by Shawn Boday | Mar 5, 2025 | Real Estate, Shawn Boday, snowboarding
Buying a home is a major financial milestone, but many buyers focus solely on the down payment and mortgage without considering the hidden costs of homeownership. These additional expenses can add up quickly and impact your long-term financial stability. Understanding these costs before making a purchase can help you make a more informed decision and avoid unexpected financial strain.
1. Property Taxes
One of the biggest ongoing expenses for homeowners is property taxes. The amount you pay depends on the assessed value of your home and local tax rates, which can vary significantly by location. Property taxes can increase over time, particularly in rapidly developing areas, so it’s crucial to budget for potential hikes.
2. Homeowners Insurance
Lenders require homeowners insurance, but even if it’s not mandatory, it’s a necessity to protect your investment. Insurance costs depend on factors like the home’s location, size, and construction, as well as the likelihood of natural disasters. Premiums can rise annually, so it’s important to factor this into your long-term budget.
3. Maintenance and Repairs
Owning a home means being responsible for all maintenance and repairs. From routine upkeep like lawn care and gutter cleaning to unexpected repairs like plumbing issues or a new roof, these costs can be unpredictable. A common rule of thumb is to set aside 1-3% of your home’s value each year for maintenance and repairs.
4. HOA Fees
If you buy a home in a community with a homeowners association (HOA), you’ll likely have monthly or annual fees. These fees cover services like landscaping, security, and community amenities but can vary widely depending on the neighborhood. Some HOAs also require special assessments for major repairs, adding an additional financial burden.
5. Utility Bills
Many first-time buyers underestimate the cost of utilities, which typically include electricity, water, gas, trash collection, and internet services. Larger homes generally have higher utility costs, and older homes may be less energy-efficient, leading to steeper monthly bills.
6. Closing Costs
Beyond the down payment, buyers must also budget for closing costs, which typically range from 2-5% of the home’s purchase price. These costs include loan origination fees, title insurance, escrow fees, and more. Many buyers overlook this expense when planning their finances.
7. Furnishing and Renovations
Moving into a new home often requires additional spending on furniture, appliances, and potential renovations. Even minor upgrades, such as painting or replacing flooring, can add thousands of dollars to your total cost.
Conclusion
Homeownership is a rewarding investment, but it comes with many hidden costs beyond the mortgage payment. By preparing for property taxes, insurance, maintenance, HOA fees, utilities, closing costs, and unexpected repairs, buyers can make smarter financial decisions and avoid costly surprises. Taking the time to understand these expenses ensures a smoother and more financially secure transition into homeownership.
by Shawn Boday | Mar 5, 2025 | Real Estate, Shawn Boday, snowboarding
In recent years, co-living spaces have emerged as a dynamic solution to the challenges of urban housing. With rising rent prices, increasing urbanization, and shifting lifestyle preferences, shared housing is gaining traction among young professionals, digital nomads, and even retirees. This modern take on communal living is reshaping urban real estate, offering affordability, convenience, and a sense of community.
What Are Co-Living Spaces?
Co-living is a form of shared housing where residents have private bedrooms but share common areas like kitchens, lounges, and workspaces. Unlike traditional roommate arrangements, co-living spaces are professionally managed, often providing amenities such as cleaning services, utilities, and social events, making them a hassle-free housing option.
Why Co-Living is Gaining Popularity
Several factors contribute to the growing appeal of co-living spaces:
- Affordability: With rent prices skyrocketing in major cities, co-living offers a cost-effective alternative. Residents pay a single, all-inclusive fee covering rent, utilities, Wi-Fi, and other perks.
- Flexibility: Unlike traditional leases, co-living spaces often come with short-term rental options, catering to digital nomads, remote workers, and those who relocate frequently.
- Built-in Community: Loneliness is a major issue in urban settings. Co-living fosters social interactions through shared spaces and organized events, creating a sense of belonging.
- Convenience: Many co-living spaces come fully furnished with modern amenities, eliminating the hassle of setting up utilities or purchasing furniture.
The Impact on Urban Real Estate
The rise of co-living is influencing the real estate market in several ways:
- Increased Demand for Shared Housing Developments: Developers are recognizing the demand for co-living and are investing in purpose-built spaces that cater to this growing trend.
- Repurposing of Existing Properties: Older apartment buildings, hotels, and office spaces are being converted into co-living hubs, maximizing urban space efficiency.
- Shifts in Rental Market Dynamics: As co-living becomes more prevalent, traditional rental markets may need to adapt by offering more flexible lease terms and additional amenities to remain competitive.
- Appeal to Investors: Co-living spaces often generate higher rental yields due to their shared nature, making them attractive investments in high-demand urban areas.
The Future of Co-Living
As urbanization continues, co-living is likely to expand, offering more tailored experiences. Some emerging trends include:
- Niche Co-Living Spaces: Designed for specific demographics like artists, entrepreneurs, or wellness-focused individuals.
- Tech-Integrated Living: Smart home features and digital platforms to enhance resident experiences.
- Sustainability Initiatives: Eco-friendly designs, energy-efficient buildings, and sustainable living practices.
Conclusion
Co-living is more than just a housing trend; it represents a shift in how people approach urban living. By prioritizing affordability, flexibility, and community, shared housing is reshaping urban real estate and providing innovative solutions to modern housing challenges. As cities continue to evolve, co-living is poised to play a significant role in the future of urban development.
by Shawn Boday | Feb 4, 2025 | Business, Shawn Boday, snowboarding
In recent years, multi-generational living has become an increasingly popular housing trend. Families are choosing to live under one roof, whether to care for aging parents, support young adults, or simply share living expenses. This shift is reshaping the real estate market, influencing home designs, and creating new opportunities for homebuyers and developers alike.
Why Multi-Generational Living is on the Rise
Several factors contribute to the growing popularity of multi-generational living:
- Economic Considerations: Rising home prices and living costs make it financially beneficial for families to share expenses rather than maintain separate households.
- Aging Population: As baby boomers age, many families opt to have elderly relatives live with them rather than move to assisted living facilities.
- Cultural Influences: In many cultures, multi-generational living has always been the norm, emphasizing family bonds and shared responsibilities.
- Support for Younger Generations: Many young adults are facing financial challenges, such as student loan debt and high rental costs, making it more practical to stay with family.
How the Real Estate Market is Adapting
Homebuilders and developers have recognized the demand for multi-generational housing and are designing homes with features that cater to extended families. Some key trends include:
1. Homes with Separate Living Spaces
Modern multi-generational homes often include separate entrances, kitchens, and living areas to offer privacy while maintaining a shared household. These features allow families to live together comfortably while still having individual spaces.
2. Accessory Dwelling Units (ADUs)
ADUs, also known as granny flats or in-law suites, are independent living units built on the same property as a primary residence. Many cities are relaxing zoning laws to accommodate ADUs, making it easier for homeowners to add extra living spaces for family members.
3. Open Floor Plans and Flexible Spaces
Homes are being designed with adaptable layouts that can change as family needs evolve. Open-concept designs, dual master suites, and bonus rooms that can serve as additional bedrooms or workspaces are becoming increasingly common.
4. Smart Home Technology
Technology is playing a crucial role in multi-generational living by improving convenience and security. Features such as remote-controlled lighting, security systems, and voice-activated assistants help families manage shared living spaces more efficiently.
Challenges and Considerations
While multi-generational living offers many benefits, it also comes with challenges. Families must establish clear communication, set boundaries, and discuss financial arrangements to ensure a harmonious living environment. Additionally, finding the right property that meets everyone’s needs requires careful planning and consideration.
Final Thoughts
Multi-generational living is more than just a trend—it’s a reflection of changing societal and economic dynamics. As more families embrace this lifestyle, the real estate industry will continue to evolve, offering innovative solutions that support diverse living arrangements. Whether you’re looking for a home with extra space or considering an ADU, understanding these trends can help you make informed real estate decisions that align with your family’s needs.
by Shawn Boday | Jul 30, 2024 | Shawn Boday, snowboarding
Snowboarding has come a long way since its inception in the 1960s. What started as a niche activity with rudimentary equipment has evolved into a mainstream sport with highly advanced gear and technology. This evolution has significantly enhanced the performance, safety, and overall experience for snowboarders of all levels. Here’s how snowboarding gear and technology have evolved over the years.
The Early Days
The origins of snowboarding can be traced back to the 1960s when Sherman Poppen invented the “snurfer,” a surfboard-like device designed for riding on snow. Early snurfers had no bindings, which made control and stability challenging. In the 1970s, pioneers like Jake Burton Carpenter and Tom Sims began experimenting with designs, adding features like bindings and metal edges, laying the foundation for modern snowboards.
Board Design and Materials
One of the most significant advancements in snowboarding gear has been the evolution of board design and materials. Early snowboards were made from wood, which was heavy and lacked flexibility. Today, snowboards are constructed using lightweight materials like fiberglass, carbon fiber, and advanced polymers. These materials balance strength, flexibility, and weight perfectly, allowing for better maneuverability and performance.
Modern snowboards come in various shapes and sizes, each designed for specific riding styles and conditions. Freestyle boards are shorter and more flexible, ideal for tricks and park riding. Freeride boards are longer and stiffer, providing stability and control for high-speed descents and off-piste adventures. Splitboards, which can be separated into two skis for uphill travel, have revolutionized backcountry snowboarding by making remote areas more accessible.
Bindings and Boots
Bindings and boots have seen tremendous advancements, enhancing both comfort and performance. Early bindings were simple straps that offered minimal support. Today’s bindings feature highbacks, adjustable straps, and advanced materials that provide excellent support and response. Step-in bindings, which allow riders to quickly secure their boots without adjusting straps, have gained popularity for their convenience.
Snowboard boots have evolved from simple, rigid designs to highly engineered footwear that balances support, flexibility, and warmth. Modern boots feature heat-moldable liners that conform to the rider’s foot, providing a custom fit. The introduction of BOA lacing systems, which use a dial to tighten and loosen the boot, has made adjusting fit more accessible and more precise.
Safety Gear
Safety gear has become an integral part of snowboarding, with advancements aimed at reducing injuries and enhancing protection. Helmets have evolved from bulky, uncomfortable designs to lightweight, aerodynamic models that offer excellent protection and comfort. Modern helmets often include adjustable ventilation, removable ear pads, and integrated audio systems.
Wrist guards, impact shorts, and back protectors are now standard among snowboarders, providing additional protection during falls and crashes. The development of avalanche airbags and beacons has significantly improved safety for backcountry riders, allowing for quicker and more effective rescue efforts in case of an avalanche.
Technological Innovations
Integrating technology into snowboarding gear has opened up new possibilities for riders. GPS devices and smartphone apps allow snowboarders to track their runs, monitor speed, and map their routes. Action cameras, like GoPro, have become a staple for capturing high-definition footage of rides, tricks, and scenic descents.
Advanced materials and manufacturing techniques continue to push the boundaries of what is possible in snowboard design. Companies are experimenting with eco-friendly materials and sustainable practices, aiming to reduce the environmental impact of production while maintaining high performance.
Conclusion
The evolution of snowboarding gear and technology has transformed the sport, making it more accessible, safer, and enjoyable for riders of all levels. From the early days of wooden boards and simple straps to today’s high-tech equipment, the advancements in design, materials, and technology have significantly enhanced the snowboarding experience. As innovation continues, the future of snowboarding looks promising, with even more exciting developments on the horizon.
by Shawn Boday | May 28, 2024 | Shawn Boday, snowboarding
Snowboarding can be expensive, but with careful planning and savvy choices, it’s possible to enjoy a thrilling trip without breaking the bank. Here are some tips on how to save money on your next snowboarding adventure.
Planning Your Trip
1. Choose Affordable Destinations
Not all snowboarding destinations come with a hefty price tag. Look for resorts that offer great value for money. Smaller, lesser-known resorts can provide excellent snowboarding experiences at a fraction of the cost of popular destinations. Research various options and compare lift ticket prices, accommodation costs, and other expenses.
2. Book in Advance
Early booking often includes discounts on lift tickets, accommodations, and rental equipment. As soon as you have your dates set, start looking for deals. Many resorts offer early bird specials that can save you significant money.
3. Go During Off-Peak Times
Peak season, typically around holidays and weekends, means higher prices. If you have the flexibility, plan your trip during off-peak times. Midweek stays and non-holiday periods can offer substantial savings on lift tickets, lodging, and travel.
Saving on Gear and Equipment
1. Rent Wisely
Renting gear can be much cheaper than buying it, especially if you snowboard infrequently. Look for rental shops away from the resort, as they often have lower prices. You can also consider renting equipment in your hometown and bringing it with you.
2. Buy Used Gear
If you prefer owning your equipment, buying used can save you a lot of money. Check online marketplaces, local ski shops, and community boards for second-hand gear in good condition. End-of-season sales are also an excellent opportunity to buy new gear at reduced prices.
3. Borrow from Friends
If you have friends who snowboard, ask if you can borrow their gear. This is the most budget-friendly option, saving you from renting or buying equipment altogether.
Affordable Accommodations
1. Stay Off-Resort
Lodging within the resort area is usually more expensive. Look for accommodations in nearby towns or villages. A short drive or shuttle ride can drastically reduce your lodging costs. Consider budget-friendly options like hostels, motels, or vacation rentals.
2. Share Lodging
Traveling with a group can significantly lower your accommodation costs. Renting a condo or cabin and splitting the cost among friends or family members is often cheaper than booking individual hotel rooms.
3. Use Rewards and Discounts
If you have credit card points, hotel rewards, or travel loyalty programs, use them to offset your lodging expenses. Additionally, check for discounts through membership organizations like AAA or your employer.
Cutting Down on Lift Ticket Costs
1. Buy Multi-Day Passes
If you plan to snowboard for several days, look for multi-day lift passes. These passes usually offer a discount compared to buying single-day tickets.
2. Look for Package Deals
Some resorts offer packages that include lodging, lift tickets, and even rentals at a reduced rate. Compare these packages to buying each component separately to see where to save.
3. Consider a Season Pass
Investing in a season pass can be more economical if you plan to snowboard frequently. Some season passes also provide access to multiple resorts, offering great value if you like to explore different locations.
Saving on Food and Drinks
1. Pack Your Meals
Eating at resort restaurants can be pricey. Save money by packing your meals and snacks. Bring a thermos, hot drinks, and a packed lunch to enjoy on the slopes.
2. Cook Your Own Meals
If your accommodation has a kitchen, take advantage of it. Prepare your meals instead of dining out. This can be a fun and cost-effective way to enjoy hearty, home-cooked food after a day on the slopes.
Conclusion
Snowboarding on a budget is entirely possible with thoughtful planning and intelligent choices. By selecting affordable destinations, booking in advance, renting or buying used gear, finding budget accommodations, cutting lift ticket costs, and saving on food, you can enjoy an unforgettable snowboarding trip without overspending. Embrace these tips and confidently hit the slopes, knowing you’ve maximized your adventure without draining your wallet.
