What expenses to expect when you sell your house

Selling a house has hidden costs, but planning ahead can eliminate last minute worries.

According to a new study by real estate research firm Zillow and Thumbtack, an online site matching local professionals to customers, the average cost of covering basic projects – painting, staging your home, carpet cleaning, lawn care and gardening, and local moving costs – was $4,985 for sellers who hire professional help.

The analysis showed a range of an average high of $6,580 in San Jose and a low of $3,720 in Dallas, according to USA Today.

Before you spend money on updating the look of a home, review the foundational elements that make or break a house to see how much you really need to spend.

First look at smaller things. The faucets shouldn’t drip, and all fixtures should be in working order. Windows should not be broken or cracked. Fans should not wobble or make noise.

Next, look at higher price items. The heating and air conditioning should work. Walls and ceilings should be presentable. Appliances should all work. If you can, gather information about the age and repair history of these items.

Then there is the roof. In some hot markets, real estate agents say properties can sell sight unseen. Yet, the roof condition is crucial to getting the best price. Problem is that a new roof is expensive.

If it costs $10,000 to put on a new roof, it could be money well spent. If a buyer has options for similar houses at a similar price with a good roof, it’s unlikely they’ll choose a house they have to re-roof. Even if the house sells with three layers of shingles, chances are the selling price could take a hit for more than the cost of the roof. To your list of repairs, add the cost of decluttering.

Plan yard sales and eBay sales for items of value. These sales might add some cash to your sales budget, but as for bulk clutter removal, they often won’t do much good.

For serious bulk removal, call a trash hauling company. You can usually hire a man and a truck who will take every last item out of a storage area.

Naturally, you will need to pick out the items that you genuinely want to move. You could repair those three old string trimmers. You could use those 2x4s somewhere, but the question is do you really want to move them?

A decluttered property and outbuildings are crucial to a good sales price.

Experts usually recommend neutral paint throughout the inside, although many homeowners ignore this expense.

Carpet cleaning can often suffice, in lieu of replacement, but be sure to add the cost to your estimate.

Don’t overlook yard work and house cleaners, both of which put your house in a good light.

Can You Drop Commercial Insurance at Any Time?

Insurance is something that you should always have in place to help protect your business. That being said, sometimes your needs change or you no longer need a commercial policy and instead have the need to cancel. The issue comes when you need to cancel your policy. For those that live in the Cypress, TX area, the agents with InsureUS can help you to cancel your policy and adapt it as needed.

For the most part you can cancel any type of insurance policy at any time for any reason. The issue comes if you are legally required to hold they type of insurance policy that you are canceling. For instance, if you have a car and you cancel insurance on it, you are going to have to take out another car insurance policy to remain legal. The same goes for a home that you owe a mortgage on. For a business, the stipulations are a bit different.

You are not required to hold a commercial policy on a business at all. It is always beneficial however as it protects your business, your employees, and the building in which the business is housed. You can cancel your commercial policy at any time and you may not have to take out another depending on whether or not you owe on the building or the inventory. You should take the time to find out what type of policy you are going to need and what type of legal need you have in regards to your particular business.

For those that live in the Cypress, TX area, the agents with InsureUS can help you to find out what type of policy you are required to hold if any and what type you need to be fully insured.

Home renovations that offer the best resale value

Homeowners can use renovations to improve their quality of living, but not all improvements will provide the same return on investment at sale, according to USA Today.

Often, the best returns will come from bringing a substandard home in line with other homes in the area rather than making further improvements to ones that are already the biggest and best.

Basic projects like attic insulation can recoup 116 percent of the cost and more expensive ones like installing a new HVAC, water heater, or windows could be strong choices as well. Importantly, current homeowners will also enjoy the benefits of lower heating and cooling bills before selling the house.

Refreshing the exterior of a home is one of the best ways to improve the curb appeal for a potential buyer. Inexpensive pressure washing and painting projects can remove the aging effects of dirt and mold and make focal areas like the front door shine.

Landscaping, meanwhile, carries over 100 percent return on its cost and can include planting seasonal flowers as well as trimming shrubs and mulching beds. Adding stone veneer or replacing the garage door will both demand over 90 percent return as well.

Inside the home, painting is one of the best bang-for-your-buck improvements that a home seller can make with an estimated 109 percent return. Choose neutral colors that will go with anything, such as gray, to appeal to a broader group of prospective buyers.

Minor updates to bathrooms can have a 102 percent return and can be as simple as regrouting tile, replacing toilets, updating sinks and fixtures, and recaulking the shower. These projects are often simple enough to do without professionals for an even more significant return.

Opening a custodial investment account for children

Parents can open brokerage accounts for their children and get tax breaks, according to The Motley Fool. Custodial accounts are so named because they are opened in the name of the parent and will remain under their control until the child turns 18 or 21 (depending on the state) and assumes ownership.

Other than the transfer of ownership, these brokerage accounts are the same as any other and investments can be made into any of the brokerage’s offerings. Any withdrawals or earnings from the account will be taxed at the child’s rate which is typically much lower than the household’s. Money can be pulled out to cover certain expenses that would benefit the child.

Making a seasonal business work all year round

Nearly every business experiences some ups and downs throughout the year but truly seasonal businesses, such as those at ski resorts or beaches, often require a year-round strategy to ensure that they are running effectively, according to Entrepreneur Magazine. For these businesses, the bulk of their yearly income could come from only a handful of months, and it is necessary for them to budget well and spend their time wisely during the offseason to prepare for the next busy time.

Using the Winter Sports School in Harbor Springs, Michigan as an example of a business that actually closes their doors during the offseason, the family-owned business knows exactly how long they will be open during the year, and they understand that the money will stop coming in once they close their doors in April. Rather than taking a long break and scrambling to re-open in November, the family gets to work updating calendars, brochures, and the website so that potential customers will always have the most up-to-date information about booking. They also maintain a broad network of ski instructors during the summer to ensure that they remain well staffed.

Rather than closing up shop, some seasonal businesses find ways to either extend their season or pivot into a related field during downtime so that they can generate income all year. Delphinium Designs, a landscaping business, used this strategy to open a separate business during the winter months centered around holiday decorations. Their landscaping clients made natural prospects for the decorating, and it allowed the owner to split her year into different planning and execution phases around both businesses. Another concept, a Christmas store, began completely transforming their store for each major season to bring in new customers all year without losing sight of their original idea.

Amazon’s culture of high standards

Amazon’s meteoric growth over the past two decades can likely be attributed to its CEO Jeff Bezos and his culture of consistently high standards, according to Forbes.

In fact, his most recent annual letter to shareholders centered around his ideas about how he thinks companies should be run and how he lives his life. He believes that these standards are contagious and that bringing a lot of high performers together will create a self-sustaining effect that quickly spreads to new hires. Meanwhile, the opposite is true, and companies with cultures of low performance will have a difficult time changing.

Honesty with one’s self is a big part of his next two ideas: eliminating blind spots and recognizing how hard a project is likely to be. During the early years, he admitted that he was not good at finding problems in the process, eliminating defects, and keeping issues fixed for the long-term. Asking for help and learning from his colleagues allowed him to correct his deficiencies instead of pridefully ignoring them. Similarly, when a person underestimates the difficulty of an obstacle ahead, they are more likely to give up early than to succeed in the future. An accurate assessment of the task at hand means that the right assets will be used to tackle it and the timeframe will be realistic.

His last point brings his company’s performance around full circle by emphasizing his ‘Day 1’ mentality. He continually reminds himself why he initially started Amazon and uses that focus to stay disciplined every day. He firmly believes that it is easy to be satisfied, but greatness requires a person to handle risk and remain hungry for more.

Why do high performers quit their jobs?

High-performing employees are more likely to be satisfied with their jobs than low performers but one in five are still apt to leave within the next six months and more than half aren’t content with their position, according to recent research by the Harvard Business Review.

The study revealed that two criteria are essential to keeping high performers happy and many are not getting these from their current managers and companies.

The single biggest contributing factor for high-performing employees’ satisfaction is base pay and bonuses. It was important that yearly raises and bonuses be measured against the individual’s or team’s performance rather than tenure. The range of a typical annual raise of 2 to 6 percent, for instance, was not significant enough to keep people in place who had other options in the workforce. Adding more variation to the bonus structure, such as removing the cap on the best performers, was found to be an indicator of success for the overall company along with better retainment.

After compensation, the strongest employees want more feedback and options for company-led development and training. Respondents wanted at least one monthly conversation with their boss to discuss performance and goals, but only about half of the group were able to do so, and as a result, they showed symptoms of under-appreciation. Similarly, two-thirds said that they weren’t supported in formal training by their manager despite already being willing to learn and grow on their own.

There are likely many reasons for this lack of engagement around retaining high-value employees and sometimes they are merely a victim of their own success, according to Forbes. For example, managing superstars can be more stressful for a boss and can lead to resentment if employees are seen as a threat to their own job.