Does it seem like it's a desert for property listings lately? That's because it is, with one exception.

There you are, all ready to hit some open houses in Los Angeles over the weekend.  But you sadly realize that there are no homes for sale to see.  Hey, it’s the holidays! Listings slow way down at this time of year!

However, there is a certain type of home that still pops up around this time — flips.  Property flippers don’t care about the time of year that their listings show up; they just want to make their money back on their extensive house remodels asap.  And most of the flipped homes are pretty nice.  So, if your goal is to purchase something that’s in move-in condition, a flipped home may be for you.  Caveat: these houses are usually NOT sold at a discount; the opposite is often true.  And with the L.A. area’s history of multiple offers, the house you like may actually go over the purchase price.  Even if not, you may have to wait for January for any price reductions.

How to calculate Reverse Mortgage Loan Monthly Payments?

In our previous post, we covered the concept of Reverse Mortgage Loan (RML). We covered elements such as definition of Reverse mortgage Loan, eligibility criteria, amount that can be availed, and modes & nature of payments.

People from across the country showed substantial interest in Reverse Mortgage Loan.  And there were queries from ‘formula to calculate monthly payment’ to ‘paying the amount back to bank’. We cover all of this below:

Installment Amount = ((PV*LTVR-OTDA)*I)/ (((1+I)^n)-1)

Where, PV=Property Value;
LTVR=LTV Ratio;
OTDA=One Time Disbursement Amount;
n=No. Of Installment Payments;
I= the value of ‘I’ will depend on Disbursement Frequency selected.

For Example,
Property Value (PV) = 10, 00,000
LTV Ratio (LTVR) =80%
One Time Disbursement Amount (OTDA) =0
Loan Disbursement Period=15 Years
Disbursement Frequency=Monthly
Interest Rate (IR) = 9.25 %

Calculations: On the basis of the inputs:
The disbursement frequency selected is Monthly so ‘I’ will be IR/12(i.e. 9.25%/12)
No. of installment payments (n) will be calculated monthly e.g. if 15 is selected then the n=15*12=180
Putting the values in the formula:
Installment Amount=Rs.2, 070;

Here is a detailed example of Mr. Sharma, 62 years of age and own a property worth Rupees 1.5 Crores in Gurgaon. Mr. Sharma lives with his wife 59 years of age. Both his sons are married and settled abroad. On knowing about the merits of Reverse Mortgage Loan (RML), Mr. Sharma decided to check on the eligibility and monthly payment that he will be getting.

While he is clearly eligible for the same (find Reverse Mortgage Loan Eligibility criteria), he found it rather cumbersome to calculate the monthly payment that he will receive.

Property Value PV = 1.5 Crores (15000000)
Loan to Value Ratio (LTVR) = 80% (As specified by RBI)
One Time Disbursement Amount (OTDA) = 0 (No amount is disbursed in one go, instead banks pay monthly payments to applicant)
Loan Disbursement Period (n) = 15 years or 180 months
Disbursement frequency = Monthly
Current Interest Rate (I) = 10.25% yearly or (10.25/12)% = 0.854167% monthly

Calculating the monthly installment amount by putting all these value in given formula in excel:
Installment Amount = (((PV*LTVR)-OTDA)*I)/ (((1+I)^n)-1)
Installment amount = 28294

So, Mr. Sharma will be getting a monthly payment of Rupees 28294 for 15 years. Upon completion of 15 years, Mr. Sharma can either extend his Reverse Mortgage Loan (RML) payments or pay the outstanding amount to bank to get back his house.

Report: Cost to Rent Two-bedroom in Boston Rises 8.5%

According to a report released by Zumper on Monday, Boston is still the third most expensive place for renters in the U.S. Only New York City and San Francisco ranked higher. 
In metro Boston, the median price of a one-bedroom apartment increased 5.4 percent year over year to $2,530, while the price of a two-bedroom unit jumped 8.5 percent to $2,930.

Providence, Rhode Island ranked #18 on the list. The median rent for a one-bedroom in the Rhode Island capital remained stable at $1,480, while the cost for a two-bedroom rose 3.7 percent year over year to $1,700.

Nationally, rents have overall increased. The median rents for one- and two-bedroom units are up approximately 2.5 percent year over year — to $1,237 and $1,480, respectively. 

According to the report, these cities are the most expensive for renters: 
1.    San Francisco, CA  ($3,530)
2.    New York, NY ($3,000)
3.    Boston, MA ($2,530)
4.    Oakland, CA ($2,500)
5.    San Jose, CA ($2,450)
6.    Los Angeles, CA ($2,300)
7.    Washington, DC ($2,300)
8.    Seattle, WA ($1,880)
9.    San Diego, CA ($1,830)
10.  Miami, FL ($1,710)

Why is Boston Traffic So Bad? Your Question Finally Answered

An early 2019 report crowed Boston with the title of the worst rush-hour traffic congestion in the U.S.A. Other reports have reached similar conclusions and proved that not only is Boston’s gridlock particularly terrible, but that commutes are outrageously long. Why exactly does Boston have such horrible traffic? We have the explanation on exactly what led to Boston’s reputation for having such terrible traffic. 

1. More than “Boston”

Boston isn’t just “Boston”. The city of Boston is part of a densely packed confederation of cities and towns that stretches for dozens of miles, and that united encompasses more than four and five million residents. In fact, if the Boston area were it’s own city rather than a collection of municipalities, it would be more populous than any U.S city other than New York. 

2. Relatively Excess and Cheap Parking 

Several municipalities in the Boston region, including the city of Boston itself, give away free resident parking permits excessively. Or, they charge relatively low fees such as $25 per household for an initial parking permit. Furthermore, metered parking in Boston is some of the cheapest available in urban America. Condo and apartment developments often include parking as well. 

3. Constantly Increasing Population 

The population of Boston is expected to grow from 685,000 to 709,000 by 2030. Surrounding municipalities like Cambridge and Somerville are growing as well. Based on these recent trends, the Boston region could contain 5 million residents in the next few years. A large population will most likely lead to more drivers, and more cars on the road from car-hailing applications like Uber and Lyft.

4. The Demand for Car Hailing Apps

Car-hailing applications like Uber and Lyft have been growing in popularity throughout Boston and the surrounding areas. The number of rides completed through car-hailing applications increased about 25 percent in 2018, to 81.3 million, compared with 2017, according to a recent report from the state Department of Public Utilities. 80% of these rides began in Suffolk and Middlesex counties, which include most of the Boston region, including the city of Boston itself. In fact, 42.2 million, or more than half of all car-hailing rides, began in Boston.

Along with the popularity of Lyft and Uber growing, Amazon Prime has become super convenient for Boston residents who utilize Instacart and other home delivery services, which can drop off household goods with just a few mouse clicks. Although these vendors and services bring convenience to people’s lives, these businesses translate to more cars on the road, and more congestion in daily Boston traffic.

Free home decor apps for the amateur and home owners

With an abundance of information on our palms, we need not go looking for anything. This is the age of DIY (Do it yourself). Nearly everything can be done and recreated at home, including your home itself. There are millions of design ideas readily available on the internet. We explore the best free home decor apps helping you virtually construct your living space before actually investing on it. Here’s a list of our favorite free apps because the best things in life are free.
Free
Available on iOS and Android

Pinterest is perhaps the most popular app today to browse through any kind of design idea. You can choose from millions of boards and pins of professionals and amateurs alike. Beautifully addictive this app is perfect for the ones seeking inspiration for your next home improvement plan, however big or small your budget may be.

Free
Available on iOS and Android

Houzz is one of the best free interiors, home decor and home solutions app today. Apart from having a great collection of ideas and photo library, this app covers interiors and home decor in its length and breadth. You can not only choose ideas, but products, DIY and consult experts. This is a great free app to have on your smart-phones to get a range of home improvement ideas.

Free
Available on iOS and Android

As the name suggest this app is an extremely handy level checker for your wall art, furniture, shelves and anything you can think of. This is a must have home solutions app.

Free
Available on iOS

Snapshop Showroom is a great app that helps you visualize how your furniture looks in your set up using augmented reality. Just snap a picture of the space you wish to redecorate and choose from a wide range of furniture and upholstery options. You can place it , rotate etc. and see if it deems fit. It also offers an option to buy your furniture from popular brands like IKEA.

Free
Available on iOS and Android

This has happened to all of us at some point of time, when we head to a store and forget the measurements and angles. Consider using Photo Measures Lite. Just snap a picture of the space and mark the desired measurements and angles. Easy and extremely helpful!

This is a guest post by Sulabha who is passionate in writing blogs and articles on Home décor, mobiles and Real Estate. Sulabha has written several blogs on home design, latest trends in industry of real estate market, latest demands on apartments in Hyderabad, commercial properties, land or plots.








Free home decor apps for the amateur and home owners

With an abundance of information on our palms, we need not go looking for anything. This is the age of DIY (Do it yourself). Nearly everything can be done and recreated at home, including your home itself. There are millions of design ideas readily available on the internet. We explore the best free home decor apps helping you virtually construct your living space before actually investing on it. Here’s a list of our favorite free apps because the best things in life are free.
Free
Available on iOS and Android

Pinterest is perhaps the most popular app today to browse through any kind of design idea. You can choose from millions of boards and pins of professionals and amateurs alike. Beautifully addictive this app is perfect for the ones seeking inspiration for your next home improvement plan, however big or small your budget may be.

Free
Available on iOS and Android

Houzz is one of the best free interiors, home decor and home solutions app today. Apart from having a great collection of ideas and photo library, this app covers interiors and home decor in its length and breadth. You can not only choose ideas, but products, DIY and consult experts. This is a great free app to have on your smart-phones to get a range of home improvement ideas.

Free
Available on iOS and Android

As the name suggest this app is an extremely handy level checker for your wall art, furniture, shelves and anything you can think of. This is a must have home solutions app.

Free
Available on iOS

Snapshop Showroom is a great app that helps you visualize how your furniture looks in your set up using augmented reality. Just snap a picture of the space you wish to redecorate and choose from a wide range of furniture and upholstery options. You can place it , rotate etc. and see if it deems fit. It also offers an option to buy your furniture from popular brands like IKEA.

Free
Available on iOS and Android

This has happened to all of us at some point of time, when we head to a store and forget the measurements and angles. Consider using Photo Measures Lite. Just snap a picture of the space and mark the desired measurements and angles. Easy and extremely helpful!

This is a guest post by Sulabha who is passionate in writing blogs and articles on Home décor, mobiles and Real Estate. Sulabha has written several blogs on home design, latest trends in industry of real estate market, latest demands on apartments in Hyderabad, commercial properties, land or plots.








5 Amazing Kitchen Upgrades Without Remodeling

Kitchen renovations can be strenuous, requiring a lot of time, money, and effort. However, if you don’t have the financial resources or time for a full renovation, there are numerous affordable upgrades which will provide your kitchen with a brand new look. From refacing cabinets to replacing old lighting, a few cosmetic tweaks can give you the kitchen you always desired.

1. New Cabinets

The trend of refacing kitchen cabinets is growing among homeowners, who are looking for an easy and affordable way to modernize their kitchen. Refacing involves replacing the doors, drawers, and hardware, and covering the entire exterior of the cabinets with a brand new veneer. If you are happy with the layout and function of your kitchen, but desire a new aesthetic feel, cabinet refacing might be your answer. While a full kitchen gut and renovation may take several months to complete, cabinet resurfacing typically takes only 3-5 days.

2. New Backsplash

Installing a new backsplash is an easy and effective way to powerfully change the aesthetic of your kitchen. Be sure to choose a timeless material which will compliment your cabinetry.

3. Change Up Your Counter Tops

If you want to reinvent and look and feel of your kitchen even further, consider splurging on new countertops. If you are on a budget, head to your local stone yard and choose a granite at the lower end of the price range. Formica, a more affordable option than natural stone, has a variety of beautiful countertop pattern options and textures. If you are short on counter-space and are not looking to add more cabinetry, consider purchasing a pre-made island or bar-height table that you can float in the center of your kitchen. 

4. Add Shelving

Shelving is an overlooked yet brilliant way to powerfully change the look and feel of your kitchen, while adding functionality. If your cabinets don’t have lip molding on the interior, remove cabinet doors to show off your beautiful serving dishes. Or, if you have an empty wall, introduce floating shelves from stores like Pottery Barn or IKEA, to add both style and more storage to your kitchen.

5. Introduce Proper Lighting 

Lighting can quickly and powerfully change the look and feel of any room. Get rid of harsh flourescent lights and replace them with soft can lights. Make food prep an easier experience by having an electrician install under-cabinet halogen fixtures, or ambient light tape. Also, over the kitchen sink is the ideal place for a statement piece like a sculptural pendant light. 

Veteran’s Day

Ok ok, Veteran’s Day was officially yesterday and lots of us get today off – but do ya’ll know the origin of Veteran’s Day?

Veterans Day was formerly known as Armistice Day. It was originally set as an official United States holiday to honor the end of World War I, which officially took place on November 11, 1918 at 11am (11/11 at 11am). November 11 was “dedicated to the cause of world peace and to be hereafter celebrated and known as ‘Armistice Day.'”

There’s more…you can read up on it here:
http://www.military.com/veteransday/History.htm
http://www1.va.gov/opa/vetsday
http://www.whitehouse.gov/news/releases/2007/10/20071031-6.html
http://www.census.gov/Press-Release/www/releases/archives/facts_for_features_special_editions/010733.html

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