hospital-at-home care, “we had a lot of people coming in, and a lot of phone calls, and a lot of doorbells ringing,” to set up the equipment and services that Corcoran would require, says Jane Chiarelli, Corcoran’s daughter. “I think it’s very important that the patient has somebody with them, at least at the beginning.”

Mass General Brigham home hospital patients do have the option of receiving 24-hour care with home health aides.

How do home hospital patients fare after discharge?

In Ellis’ experience, patients typically do better after they are released from hospital-at-home care than when they are discharged from a hospital ward.

“Being in the hospital, sometimes patients are in bed three or four days straight without getting up much,” she says. “Patients get very weak, and they do end up in rehab. At home, they’re not relying on nurses to bring them food, walk them to the bathroom or roll them in bed. They’re up and moving around a lot more, so they keep up their strength.”

Source: nerdwallet.com

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Owning and managing vacation rentals is a dynamic endeavor, one that balances profit, experience, and community impact. Regardless of whether you’re managing a house in Oklahoma City or a condo in San Marcos, CA, you’ll encounter unique challenges specific to different markets. These are hurdles nearly all vacation rental managers have faced, especially in the early days.

However, navigating this terrain requires a careful avoidance of potential pitfalls that can hinder your success. From maintaining a balanced objectivity to perfecting market strategies, ensuring effective communication to building strong relationships with neighbors,

This Redfin article presents a comprehensive list of vital vacation rental issues to sidestep. Drawing on the expertise of industry leaders, you’ll gain valuable insights into these potential roadblocks and learn how to proactively avoid them. You can move onto orchestrating a thriving five-star vacation rental venture, as these experts illuminate the path to smoother operations, satisfied guests, and prosperous outcomes. Learn from their experiences to safeguard your investment, maximize your earnings, and cultivate a positive impact on the hospitality landscape.

1. Unbalanced objectivity and emotion

“It’s crucial to remember that your vacation rental is not merely a personal space, but a business asset designed to generate revenue,” recommends Matt Barbuzzi from Park Place Property Management  “While striving to host only the best guests is important, you must be prepared for the occasional mishap, as they’re inevitable in this line of business. Do not allow personal sentiments to cloud your judgment or emotional resilience. This is particularly crucial if your property carries sentimental significance or serves as a family space. Unless you’re renting it to close friends or relatives, we strongly advise against utilizing such properties for short-term rentals due to potential emotional distress.”

2. Neglecting proper screening

“Screening vacation guests presents unique challenges compared to screening conventional yearly renters, as you have limitations on the information you can request, such as contacting and verifying employment history and previous landlords. Nevertheless, implement various techniques to ensure the security of our properties,” shares Maximilian Kostyashkin and Carlos Pena from MAK Realty Group. “These techniques include:

  • Utilizing advanced guest screening software such as Autohost, Chekin, Superego, or Authenticate. These platforms conduct credit checks, background checks, official ID verification, and require damage deposits. Additionally, they provide comprehensive short-term rental agreements for guests to sign.
  • Implementing a minimum stay requirement: During peak seasons, we request a minimum stay of three days. This measure helps prevent individuals from renting your property for a one-time event or party.
  • Noting the usage of noise monitoring technology, which effectively deters party-oriented renters.
  • Employing device monitoring software: All of our properties are equipped with software that tracks the number of devices in use. A sudden spike in device count, such as reaching 20, is often indicative of a potential party being hosted by your guests.”

3. Underpaying housekeeping

“Don’t settle for the lowest cost – invest in your cleaners, and your guests will undoubtedly notice the difference in the quality of your vacation rental,” stresses Realty Street.

“I can’t stress enough how crucial it is to pay cleaners. By offering fair compensation, you not only maintain a high standard of cleanliness but also enhance their motivation and dedication to delivering exceptional service. Skilled cleaners are attracted to good pay, and this directly impacts the guest experience, contributing to a positive reputation, and ensuring a comfortable and welcoming environment for your guests.”

4. Overcomplicating your guest’s experience 

“Don’t impose excessive check-out procedures on guests. Tasks such as initiating a load of towels, disposing of kitchen trash, and running the dishwasher are optimal. It’s essential to communicate to guests that these chores contribute to minimizing cleaning fees and encouraging early check-ins,” says HAVEN Property Management.

“Offer instructional videos for any intricate features in your vacation rental. Videos that guide guests through operating the hot tub, using smart devices, or navigating other complex equipment can be conveniently provided in video format.”

5. Setting bad pricing

“Many hosts lack market knowledge about rates and set their prices based on their emotional attachment to the specific property. This often leads to rates that are excessively high for the market, resulting in a lack of bookings,” shares Oliver Albrecht from Valibera. “Then after a while, they significantly reduce the rates, leading to more bookings, but these rates may only cover the house’s costs without generating any profit for the homeowners. This cycle continues for a while until they eventually give up, having to either rent the house on a long-term basis or even sell it due to their inability to meet the mortgage payments.”

6. Communication problems

“The foremost error in vacation rental management is failing to communicate with property owners. Their investment properties, often among their most valuable assets, rely on generating income or covering their costs,” says Port Aransas Airbnb Vacation Rental Property Management by Grand Welcome. 

“Entrusting management to others necessitates trust, and trust thrives on communication. Without it, owners concoct narratives, eroding trust, leading to misunderstandings and unfulfilled expectations. Communication is the bedrock of vacation rental partnerships, ensuring both parties thrive. A proactive approach, balancing issues and successes, fosters deeper trust. Regular, strategic personal calls build trust, deepen partnerships, and facilitate owner-to-owner referrals that surpass marketing efforts in expanding business.”

7. Having a bad relationship with your neighbors 

“Some owners become concerned about potentially upsetting neighbors with their short-term rental (STR) properties, and rightfully so—no one wants to create adversaries,” recommends Long Beach Airbnb Vacation Rental Property Management by Grand Welcome.

“Provide owners with the following anti-nuisance tactics:

  • Communicate with the neighbors before launching your short term rental (STR) and provide them with a contact number to call if any issues arise.
  • Be available 24/7 for communication or property visits to ensure a peaceful environment.
  • Communicate with guests—through the listing, pre-arrival emails, and arrival-day texts—that events and parties are prohibited, and violating this rule will result in eviction. Be polite but firm.
  • Consider only renting to guests who stay for more than two nights (three or more nights are even better). One-night stays tend to attract “party” people.

Here is an example from a standard email I send to my STR guests:

I wanted to let you know that there is a long-term tenant living above the garage (separate building) and neighbors on both sides in close proximity, which means the back patio closes at 11pm sharp. The Belmont Heights Retreat is the perfect place for peace and serenity.  

If you have any issues during business hours – my contact information can be found below, and we have a Guest Services line available 24/7 at 888.XXX.XXXX”

8. Neglecting feedback 

“Feedback is the lifeblood of your vacation rental. How do you know what guests do or don’t like, or where you’re missing the mark on certain things? Without actively seeking, tracking, and implementing feedback, you’re vulnerable to operational blind spots that will impact your bottom line,” suggests Michael Skinner from Savvy VRM. “If guests don’t leave a review, nudge them by politely asking for one. Or send them a text asking if they’d be open to discussing their experience with you on a quick phone call.”

9. Poor market strategy

“At Grand Welcome Nashville, we don’t just rely on traditional platforms. We amplify our reach by promoting on over 120+ websites, social media marketing campaigns, and our community ensuring our homeowners get unparalleled exposure and guests taste authentic Nashville,” suggests Nashville Airbnb Rental Property Management by Grand Welcome.

“Nashville is more than just a city; it’s an experience, a melody that lingers long after the song ends. I think that capturing this essence in your marketing is crucial. Highlighting local attractions, events, and the unique Nashville vibe can magnetize guests, drawing them into the city’s embrace.”

10. Skimping on professional photos

“I believe the top mistake to avoid is not hiring a professional photographer to take listing photos. This can differentiate you from your competition and make you stand out instantly, as first impressions are incredibly important,” recommends Gabe Chase from Brentwood Property Group.

11. “Set it and forget it” pricing

“One of the most common mistakes is adopting the ‘set it and forget it’ approach to pricing. Each day holds its distinct market value, and overlooking this fact can result in either foregoing potential income or struggling to secure bookings,” says Garret Ham from Weekender Management. “While using pricing tools like Wheelhouse and PriceLabs is a positive step, they are not a universal solution. These tools still rely on the property manager’s insights and knowledge, and should be complemented by your own market research.”

12. Unclear check-in, check-out times

“It’s good to remind the guest in a friendly way what time check-out is, especially the day before to check-out. Also, place it in a visible space in the house and in a friendly ‘hope you liked your trip’ text,” suggests Michael B. Emerick, Co-Founder of Oversee. “If the guest gets a little spacey and leaves late, it can cause a poor experience for the next guest by pushing back their check-in time. Be as hospitable as possible, but don’t let a guest infringe upon another guest’s vacation.”

13. Lack of adequate property insurance

“Not having property insurance leaves vacation rental owners vulnerable to potential financial losses and liabilities in the event of accidents, damages, or unforeseen circumstances,” warns  Nomadness Rentals. “Proper insurance coverage, such as vacation rental insurance, is crucial to safeguarding your investment and protecting against risks associated with short-term rentals.”

14. Not setting house rules and policies for guests

“Whether it’s a chic apartment in the heart of Austin or a secluded cabin in Hill Country, clarity is key. Clearly defined house rules, from pet policies to quiet hours, ensure guests know what’s expected,” recommends Alexander Buchanan, owner of Austin Airbnb Rental Property Management by Grand Welcome. “A comprehensive guest manual, with guidelines on appliance usage, emergency contacts, and local tips, ensures a hassle-free stay. This proactive approach minimizes misunderstandings and ensures guests can fully relax, knowing they’re in good hands.”

15. Incapable of juggling roles and meeting demands

“As vacation rental managers, we wear many hats, skillfully handling both property owners and their assets – encompassing furnishing, maintenance, upkeep, updates, pricing, marketing/advertising, accounting, and more,” says Blue Pacific Vacation Rentals

“We also navigate the world of guests – marketing/advertising to secure bookings, administering paperwork/contracts for owner and guest protection, overseeing maintenance, managing access/technology/information, arranging cleaning/maintenance, and meticulously curating guest experiences to foster repeat patronage, among other responsibilities. This multifaceted role underscores the distinct and demanding nature of vacation rental management, far exceeding the misconception that it merely involves posting property images on Airbnb.”

“There are myriad mistakes one can make while managing a short-term rental venture. Drawing from my experience in the current market, the most prevalent errors involve not assigning sufficient importance to gaining a competitive edge. This entails investing in elements such as furnishing, decorations, high-quality linens, bedding, and amenities, all of which are essential in an already saturated market. 

16. Not differentiating yourself

“It’s imperative to set yourself apart amidst this crowded landscape,” suggests Tampa Airbnb Vacation Rental Property Management by Grand Welcome. “Furthermore, the significance of a well-planned pricing strategy, maintaining cleanliness, and ensuring effective communication and responsiveness in guest services cannot be overlooked in terms of common mistakes. 

Make sure to differentiate yourself. With numerous short-term rentals available, standing out is crucial. Highlight what makes your property unique, whether it’s a specific theme, design, or location. Don’t ignore offering local insights. As a host, you can provide valuable insights about the local area. Recommendations for nearby attractions, restaurants, and services can enhance the guest experience.”

17. Skipping local laws and regulations

“Begin by thoroughly studying the local laws and regulations that pertain to STRs,” recommends MyTripify. “Ensure you grasp all the pertinent regulations, or enlist the expertise of a property manager who does. Non-compliance, such as violating HOA restrictions or listing an STR with an occupancy exceeding septic tank limits, can lead to hefty fines. The potential consequences far outweigh any initial gains.

That being said, don’t underestimate the importance of insurance coverage for STR hosts. Investing in insurance products is a cost-effective means of mitigating the risk of property damage. By securing insurance, you regain control over potential damages and maintain your property’s excellent condition, all the while upholding high levels of guest satisfaction.”

18. Forgetting systems and setting expectations as you grow your business

One of the biggest mistakes vacation rental managers make that’s costing you time and money is hiring additional people on your team without systems,” warns Pink Cash Cow Property Management. “As your business grows, you can’t do everything yourself, so you hire someone to help you with tasks at the property or remotely. However, the person may not do it right, not getting the results you’re looking for, or you’re getting negative reviews and guest complaints. 

You end up doing the work again yourself or spending time trying to find someone else. The best way to efficiently operate and grow your business without taking more time or effort is creating systems and processes that people can follow for consistent results, like getting five-star reviews without you doing the work. Have a process and system for maintenance, cleaning, staging, linens, etc.”

19. Not being persistent enough 

“One of the most, if not the most, important steps in ensuring successful vacation management for your home or business is to ensure that you are overly communicative with your guests, both before and during their stay,” shares Emily Bishop, Communications Manager for Brightwild. “Lay out check-in instructions clearly, while also making sure that any preemptive questions guests may have are already answered. It seems overly simplistic, but you’d be surprised to know that this isn’t always a priority for some vacation management companies.”

20. Not learning and resolving problems quickly

“One observation I make regarding most vacation rentals is the absence of established, repeatable systems geared towards success. This translates to encountering hard challenges, even if these issues were addressed just six months prior. Consequently, the team finds itself retracing steps to unearth solutions for guests or risk leaving them discontented,” says Cody Wood from STR Accommodations.

“Similarly, another prevailing issue frequently encountered in the vacation rental industry pertains to the swiftness with which guest concerns are tackled. At times, these concerns revolve around maintenance matters, indicating a deficiency in the property’s upkeep schedule, or worse, its nonexistence. 

Alternatively, the problems might stem from malfunctioning amenities or depleted supplies due to a lack of efficient restocking systems on the part of the owner or manager. The remedy for both aforementioned concerns involves implementing a quarterly or monthly maintenance regimen supplemented by a 24/7 emergency helpline dedicated to property support. Diligent tracking of inventory levels post each turnover clean at the property level is essential. Speed assumes paramount importance in the realm of vacation rentals, as our physical absence from the property necessitates possessing a clear grasp of effective troubleshooting procedures. This approach not only facilitates swift responses but also leaves guests content with the prompt resolution of their issues.”

21. Keeping up with maintenance needs

“One common mistake is underestimating the ongoing maintenance needs of a vacation rental property. Failing to address maintenance issues promptly can lead to negative reviews and dissatisfied guests,” Bend Airbnb Vacation Rental Property Management by Grand Welcome advises. “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.

Sameway, using poor-quality or outdated photos for your vacation rental property can deter potential guests. Ignoring the importance of professional photography can lead to decreased bookings and interest. We highly recommend investing in high-quality, well-lit photos that accurately showcase the property’s best features. Always hire a professional photographer who specializes in real estate to capture the property’s appeal.”

Source: redfin.com

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In the glittering landscape of Las Vegas, NV, luxury homes define exceptional living. From guard gates that provide exclusivity and security to high-end appliances that blend style with advanced functionality, this Redfin article will explore five unique luxury home features that encapsulate the essence of lavish living in “Sin City.” So whether you’re looking to rent a house in Las Vegas or purchase a home in the area, keep reading to see what home features should make your list.

What neighborhoods in Las Vegas are known for their luxury home features?

Las Vegas has a number of distinct neighborhoods known for luxury homes. Summerlin offers elegant designs, spacious layouts, and top-notch amenities. Canyon Gate features luxurious estates with expansive interiors and lush landscaping. Whereas The Ridges stand out for exclusivity, featuring custom mansions, a private golf course, and meticulous community services. These neighborhoods epitomize Las Vegas luxury real estate, offering refined living, top-tier comforts, and unmatched extravagance.

5 luxury home features in Las Vegas 

1. An entertainment kitchen

In a city known for its world-class entertainment and hospitality, an entertainment kitchen is an extension of the luxurious experiences that define Las Vegas. From hosting extravagant dinner parties to crafting artisanal cocktails, an entertainment kitchen is the perfect place for homeowners to host gatherings, cook delicious meals, or bake treats. 

An entertainment kitchen usually consists of an expansive island or countertop with seating, high-end appliances like wine coolers and smart ovens, open shelving, and ambient lighting. 

2. High-end appliances

High-end appliances are a key home feature for luxury homes in Las Vegas. The city’s reputation for extravagance is reflected in the careful selection of professional-grade appliances for upscale homes. Beyond their stylish appearance, these appliances offer advanced technology, superior performance, and lasting durability, catering to the refined preferences of homeowners who expect the best. Some examples include Sub-Zero, Wolf, and Gaggenau appliances.

3. Resort backyard with pool and built-in kitchens

When temperatures can reach over 100 degrees F°, a private pool and built-in kitchen are a must. The desert oasis setting amplifies their appeal, offering a refreshing escape and a statement of indulgence. Built-in kitchens provide entertainment options and facilitate a seamless transition from poolside relaxation to alfresco dining, allowing people to cool off while enjoying a nice meal.

4. Guard gate

A guard gate is a luxury home feature that combines exclusivity and security. Amid the city’s bustling energy, a guard gate offers enhanced privacy and a beautiful aesthetic to one’s house. 

5. Recreational rooms

Mirroring Las Vegas’s renowned entertainment scene, recreational rooms offer dedicated spaces for relaxation and fun, often equipped with advanced gaming consoles, high-end home theaters, arcade games, an in-home bar, or pool and table tennis. Rec rooms provide an immersive retreat for homeowners and guests to unwind, enjoy their favorite activities, and make lasting memories. 

Source: redfin.com

Source: goodfinancialcents.com

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HELOC, Servicing, PPE, Relationship, DPA Products; Events and Webinars This Week

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HELOC, Servicing, PPE, Relationship, DPA Products; Events and Webinars This Week

By:
Rob Chrisman

Tue, Aug 8 2023, 10:41 AM

Lending continues to be intertwined with legal and compliance issues. Here’s a story from overnight that is catching a lot of attention: “Equifax stock falls after saying it received a CID from the CFPB.” The Federal Trade Commission (FTC) agreed to drop its challenge to Intercontinental Exchange Inc.’s (ICE) proposed deal with Black Knight Inc. in a joint stipulation that allows them to work toward a settlement. Lender ToolKit is suing Celebrity Home Loans and MLD. and Meanwhile, lenders and vendors are doing what they can to increase business and tap into new markets, and with that in mind National MI is sponsoring a weekly podcast beginning today focused on offering mortgages to people in their 20s and 30s (Mortgages with Millennials). (Today’s podcast can be found here and is sponsored by SimpleNexus, an nCino Company, developer of mortgage technology uniting the people, systems, and stages of the mortgage process into one seamless, end-to-end solution. Listen to an interview with Bank of Oklahoma’s Chris Maloney on volatility and spreads, the money supply, and bond over/underperformance.)

Lender and Broker Software, Products, and Services

Everyday expenses are rising for millions, including many prospective homebuyers saving for a down payment. Mosi Gatling, a top producer at loanDepot, leaves no homeowner behind in the Las Vegas market as she assists mainly first-time, military and low-income buyers moving forward with mortgages supported with down payment assistance. Down Payment Resource shares her story and how her team of six does nine figure volume by working closely with Diane Arvizo of the Nevada Rural Housing Authority in Doing Well While Doing Good. We think this is a great example of one thing happening in Vegas that shouldn’t stay there. Read the full story here.

Work Hard Easier. Here’s how to work less and win more in this tough market. Your first instinct may be to work even harder than you have been. But instead, you should focus your energy on the essential tasks: making one-to-one phone calls, having face-to-face meetings, and personalizing your marketing with video content. Automate tasks like prospect follow-up, loan in-process updates, Realtor, and past customer outreach, thank you cards and closing gifts, etc. Set up automated social media posts also. A truly easy SmartCRM system will do all this and more. Take a look at Usherpa’s Relationship Engagement Platform, ranked number one in customer service and client loyalty in the mortgage business. Download this free Field Guide to Success and 3 Habits of Top Producers eguide to see how easy delegation can be.

In continuing to provide ways to grow happiness for our customers, TMS will become the Master Servicer for the Golden State Finance Authority’s (GSFA) Golden Opportunities “GO” a down payment assistance program. As of July 17, 2023, it is open for reservations. The Golden Opportunities DPA make mortgages more accessible for homeowners in CA by providing first mortgage financing, down payment, and closing costs assistance. The guideline eligibility under TMS will include FICO scores down to 620, DTIs up to 55% with AUS approval, and manual underwrites on VA and USDA loans. If you’re not an approved TMS lender, contact TMS. To become a participating lender of the GSFA Golden Opportunities DPA click here.

ICE Mortgage Technology’s VP of Product Strategy, Nancy Alley, was recently named one of HousingWire’s 2023 Women of Influence for her strategic execution and advancement of the Encompass® lending platform. Nancy’s profile spotlights how her unwavering customer focus has led her team to deliver the technology today’s mortgage lenders need to operate more efficiently and deliver a better borrower experience. Curious how Encompass customers are maximizing their technology investment and creating a future-proof business strategy? Click here to hear industry leaders share their key to success for staying at the forefront of innovation.

Big news! The Optimal Blue® PPE is now integrated with Encompass Partner Connect. Current clients can convert to the platform via the Encompass Partner Connect API. This new integration offers many features and benefits, including: a refreshed, modern Optimal Blue user interface; a single sign-on experience; users no longer needing to exit the loan on auto-accept transactions; the ability to view rates across all lock periods on one screen; an enhanced push queue view for secondary users; faster access to updates and new releases; and more! Complete your conversion to start taking advantage of these integration benefits today. Not using the Optimal Blue PPE yet? Learn how it can help you win more business by providing borrowers the right product at the best price for any mortgage financing scenario.

As lenders adapt to volatile mortgage rates, many are stopping to reconsider their servicing strategy. Do inconsistent mortgage origination volumes have you questioning what makes more sense: retaining servicing or selling servicing released? Seth Sprague, CMB, Richey May’s Director of Mortgage Banking Consulting Services (aka, resident servicing expert), outlines the 13 key trends and strategies in servicing including recommendations on how to make the right decisions for your business. Want more help defining the optimal strategy? You know where to find us.

TPO Programs for Brokers and Correspondents

Rising interest rates and inflation causing a dip in originations? Maximize your portfolio reach with HELOC options designed to help your customers tap into their home value to remodel kitchens, fund education, and more. LoanCare has a comprehensive understanding of the special nuances involved in servicing HELOCs such as knowing what’s required to appear on monthly statements, ensuring that interest calculations are accurate, and setting up the HELOCs correctly when the loans are on-boarded. We can accommodate segmented, fully amortized, and interest only HELOCs. Contact LoanCare today!

Events and Webinars

Back in 2016, Netflix reported that the machine learning algorithms behind its personal recommendation engine were saving the company $1 billion in content spending a year. AI and intelligent automation aren’t just technologies of the future, they’re tools you can and should be using to reach borrowers with the right message at the right time. Join Partners Mortgage’s Katie Pastor Trinidad and Joe Wilson of Social Coach alongside Dave Savage of TrustEngine on Thursday, August 10 at 2 pm ET for a free webinar on how AI can help you increase borrower engagement and loan conversions. Register today.

Lenders, want to save you and your borrower time and money? Appraisal waiver programs like Fannie Mae’s Value Acceptance + Property Data allow lenders to skip a traditional appraisal, saving the time and cost associated with it. Watch a free webinar recording featuring Lyle Radke, Senior Director of Collateral Policy at Fannie Mae. Learn the benefits of this program, use cases, and find answers to common lender questions. Plus, discover how to quickly get started with the program.

Modern financial institutions rely on their technology ecosystem to support the needs of increasingly diverse customer bases. But without a connected solution, financial institutions can’t provide seamless, personalized experiences that build lifelong relationships. Total Expert is purpose-built to help you deliver the perfect mix of digital and human-led engagements as modern consumers flow between digital channels, SMS, and in-person interactions. That’s why leading lenders like Guaranteed Rate, Atlantic Bay Mortgage, and PRMG trust Total Expert as the hub that connects their technology ecosystems and helps them deliver the perfect financial journey. Join us for a fireside chat with these industry trailblazers on Wednesday, Aug. 16 when they’ll present: Strategies for defining your tech ecosystem and goals, priorities for evaluating and procuring the tech that meets your goals, methods for generating and measuring ROI from your tech investments, and a live Total Expert platform demo. Register for the webinar.

Are you wondering what today’s Fed decision means for rates and the mortgage market? Register for a new webinar on August 9th at 11AM PT hosted by Agile Trading Technologies.

In this webinar, Phil Kukafka of Towne Mortgage, Ryan Ferderer of Multi-Bank Securities, and Andrew Rhodes of MCT will give an overview of MBS pooling, discuss the current market, share strategies for efficiently pooling and selling mortgage-backed securities, as well as the process for MBS pooling using Agile’s technology.

Join Optimal Blue for the next session in its Hedging 301 series on Wednesday, Aug. 9th, Noon ET, take a deeper dive into more advanced capital market strategies and how they naturally interplay with technological advances. This session will address the many ways Optimal Blue helps clients streamline daily processes to achieve success and optimal best execution – including mandatory price discovery and dissemination, saving basis points while delivering representative mix, solving for numerous execution iterations, and integrating to the MSR broker community for live, loan-level servicing valuations.

Join AGENT U on August 8th at 12:30-1:30pm EST for the next installment of their free monthly webinar. This month, the hosts are speaking with credit repair expert Janna Fox, CEO of ReScore, to learn about credit misconceptions. Learn how collection companies affect consumers’ credit scores, how to spot errors on credit reports, and gain insight into the hidden damage caused by pulling credit. Plus, learn expert methods to rapidly improve credit scores. Janna will be answering your questions during the live Q&A session. Visit www.agentulive.com for more details.

Looking for more in-depth commentary on weekly mortgage news? Register here for “Mortgage Matters: The Weekly Roundup with Robbie and Rob Chrisman” presented by Lenders One. Every Wednesday at 2:00 PM EST/11:00 AM PT starting August 9th, Robbie and Rob will dive into a range of mortgage-related topics, including market trends, interest rate fluctuations, innovative mortgage products, and industry advancements. Robbie and Rob will bring a unique mix of age perspective, expertise, and charisma to the screen, ensuring that the information is not only educational but also entertaining. Register for the first show on August 9th with Lenders One’s Justin Demola, CMB, as a featured guest discussing chatter from his hundreds of members.

“AFR Wholesale® (AFR) is teaming up with financing experts from Fannie Mae for the next session of our Why Wait Live Webinar Series! Please join us Wednesday, August 9th at 2 PM EST, where we will be highlighting what you need to know about manufactured home financing. Over this series, AFR has been discussing affordable financing solutions that together will help us provide homeownership opportunities to more families. Register Today! This is a live webinar, and a recording will not be provided.”

Friday the 11th at 3PM ET is the next edition of The Mortgage Collaborative’s Rundown with Melissa Langdale and me. We’ll will be covering current events in the mortgage market for 30 minutes starting at noon PT in “The Rundown”. Special guest co-host Skylar Olsen, Zillow’s Chief Economist.

James Brody, who was named Senior Litigation Partner in the wake of his merger with Garris Horn, LLP, will be co-hosting a webinar with The Mortgage Collaborative (“TMC”) at 10:00 AM PST, on August 17, titled: “Repurchase Defense Roundup: Proven Strategies to Help Lenders Fight Repurchase Demands and Pursue Culpable Third Parties.” Both Mr. Brody and his colleague, Ingrid Petersen, look forward to educating attendees on a number of invaluable strategies that will help them more effectively fight repurchase demands and improve their chances of being made whole whenever a lender is not able to successfully dispute a claim because of bad facts and/or needs to preserve a business relationship.

Capital Markets

Bond yields push higher to open the week following hawkish comments from Federal Reserve officials. New York Fed President Williams sees Federal Reserve policy remaining restrictive “for some time” and Fed Governor Bowman said that additional rate hikes will likely be needed. Rates have also been pushed higher following last week’s double-whammy of Fitch’s ratings downgrade and the heavy supply announcement from the U.S. Treasury. And don’t forget non-farm payrolls from Friday, which showed that despite missing the headline number and the previous month’s observations being revised lower, wage growth increased more than anticipated.

July marked the second consecutive month of job growth below 200k, signaling the labor market continues to cool. However, wages held firm, adding to arguments the Federal Reserve has gotten the upper hand on inflation without triggering a recession or major job losses. The unemployment rate declined to 3.50 percent, which is slightly above the 53-year low set back in January. The ISM manufacturing index improved but remained in contractionary territory for the ninth straight month in July. Price paid eased for the fifth time over the last seven months. Meanwhile, service data showed moderate expansion once again as consumers shift spending from goods to services. The most recent Senior Loan Officer Opinion Survey shows credit conditions for commercial and industrial loans remain tight and 40 percent expect further tightening. This could create a drag on growth as projects become delayed or abandoned due to lack of financing.

Though this week will be dominated by the Consumer Price Index report on Thursday and the Producer Price Index on Friday, as well as consumer sentiment, small business optimism, and mortgage earnings from United Wholesale, Loan Depot, and Guild, today’s economic calendar kicked off with NFIB small business optimism for July (hitting an 8-month high). We’ve also received the June trade deficit ($65.5 billion). Later today brings the beginning of Treasury’s quarterly refunding when it auctions $42 billion 3-year notes. Two Fed speakers are scheduled, Philadelphia President Harker and Richmond President Barkin. After the yield curve extended its recent steepening move yesterday, we begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 3.98 after closing yesterday at 4.08 percent, bonds rallying in part due to some slow-growth news out of China.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Today’s low-volume, purchase-focused market is more competitive than ever, as mortgage lenders work to win more market share than their neighbor and aim to be as profitable as possible. Compressed margins make it crucial to work as quickly and efficiently as they can, taking every opportunity to reduce costs and maximize every basis point of margin. Selecting the right product and pricing engine (PPE) will help lenders achieve these goals.

Industry veteran Parvesh Sahi, chief revenue officer at Polly, has spent much of his career in the mortgage space, working with notable fintech vendors and facilitating powerful connections between compliance and loan origination softwares. During his decade-long tenure at ICE Mortgage Technology, Sahi learned the importance of bi-directional communication between software applications to achieve optimal workflow efficiencies, user experience and maximize profitability.

According to Sahi, there are three primary components that will help lenders succeed in today’s mortgage environment, and beyond: speed to market, margin management and loan officer experience and education.

“If you’re not focused on creating that connective tissue between the three, you’re missing an enormous opportunity,” Sahi explained.

Identifying the right PPE

With that said, what should lenders look for in their PPE?

First, the PPE should be architecturally designed to accommodate any lenders’ unique business strategy or use case. It should have native cloud capabilities and be web-based so the system can flex up and down with the market and enable speed of feature consumption and development. It should be purpose-built on the most advanced infrastructure to handle any amount of volume without having to sacrifice speed, performance or the user experience.

The ideal PPE is designed to evolve and scale, with the ability to add new features and functions at a lightning-fast pace. Lenders are no longer left waiting through long release cycles (historically upwards of 6-18 months on legacy solutions) for functionality or reliant on custom-built solutions to get the features and workflows they desire. PPE providers need to provide a commercially scalable platform that is agile and more competitive – today. It should also support users’ ability to deploy new loan products quickly as their strategies change.

Another thing to note when identifying the right PPE is the technology partner. The right tech partner will provide a PPE that enables you to accomplish all the above, and will also help position your organization for ongoing success via constant and consistent innovation that keeps the lender customer at the center of the equation.

Lenders also need to optimize their secondary market interaction in terms of selling loans and finding best execution pathways, Sahi said.

“[The PPE] does not sit alone, but rather within this origination and buy-side ecosystem,” he said. “If you do not have a system that was architected with uniform, normalized data across originations and secondary market trades, you may find yourself at a competitive disadvantage in terms of price optimization and best execution, both in the short term and even more so long term.”

In pioneering the new gold standard for PPEs, Polly purpose-built their engine in the cloud and for the cloud with a mobile capacity and API-adjacent product strategy in mind.

“Polly has revolutionized the mortgage capital markets space with process transformation we haven’t experienced in this industry segment for 20+ years,” Sahi said. “Polly is the new market entrant, and we have already surpassed every other PPE out there in terms of technology, functional depth and APIs that deliver speed and next-level flexibility.”

The company is committed to adding demonstrable value across the entire mortgage value chain, and continues to expand its network of third-party tech partners as well. Many best-in-class providers have proactively engaged Polly to join in their quest to solve industry pain and augment lender efficiencies.

How the right tech can help LOs and borrowers

The right PPE will help loan officers work more efficiently and effectively.

With a smaller amount of loans up for grabs, LOs need to ensure they are maximizing profitability per loan while solving price-conscious borrowers’ needs. Additionally, LOs need to be educated so they can educate their customers on additional options that may help solve their financial needs. The core limitations of legacy solutions make this impossible. What’s needed is a cloud-native, up-to-the-minute PPE that enables LOs to truly optimize margins and revenue on every loan both inside the PPE UI, as well as in other LO applications. 

The right PPE will interoperate seamlessly with a lender’s front-end applications. Many LOs also work remotely via mobile technology and need the ability to log into a web-based user interface to price on the go.

“When you look at modern technology that was built with the perspective of APIs [being] an important part of this workflow, it’s not an afterthought,” Sahi explained. “The mobile interaction that LOs need in the field to better engage their borrower operates with speed and is already part of that solid foundation.”

Sahi also notes that while other legacy PPEs have circled back after the fact to make their applications work on the go, re-architecture is not a great execution path. A flip phone will make a call, but you cannot pull it apart, put it back together and expect it to be a smartphone.

Using the right PPE will also benefit the end borrower by making it easier for lenders to support affordable housing programs.

If a lender is working in a legacy PPE system that requires manual processes to make updates to affordable lending, it may be too difficult to roll out these types of products.

“They essentially give up on those loan programs, oftentimes due to the sheer complication of new product deployment in other systems. There may also be an underlying concern that even if they do make those specific changes, they could roll out in a non-profitable or non-competitive way and cause more damage than benefit,” Sahi said. “The unfortunate reality is that some lenders do miss out on those affordable loan opportunities because their PPE cannot adequately support or execute that rollout.”

On the flip side, when lenders adopt the most technologically advanced solutions, they are able to make updates on the fly with an infinite amount of flexibility around loan parameters and margins. They can confidently ship affordable loan products out to their borrowers much more easily.

Along came Polly

Since bringing the first and only truly cloud-native PPE to the industry in 2019, Polly has ushered in a new wave of innovation and functional depth that is enabling lenders nationwide to turn their secondary and capital markets function into a high-performing profit center.

Aside from the company’s robust configuration capabilities and cutting-edge infrastructure, Polly is known for their pace of innovation and product roadmap execution at a commercially scalable level. Another pillar to their success centers on the company’s hyper focus on customer success.

“At Polly, we view the relationship between vendor and lender from a different lens; the lender is our customer. Polly is the vendor to the customer, and we are going to do anything and everything to make that customer successful.”

This customer-centric paradigm shift drives behavior in a different way, not only in terms of how Polly engages with the lender on day one from a sales perspective, but more importantly – in terms of the ongoing support and value creation that Polly delivers.

“As a company, we are not standing still,” Sahi concluded. “This is only the beginning.”

To learn more about how Polly is revolutionizing mortgage capital markets, visit: https://hubs.la/Q01Yqz6Y0.

Source: housingwire.com

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Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.

  • Written By:

  • Updated: September 1, 2022
  • 1 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.


Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.


Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

With all the recent talk about health care policy reform, it’s no surprise that many Americans feel the strain that their health insurance premiums put on their wallets. Many families struggle month to month trying to cover the costs of skyrocketing health insurance that many choose to roll the dice and have no insurance coverage. Studies show that approximately 18 percent of the U.S. population (over 46 million Americans) under the age of 65, simply have no coverage at all. If you are one with no coverage or are looking for a way to find a cheaper health insurance solution, here are three ways to lower your health insurance premiums.

1. Raise Your Deductible

One quick and easy way to lower your health insurance premium is to raise your deductible.  One study showed that by raising the deductible from $2500 to $5000, the premium decreased by 25% ( 35-40% in some areas in the country).  You don’t necessarily have to double your deductible to see a significant change. 

Even lower increases can make a significant difference.  If you raise to $1150 or $2300 for a family policy, you can open a Health Savings Account (HSA) which lets you contribute tax-deductible money and you can use tax-free money for medical expenses in any year.  This can help you stretch your money that much further.

Let’s look at an example of increasing your deductible.  For a family of 3 living in a major metropolitan area:

Deductible Premium Annual Cost
$500 $484/mo $5,808
$5000 $247/mo $2,964

Obviously, you can see the instant savings.  By opting for a higher deductible, that’s an annual savings of $2,844 per year.  But what happens if you have to go to the hospital, does the high deductible plans really work?  If you look at the overall picture and you and your family are generally in good health, the HDHP plan could make sense.  Keep in mind that many of these policies will allow you to have 1 to 2 preventative visits a year.  Be sure to check with your health plan provider to make sure.

Using my own family as an example, we currently pay  $244 per month for a high deductible plan that covers the three of us and we each have a $1500 deductible.  Compare that to a $300 deductible and our monthly premium would jump 56% to $382 per month.  Wow!  Annually, we save about $1,656 by using this method which we contribute to a HSA.

2. Shop Health Insurance Coverage Rates

When looking for cheaper health insurance options, be sure to check several providers to make sure you’re getting the best deal that fits your family’s needs. Ehealthinsurance.com is one of the top leaders of online health insurance issuers. They were one of the first company’s to sell health insurance policies online.

EHealthInsurance has developed partnerships with more than 180 health insurance companies, including the big boys of Aetna, Blue Cross and Humana, Blue Shield, AARP, Coventry Health,  and Kaiser Permanente. Here’s some info from their website:

eHealth, Inc. is the parent company of eHealthInsurance Services Inc., the one of the best online source of health insurance for individuals, families and small businesses. eHealthInsurance presents complex health insurance information in an objective, user-friendly format, enabling the research, analysis, comparison and purchase of health insurance products that best meet consumers’ needs.

Licensed to market and sell health insurance in all 50 states and the District of Columbia, eHealthInsurance has developed partnerships with more than 180 health insurance companies, offering more than 10,000 health insurance products online.

The company’s technology platform is able to communicate electronically with insurance carrier partners, which enables a simpler, more streamlined health insurance application process. This technical connection with the back-office processes of health insurance companies can facilitate rapid approval of applications and real-time communication between carrier and consumer throughout the process.

3.  Have Separate Coverage For the Family

During open enrollment this fall you may notice a few changes in your health care coverage as it pertains to the rest of your family.  One trend that is expected is to see a decrease in the subsidy that is allowed to pay for the family’s coverage in employer health plans. With the sudden spike in cost, it could make sense to keep only yourself on your policy and your employer and put your spouse and kids on their own policy. 

I have many married friends that are both employed and have adopted this strategy.  I wish I had some more specific numbers to share on their money saving tips, but it obviously made sense because they are doing it. 

When you open enrollment period rolls around, don’t take it for granted.  This may be an easy opportunity to save your family thousands of dollars in insurance premiums for the year.

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.

Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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Source: goodfinancialcents.com

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Content is based on in-depth research & analysis. Opinions are our own. We may earn a commission when you click or make a purchase from links on our site. Learn more.

  • Written By:

  • Edited By:

    Kevin Mercadante

    Kevin Mercadante

    Kevin Mercadante has been writing about personal finance since 2010,
    covering investing, retirement, taxes, credit cards, real estate, mortgages
    and insurance.

    His…

    Read More

  • Updated: April 17, 2023
  • 3 Min Read
  • Advertising Disclosure

    Advertising Disclosure

    GoodFinancialCents® has an advertising relationship with the companies included on this page. All of our content is based on objective analysis, and the opinions are our own. For more information, please check out our full disclaimer and complete list of partners.


Quality Verified

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.


Why You Can Trust GoodFinancialCents®

GoodFinancialCents® partners with outside experts to ensure we are providing accurate financial content.

These reviewers are industry leaders and professional writers who regularly contribute to reputable publications such as the Wall Street Journal and The New York Times.

Our expert reviewers review our articles and recommend changes to ensure we are upholding our high standards for accuracy and professionalism.

Our expert reviewers hold advanced degrees and certifications and have years of experience with personal finances, retirement planning and investments.

Recently, a younger business owner client of mine was inquiring about purchasing a term life insurance policy.

A term life policy makes total sense for his situation, but what he also wanted to give it a twist.  In addition to a 30-year term life policy, he wanted to add what’s called a return of premium rider.

For those that are not familiar, the return of premium rider allows the policyholder to get a full refund of all the premiums paid at the end of the contract.

At first, it sounds like a pretty good deal.  The most common complaint that consumers have with life insurance is that if you don’t die, all the money goes directly to the life insurance company.  If this is the case, then purchasing the return of premium rider seems totally worth it.

Cost of Return of Premium Rider

At first glance, the return of premium rider seems like a no-brainer.  One piece of information that you need to know is that the rider comes with a price.  The ROP rider on average will run 20%-40% higher than purchase a policy without it.  In addition, you have to keep the policy for the entire contract period to get a full refund of your premium.  So then the question remains, does it make sense to pay more for the rider since you know you’re getting all your premiums back?  Let’s take a closer look….

ROP Rider vs. Regular Term Insurance

To illustrate the cost difference between purchasing regular term insurance vs. one with the ROP ride, here are some life insurance quotes that I ran. In our scenario, I am using a 30-year-old male, assuming he is in excellent health. We are going to get a quote on a 30-year term life policy with a $1,000,000 face value.   Without the ROP rider, the annual premium will cost approximately, $720 per year for a total of $21,6000 premiums paid over the 30 year period. By adding the ROP rider, the premium jumps to $1,180 per year, for a total outlay of $35,400. That’s a total difference of $13,800 premiums paid ($460 per year) or a 63.88% increase.

Invest the Difference

Since I’m a firm believer of long term investing, my initial argument would say, go without the ROP rider and invest the difference.  Let’s see how my theory holds up.   If we take the difference of $460 per year and invest it and average 6% over the 30 year period, it looks something like this:

By averaging 6% return, you will have accumulated $36,366 over the 30 year period.  Subtract the $21,600 you paid in premiums over that period and your net amount is $14,766.  As you can see in this example, purchasing the ROP rider seems to make sense.  Hmmm…..Gets you thinking, right?  Now let’s see if we average 8% return:

If we are able to average 8% return over that same period, we accumulate a total of $52,110 and after subtracting the premiums were left with $30,500.   Compare that to the $35,400 we would get back with the ROP rider, and we’re still in the red.   If we can average closer to 10% return, then we have a greater chance for the normal policy to be more economically viable.

One major thing to consider is that the money returned to you with the ROP is not inflated for inflation.  As you can imagine, $35,400 today will not get you as far 30 years from now.

Few More Considerations

I have to admit that the outcome of the scenarios I ran were different than what I predicted.  What we have to keep in mind is that when I analyzed the cost differential, we are relying on a few big assumptions:

  1. That the person can afford to pay the higher premium.
  2. The person will keep the policy for the entire 30 year period.
  3. The cost of insurance won’t decrease.

This and other variables would have a dramatic impact on the long term results of this scenario.

When Does Purchasing ROP Rider Make Sense?

Typically, you wouldn’t purchase ROP on such a long term policy.  Where it is more common is term polices 10 to 15 year in length.   You usually see this being used in buy/sell agreements between business partners where each partner buys insurance on the other’s life.   With such a shorter time horizon, the ROP makes more economic sense.

Disclaimer: I have purchased 3 term life policies and never have opted for the return of premium rider.

What about you?  Have you purchased a term life policy with a ROP rider?

For more information, check out other types of life insurance.

About the Author

Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance. He was a financial planner for 16+ years having founded, Alliance Wealth Management, a SEC Registered Investment Advisory firm, before selling it to focus on his passion – educating the masses on the importance of financial freedom through this blog, his podcast, and YouTube channel.

Jeff holds a Bachelors in Science in Finance and minor in Accounting from Southern Illinois University – Carbondale. In addition to his CFP® designation, he also earned the marks of AAMS® – Accredited Asset Management Specialist – and CRPC® – Chartered Retirement Planning Counselor.

While a practicing financial advisor, Jeff was named to Investopedia’s distinguished list of Top 100 advisors (as high as #6) multiple times and CNBC’s Digital Advisory Council.

Jeff is an Iraqi combat veteran and served 9 years in the Army National Guard. His work is regularly featured in Forbes, Business Insider, Inc.com and Entrepreneur.

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Table of Contents

Source: goodfinancialcents.com

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In some states, you can write a valid will yourself on a piece of paper

. However, if you have kids, property or assets, you’re probably better off using estate-planning software or working with an attorney.

Depending on your assets and family situation, there are several factors to consider when drafting a will. This essential estate planning step can spark conversations about the possessions you value and the legacy you want to leave, so it’s important to take the time to walk through the process.

Ways to write a will

Online will-writing software

Price: Free to $89 and up.

Who it’s best for: People with smaller estates or relatively uncomplicated financial situations and those looking to avoid legal expenses.

An online will maker is an inexpensive way to navigate the will-writing process. While it’s not a good solution for those with large or complicated estates, it’s an excellent starting point for people looking for a simple way to do basic estate planning.

Best for: Ease of use. Cost: One-time fee of $159 per individual or $259 for couples. $19 annual membership fee thereafter.

Best for: Users who want an all-inclusive experience. Cost: $99 per year for Starter plan. $139 per year for Plus plan. $209 per year for All Access plan.

Best for: State-specific legal advice. Cost: $89 for Basic will plan. $99 for Comprehensive will plan. $249 for Estate Plan Bundle.

Estate planning lawyers

Price: $300 to $1,000 and up flat fee or $200 and up hourly.

Who it’s best for: People with large or complicated estates, or those who want to use more advanced estate planning techniques to minimize estate taxes or bypass probate, the legal process for distributing a deceased person’s assets.

Estate planning attorneys can work with you to create a comprehensive estate plan including a will, trust and advance directives. They’ll ensure your documents are legally binding in your state and can help you navigate complex assets or family circumstances.

How to write a will in 7 steps

1. Account for all possessions

Everything you own, from physical property to financial accounts, is part of your estate. Assets you’ll include in your will include real estate, vehicles, valuables and other personal property.

Even if you intend to leave your entire estate to a single heir, creating a comprehensive inventory is important to ensure that none of your assets end up in the wrong place, such as an old workplace retirement account that lists your ex-spouse as the beneficiary.

2. Determine distribution

It can be helpful to separate bequests into categories to first take care of your beneficiaries’ needs, then consider sentimental gifts.

  • Start with larger assets such as property and accounts. If you want to explain your choices — leaving less to one child because you supported them financially for longer, for example — write a separate letter to your beneficiaries so you can keep the language in your will clear and precise.

  • Talk with family and friends to learn who would most appreciate certain belongings and record which items should go to whom. 

  • Double-check the beneficiaries listed on your bank accounts, life insurance policies and retirement plans. Beneficiary designations override the wishes outlined in your will, so make sure your designations are aligned.

3. Think about your children

If you have minor children, you will need to decide who will take care of them once you’re gone. This means naming a guardian in your will in the event that both you and the other parent are not able to care for them. If you don’t appoint a guardian, your state court will have to appoint one without your input

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4. Name an executor

An executor ensures that the directions in your will are carried out after your death. You can choose a family member to be your executor, but if you’re concerned about their ability to handle your estate during a difficult time, you can name your lawyer or an institution such as your bank.

» How does your executor distribute your estate? Learn about the probate process

5. Factor in fees

If your executor is an institution or an attorney, they’ll likely charge a fee to handle your estate. If you select a friend or family member, you’ll need to decide whether or not to pay that person for their services. Executor fees are paid out of your estate.

6. Make your will official

In most states, you’ll need to sign your will in front of at least two witnesses

. In Colorado and North Dakota, you can have your will notarized instead of witnessed. Louisiana requires wills to be both notarized and witnessed.

Store a hard copy of your will in a safe place, which could be a fireproof safe in your home or office or a bank-safe deposit box. Be sure to back up the digital version, too. Let your spouse, executor or a trusted friend know where your will can be found.

7. Update as needed

As your life and your heirs’ lives change, you may want to change your will. Did you sell an asset you had planned to leave to a child? Decide what you’ll bequeath instead. Did a potential heir die before you? Choose a new recipient for the items you planned to leave to them.

Don’t put off such updates; the court and your executor can’t confirm your intentions unless you’ve put them down on paper.

Some online will makers offer free updates, though some require an ongoing membership to make changes ranging from $19 annually to $39 monthly. An estate planning attorney may charge a $100 to $500 fee to update a will.

Source: nerdwallet.com