I believe that every now and then people want to try their hand at home improvement and repair. Some things are pretty simple, but other things actually do require a professional to come in and do the work. I was watching the news yesterday and a husband and wife decided to do something simple like hang a shelf and they hit what they thought was a stud, but ended up being a copper pipe in the wall and it ended up being  a huge mess. So, when in doubt just hire someone since that will be the best way to save money in the long run.

There are a few things you can do to save yourself some money on home improvement and repairs such as painting and putting together bookshelves. My husband sometimes tries his hand at improvement by trying to repair the door frame when rain made the wood begin to rot.

I really think the best way to save money on home improvement is to know someone who can actually do whatever you need done in your house. That way you know that they aren’t going to try to mess you over in prices or leave something in your house half finished.

The truth is, owning a house is expensive and if you maintain it, then repairs won’t cost as much because things won’t break as often.

If you’re looking into improving your house because you want to sell it for more make sure that you pick improvements that will pay off. If you put your money in the bathrooms and in the kitchen then you will recover more of the money you’ve put into these rooms.

Also, don’t improve your house and price it out of your neighborhood’s prices. You won’t recover any of the money you’ve put into it then.

Most people start off with a rental. There aren’t many who can just start off by buying their own first hope, so renting is the most popular option for those of us just starting out. There are a few ways to save money when you’re looking into renting a place of your own.

The first way that you can save some money when looking into a rental is trying to find a roommate. This is an option if you don’t want to live alone. Having a roommate that you can trust can cut your rent in half, as well as utilities. Some really great roommates even help pay for things like food.

In some areas, apartments can be rented by the bed space. This means that you have your own room, but you share a common space (like the kitchen and living room) with roommates. When I’ve seen this, it’s typically three other people sharing the space. This can save you a lot of money because in apartments that are rent by the bed space, the owners typically pay for things like water, electricity (up to a point), and cable. You have to be careful about these though because the process to getting a roommate is very similar to getting a roommate for a dorm room and the process can be a bit frustrating.

If you have your own method of transportation, your rent can be cheaper too. If you want to take public transportation everywhere you’ll likely have to live in an area closer to the city. The closer you live to that, the more expensive your rent will likely be.

Trendy locations often have the highest rent also. Just because it’s trendy doesn’t mean its safer or that it will have the best amenities. You can likely find something that is a little more quiet for a much more reasonable price. There, you might even be able to find a place with a washer and dryer…and parking!

If you’re really desperate for a cheaper place to live, look at some jobs that will house you for free. I once had a friend who was a live in nanny and she had her apartment paid for so that she could live near the house. I say, you have to be desperate because at any given time of day her bosses may call her to do something…even if she already had plans for the night.

One last thing is, be a little nosy with the neighbors. You might be paying more than the guy living next door. It happens quite often where one tenant will pay one price and another will pay something different. Just ask around and see how much other people are paying for their apartments and see if you can get a better deal if there is one to be had.

I know while the ads have definitely slowed down a bit, there are still many out there that advertise reverse mortgages. So what exactly is a reverse mortgage and is it the right choice for you?

First of all, a reverse mortgage is loan that is available to those who are above the age of 62 (if the borrower has a spouse, the bank will go by the age of the youngest spouse) that releases the home’s equity to the owners in payments or a lump sum. So, as it is called a “reverse mortgage” things are a bit reversed because the lender pays the borrower money rather than the other way in a traditional mortgage. In the case of a reverse mortgage, the homeowner is not obligated to pay the balance until the home sells or the owner passes away.

The people who decide to do a reverse mortgage do not have to sell their home (saying a homeowner is selling their home to the bank for a reverse mortgage is a common misconception), they do not have to give up the title to their home, and they do not have an additional mortgage payment (that would be a home equity line of credit).

A credit line from a reverse mortgage can be used for anything, but considering the age of the owners, it is typically used to fund retirement and expenses associated with retiring couples.

You may be wondering how exactly the interest rate works in a reverse mortgage. After I looked into it seems as though you are charged interest on the proceeds that you get from the reverse mortgage. However, you can get a low fixed rate (this is new however, most banks charge a variable rate). The rate is tied to indexes and do move as they move. However, the most typical one to track is the 1 year T-bill.

Reverse mortgages may be right for you if you need the money for retirement or anything really. However it is important to remember that it is a debt that must be paid back when the house sells (or, as I understand it, the owner moves out into a retirement community). Having the equity in your home can make a difference on the quality of living though. If you think that a reverse mortgage can benefit you, call or go into your local bank to find out more specifics about the process.