wellness

Apache is functioning normally

Apache is functioning normally

Tech Sales, LO Jobs; Correspondent, Verification, Pricing Products; Mitigating Credit Costs

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Tech Sales, LO Jobs; Correspondent, Verification, Pricing Products; Mitigating Credit Costs

By:
Rob Chrisman

Fri, Oct 20 2023, 11:01 AM

“Who closes the door when the bus driver gets off? The world is full of questions. “Why have all the predictions of lower rates been wrong?” Yesterday I was in the SF Bay Area giving a speech to a group of LOs and management and was asked, “Rob, are you hearing that lenders are requesting clients pay for the credit report(s) up front?” Absolutely I am. Lenders have grown weary of paying for the credit reports of loans that don’t fund and heaping those rising costs on the loans that do. “Rob, are mergers and acquisitions going to pick up?” Yes. We had one recent depository bank deal (Mississippi’s Guaranty Capital Corporation will acquire Lafayette Bancorp, Inc.), but we can expect continued deals in an 8 percent mortgage rate world as lenders and vendors, big and small, re-evaluate either their position in the market or even if they want to continue to exist. (Today’s podcast can be found here: Sponsored by nCino, maker of the nCino Mortgage Suite, built for the modern mortgage lender. The nCino Mortgage Suite unites the people, systems, and stages of the mortgage process. Hear an interview with nCino’s Ben Miller on the rapidly evolving digital mortgage suite of products.)

Lender and Broker Software, Products, and Services

Truv saves Lenders 60-80% over The Work Number. That’s the savings of multiple full-time employees. For example, Compass Mortgage saved roughly 60 percent in verification costs and maintained their same conversion rate. “Truv has given us the ability to lower costs, all while speeding up the verification process and providing better employment data” said Justin Venhousen, COO, Compass Mortgage. Stop wasting money. Contact TRUV today to discuss how we can help you with your income, employment, insurance, and asset verifications.

“In this market, hustle is everything. You can’t afford to waste a single deal, or a single minute. That’s why ReadyPrice has launched its innovative new Shop, Lock & Deliver loan exchange platform, designed to help independent mortgage brokers and their lenders save time and money. Now you can shop competitive loan offerings from multiple lenders, get rate lock guarantees in real time, receive underwriting findings, and deliver the borrower’s complete loan file to lenders—all on a single platform, at no cost to brokers. It’s already helping brokers around the country thrive and compete in the toughest market. Multiple lenders. One platform. Zero b.s. Come check us out today.”

Sierra Pacific Wholesale has completed the first phase of its pricing integration on the ARIVE platform! Sierra Pacific-approved Brokers and Non-Del Correspondent lenders can access their pricing seamlessly through ARIVE. “ARIVE truly is the best solution for third-party originators looking to save time and money in order to maximize their success,” says Rob Saunders, SVP, Western TPO Sales. This strategic partnership emerges at a pivotal time, as the Wholesale Channel continues to experience unparalleled growth. “We look forward to working with the broker community to help you scale your business and reach your peak performance,” shared Cindy Ferrentino, SVP – Eastern TPO Sales. To learn more about this exciting new partnership, read the full press release. Third-party originators interested in learning more about Sierra Pacific’s full-service experience can connect with an Account Executive here.

Get the income and employment records you need with the new Mortgage Flex™ View from The Work Number®. Inaccurate or incomplete applicant employment and pay information continues to be a challenge in the loan process. Automating the income and employment verification process with The Work Number can help reduce potential errors associated with hand-keying or relying on consumer-provided information. With 631M employment records, The Work Number can help lenders get a holistic view of an applicant, but there may be times that lenders are looking for one specific employment record. Introducing Mortgage Flex View – a new addition to The Work Number suite of solutions, which enables lenders to order just the verifications of income and employment that they need. Lenders can instantly purchase a preview of available employers prior to selecting and purchasing the full verification. Learn more about the new flexible solution from The Work Number: Mortgage Flex View.

With one of four homes being sold to real estate investors, it’s clear there’s an enormous opportunity to work with these borrowers. That’s why on the next National Mortgage Professional Webinar, Navigating Experienced Real Estate Investor Needs, they show you how to step up your game with these serial borrowers. While homeowners in normal market conditions will get a mortgage every five to seven years, many individual real estate investors are purchasing and refinancing properties several times a year. On this webinar Sam Bjelac, VP of TPO at LendingOne will discuss, types of real estate investors and their financing needs, learning how to understand property cashflow, understanding and optimizing the BRRRR strategy plus a few strategies you can easily implement to find real estate investors. Join NMP and Sam on Thursday, November 2, at 2PM ET / 11:00 am PT by registering here.

“Newrez Correspondent says, ‘THANK YOU PHILADEPHIA!’ What a great MBA Conference in the City of Brotherly Love. We want to thank the over 100 customers along with several industry partners that we were able to have serious discussions with around products, pricing, and what it will take to navigate this market over the next six months. If you aren’t a current customer, you need a Trusted Advisor during these challenging times, which is why Newrez Correspondent is the right investor for you. The time to align with us is now, so click here to join our team. We hope you enjoyed the conference, look forward to our continued partnerships heading into 2024 and to meeting you next May in NYC at the MBA Secondary.”

Capital Markets

Ginnie Mae’s mortgage-backed securities (MBS) portfolio outstanding grew to $2.477 trillion in September, including $36.6 billion of total MBS issuance, leading to $19 billion of net growth. Issuance for this month was less than $38.1 billion in August and $38.0 billion in July. For the 2023 calendar year to date, Ginnie Mae supported the pooling and securitization of more than 466,000 first-time homebuyer loans. For full story, read October 5 Ginnie Mae press release.

As I wrote yesterday, we received a lot of housing data this week. Existing home sales during September showed that the housing market continues to cool due to the recent run-up in borrowing costs. Sales declined 2.0 percent to a 3.96-million-unit pace during the month. That marks the fourth straight monthly drop and the slowest pace of resales since 2010. Sales are down 15.4 percent from one year ago.

Fed Chairman Powell delivered remarks at a luncheon hosted by the Economic Club of New York yesterday, saying that progress toward the Fed’s dual mandate has been made but that resilient economic growth raises the prospect of renewed inflationary pressures that could warrant additional rate hikes. He repeated that the Committee will depend on data in guiding policy decisions. The fed funds futures market has seen a downward shift in rate expectations with the implied likelihood of a January hike falling to 37 percent from 48 percent on Wednesday.

There is no market-moving scheduled news today. Two Fed speakers are also scheduled, Philadelphia’s Harker and Cleveland’s Mester, who are expected to continue the narrative that we’ve been hearing from Fed Presidents for months. Around the close, markets will receive the September Treasury Budget. We begin Friday with Agency MBS prices better .125-.250 and the 10-year yielding 4.94 after closing yesterday at 4.99 percent; the 2-year is at 5.14.

Employment

DocProbe, a leading post-closing service provider for mortgage lenders, is seeking a dynamic and tech-savvy sales representative with deep expertise in the mortgage industry. The ideal candidate will have a proven track record of building and maintaining strong relationships with top mortgage lenders and a deep understanding of the mortgage process from origination to post-closing. If you have a successful track record of selling to mortgage lenders and a passion for innovative technology solutions, we encourage you to apply. Don’t miss the opportunity to join a rapidly growing and innovative company. Confidentially apply today to become a part of the DocProbe team!

“Evergreen Home Loans is set to return as the title sponsor for the 26th annual KZOK “Rock the Harvest” event, benefiting Northwest Harvest. This 12-hour radiothon and online auction aim to support those experiencing food insecurity in Washington. With over $1.4 million raised since its inception, it highlights the ongoing struggle of 1 in 10 Washingtonians and 1 in 6 children in the region. The Evergreen Cares Foundation encourages and supports our associate’s compassion for giving while improving lives through wellness and housing programs. If you are looking to partner with a company emphasizing community involvement, visit our careers page to explore the newest opportunities at Evergreen.”

AmCap Home Loans has made a significant stride in bolstering its leadership team by appointing Caleb Mittelstet as SVP of Sales. Mike Johnson, President of AmCap Home Loans, expressed enthusiasm for this pivotal addition, stating, “We’re thrilled to welcome Caleb Mittelstet as an integral member of our team. His wealth of experience along with his industry contacts will undoubtedly propel our sales team to another level. With Caleb on board, we see immense potential to expand our market share and further solidify our position as an industry leader.” Caleb cited the company’s culture and people as driving factors. He emphasized, “AmCap’s inclusive culture and the accessibility to colleagues with decades of experience are unparalleled. You can pick up the phone and call any department, and that’s a testament to the collaborative spirit here.” Mittelstet’s appointment signifies a promising chapter for AmCap Home Loans as they continue to thrive and innovate. Click here to see why Caleb Mittelstet chose Amcap and so should you!

“Independent Mortgage Banker owners: If you are uncertain how you will survive this winter if rates remain higher, please contact us directly to discuss a win-win opportunity. We are a very well-established and privately owned mortgage banking company that has been in business for 30 years, a direct seller with Fannie and Freddie, issue our own government securities, and service the majority of our closed loans. We offer a full marketing team, social media team, and a media/video production team to provide best in class support to our loan officers and referral partners. Our history and culture are exceptionally important so let’s have a conversation to see if we may be a fit. We are large enough to offer exceptionally sharp pricing, products, a dedicated marketing team, and an exceptional operational team, yet, we have a boutique feel where you may talk to the owner of the company at any time. Partner with a company where your voice and input is valued! We have a successful history of incorporating other companies into our model. For a confidential conversation please contact Anjelica Nixt and specify this opportunity.”

Attention Loan Officers: Take your career to the next level with best-in-class Operations, Underwriting, Support and more. Find out how at the next virtual Fairway Day on Wednesday, October 25 at 3pm ET. Join Steve Jacobson, Founder & CEO and David “Laz” Lazowski, President, Retail Sales East and others from the Executive Team and the Street. Here is the registration link and participation is 100% anonymous.

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

Source: mortgagenewsdaily.com

Apache is functioning normally

Apache is functioning normally

Nestled in the prestigious Spanish enclave of Son Vida in Palma de Mallorca — dubbed the Beverly Hills of Mallorca — a 21st-century avant-garde residence resembles something straight out of a Hollywood film.

Villa Chameleon is a one-of-a-kind futuristic villa with its own spa and fitness center, but that merely scratches the surface of its long list of unique features.

With an architecturally distinct three-building compound with a massive 35,294 square feet of living space, an illuminated fine crystal facade, and a multi-purpose swimming pool that can convert into a helipad or a state-of-the-art dance floor — the Spanish villa is an experience not to be missed by any 007 die-hard fans. 

Especially since it’s the perfect modern-day James Bond villain lair, and we could easily see Ernst Stavro Blofeld, Auric Goldfinger, Raoul Silva or the likes take up residence in this striking abode.

Photo credit: The Agency

Built in 2012 by a Swiss-German consortium, the property first landed on the market in 2014 for a whopping €39.5 million, approximately US$52.2 million based on the exchange rate at the time.

Struggling to find a buyer willing to take over the property in a previously volatile Spanish real estate market, Villa Chameleon was relisted, nine years after its completion.

Now, the futuristic mansion is back on the market. Sporting a new asking price of €33 million (which amounts to a little over US$35 million) and new representation — Alby Euesden of The Agency Mallorca holds the listing — the modern Spanish villa is taking another stab at landing a new owner.

But more on that later. Let’s now take a moment to appreciate this James Bond-worthy residence. 

LED lights grace 50% of its facade – one of the many hallmarks of Villa Chameleon

Photo credit: The Agency

With more than half of the building’s facade consisting of beautifully illuminated fine crystals, programmable LED lights, and custom-etched glass balconies, Villa Chameleon is bathed in an assortment of eye-catching colors.

If you haven’t already guessed, the villa takes its name from the mesmerizing lighting effects that transform its ambiance at the touch of a button.

Photo credit: The Agency

And just when you thought it couldn’t get any better, this lavish estate boasts a multi-purpose 1,830 square-foot retractable pool floor that can transform into a helipad or a state-of-the-art dance floor among its boundless amenities. 

From entertaining guests alfresco to having a dance night out, the Burmese teak movable pool deck is designed for James Bond-style living — and is perhaps best accompanied with a glass of the obligatory Vodka Martini (shaken, not stirred) — symbolic of how James Bond takes his Martinis. 

Even seasoned real estate pros who are somewhat immune to glam amenities and have seen hundreds of million-dollar listings throughout their careers are in awe of this property.

The Agency cofounder and CEO Mauricio Umanky — also familiar to audiences outside of the real estate world as Kyle Richards’ husband on The Real Housewives of Beverly Hills, as one of this season’s most hyped contestants on Dancing with the Stars, and a cast leader on Netflix’s newest docu-series, Buying Beverly Hills — had to travel to Mallorca, Spain to see it for himself.

And he did a little more than that.

Mauricio filmed himself touring the property, and you can see from the footage that even he is taken aback by the villa and its roster of amenities.

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That said, a James Bond-style mansion wouldn’t be complete without its very own five-star amenities, offering modern-day conveniences in all aspects of daily living for those who can afford it.

And this brings us to the inside of the property.

Stepping inside Villa Chameleon – a true Mediterranean oasis 

Photo credit: The Agency

With panoramic views stretching from the stunning Mediterranean Sea to the cityscape and port of Palma de Mallorca, Villa Chameleon is a bona fide oasis.

The sprawling estate, perched atop the Son Vida hills in the prestigious Palma de Mallorca — and set just a 10-minute drive from Palma Old Town — has a total of 10 bedrooms and 9 full baths.

Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency

Much like the house’s exteriors, the interiors also change colors come nighttime, creating a mesmerizing effect.

Photo credit: The Agency
Photo credit: The Agency

It also has 3 swimming pools, an underground five-car garage, a private cinema, an impressive wine cellar, a curated library, a fully-equipped health and wellness retreat, staff quarters and to top it all off, a 2,200 square foot self-contained guest house spread across the 1.61-acre lot. 

Photo credit: The Agency
Photo credit: The Agency

The main building is a three-story residence containing the main living space and master suites. This section of the living space includes a professional-grade kitchen, glass elevator, spacious terrace, and floor-to-ceiling glass walls with direct access to two rooftop pools.

Related: Skyfall, James Bond’s Childhood Home in the Scottish Highlands

The second building, connected by an underground tunnel, is perhaps the key secret to achieving a James Bond-like physique. This health and wellness facility includes a fully equipped gym, sauna, spa and indoor lap pool.

Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency
Photo credit: The Agency

The guest house is nothing short of stellar — a self-contained, 2,200 square feet living space that comes with a wraparound Mediterranean garden and a private driveway, offering privacy and comfort.

First listed in 2014 for €39.5 million, the James Bond-worthy villa is now on the market for €33 million

The showstopping Mallorca home was initially listed for sale in 2014 for a whopping €39.5 million.

And while it didn’t land a buyer in its first turn on the market, the ultra-luxurious Palma de Mallorca villa is taking another stab at finding its new owner.

With a new listing price (that shaved off a few million $$$ from its former asking price), and new representation — the property is listed with Alby Euesden of The Agency Mallorca — Villa Chameleon is on the market for €33 million.

Photo credit: The Agency

More stories

The Magnificent Palazzo Lija on the Isle of Malta is an Architectural Feat with Modern-Day Amenities

Is the ‘Glass Onion’ house real? Yes, it is, and you’ll find it in Greece

Where Do Your Favorite F1 Drivers Live? 7 Fabulous Houses of Formula 1 Champs

Source: fancypantshomes.com

Apache is functioning normally

Apache is functioning normally

From 2022 to 2023, the size of the average personal loan taken out in the previous 12 months by those who got one from a financial institution rose 25%, from $5,046 to $6,299, according to a new NerdWallet survey. The increase was driven by a jump in average loan size among millennials, ages 27-42, (up 78%, from $3,305 to $5,891) and Gen Xers, ages 43-58, (up 45%, from $5,276 to $7,668).

Younger generations were more likely to have borrowed using a personal loan, with millennials topping the list at almost 1 in 2 (48%) taking out a loan in the previous 12 months, followed by Gen Zers, ages 18-26, (39%), Gen Xers (38%) and baby boomers, ages 59-77, (13%).

The 2023 survey, conducted online by The Harris Poll over the period Sept. 7-11, 2023, among over 2,000 U.S. adults ages 18 and older, also found divisions in how generational cohorts view borrowing for nonessentials as well as how they perceive the role of personal loans in their financial plans.

Key takeaways

  • Many borrowers take out a personal loan just to make ends meet. A third (33%) of recent borrowers (i.e., those who took out a personal loan in the past 12 months) say they took out a loan to cover basic expenses, like food and utilities.

  • Younger Americans have a more favorable view of “buy now, pay later” (BNPL) loans. More than half of both Gen Zers (56%) and millennials (59%) agree that BNPL loans are, in general, a smart way to make purchases. Agreement drops to 40% of Gen Xers and 24% of boomers.

  • Americans are divided on borrowing for nonessential purchases. Two-thirds (67%) of Americans say borrowing for nonessentials (things other than food, shelter, etc.) is irresponsible. Revealing an age gap, just 55% of Gen Zers agree, though 74% of boomers do.

Personal loans used for survival — and splurging

Borrowers took out personal loans for a variety of reasons, but covering basic expenses topped the list. Around 1 in 3 Americans (33%) who took a loan out in the last 12 months say they did so in part to cover things like utilities, food and clothing.

Vehicle repairs (27%), home repairs or improvements (25%) and debt consolidation (20%) rounded out the top four reasons for taking out a loan. Debt consolidation was the second most popular option for older cohorts, with Gen Xers (27%) and boomers (21%) both ranking it just behind everyday expenses.

On the other end of the spectrum, younger borrowers were more likely to say they’ve borrowed for nonessential purchases like vacations and items they wanted but couldn’t afford. They are also more likely to borrow to pay for nonmedical emergencies and for purchases related to their work.

Rounding things out, about 1 in 5 borrowers (18%) say they took out their loan to pay for medical costs not covered by their insurance. Around 1 in 6 (16%) took out the loan to pay for health and wellness services (like gym memberships or therapy) and 15% took out the loan to finance the purchase of a vehicle.

Making smart borrowing decisions

Choosing the right way to borrow can make a huge impact on how much you ultimately pay and whether you’re able to keep up with your debt. Companies that offer buy now, pay later for smaller purchases often don’t charge interest, which can help keep payments lower than if using a credit card. Consolidating high-interest credit cards into a lower-rate personal loan can save hundreds of dollars over the life of the loan.

“The key with a debt consolidation loan is to get a lower rate than you’re currently paying,” says NerdWallet personal loans writer Annie Millerbernd. “By doing that, you’re reducing the total interest cost on your debt.”

You can also make sure your budget accounts for repaying any borrowing you’ve already done. That can help you balance your monthly spending and make more informed choices when you’re shopping for those nonessentials.

Americans’ borrowing beliefs vary by age group

We found generational divides to be fairly common in attitudes toward borrowing. Generally, younger generations are more open to the use of loans for nonessential purchases and see loans as an important part of their financial plans.

Asked if they agree with the statement, “Personal loans are an important part of my financial planning,” 45% of Gen Zers and 51% of millennials agree. Around 3 in 10 Gen Xers (29%) and just about 1 in 7 boomers (14%) agree.

There was a similar divide surrounding buy now, pay later loans. Just over half of Gen Zers (56%) and a similar portion (59%) of millennials say BNPL loans are, in general, a smart way to make purchases. Agreement falls to 2 in 5 Gen Xers (40%) and just 24% of boomers.

When we asked Americans how they feel about borrowing for nonessentials, two-thirds (67%) say borrowing for nonessentials is irresponsible. That’s a sentiment most common among boomers, with around three-quarters (74%) agreeing. Boomers were also the least likely (1%) to say they took out a loan to make a purchase they wanted but couldn’t afford (Gen Z, 23%; millennials, 25%; and Gen X, 8%).

That division in attitude was mirrored when we asked specifically about using loans to pay for vacations or health and wellness services. Around 2 in 5 Gen Zers (38%) and millennials (44%) agree that loans are a good way to pay for vacations. A quarter (27%) of Gen Xers felt the same way, along with just 16% of boomers.

Paying for health and wellness services (like gyms and spirituality classes) with a loan seems worth it to around 3 in 5 Gen Zers (60%) and millennials (58%). That falls to around 2 in 5 Gen Xers (38%) and just 29% of boomers.

How to be a responsible borrower

Responsibility and familiarity with financial products can affect what options are the right fit for a borrower. A loan presented to a 24-year-old with a part-time job and little borrowing experience may be a poor fit, but that same offer may be just right for a 22-year-old working full time.

When considering a loan, a good first step is to assess your existing budget and whether there’s room for monthly loan payments. It can also pay to check your credit and do what you can to elevate your score. Borrowers with strong credit receive the lowest rates on personal loans.

Compare multiple options for borrowing, whether it’s a personal loan from an online lender or a shorter-term buy now, pay later loan.

Finally, it’s important to understand how much you’ll ultimately be repaying and over what period that payment will need to be made. By comparing types of loans and their costs, borrowers can be sure they’re selecting the best possible loan for their financial situations.

“Research is your best friend when you’re about to borrow money,” Millerbernd says. “Ask yourself whether you’ll have enough money when the payment comes due to make it on time and whether you can get a more affordable loan elsewhere.”

Loans spur a mix of emotions, from high to low

Borrowing comes with a range of emotions, from the elation of getting a mortgage to buy a first home to the fear of paying off a large hospital bill on credit.

About 2 in 5 borrowers (41%) say they’re planning to repay their loan earlier than they’re required to. Conversely, 14% of borrowers say they’re not sure how they’ll be able to repay their loans. That’s a worry more common with Gen Z borrowers. Close to a quarter (23%) say they’re not sure how they’ll be able to pay back their loan.

Around 1 in 4 borrowers (28%) say taking out their loan was a last resort. That’s a sentiment common across generations (27% of Gen Zers, 26% of millennials and 29% of Gen Xers).

Shame showed up more for younger borrowers. Around 1 in 4 Gen Z borrowers (26%) say they felt ashamed to have to take out their loan, compared to 19% of millennials and 12% of Gen X borrowers.

Younger consumers were also more likely to say they felt their lender charged them a higher interest rate for their loan because they were desperate borrowers. About 1 in 5 Gen Z borrowers (21%) and millennial borrowers (22%) expressed that feeling, while just 1 in 10 Gen X borrowers (9%) say the same thing.

Around 1 in 4 borrowers (23%) say their loan allowed them to buy something that made them happy, which they wouldn’t have been able to purchase without a loan. Younger generations were more likely to agree with that sentiment (Gen Z, 28%; and millennials, 27%).

Where to find help

Financial advisors (55%) topped the list of sources when we asked who Americans would trust to give them advice on personal loans. Friends and family came next (46%), and Gen Z Americans put it at the top of their list with 3 in 5 (60%) saying they trusted those in that group.

About 2 in 5 Americans (39%) say bank representatives were a trustworthy source, though just about a quarter (26%) trusted bank websites and personal finance websites/apps (25%). Business partners (12%), media personalities who hand out financial advice (8%) and coworkers (8%) filled in most of the back half.

The very bottom of the trust barrel belongs to social media influencers (7%), though there’s a generational divide. Gen Zers (17%) and millennials (14%) were more likely than either Gen Xers (3%) or boomers (1%) to trust such influencers.

Finding trusted help

Personal loans are just that — personal. Depending on your comfort with borrowing and the amount you need, there are many different options available to you. Just because you may have taken out your last loan from your primary bank doesn’t mean it’ll be the best spot for your next loan.

Consumers with low credit scores may need to do additional digging to find reputable lending sources and avoid predatory lending that takes advantage of those in tight spots.

“Many lenders let you pre-qualify to check your rate with no hard credit check, which is a huge advantage for borrowers, because if you don’t like one lender’s offer, there are plenty more to try out before you apply,” Millerbernd says.

Methodology

This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from Sept. 7-11, 2023, among 2,049 U.S. adults ages 18 and older, among whom 588 have taken out a personal loan in the past 12 months. The sampling precision of Harris online polls is measured using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

Source: nerdwallet.com

Apache is functioning normally

Apache is functioning normally

Like human health insurance, pet insurance helps cover unexpected medical expenses for our furry friends. One crucial component of that coverage is your pet insurance deductible. Understanding how deductibles work can help you choose the right plan for you and your pet.

What is a pet insurance deductible?

A pet insurance deductible is the amount you pay out of pocket for your pet’s veterinary care before the insurance company starts covering costs. It’s a set amount you choose when you purchase your policy.

For example, if your deductible is $250 and your pet’s vet bill is $1,000, you’ll pay the first $250, and the insurance company will help cover the remaining $750, depending on your policy’s terms. If you have an annual deductible, you’d have to pay this amount only once per year.

How do pet insurance deductibles work?

A deductible is a way for insurance companies to share the cost of vet bills with pet owners. Once you’ve met your deductible, the pet insurance company will pay any remaining portion of your vet bills that qualify for coverage.

In most cases, you’ll need to pay the full vet bill yourself and then file a claim for reimbursement with your pet insurance company. If there are any expenses insurance doesn’t cover, like taxes or waste disposal, the company will subtract them along with your deductible before reimbursing its share of the bill.

Raising or lowering your deductible will affect how much you pay for pet insurance. Selecting a higher deductible usually lowers your insurance premium but means you’ll pay more out of pocket when your pet needs care.

🤓Nerdy Tip

The amount you pay for routine care like vaccines or wellness visits usually doesn’t count toward your deductible. Even if you have separate coverage for preventive care, the deductible typically applies only to covered illnesses and accidents.

Types of pet insurance deductibles

There are two main kinds of deductibles: annual and per condition.

Annual pet insurance deductible

An annual pet insurance deductible is a set amount you pay each year before insurance starts covering your vet bills. You pay this deductible only once per policy term. It doesn’t reset until your policy renews, regardless of how many claims you make. This is the most common type of pet insurance deductible.

Say you have a $300 annual deductible. If your pet has a minor accident and the vet bill is $150, you pay the entire amount since it’s less than the deductible. (Note that you’d still want to file a claim so your pet insurance company can apply the amount you’ve paid toward your deductible.)

Later in the same year, your pet gets sick and racks up a $500 bill. You’d pay the remaining $150 of your deductible, and the insurance would cover a portion of the remaining $350, depending on your policy’s terms.

If your pet has more health issues within the same year, the insurance would continue to help cover the costs since you’ve already met the deductible. But once your policy renews, your deductible will reset and you’ll need to pay it again before receiving more insurance coverage.

Per-condition deductible

With a per-condition deductible, you pay a set amount out of pocket for each illness or condition your pet has. This type of deductible may also be called a per-incident deductible.

For example, if your pet gets an ear infection and later breaks a leg, you would pay your deductible twice: once for the ear infection and once for the broken leg.

After you pay the deductible for a specific condition, insurance helps cover additional costs for that condition over the life of your pet. This is beneficial if your pet develops a chronic problem that needs ongoing treatment each year. Once you meet the deductible for that condition, you don’t pay it again, whereas you’d pay it each year with an annual deductible.

The downside is that if your pet needs care for an unrelated problem later in the same year, you’re stuck paying the deductible all over again.

Did you know…

Very few pet insurers offer per-incident deductibles. Most have annual deductibles, so pet owners have to meet the limit only once per year.

Deductibles vs. copays and reimbursement rates

Deductibles, copays and reimbursement rates are different parts of how you and your insurance company share costs. Once you’ve paid your deductible, the insurance company uses the copay and reimbursement rate to calculate how much of the remaining vet bill it will cover.

A copayment, or copay, is your share of the vet visit cost after you’ve met your deductible. The reimbursement rate is the percentage of the bill the insurer will pay. For example, if your policy has a 70% reimbursement rate, that means your copay is 30%.

To see how these policy limits work together, imagine you have a $200 deductible, a 20% copay and an 80% reimbursement rate. If your pet’s vet bill is $1,000, you’d pay the $200 deductible first. Then, of the remaining $800, the insurance would pay 80% ($640), and you’d pay the 20% copay ($160). So, for a $1,000 vet bill, you’d pay $360, and the insurance would cover $640.

In general, a policy with a higher reimbursement rate will be more expensive, but the insurance company will cover more of your vet bills.

🤓Nerdy Tip

In addition to deductibles, copays and reimbursement rates, most pet plans have an annual coverage limit, which is the most your insurer will reimburse for vet care in a 12-month period. This limit is often customizable, and you may have the option to choose unlimited coverage. Your annual coverage limit is another factor that can influence the cost of pet insurance.

How to choose a pet insurance deductible

The goal when choosing a deductible is to strike a balance between good coverage and manageable out-of-pocket expenses.

First, determine how much you can comfortably pay for vet care. Imagine if your pet needed to visit an emergency vet tomorrow. How much of a deductible could you afford to pay? You shouldn’t struggle to cover your deductible in an emergency, so choose an amount that fits your budget.

Remember, the deductible is just one part of your policy. Consider it alongside copays, reimbursement rates and annual coverage limits to get the full picture. The more costs you take on yourself, the less you’ll pay for insurance, and vice versa.

If you’ve had your pet for a while, looking at what you’ve spent in vet care over the past year may help you predict future costs.

Compare deductible options from popular pet insurance companies

Pet insurance company

Deductible options

$100 to $1,000 annually.

$100 to $500 annually.

$100 to $1,000 annually.

$250 to $2,500 annually.

$100 to $1,500 annually.

$100 to $500 annually.

$100 to $1,000 annually.

$100 to $500 annually.

$250 to $1,000 annually.

$0 to $2,500 annually.

$250 annually. (Other options may be available.)

$50 to $1,000 annually.

$100 to $1,000 annually.

$100 to $1,000 annually.

$0 to $1,000 lifetime per-condition deductible in most states; some states have no deductible.

Source: nerdwallet.com

Apache is functioning normally

Apache is functioning normally

Nestled among the rolling hills of Los Angeles, the legendary neighborhood of Bel Air has long been synonymous with opulence and seen as the pinnacle of West Coast luxury living.

And for good reason.

Located directly across from the iconic Sunset Boulevard, the world-famous enclave — whose very name is associated with lavish estates, Hollywood glamour, and understated affluence — continues to captivate both the privileged few and those who aspire to call it home.

Bel Air’s reputation as an exclusive haven for the world’s elite is well-earned, and its prestigious zip codes are graced with stunning architectural marvels, each a testament to the grandeur and sophistication that defines the area.

With bigger lots and more expensive residences than the equally famous Beverly Hills (which sits merely a few miles away), Bel Air effortlessly combines the allure of old-world charm with the comforts of contemporary living.

The reasons behind Bel Air’s enduring appeal are as diverse as the people who are drawn to its lush landscapes and private estates.

Breathtaking canyon views, impeccably manicured gardens, and a sense of seclusion rarely found in the midst of a bustling metropolis are just some of the factors that make this neighborhood an aspirational address for many.

The allure of Bel Air isn’t solely about its extravagant homes; it’s about the lifestyle it offers — a unique blend of tranquility and proximity to the cultural heartbeat of Los Angeles.

Bel Air mansions for sale

Today, we’ll explore a curated list of the most extravagant mansions currently on the market in Bel Air, each a testament to the neighborhood’s unmatched desirability and exclusivity.

These residences are more than just houses; they represent a way of life that is the envy of the world. Join me as we embark on a journey through the opulent world of Bel Air real estate, where luxury knows no bounds.

#1 755 Sarbonne Road, Bel Air – $39,900,000

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

Villa Sarbonne, one of the most impressive Bel Air houses currently up for grabs, sits mere minutes away from the neighborhood’s famous The One mansion — developer Nile Niami’s record-breaking project, which was once listed for $500 million.

With an impressive 15,000 square feet of ultra-luxurious living space, Villa Sarbonne has 6 bedrooms, 10 baths, and a long list of amenities.

To name just a few, 755 Sarbonne Road features a private wine cellar, home theater, library, a gourmet home kitchen, and a separate chef’s kitchen, as well as a wellness center with a travertine-clad steam room.

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

Stand-out features include a sculptural staircase and a 5,000+ sq. ft. terrace with panoramic city-to-ocean views.

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

The property is listed with Kurt Rappaport at Westside Estate Agency, who shares the listing with The Agency founder Mauricio Umansky and Farrah Brittany, also with The Agency.

#2 10702 Levico Way, Bel Air, California – $30,950,000

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

This quintessential Bel Air mansion sits in the ultra-exclusive, guard-gated community of Levico Estates, on a massive 4.3-acre lot.

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

Featuring over 12,000 square feet with every conceivable amenity, the luxury property has 6 bedrooms, 9 baths, a stunning 2-story entry, a large living room, a library/office, a gourmet kitchen with family room, a gorgeous primary suite with dual baths and closets, a gym, and a wine cellar.

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

And while the opulent interiors definitely caught our eye, the amenity list continues as we step outside, where the generous 4+ acre lot has everything from an outdoor loggia to a pool house, championship tennis court, large lawns, and gardens — all opening up to 360-degree city and canyon views. 

Related: The ‘Fresh Prince of Bel-Air’ House Isn’t Even in Bel-Air

Photo credit: Anthony Barcelo courtesy of Westside Estate Agency
Photo credit: Anthony Barcelo courtesy of Westside Estate Agency

The trophy property at 10702 Levico Way is listed with Kurt Rappaport of Westside Estate Agency.

#3 1740 Bel Air Rd – $19,900,000

Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass

As the listing puts it, this “masterpiece of artful design nestled in the secluded hills of Bel Air… immediately transports you to a level of world-class beauty, serenity, and tranquility from the moment you enter the privately gated driveway.”

Built in 2014, the massive 11,246-square-foot home sits on a generous one-acre lot located just a short drive from world-class luxury shopping, fine dining, and entertainment venues.

With 7 bedrooms, 10 baths, a beautifully appointed open-concept living space, and floor-to-ceiling windows that showcase killer views, the property at 1740 Bel Air Rd is rightfully touted as a private sanctuary.

Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass
Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass
Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass
Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass

The inviting living room fireplace, the spacious chef’s kitchen with an oversized island, slab natural stone countertops, and custom natural wood cabinetry all against a canyon backdrop, the spa-like primary suite, the indulgent home theater with bar, and studio, are all spaces where every detail has been carefully curated to evoke a sense of calm livability.

Outside, the property is equally impressive, with lush landscaping and mature trees that provide privacy and seclusion.

Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass
Photo credit: Trevor Tondro courtesy of the Fridman Group / Compass

The luxury property is listed with Tomer Fridman of The Fridman Group at Compass.

#4 10901 Chalon Road – $16,495,000

Photo credit: Nils Timm courtesy of The Agency

In prime Bel Air, nestled behind mature Pepper trees and lush California landscaping, sits a 9,000-square-foot contemporary marvel with bespoke interiors by KNA Design and tranquil outdoor entertaining spaces.

The gated 6 bed/8 bath private residence boasts upscale finishes throughout (including oak wood, glass, natural honed stone and organic textures) and embodies California’s indoor-outdoor living to perfection.

Photo credit: Nils Timm courtesy of The Agency

With an elegant formal living room with a floor-to-ceiling marble fireplace and built-in-bar, vaulted ceilings, sky-high windows, and sliding doors that open into the expansive backyard, the Bel Air mansion also features a formal dining room with a walk-in wine closet and a showstopping kitchen with a large marble-clad center island and cozy breakfast nook.

Photo credit: Nils Timm courtesy of The Agency
Photo credit: Nils Timm courtesy of The Agency
Photo credit: Nils Timm courtesy of The Agency

The 10901 Chalon Road property also has a double-height ceiling living room upstairs, which connects four of the bedrooms, and a spacious primary suite that overlooks views of Bel Air from a private balcony connecting to the wellness area below.

Photo credit: Nils Timm courtesy of The Agency
Photo credit: Nils Timm courtesy of The Agency

The property is listed with David Parnes and James Harris (Bond Street Partners) and Monique Navarro with The Agency.

#5 14319 W Mulholland Drive – $8,350,000

Photo credit: Mike Kelley courtesy of Compass

A newly built contemporary home perched in the Bel Air mountaintop at the end of a winding, privately gated driveway, is looking for a buyer. And we doubt it will have any issues finding one, as the 4,500-square-foot home is quite the stunner.

Photo credit: Mike Kelley courtesy of Compass

With three bedrooms, four baths, a grand double wooden staircase separated by a glass walkway, upper-level tranquil gardens with lounge areas, and a rooftop garden area, the 2023-built home is far from your ordinary home.

The lower level hosts a generously sized living space where we find the great room, a wet bar for entertaining, and an impeccably designed chef’s kitchen — that boasts a sleek, contemporary dark color palette and custom stacked cabinetry.

Photo credit: Mike Kelley courtesy of Compass
Photo credit: Mike Kelley courtesy of Compass
Photo credit: Mike Kelley courtesy of Compass
Photo credit: Mike Kelley courtesy of Compass
Photo credit: Mike Kelley courtesy of Compass

Outside, we find a true backyard oasis with several seating areas, an infinity edge pool, an al fresco dining area, and a custom built-in bar.

Photo credit: Mike Kelley courtesy of Compass
Photo credit: Mike Kelley courtesy of Compass

And while it’s hard to believe that this is the most affordable property out of all the beautiful Bel Air mansions we went over today, it’s the only one that sports a price tag under $10 million. Listed for $8,350,000, 14319 W Mulholland Drive is repped by Tomer Fridman with the Fridman Group at Compass.

All the above Bel Air mansions for sale are representative of the caliber of homes in the sought-after Los Angeles neighborhood. And we’ll be keeping an eye out for new listings popping up on the market, as well as notable sales in the area, to provide you with a comprehensive resource on the most extraordinary Bel Air houses making moves on the Los Angeles real estate scene.

If you’re a real estate professional with equally impressive listings in the Bel Air area, you can reach out to us at [email protected] and submit them for consideration.

More stories

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A striking $150M modern mansion could set a new record for Bel Air

Wonderfully Witchy: The Full Story of the Spadena House in Beverly Hills

Source: fancypantshomes.com

Apache is functioning normally

Apache is functioning normally

From charming towns to stunning coastlines.

From historic small towns to modern up-and-coming suburbs, Delaware is a state that has charmed many into laying down roots. Considering the significant benefits of a strategic location on the East Coast, plenty of diverse landscapes from beaches to farmlands and a favorable tax climate, it’s easy to see why Delaware is more than just a place on the map, it’s also a great place to call home.

  • Population: 70,750
  • Average age: 35.9
  • Median household income: $49,354
  • Average commute time: 22.0 minutes
  • One-bedroom average rent: $1,576

As the largest city in the First State, Wilmington certainly makes a compelling case for one of the best places to live in Delaware. It’s much more than just a hub for corporations and banks, though it wears that hat quite stylishly with its skyline punctuated by modern skyscrapers.

Wilmington offers a unique blend of urban amenities and natural beauty, thanks to its proximity to the Delaware River and Brandywine Creek. Foodies will feel right at home, with upscale eateries and cozy cafes offering everything from farm-to-table fare to international delicacies. The Wilmington Riverfront, once an industrial area, has undergone a renaissance to become a hotspot for dining, shopping and leisurely strolls.

Residents of Wilmington can enjoy the best of both worlds: a bustling city life, and the tranquility of suburban and outdoor settings just a stone’s throw away. Schools in the area are highly rated, and the job market is strong, making it a sensible choice for families and young professionals alike. For those seeking active lifestyles, the city is crisscrossed with bike lanes and walking trails, and you’re never too far away from a park. Also, given its central location, Wilmington offers easy access to Philadelphia, Baltimore, and New York City, making it ideal for weekend getaways or even longer daily commutes.

  • Population: 31,155
  • Average age: 24.7
  • Median household income: $60,767
  • Average commute time: 20.7 minutes
  • One-bedroom average rent: $1,482

If you’re looking through lists of the best places to live in Delaware, chances are Newark will appear with some frequency — and for good reason. Known primarily as the home of the University of Delaware, Newark exudes an academic yet laid-back atmosphere that is hard to resist. The town is far more than just a college hub; it’s a community bursting with energy, loaded with parks and equipped with a historic downtown district that can make anyone feel like a local. Whether it’s grabbing a fresh-baked pastry from a boutique bakery or attending a live outdoor concert, Newark serves up small-town charm and big-city conveniences in a unique mix.

Newark’s educational assets are not confined to its well-known university; local schools are highly regarded and offer a top-tier education for the younger crowd. The job market here is solid, especially for those in science, technology and healthcare, due in part to the university’s strong emphasis on research and innovation. The city is a paradise for nature enthusiasts, offering a multitude of walking and biking trails. Plus, with Wilmington just a short drive away and Philadelphia less than an hour’s commute, Newark is strategically positioned for those who like to expand their horizons.

  • Population: 38,992
  • Average age: 33.8
  • Median household income: $48,500
  • Average commute time: 26.0 minutes
  • One-bedroom average rent: $1,302

As the capital city of Delaware, Dover has an appealing mix of political prowess, rich history and contemporary amenities, making it an intriguing option for the title of one of the best places to live in Delaware. Aside from being the administrative heart of the state, Dover also stakes a claim in aerospace and manufacturing, thanks to its close relationship with Dover Air Force Base. And let’s not forget NASCAR; the city roars to life twice a year during the races at Dover Motor Speedway, attracting fans from all around the country. A blend of classic and modern, Dover’s Historic District showcases 18th-century architecture, while its growing retail and restaurant scenes keep things decidedly 21st-century.

Everyday life in Dover provides a bit of something for everyone. For families, excellent schools and a variety of recreational options — including abundant parks and nature reserves — make for an enriching environment to raise children. Professionals will appreciate the stable job market, and with the average commute time clocking in at less than the national average, work-life balance is more than achievable.

  • Population: 21,397
  • Average age: 36.7
  • Median household income: $76,920
  • Average commute time: 27.2 minutes
  • One-bedroom average rent: $1,885

If you’re considering the best places to live in Delaware but want to steer clear of bustling city centers, Bear might just be the diamond in the rough you’re seeking. Once a small farming community, Bear has evolved into a suburb with an interesting mix of residential developments, shopping districts and open spaces.

It’s a hit with families, thanks in part to its excellent school system and various recreational opportunities. Whether you’re interested in kayaking at Lums Pond State Park or enjoying an afternoon picnic with the family, the great outdoors are always within reach when you live in Bear.

What really sets Bear apart, though, is its versatility. This unincorporated community offers the calm and scenic views of suburban living along with the convenience of nearby city amenities—Wilmington and Newark are just a short drive away. Bear is more than just a place to hang your hat; it’s a place to build a life. With a strong sense of community and a wide variety of housing options to suit different tastes and budgets, Bear provides an inviting atmosphere for skilled professionals, growing families and newly minted retirees alike.

  • Population: 1,151
  • Average age: 62.1
  • Median household income: $137,783
  • Average commute time: 35.0 minutes
  • One-bedroom average rent: $1,250

Dubbed the “Nation’s Summer Capital,” Rehoboth Beach isn’t just a vacation hotspot; it’s also a contender for one of the best places to live in Delaware. With its iconic boardwalk, beautiful sandy shores and unparalleled ocean views, living here feels like a year-round holiday.

However, don’t mistake it for just another beach town; Rehoboth Beach is as well-rounded as they come. It offers exceptional dining options that range from seafood shacks to gourmet restaurants, boutique shopping that rivals much larger cities, and a ton of community events and festivals that keep the community engaged throughout the year.

Schools in the area are highly rated, making it a viable option for families. For the health-conscious, the town provides ample outdoor activities — think paddleboarding, cycling and of course, swimming, all at the drop of a hat. The local job market is surprisingly diverse, boasting opportunities in tourism, retail and even tech. Plus, the low property taxes and no sales tax add an extra layer of allure for those looking to stretch their dollar to the max.

  • Population: 6,987
  • Average age: 42.1
  • Median household income: $131,603
  • Average commute time: 29.9 minutes
  • One-bedroom average rent: $1,384

Pike Creek offers an appealing blend of winding roads, upscale homes and scenic vistas, including panoramic views from the popular White Clay Creek State Park. Far from being just a pretty face, Pike Creek is known for its quality schools, making it an educational haven for families. Local fitness centers, golf courses and even a shopping center carved from a renovated barn add a distinct flair to this undeniable Delaware gem.

Everyday life in Pike Creek balances convenience with a sense of community. The area is exceptionally safe, and local amenities range from family-run grocery stores to highly rated medical facilities. Job opportunities in nearby Wilmington and Newark make for an easy commute, and Pike Creek itself is home to a range of businesses, from local restaurants on the rise to established retailers.

  • Population: 3,420
  • Average age: 66.4
  • Median household income: $78,125
  • Average commute time: 35.9 minutes
  • One-bedroom average rent: $3,100

With a history dating back to 1631, Lewes wears its title as the “First Town in the First State” with pride, and it’s easy to see why it’s frequently dubbed one of the best places to live in Delaware. The town’s coastal charm comes from a potent mix of historic sites, scenic beaches and maritime character.

The Cape May-Lewes Ferry not only offers picturesque views but also a practical connection to New Jersey. But the ferry isn’t the only water-bound vessel here; the town is a hub for boating and fishing. Local fish markets, quirky boutiques and cozy restaurants line the streets, offering a taste of small-town living with a uniquely appealing maritime twist.

A strong focus on quality education and healthcare makes Lewes an ideal location for families and retirees alike. The town has become increasingly popular for its low property taxes and affordable cost of living, all while offering a high quality of life. Those with a passion for the outdoors will find a range of activities, from kayaking to bird-watching at Cape Henlopen State Park. Lewes is more than just a seasonal destination; it’s a great place to lay down roots and live out your life in peace. Plus, it’s an absolute paradise for leaf peeping.

  • Population: 14,172
  • Average age: 46.9
  • Median household income: $158,063
  • Average commute time: 23.1 minutes
  • One-bedroom average rent: $1,773

Perched in the northern tip of Delaware, Hockessin effortlessly claims its spot among the best places to live in Delaware. Known for its rolling hills, lush green spaces and upscale homes, this sweet spot draws people in with its serene ambiance. Hockessin boasts an interesting blend of history and modernity, with sites like the Ashland Nature Center and numerous upscale dining and shopping outlets. Whether it’s the annual Fourth of July Relays or the panoramic views from the Auburn Heights Preserve, Hockessin never falls short of leaving an impression.

Hockessin is known for its commitment to education, with several top-rated schools making it a magnet for families. The local farmers market is a testament to the town’s dedication to fresh, local produce, while a slew of fitness centers and wellness outlets cater to the health-conscious. With its strategic location, Hockessin offers convenient access to Philadelphia and Wilmington, providing ample opportunities for work and recreation.

  • Population: 24,164
  • Average age: 39.7
  • Median household income: $93,750
  • Average commute time: 36.6 minutes
  • One-bedroom average rent: $1,745

Once a sleepy farming village, Middletown has transformed into a buzzing hub and, as a result, become indisputably one of the best places to live in Delaware. This growth hasn’t robbed it of its charm; instead, Middletown effortlessly blends the conveniences of urban living with the tranquility of its rural roots.

The historic Everett Theatre, which has been the centerpiece for entertainment for over a century, is a surefire hotspot every weekend. Couple this with the town’s shopping centers, locally loved restaurants and the much-anticipated annual Peach Festival, and it’s clear that Middletown has it all and then some.

Families thrive here, thanks to the community’s outstanding schools, myriad parks and an array of recreational programs. The town places a strong emphasis on community engagement, evident in its many events and gatherings throughout the year. As the cherry on top, Middletown’s strategic location along the Route 301 corridor offers ease of access to major employment areas in Delaware, Maryland and New Jersey.

  • Population: 13,149
  • Average age: 36.5
  • Median household income: $63,794
  • Average commute time: 34.8 minutes
  • One-bedroom average rent: $1,050

Strategically positioned between Wilmington and Dover, Smyrna is more than just a waypoint; it’s steadily gaining recognition as one of the best places to live in Delaware. This town is a treasure trove of history, evident in its well-preserved architecture and the rich stories housed within the Smyrna Museum. But Smyrna is not one to rest on its historical laurels. The town has embraced the future with an evolving array of attractions, from bustling shopping centers to eclectic eateries, ensuring residents have everything they need right at their doorstep.

The community radiates a close-knit, small-town feel where neighbors are more like family, and yet, the conveniences of urban living are never far away. Lake Como, the heart of local outdoor activities, sees residents flocking for a peaceful stroll, fishing or simply soaking up nature’s splendor. Proximity to major highways ensures that bigger cities, with their job markets and recreational options, are within easy reach.

Find your dream Delaware apartment

In a state brimming with scenic beauty, historical significance and modern conveniences, selecting the best places to live in Delaware is no small feat. Each location mentioned offers its unique flavor, promising an enviable quality of life.

Whether it’s the coastal allure of Rehoboth Beach or the historical charm of Smyrna, Delaware ensures its residents don’t just live, but thrive. As you consider the next place to call home, remember that in Delaware, every town and city offers more than just an address — it promises an experience.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

Here are the steps landlords and property managers can take to evict a tenant whose lease has ended.

When a tenant’s lease agreement ends, you expect that they’ll either renew the lease and keep living in the unit or inform you that they’re moving out. But what if a tenant doesn’t take either action? That’s when they become a holdover tenant.

These tenants don’t sign a new lease but continue to live in the rental. And there are several options for handling the situation, including eviction. Here’s a look at what to do about a holdover tenant.

What is a holdover tenant?

A holdover tenant is a renter who doesn’t vacate the home at the end of a lease term and keeps living in the property without permission from a property owner or manager. They often even continue paying rent.

Tenants can actually go on living in the home without a lease, until the property manager goes through a formal process to remove them. So, the holdover period officially starts when a lease concludes and ends when the tenant is given a written notice to leave.

What to do about a holdover tenant?

Landlord-tenant laws vary drastically by state and city, so you must read up on your local area’s regulations regarding holdover tenants. In some cases, if a property manager accepts rent, it resets the lease term and you can’t evict them. In other areas, accepting rent enacts a month-to-month lease.

When drafting your lease agreement, include details about what happens once a lease agreement expires to prevent having holdover tenants. Specify a timeframe when you’ll take action if someone doesn’t move out of the home after the lease term and what that action will be.

Since rental laws vary so much, how to best handle a holdover tenant depends on where you live. The first step is to discuss the situation with the tenant to get a sense of their intentions and what might work best for everyone. Often, finding a way to keep a good tenant in your unit is best. Advertising the home and finding new tenants is time-consuming and costly.

Eviction is often one option for dealing with a holdover tenant. You can also convert them to a month-to-month lease, especially if they’re still paying rent. Include terms for how they notify you when they want to move out and how you’ll inform them when you want to end the lease. And, of course, make sure everyone signs the new lease.

How to evict a holdover tenant

If you decide eviction is the best way to deal with a holdover tenant, there are several steps to take. Keep in mind that evictions can take time and usually come with hefty expenses. Here’s how to evict a holdover tenant:

Know the law

Eviction laws differ from state to state, so start by researching local laws. The laws are complex, so hiring an attorney is the best way to ensure you do the eviction by the book. Also, double-check that there are no local eviction moratoria in your area.

Establish grounds for eviction

Before you begin the official eviction, make sure you have a good reason. Staying past a lease term without permission is often grounds for eviction — but you must know for sure. And, if you’ve been accepting rent payments, that could complicate your ability to evict. That’s why consulting with an attorney is crucial.

If the tenant isn’t paying rent, has caused damage to the property or has violated the lease agreement in other ways, that’s adequate grounds for eviction. You’ll most likely need to prove your case if the eviction goes to court. So, hang onto any emails or letters about the end of the lease, late rent or any other issue that has come up.

Ask the tenant to leave

Simply asking the holdover tenant to leave the property can save you both a lot of time and money. If you have a good relationship with your renter, you can explain that the lease term has ended and that they’ll need to sign a new lease to continue living in the unit. Otherwise, you’ll have to evict them.

Mention that the eviction will take time, likely cost them money and could harm their credit, which might affect their ability to rent a home in the future. Working out a solution is better for everyone involved.

But, never take matters into your own hands. Avoid removing a tenant’s belongings from the home or changing the locks. If you can’t persuade the tenant to leave, that’s when you should send a formal eviction notice.

Provide the holdover tenant with a formal notice

To officially start the eviction process, you must send a formal eviction notice to the holdover tenant. The notice tells the tenant that they must vacate the property by a specific date or you’ll proceed with the eviction through the court system.

The eviction notice should include the following elements:

  • Rental property address
  • Date when the tenant must move out
  • A detailed description of the situation, including the reason for the eviction
  • An explanation of why the holdover status violates the lease agreement

Deliver the eviction notice in person or send via certified mail or a read receipt email, so you have proof they received it. Deliver the notice within a certain number of days before filing with the courts, usually 30 or 60 days but it depends on local eviction laws.

File the eviction with the court

If the tenant doesn’t respond to the eviction notice or move out of the unit, file it with the court. The specific process for filing evictions with the courts is different from place to place, so contact your courthouse for the details.

Usually, the process goes something like this:

  • File the paperwork in person at your local courthouse
  • Pay a fee
  • Show proof that you provided a formal eviction notice to the tenant
  • Receive a scheduled hearing date

The court will inform the tenant of the eviction filing and hearing.

On the hearing date, be sure to attend and make your case for removing the tenant. You have the option to hire an attorney or represent yourself. And, you’ll want to bring evidence, such as the original lease agreement, records of communication with the tenant, the formal eviction notice and proof that the tenant received the notice.

Go through with evicting the holdover tenant

If the court sides with you, the holdover tenant will be given a move-out date. The exact timeframe they’ll have to move out depends on local laws.

Hopefully, they’ll go peacefully. If not, you have the right to contact local law enforcement, citing the court’s judgment in your favor. A police officer will tell the tenant to move out in a day or two or escort them off the property.

If the tenant owes back rent, you can file a small claims lawsuit to collect it. You’ll receive a court order to garnish the renter’s wages and repay the owed rent.

Evicting a holdover tenant from your rental

A holdover tenant isn’t something most property managers or owners expect, but it happens. The best way to handle it is to prepare and include provisions for holdover tenants in the lease agreement. In the worst-case scenario, you can use these tips to evict the tenant. When you list your rental at Rent., you can get in front of millions of potential renters, screen tenants and collect rent online.

Erica Sweeney covers real estate, business, health, wellness and many other topics. Her work has appeared in The New York Times, The Guardian, Good Housekeeping, HuffPost, Parade, Money, Business Insider, Realtor.com and lots more.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

Working from home has emerged as a common option for some employees as many companies have adopted the hybrid model and new work from home trends have evolved.

A dedicated workplace is becoming more of a priority for employees, especially those who live with roommates or other family members in an apartment. An extra bedroom or a nook is now an essential feature when people consider moving to or renting a new apartment.

While some employees have returned to the office, other people work for companies that allow a hybrid schedule and only require going to the office two to three days a week. Creating an office atmosphere is critical, especially for people who work with teams or spend many hours of the day on phone calls or video meetings. Sitting at the dining table or in a corner of the living room is no longer a conducive work situation for some people who want a dedicated space.

Here are six work-from-home trends that renters are seeking for 2022.

1. Extra bedroom-nook

“Renters will continue to prioritize functional remote workspaces,” said Ericka Rios, co-founder and director of leasing for Downtown Apartment Company, a Chicago-based brokerage that matches renters with approximately 16,000 apartments in more than 200 properties across the Windy City.

Rios also expects renters to seek work from home-friendly floor plans offering bonus rooms or pocket office nooks.

“Working from home has become a permanent part of the landscape with Chicago renters and they are changing their living situations to accommodate it,” she said. “While some workers have gone back to the office, many are still working from home some or all of the time and need a more functional space for their home office. Many have upgraded to a larger living space with an additional room dedicated to a home office, while others are moving to buildings that offer a more traditional co-working space. The common thread is that nearly everyone has prioritized finding a functional WFH situation within their apartment community.”

Maria Abbe, a public relations executive who lives in Florida, said she recently moved into a two-bedroom apartment to have additional space.

“I wanted extra space, ample lighting and an open kitchen/living room so I don’t feel like I’m holed up in one room all day,” she said. “The palm trees help, too.”

2. Storage areas

Having enough storage in an apartment or in another part of the building is important to many people who prefer to spend their time outside and want to safely stash their sports or exercise equipment, such as a bicycle.

“Storage space in the common areas is critical these days,” said Teresa DeVos, executive vice president of operations at RKW Residential, a Charlotte, NC-based, third-party, multifamily management firm that oversees more than 30,000 apartments throughout the southeast region.

“How that space is designed and delivered depends on the demographics and geographic area the community is located in,” she said.

Secure storage located in a nearby location is a consideration

A community in a walkable, urban neighborhood requires significant space for bike storage. Renters working from home want to get their bikes out of the apartment and in a secure space.

“One of our communities located on the water has many kayaking enthusiasts as residents, so we had to allocate space for kayak storage,” DeVos said. Working from inside an apartment all day makes getting fresh air and exercise that much more important.”

3. Adequate natural light/more windows

When you spend all day working from home, having enough natural light emerges as a priority. Some people thrive in work environments with a lot of sunlight and are more productive.

“Natural light or a big window to place your workstation is vital for the workday when you live in New York City,” said Raj Nijjer, CMO of Refersion, a company that helps online shops track sales driven by promoters, influencers and affiliates. He prefers anything green or trees outside and likes having the ability to take a short walk on quiet streets for breaks or phone calls.

“Natural light is very beneficial to wellness, especially for those who work from home,” said Linda Kozloski, creative design director at Lendlease, an Australian-based integrated real estate and investment group.

The broad windows at Cascade, a 503-unit luxury apartment tower that recently opened in Chicago’s Lakeshore East neighborhood, and Porte, a 586-unit development in Chicago’s West Loop that opened during the pandemic, not only let in the “ample daylight that residents desire, they offer views of the skyline and nearby parks, allowing residents to take mini breaks as they work, moving their eyes from their screen to the view,” she said.

“The most common request we are getting from renters about working from home is having the ability to carve out a little area of the apartment as a space to work comfortably and with plenty of natural light or LED lighting,” DeVos said.

“We have taken the step of staging our model apartments to incorporate such spaces so prospective renters can visualize what working from home would look like,” she said.

Large windows help with productivity

Freda Moon, a travel editor at SFGate, said having a view like a big window overlooking a park and a location with restaurants and bars nearby with a lot of activity becomes more important. “I don’t want to feel cooped up,” she said.

Large windows with natural light and “a view of the city to feel like I was in a real office which helps with productivity,” said Justine D’Addio, a publicist for startups, who works from home in downtown San Francisco. “Having a larger than average balcony is great for work breaks and overlooking whatever ‘hustle & bustle’ is left here,” she said.

4. Noise control

Being able to manage the amount of noise from inside the apartment and from within the building is critical for people who need less noise to complete projects. WFH employees find this to be a necessity, especially if they’re living with a partner, children or roommates.

“There has always been high demand for sturdy, well-built communities, but now that more of our residents are working from home, they appreciate that our projects are designed to high acoustical standards,” Kozloski said. “The double-glazed glass in the façades of Porte and Cascade act as a noise-mitigation measure, ensuring that most external sounds are not detectable.”

Other people want a quiet respite from street noise or have no desire to hear their neighbors walking around their apartments. Michael Dehls, an IT professional living in Rutherford, NJ, said, “I think the ability to manage noise is extremely important, especially for couples. ”

His previous apartment had no doors between rooms, which made it tough when both he and his wife had to take conference calls simultaneously. Their new apartment has doors in most of the rooms.

“Being able to limit the amount of noise she heard from her neighbors was essential,” said Liz Froment, a Boston resident, who moved during the pandemic.

“A huge one for me was limiting neighbor noise,” she said. “I went from being surrounded on all sides to a top floor corner unit sharing only one small wall.”

5. Meeting or co-working room

Being able to work in a meeting room in the apartment’s lobby or having a silent booth for taking phone calls is a necessity. Others need a break from their roommates or family members.

“Building amenities like co-working areas with meeting rooms, private booths or dedicated Zoom rooms will be in high demand during the year ahead,” Rios said.

“Renters also want the ability to create such environments throughout the community, whether it is individual ‘phone booth’ private spaces to make calls and have virtual meetings or co-working areas for small groups to get projects done,” DeVos said. “If we can incorporate small workspaces into rooftops, especially in cities with great views, we make sure to do so.”

Change of scenery needed for WFH employees

“The amenity arms race has always included meeting spaces that allow residents a change of scenery so they can get work done outside of their unit,” Kozloski said. “Since the start of the pandemic, some buildings also offer work pods that are designed for one person to do head-down work.”

“At Cascade (which is 50 percent occupied) there have been nearly 600 reservations for the two reservable conference rooms since launching reservations on Oct. 1,” she said. “These spaces are open 24 hours a day and the most popular reservation time is between 1 p.m. to 3 p.m. Cascade also added Stockwell vending machines, coffee service and a Print with Me printer in this same space as the reservable study areas as a convenience for those that work from home.”

“A top consideration for renters is how an apartment building provides working from home options,” said Jon Schneider, senior vice president for Fifield Cos., a Chicago-based boutique real estate developer that owns multifamily buildings in multiple markets, including two properties that opened during the pandemic in Chicago.

Their buildings are primarily located in or near city centers, which offers easy access for those who have returned to the office, but “estimates show about 50 to 60 percent of its residents are still working from home,” he said.

“We anticipate the flexibility to work from both an office and from home will continue to be a factor for the long term,” Schneider said. “Data suggests eight out of 10 renters expect to be working from home at least part of the time now and in the future,” he said.

Demand for co-working suites is rising

“Residents at their building in the Logan Square neighborhood of Chicago like having access to a full co-working suite with individual booths providing separation with a sense of openness, small offices offering a less distracting, more private space for phone calls and focused work and a more traditional conference room with a large table and wall-mounted monitor for group meetings or space to spread out,” Schneider said.

“Having this common space allows residents the flexibility to lease whatever floor plan best fits their budget and lifestyle because they know work-from-home space is covered,” he said. “The co-working spaces in our buildings like Logan Apartments and Westerly are consistently utilized and some residents even bring an entire computer set-up with monitors and PCs down to the co-working space on a daily basis. In terms of COVID protocols, we follow whatever the local government guidelines are for masks and social distancing.”

6. Outdoor space

Having access to outdoor space at the apartment complex, such as a balcony with adequate room for a table and chairs, a small garden and/or a dog park, is what some renters prefer.

Some renters find that having a dog park is just as important as having enough light or an extra room.

A dog park is what made the difference in choosing the last apartment for Angela Tague, a marketing writer and journalist who lives in Sioux City, IA.

“It was great for my dog to exercise and meet other dogs and got me outside more,” she said. “Win. Win.”

Access to outdoor areas is a priority

The Downtown Apartment Company in Chicago said 75 percent of its rental clients now want access to private outdoor space and they’re willing to pay a premium for it. Units with balconies tend to rent at 30 cents to 40 cents more per square foot. Rios also said that the No. 1 location for a balcony is off the bedroom, which can be hard to find as most units feature a balcony off of the living area.

“Another interesting insight is that balconies are leveling the playing field a bit between older Class A buildings and newer Class A+ buildings with tons of high-end amenity space, but no private balconies, ” Rios said.

“Balconies allow renters to work outside in temperate weather,” she said. “I’ve heard from the Porte leasing team that balcony units were the first to go because people wanted that second location to work from home.”

“Both Cascade and Porte have generous outdoor amenity decks that include, among other things, plenty of lounge furniture where renters can sit with a laptop to get work done. In addition, Cascade has a 32nd-floor lounge space overlooking Navy Pier that includes an adjacent study room for those who want great views and a quiet space.”

Work from home trends will continue

Many work-from-home trends will continue in 2022 as renters seek new living quarters. Some will continue their hybrid work models, while others will spend more time in the office.

Employees prefer to have a defined workspace, whether it’s another room or areas dedicated to relaxation or exercise, such as a balcony, small green space or a dog park. They want to spend time outdoors and away from their screens.

Source: rent.com