Sure, you're too young to think about the cost of your house payments, but it's not too early to understand everything that goes into running a household. Ask your parents about all the things that make your house a nice place to live. Maybe you could play house together and you could learn about everything from groceries to the electricity running through the house.
Teens - Housing
When South Valley Bank & Trust interviewed high school students, we found out they think quite a bit about college, cars, music and moving out on their own! Although you aren’t there yet, here are some things you will need to think about.
First Apartment
Leaving the nest is an exciting time; it means life on your own and establishing your independence. However, it’s a lot of responsibility and can be costly!
If you are going to college, you may consider living in dorms your first year. Actually, some colleges require that you live on campus your first year. It allows you to meet other people, and gives you a sense of community as you begin life on your own.
If you are going to college locally, many students choose to live at home. Talk to your parents about this possibility and how it can best work for the both of you. Keep in mind that it can save you a lot of money and keep you focused on your college education by not worrying about rent, roommates, and other distractions. You’ll have plenty of years to be on your own!
If your heart is set on getting an apartment, you’ll need to think about:
How much you can afford
First and often last month's rent, plus deposits
Rent, utilities and other living costs
Roommates
What do you want to rent? (apartment, house, etc.)
Where do you want to live?
College/Career - Housing
Leaving the nest is an exciting time; it means life on your own and establishing your independence. However, it’s a lot of responsibility and can be costly!
Finding a Place to Rent Here are some important things to consider:
How much can you afford? Put together a budget to determine your monthly expenses. Make sure you include deposits, rent, estimated utilities, renter’s insurance, furnishings, food, gas, entertainment, and other expenses. Make sure to budget for emergency expenses! Please see our Personal Finance calculators section.
What do you want to rent? A studio? An apartment? A condo? A house? What about renting a room in someone’s home? There are lots of options out there depending on your budget.
Where do you want to live? Location is a key element in choosing the best place to call home. How far away from work or school are you willing to live? What areas are safe? Explore the area before committing to anything. Remember, safety is more important than saving a few dollars on rent.
Are you willing to have a roommate? Can you afford not to have one? A roommate can offset your monthly expenses considerably but can also “flake out” in paying their bills so select carefully! If you are going to go the roommate route, make sure you are compatible. You don’t have to be best friends, but you should be able to communicate about finances and respect each other’s living habits. Set down some ground rules that include house chores, bill payments, how you feel about guests, etc. Be sure you have an understanding about alcohol, drug, smoking and overnight guests! The more you discuss, the better your living situation will be.
You must be cautious when looking at properties. Never go alone. The following are a few sources to help you find a good place to live:
Online rental services charge a subscription fee to access listings. Try http://www.Apartments.com, a site assisting with apartment hunting, moving and living.
Make a list of questions you want to ask ahead of time and take notes. Compare. Ask the manager for references or consider asking a few residents how they like living there if you have the opportunity. Does the landlord or manager respond to complaints in a timely manner?
Career/Young Family - Housing
Finding a Place to Rent
Here are some important things to consider:
How much can you afford? Put together a budget to determine your monthly expenses. Make sure you include deposits, rent, estimated utilities, renter’s insurance, furnishings, food, gas, entertainment, and other expenses. Make sure to budget for emergency expenses! Please see our Personal Finance calculators section.
What do you want to rent? A studio? An apartment? A condo? A house? There are lots of options out there depending on your budget and your needs.
Where do you want to live? Location is a key element in choosing the best place to call home. How far away from work or school are you willing to live? What areas are safe? Explore the area before committing to anything. Remember, safety is more important than saving a few dollars on rent. Also, if you have children, is there a school or playground nearby? Are there other kids in the neighborhood?
Are you willing to have a roommate? Can you afford not to have one? A roommate can offset your monthly expenses considerably but can also “flake out” in paying their bills so select carefully! If you are going to go the roommate route make sure you are compatible. You don’t have to be best friends, but you should be able to communicate about finances and respect each other’s living habits. Set down some ground rules that include house chores, bill payments, how you feel about guests, etc. Be sure you have an understanding about alcohol, drugs, smoking and overnight guests! The more you discuss, the better your living situation will be.
You must be cautious when looking at properties. Never go alone. The following are a few sources to help you find a good place to live:
Online rental services charge a subscription fee to access listings. Try http://www.Apartments.com; a site assisting with apartment hunting, moving and living.
Make a list of questions you want to ask ahead of time and take notes. Compare. Ask the manager for references or consider asking a few residents how they like living there if you have the opportunity. Does the landlord or manager respond to complaints in a timely manner?
Buying Versus Renting
The Realtor Association put together a list of benefits to owning a home to help shed some light on why owning is better than renting. However, every situation is different and sometimes it does make sense to continue renting. To read everything the Realtor Association has to say, visit:
First Time Home Buyer
So, you’re ready to buy a house? Buying a house may be the largest investment you ever make and can garner enormous rewards when it’s done with sound, responsible decisions. The Department of Housing and Urban Development lists a number of practical steps to buying a home including:
South Valley Bank & Trust’s Mortgage Managers can help explain the many options available to you. Just stop in any branch or call for information. Having guidance can be very beneficial!
The American Bankers Association (ABA) is another source for consumers to learn about mortgages:
Need help determining how much you can afford?
Create a realistic budget that includes utilities and an added buffer for unexpected expenses, like car and home maintenance. For more tips on creating a budget, see our Personal Finance calculators section.
Once you have completed your budget, determining the perfect loan product begins. As mentioned above, contact our local Mortgage Lender to determine what you prequalify for, and what loan products are available to you.
What about the lingo? Bankrate.com covers the maze of mortgages with their “Mortgage Basics.” Their website has a step-by-step process for buying a home, including helpful information on selecting a loan and what type of paperwork to expect:
House Hunting
Now that you know what you can afford, and have been pre-approved for a loan, it’s time to start looking at homes. Buying your first home is an investment. It is a choice that, if made well, will reward you for years to come. Take your time and identify the neighborhoods you would like to consider.
There are several resources available to help you find the perfect home for your budget. One resource is hiring a professional Realtor familiar with your area’s neighborhoods, school districts and local real estate market. A Realtor can guide you through the purchasing process and help you to select the right house. There are many companies out there that can provide you with a professional and ethical Realtor. While there are plenty of good resources to help you find a professional Realtor, nothing is better than asking friends and family member for personal referrals.
Why use a Realtor?
Foreclosure versus Short Sale Properties
The following websites will provide you information on foreclosed properties available in your area, including information on buying foreclosed properties:
Inspections
Your Realtor will refer an inspector, or provide a list of inspectors they feel are reputable and accurate in their assessment of the property. Once your offer has been made and accepted, you will have a certain number of days to complete inspections to validate that the home is in good order. You can choose to have one or more things inspected, but we recommend a “whole house” inspection. It’s money well spent!
To help you better understand the inspection process, the MSN Real Estate website has an article explaining common issues arising from inspections, the different types of inspections, your rights, and tips on finding an inspector. For more details, visit:
Insuring Your Investment
Homeowners insurance provides you with a protective insurance policy on your home and the items that you have in it. It also protects you from liability. There are many details to consider when selecting the best coverage for you and your family. The Insurance Information Institute provides a website that will give you an overview of the different types of policies available:
If you have a particular company already insuring your car or providing renters insurance, they may offer a package rate. You may want to contact your insurance agent and see what competitive packages they have to offer.
The following are a few insurers to get quotes from:
You bought it! Now what?
You made it through the home buying circus! Congratulations! You have your keys, your boxes and now you have to move. The following websites have tips on saving money and reputable companies to assist in your move:
Maintenance/Home Improvement
You may be adding on your dream bathroom or simply replacing a broken towel rack. Either way, owning a home can quickly become an ongoing project. Carefully budgeting for large improvements and selecting improvements that increase your home’s value are your best choices. You can save money by doing certain projects yourself, but other more dangerous or complicated projects should be left to the professionals. For projects within your scope of expertise and even free classes, visit your local home improvement centers:
Taxes and Home Ownership
Not sure what to save and what to shred? This is an article from MSN.com outlining a quick list of what to save, for how long and what you can confidently shred:
Are you expanding your family, expanding your house, or contemplating purchasing that vacation home you always wanted? Is your child heading off to college and freeing up a room? Are you looking at real estate as a possible investment opportunity? Read on for more information.
Maintenance/Home Improvement
You may be adding on your dream bathroom or simply replacing a broken towel rack, either way, owning a home can quickly become an ongoing project. Carefully budgeting for large improvements and selecting improvements that increase your home’s equity are your best choices. You can save money by doing certain projects yourself, but other more dangerous or complicated projects should be left to the professionals. For projects within your scope of expertise and even free classes, visit your local home improvement centers:
Selling Your House
Perhaps you are upgrading to a larger space or downsizing now that the kids have gone to college. Whatever the reason, selling your house is a big project and, with professional guidance, can be less stressful.
Additional Homes
Finally ready to buy that vacation home you always wanted? Or are you interested in investing in rental properties? Be sure to talk to South Valley and get pre-qualified. This will provide you with shopping options and make your offers more credible! The following article lists four questions to ask when buying a second home:
Rentals/Being a Landlord:
Many areas have a rental association that can provide you with any number of rental forms designed specifically to comply with Oregon laws. Membership often includes invitation to monthly meetings where tips are shared on property ownership, maintenance and dealing with tenants. Here are a few links that may be helpful:
Finally ready to buy that vacation home you always wanted? Or are you interested in investing in rental properties? Would you like to explore the idea of renting out your home and downsizing into something more manageable? Read on for more information!
Home Equity Loans
South Valley Bank & Trust makes home equity loans. For more details on our home equity options, contact your Personal Banker.
Bankrate.com has an article explaining equity and how you can utilize it to make home improvements, pay off college loans or consolidate debt:
Maintenance/Home Improvement
You may be adding on your dream bathroom or simply replacing a broken towel rack, either way, owning a home can quickly become an ongoing project. Carefully budgeting for large improvements and selecting improvements that increase your home’s equity are your best choices. You can save money by doing certain projects yourself, but other more dangerous or complicated projects should be left to the professionals. For projects within your scope of expertise and even free classes, visit your local home improvement centers:
Selling Your House
Perhaps you are upgrading to a larger space or downsizing now that the kids have gone to college. Whatever the reason, selling your house is a big project and, with professional guidance, can be less stressful.
Additional Homes
Finally ready to buy that vacation home you always wanted? Or are you interested in investing in rental properties? Be sure to talk to the bank and get pre-qualified. This will provide you with shopping options and make your offers more credible!
The following link may be helpful:
Rentals/Being a Landlord
Many areas have a rental association that can provide you with any number of rental forms designed specifically to comply with Oregon laws. Membership often includes invitation to monthly meetings where tips are shared on property ownership, maintenance and dealing with tenants. Here are a few links that may be helpful:
This is the time to enjoy your free time! Perhaps a vacation or summer home is in order!
Additional Homes
Finally ready to buy that vacation home you always wanted? Or are you interested in investing in rental properties? Be sure to talk to the South Valley Bank & Trust and get pre-qualified. This will provide you with shopping options and make your offers more credible!
Rentals/Being a Landlord:
If you go on an extended trip, you might consider a house-sitter. Or, you could consider renting out your home. If so, many areas have a rental association that can provide you with any number of rental forms designed specifically to comply with Oregon laws. Membership often includes invitation to monthly meetings where tips are shared on property ownership, maintenance and dealing with tenants. Here are a few links that may be helpful:
Assisted Living
This is a tough one to begin considering! What are your plans for the future? Are you considering the option of an assisted living community? Here are resources on this important decision:
Check around with your friends. What have they found and what can they recommend? What can you afford, now and in the future? What is included for the price? Consider rents, meals, transportation and available healthcare. Visit the various places while you are still able. Be sure to ask plenty of questions and make sure you get references.
Before you sign, ask a trusted family member or attorney to help you “read the fine print.” This is a big decision and one that takes time. If you need help, but can’t afford an attorney, contact your local senior services center for their guidance. Your church may also be a resource.
Your Estate
Have you acquired a significant amount of property? We recommend that you have a plan in place so that your estate can be managed as you choose. Be sure to check out the Estate Planning section of the Resource Center.
South Valley Bank & Trust is chartered to offer a full array of trust services including Planning and Consultation, Trust and Estate Administration and IRA Services. By working with you, and if you wish, your advisors, our trust officers can help develop your estate plan to insure that your wishes are fully addressed and your estate is fully protected. There is no fee for a consultation and no pressure to sign up for their services.
Trust Options Note: Investment products offered by SVBT Trust Services are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Trust Services Locations (a representative is also available to come to Central Oregon):
Klamath Falls Trust Services
PO BOX 5210
801 Main Street
Klamath Falls, OR 97601 Phone: 877.487.8788 (toll-free) Fax: 541.880.5252
Medford Trust Services
PO BOX 1784
300 Crater Lake Avenue
Medford, OR 97504 Phone: 800.695.0330 (toll-free) Fax: 541.779.1916
Golden Years - Housing
Are you considering the option of an assisted living community? Here are resources on this important decision:
Check around with your friends. Where are they living? What can they recommend? What can you afford, now and in the future? What is included for the price? Consider rents, meals, transportation and available healthcare. Visit the various places while you are still able. Be sure to ask plenty of questions and make sure you get references.
Most importantly, ask a trusted family member or attorney to help you “read the fine print.” This is a big decision and one that takes time. If you need help, but can’t afford an attorney, contact your local senior services center for their guidance. Your church may also be a resource.
Trust Services Have you acquired a significant amount of property? We recommend that you have a plan in place so that your estate can be managed as you choose. Be sure to check out the Estate Planning section of the Resource Center. South Valley Bank & Trust is chartered to offer a full array of trust services including Planning and Consultation, Trust and Estate Administration and IRA Services. By working with you, and if you wish, your advisors, our trust officers can help develop your estate plan to insure that your wishes are fully addressed and your estate is fully protected.
Some of our clients choose South Valley Bank & Trust's Trust services because they desire to set up a financial plan for their adult children or others. They want a professional with training and experience in investments and managing an estate to carry out their precise plan. Others simply want Trust services to make it easier on their loved ones, who may not be the best position for managing an inheritance.
Whatever your reason, you can be assured that our Trust professionals are trained and understand that they are managing your estate. As part of that, they are highly regulated to carry out your wishes fully, giving you peace of mind.
There is no fee for a consultation and no pressure to sign up for their services.
Trust Options Note: Investment products offered by SVBT Trust Services are not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the bank, and may go down in value.
Trust Services Locations (a representative is also available to come to Central Oregon):
Klamath Falls Trust Services
PO BOX 5210
801 Main Street
Klamath Falls, OR 97601 Phone: 877.487.8788 (toll-free) Fax: 541.880.5252
Medford Trust Services
PO BOX 1784
300 Crater Lake Avenue
Medford, OR 97504 Phone: 800.695.0330 (toll-free) Fax: 541.779.1916
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