Connect with us

Financial

Protecting your financial health

Insurance, savings can help you survive tough times

Published

on

In part one of this series, I outlined the three basic layers of a sound financial plan ā€“ Protection, Accumulation, and Preservation/Distribution.Ā In this article, Iā€™ll discuss in more detail the elements of the Protection stage. There are five general areas that can require implementation of Protection strategies.

ā€¢ Dealing With Unknown or Unexpected Shorter-Term Events. An important Protection strategy involves preparing financially for emergency situations, such as an unexpected job loss, an unforeseen large expense or the need for immediate income to cover expenses while waiting for proceeds from an insurance policy.Ā A good rule of thumb for this strategy is that a household should have 3-6 months of expenses as a reserve for emergencies. If you live alone, are solely responsible for financially supporting your family, or have an inconsistent income or more tenuous job situation, however, it may be wise to have a reserve closer to six monthsā€™ worth of your expenses.

ā€¢ Health-Related Expenses. These can come in the form of typical, run-of-the-mill medical expenses or costs incurred due to an extended illness or injury that not only requires medical assistance, but also impacts your ability to perform regular daily activities such as bathing or dressing.Ā You can protect against the day-to-day medical costs with health insurance, which many individuals are able to obtain through their employment.Ā Remember to be prepared to cover the out-of-pocket expenses.Ā Long-term care insurance, on the other hand, can help protect against the latter type of expenses ā€“ those incurred when you need assistance with activities of daily living.

ā€¢ Unexpected Death in the Family. What happens if your loved ones rely on your income to pay living expenses, save for retirement and/or pay off debt and you are not around to provide that income? Your family would likely have to dramatically adjust lifestyle and change long-term financial goals.Ā Life insurance, however, can at least enable them to weather the financial storm brought on by your death.Ā Life insurance is not a one-size fits all type of product.Ā You need to consider your current assets, savings rate, income and income sources, expenses and family dynamics.

It also is important to have wills and accompanying legal documents in place.Ā  Consulting an estate planning attorney can be helpful here to help you set up or review your wills, advanced directives and medical and financial powers of attorney, amongst others.Ā This is vitally important in the LGBT community where some of the legal protections afforded to married heterosexual couples do not exist.

ā€¢ Disability or Extended Illness. A long-term disability or illness can be crippling financially.Ā Indeed, losing your income in such a situation can force you to spend down any accumulated assets and possibly even incur additional debt merely so you can cover your expenses.Ā Some employers provide disability insurance or the opportunity to purchase such insurance. When analyzing this coverage, you should consider how the insurance defines what is a covered ā€œdisabilityā€ as this canĀ affect substantially how well-protected you are.Ā Additionally, you need to consider the insuranceā€™s elimination period (the amount of time after you are disabled before the insurance begins paying out), benefit period (the amount of time the insurance will continue to pay), the amount of coverage and whether the insurance provides inflation protection and/or the ability to increase your coverage as your income grows.

ā€¢Ā Unexpected Property Losses and/or Liability Protection. Finally, to build a sound foundation to your financial plan, you also need to ensure you are adequately protected against substantial property losses and/or liability claims.Ā To some extent, much of this protection is mandated by others.Ā For example, if you own your home and have a mortgage, the bank likely requires you to maintain certain minimum levels of homeownerā€™s insurance.

Now that weā€™ve taken care of the Protection strategies, next time, Iā€™ll jump into the fun stuff ā€“ how to work toward accumulating and building wealth.

(This material is for informational purposes only and is not intended to act as specific advice.Ā Please talk to a financial professional prior to investing and a tax adviser for tax advice.)

Advertisement
FUND LGBTQ JOURNALISM
SIGN UP FOR E-BLAST

Real Estate

Transform your home with energy-efficient LED lighting

Add sconces, lamps, outdoor accents, and more

Published

on

Adding lighting inside or out can transform your home. (Photo by Angelov/Bigstock)

The light-emitting diode (LED) is todayā€™s most energy-efficient and rapidly developing lighting technology. Quality LED light bulbs not only last longer but are more durable and provide comparable or better light quality than other types of lighting. In fact, the inventors of the LED were awarded the Nobel Prize in Physics in 2014 for their groundbreaking invention. This simple bulb has transformed how we light our homes, significantly reducing energy usage and reshaping the future of home lighting.

When incorporated effectively, LED lights into your home can create a visually appealing as well as an energy-efficient environment. Letā€™s both save on electricity bills and also do this aesthetically well.

As the real estate market in Washington, D.C., continues to evolve, landlords are constantly looking for ways to make their properties more appealing to tenants. One of the simplest yet most impactful upgrades a property owner can make is improving the lighting in their rental units, particularly by using LED lighting. LED technology offers a range of benefits that can transform spaces, improve energy efficiency, and enhance tenant satisfaction.

Incorporating Downlighting with LED Technology

LED downlights are a popular choice for those looking to add modern, subtle lighting to their homes. According to a post on Quora by contributor Nick Chris, “LED downlights can be installed in ceilings to provide direct and focused lighting, perfect for task-oriented areas like kitchens or bathrooms.” The post also highlights that downlights can be used in living rooms to create ambient lighting, adding that “LED downlights are a great option for areas where you want to minimize the visibility of the light fixture itself while maximizing the impact of the light.”

By using LED downlights strategically, you can direct light exactly where you need it, providing both functional and aesthetic benefits.

Lighting Dark Spaces: Transforming Basements and Beyond

One of the biggest challenges landlords face is making dark or poorly lit areas more inviting, especially in basements. LED lighting, particularly flat ceiling spots, can dramatically change the ambience of these spaces. Many basements in older homes or rental units can feel dark and uninviting, but by installing LED ceiling fixtures, landlords can make these areas bright, warm, and attractive. Tenants often respond positively to these improvements, as a well-lit basement can shift the overall perception of a property from gloomy to welcoming.

The key benefit of these LED fixtures is that they donā€™t require much ceiling space, making them easy to install in areas with lower ceilings. This is particularly useful in basements, where ceiling height is often limited. Additionally, these lights can be strategically placed to maximize illumination without overcrowding the room, allowing for better use of the space.

Customizing the Mood

LED lighting provides not only brightness but also versatility. One of the standout features is the ability to adjust both the color temperature and the brightness level. This allows for light customization, from bright, crisp white to a softer, more soothing yellow. For landlords, this flexibility helps in creating comfortable and appealing environments that can suit a wide range of tenant preferences, whether in living rooms, bedrooms, or basements.

Many LED fixtures also come with dimmable options, giving both landlords and tenants more control over the lighting. In practice, this means the lighting can be adapted for different times of the day or for various activities, making it a versatile choice for rental properties.

Energy Efficiency

Another major advantage of LED lighting is its cost-saving potential. LEDs consume only a fraction of the energy required by traditional incandescent or CFL bulbs, leading to significantly lower electricity bills. This is beneficial for landlords in common areas or in rental units where utilities are included in the rent, as well as for tenants who are responsible for their own utility payments.

With LEDs, landlords can also reduce maintenance costs, as these bulbs last much longer than traditional ones and do not need to be replaced as frequently. This durability is a major asset, particularly in rental properties where long-term reliability is essential.

Enhancing Curb Appeal  

Lighting improvements aren’t limited to interiors. LED bulbs can also be used effectively in exterior fixtures to enhance curb appeal. Bright, efficient lighting in entryways, pathways, and parking areas not only makes properties more attractive, but also improves safety for tenants returning home after dark.

By installing LED lighting outdoors, landlords can create a welcoming and secure environment for tenants, further increasing the value and desirability of their rental properties. Additionally, the long-lasting nature of LED bulbs means exterior lighting can remain functional for extended periods without the need for frequent replacements.

Tailoring LED Lighting to Each Property

When it comes to lighting solutions, one size does not fit all. LED lighting offers the flexibility to tailor lighting solutions based on the specific needs of each property. Whether upgrading overhead fixtures in living spaces or installing adjustable LED spots in dim basements, landlords can use LED lighting to enhance their properties’ function and appeal. By investing in high-quality fixtures and leveraging the energy efficiency, versatility, and brightness of LEDs, landlords can improve tenant satisfaction and retention, making their properties more competitive in the rental market.

Practical and Decorative Uses for LED Lights

LEDs arenā€™t just for basic lighting needs; they can be used to enhance the aesthetic appeal of your living spaces. Here are some creative ways to incorporate LED lighting into your home:

Accent Lighting: Under-Cabinet Lighting: LED strips installed under kitchen cabinets not only illuminate your countertops but also add a sleek, modern touch.

Bookshelves and Display Cases: Showcase your favorite books or collectibles by integrating LEDs into your shelves.

Toe-Kick Lighting: Installing LED strips along baseboards or under bathroom and kitchen cabinets adds a subtle and modern glow.

Task Lighting

Desk Lamps: For workspaces, LED desk lamps provide focused, bright light, which can reduce eye strain.

Reading Nooks: Place LED floor or table lamps in cozy corners to create well-lit spaces perfect for reading.

Ambient Lighting

Cove Lighting: Install LED strips in ceiling recesses or coves to create indirect lighting that adds depth and softness to any room.

Wall Sconces: Use LED sconces in hallways or living rooms for soft, ambient lighting.

Decorative Lighting

Fairy Lights: String LED fairy lights over headboards, furniture, or windows to create a whimsical and cozy atmosphere.

LED Candles: Opt for LED candles that offer a flickering effect without the fire risk, perfect for creating a warm ambiance.

Outdoor Lighting

Pathway Lights: Enhance safety and beauty by lining your walkways with LED pathway lights.

Deck Lighting: Embed LEDs into decks or stairs to illuminate your outdoor spaces for nighttime gatherings.

Holiday Decorations

Christmas Lights: LED lights are perfect for decorating your Christmas tree or mantels, providing a festive and energy-efficient glow.

Functional Lighting

Closets: Brighten up closets by installing small LED fixtures for better visibility.

Garages and Basements: Use powerful LED lights in garages and basements for well-lit, functional spaces.

Tips for Effective LED Lighting

Plan Your Design: Thoughtfully plan your LED lighting layout to enhance both functionality and design.

Choose the Right Color Temperature: Warm white (2700K-3000K) is perfect for cozy spaces like bedrooms, while neutral white (3500K-4100K) works well in kitchens and workspaces. For bright areas, opt for daylight (5000K-6500K).

Ensure Dimmer Compatibility: If you plan to use dimmable LED lights, check that they are compatible with your dimmer switches.

Energy Efficiency: Always look for LED lights with high energy ratings to maximize your savings.

Whether you’re upgrading your homeā€™s lighting or planning for a renovation, LED lights offer a versatile and energy-efficient solution that can significantly reduce your electricity costs. By incorporating LED technology into your lighting design, youā€™re not only creating a more comfortable and appealing living space but also contributing to a more sustainable future.


Scott Bloom is owner and senior property manager at Columbia Property Management. For more information and resources, go to ColumbiaPM.com.

Continue Reading

Real Estate

Migration trends: LGBTQ buyers moving to suburbs, small cities

Finding welcoming communities beyond traditional urban strongholds

Published

on

Remote work has enabled many LGBTQ homebuyers to leave big cities for larger homes in the suburbs. (Photo by trongnguyen/Bigstock)

Over the past few years, a significant migration trend has emerged: many buyers are leaving urban areas in favor of suburban or smaller city life. This shift is largely driven by the rise of remote work, lower cost of living, and the appeal of a quieter, more spacious environment. For LGBTQ buyers, this trend offers unique opportunities and challenges as we seek welcoming, affirming communities beyond the big cities.

Why LGBTQ Buyers Are Considering Small City Living

Historically, LGBTQ individuals have flocked to larger cities known for their vibrant queer communities, social support, and acceptance. Cities like San Francisco, Chicago, New York, Miami and Los Angeles have long been hubs for LGBTQ life. However, recent trends show a shift in priorities:

  1. Remote Work Flexibility: The pandemic accelerated the adoption of remote work, giving many the flexibility to live outside urban centers. LGBTQ individuals can now prioritize factors like home space, affordability, and lifestyle without being tied to a city office. This newfound freedom allows us to consider locations that may offer a more balanced quality of life.
  2. Affordability and Space: Urban centers have high costs of living, making homeownership a challenge. Many LGBTQ buyers are looking to build families and settle down, which often requires more space than city living affords. Suburbs and smaller cities typically offer larger properties and single-family homes at a more affordable price, making them appealing options for those seeking more space and financial savings.
  3. Emerging LGBTQ-Friendly Communities: While cities have traditionally been safe havens for LGBTQ individuals, many suburbs and smaller cities are becoming increasingly inclusive. With Pride festivals, community centers, and local businesses openly supporting LGBTQ causes, these areas are actively working to attract and retain LGBTQ+ residents

Considerations for LGBTQ Buyers in the Suburbs

Moving to a less densely populated area may offer financial and lifestyle benefits, but itā€™s essential for LGBTQ buyers to research and ensure they are moving into a supportive environment. Here are some factors to consider:

  • Assessing Inclusivity and Safety: Before moving, itā€™s wise to visit potential neighborhoods to get a feel for the local culture. Researching online forums, LGBTQ community groups, and checking local nondiscrimination laws can also provide insight into a location’s inclusivity.
  • Access to LGBTQ Services and Community: Many LGBTQ individuals value access to queer-friendly healthcare providers, legal support, and social networks. Some smaller communities may lack these resources, so itā€™s important to verify that youā€™ll have access to the necessary support services.
  • Finding Local LGBTQ Groups: Community connection is crucial for LGBTQ individuals. Many suburbs have smaller but growing LGBTQ groups, often organized through social media or apps like Meetup. These groups can help you form connections, find local allies, and establish a sense of belonging in your new area.

Suburban Growth and Its Impact on LGBTQ Buyers

The migration to suburban areas has led to increased demand for single-family homes, which can lead to supply shortages and higher competition. In some LGBTQ-friendly suburbs, this demand has driven property values up as more people seek out homes that provide both the physical and emotional space they need to thrive.

Some suburban areas are responding to this demand by creating or improving amenities such as public transportation, dining, and cultural attractions, all of which contribute to a vibrant community. For LGBTQ buyers, this trend could mean greater access to the cultural and social opportunities they may miss from city life, alongside the benefits of suburban living.

The migration of LGBTQ individuals to suburbs and smaller cities highlights an exciting shift in lifestyle and priorities. As more suburban areas embrace diversity and inclusivity, LGBTQ buyers have the opportunity to find welcoming communities beyond traditional urban strongholds. 

At GayRealEstate.com, weā€™re here to help you find LGBTQ-friendly real estate agents who understand your unique needs and can guide you through the process of finding your perfect home, wherever that may be. Whether youā€™re looking in a bustling city, a tranquil suburb, or a charming small town, our network is here to support you every step of the way.


Jeff HammerbergĀ is founding CEO of Hammerberg & Associates, Inc.Ā Reach him at 303-378-5526 orĀ [email protected].

Continue Reading

Real Estate

Uncertainty everywhere: the ups and downs of real estate

With rates declining, weā€™re ready to get off this roller coaster once and for all

Published

on

The real estate market has resembled a roller coaster for years now, especially since the pandemic.

Itā€™s an election year, after a once-in-a-century pandemic, and the country has an uncertain future; for many of us, it feels like its own existence is hanging in the balance. With so much uncertainty in the air, few people would think of real estate at this moment, right?

Perhaps. But for a large group of buyers and sellers actually entering the market now, after waiting years for rates to fall, it seems as good a time as any to join the froth of a bubbling market. To be clear, the frothiness is not felt everywhere, nor for every type of home, so once again, uncertainty seems to be the word of the day and the overall mood in the air.

Sept. 19, 2024 was a date that sellers, buyers and most of all Realtors had circled on their calendars, waiting with breathless anticipation as the promise of a Federal Reserve cut in the overnight lending rate (the ā€œprimeā€ rate) was all but promised by chairman Jerome Powell in the preceding weeks and months. Speculation abounded as to whether it would actually happen though, since Powell had previously promised rate cuts throughout 2022 and ā€œat least threeā€ in 2023ā€”only to play the Lucy role with her proverbial football over and over again, never actually reducing rates by even a skosh.

Those in the know would barely venture an optimistic guess as to whether it would truly happen, and the optimistic few that said ā€œthis time, this time it has to happenā€ would only commit to the cut being a quarter point. 

In the weeks before the meeting, mortgage lenders saw that interest rates offered in the open market to consumers actually did fall, which was an indication that market players themselves were more optimistic than the pundits, and had ā€œbaked inā€ the portended rate cut already. 

But when Powell made the announcement, he didnā€™t just give us the football, he gave us a touchdown ā€” with a half-point reduction. Realtors rejoiced; sellers said ā€œsell,ā€ buyers got pre-approved and homeowners considered refinancing, all at the same time.

But when lenders answered calls from would be buyers and refinancers, they had to give the grim news: apparently, the market had baked in too high a rate cut alreadyā€”and rates actually went UP instead.

So, Lucy turned out to be there all along, not pulling the football back with the hands of Powell, but with the so-called ā€œinvisible handā€ of market dynamics. Sellers, buyers, and Realtors alike sighed with disappointment, as we then anticipated a season with less froth after all.

All that said, the numbers are actually pretty good in local real estate. While days on market for closed single family homes, condos, and co-ops is up to an average of 23 in Washington, D.C., from their lows of 11 in 2020, median prices this year are actually hovering right near their all-time highs in 2021 of $671,000, down just 0.9% to $664,500.

The resilience of the housing market is buoyed by strong single-family home sales in upper Northwest D.C. which seems to have bidding wars for almost every property; those in the business will certify that condos, especially in more transitional areas, are suffering in the meantime. 

Many of our clients with the slower-moving properties are turning to renting them instead, which has caused a higher inventory of rental properties, in turn resulting in some softening in rental prices from their peaks in 2022. So for many sellers, landlords, and agents, this year has felt like a slow one no matter which way we turn. 

To navigate these twists and turns of an ever-surprising real estate landscape, it helps to turn to experienced advocates, especially those that have weathered a similar storm before. Our team, for example, has helped our clients through the relatively painless market slowdowns in 2005 and 2007, and of course through the world-changing market crash of 2008, and then the drastically uncertain times during COVID. 

From my perspective though, it has been the post-COVID time of high interest rates that is the most challenging of my whole career, and the most frustrating for some of our clients. I think we can all agree that we are ready to get off this roller coaster once and for allā€”and to not ever want to ride it again. 


David Bediz is team leader and a 20-year veteran agent at the Bediz Group, LLC. Reach him via bediz.com or 202-642-1616.

Continue Reading
Advertisement
Advertisement

Sign Up for Weekly E-Blast

Follow Us @washblade

Advertisement

Popular