Is it possible to do a home renovation on a budget? Renovation ideas or a home improvement could be anything from a small living room revamp, applying a fresh coat of paint in the kitchen wall, or a crucial remodel that could require knocking out every room in your house. Whether it's a small project or a major one, a home renovation will always require finalizing a budget.

A home renovation budget should be able to cover materials, labor, a contingency fund for unexpected repairs, and overall hiccups along the way. Of course, the home renovation budget will depend on how small or big your home is and how old the structure is.

Sprucing up your home can be daunting but setting realistic goals and a budget to cover cost is key to making sure you don't go broke at the end of the renovation.

Here are efficient renovation ideas and tips that will help you save money:

1. Nail down the specifics of your renovation.

Before coming up with a budget, it would be wise to have clear objective that would set the parameters of your home renovation plan. At the end of the project, what do you envision to achieve? A bathroom with more space? A brand new kitchen with more storage? Renovations can get overwhelming but having a plan will help map out the process. You will be likely to overspend as well.

2. Figure out your budget and stick to it.

The goal before you start renovating is to have a well-defined budget that will cover all costs. Home renovation will always include labor, materials, tools and equipment, permits, and a proper clean up service. Set aside around 10% to 20% of your total budget for unexpected expenses. Having a well-defined budget is the key to a successful renovation without breaking the bank.

3. Pay in cash as much as you can

Instead of paying for the interest from a loan or credit card penalties, you can save more money in the long run when you pay in cash. It's easier as well to stick to your home renovation budget with tangible money on hand. While it's easy to go get a loan to finance your home improvement project, rethink your fund source. Remind yourself that if you cannot afford that new floor or a change of tiles now, you have to be resourceful and cut costs.

4. Seek affordable home decor options

With a deluge of renovation ideas, it's very tempting to spend on new items to replace all that furniture. To lower the cost of your house renovation, it would be wise to scout for home decor shops where things you need are affordable, if not cheaper. In the Philippines, tiangges or surplus shops are great items to shop for furniture and home decor, too. Have you heard of Dapitan Arcade? They sell homewares and decors online to make shopping convenient for home owners.

5. If you can, Do It Yourself!

The term "DIY" (do it yourself) was not coined for nothing. With a plethora of YouTube videos offering tutorials on installing cabinets, fresh ideas on window treatments, using peel and stick instead of expensive hardwood flooring, executing your home renovation ideas is entirely possible. Although professional assistance will be needed at some point for electrical tasks or new fixture installations, you can save on renovations cost by doing the small tasks yourself or with a family member.

6. Reuse and recycle your current homewares

A full revamp is not necessary when you have existing home furnishings that are still in great condition. With a new paint job, using that old vase or runner as focal point can do the trick. Utilizing as many furniture or home items as possible can do wonders to save money and maybe spend below your budget. It would also be smart to repurpose hand-me-downs from friends or family. Got extra wood from a displaced doors or shelves? Maybe you can use them to make that bedside table you've always wanted.

7. Negotiate with your contractor

Being transparent with your contractor about your budget will help you save on house renovations cost. A good contractor will collaborate with you on your remodeling project and suggest cost cutting ideas to help you stick to your allocated budget.

Home renovations will consume a substantial amount of your time and financial resources. But given these smart spending tips, home renovations shouldn't break your bank. You can go as much as finding the cheapest places to shop for home furnishings or roll up your sleeves and go DIY that new space. But do keep in mind that when in doubt, professionals are also available to help you execute those home renovation ideas.

Like it or not, we are all headed towards our retirement. Senior living may be a few years ahead for some of us but working towards a good quality of life when we reach the retirement stage is the main goal.

Condo living is increasingly becoming a popular choice for retirees who might not be keen on living in a detached home due to the high maintenance it requires, and for seniors who are not decided on living in a retirement home. A condo lifestyle has safety features and allows retirees to keep their independent living while receiving support from a community of unit owners.

Often located near places of convenience and access to amenities and facilities, condominiums offer an ideal home for those moving into their golden years. Here, we highlight more benefits of condo living to seniors.

Benefits of Condo Living to Seniors

A detached house is a great option for people in their younger years but the disadvantages often outweigh the benefits as people age and become empty nesters. Coming into retirement, retirees might want to keep their lifestyle simpler and as much as possible avoid the complications of house ownership.

1. Affordability

Compared to buying a house and lot, condos are more affordable and are more practical to maintain. The elderly can save more money since they do not have responsibility over the entire building exterior and the surrounding land. For a person nearing the age of retirement, condos are a less expensive investment, allowing retirees to spend their money on health maintenance, travel, hobbies, and their loves ones.

2. Access to amenities

Compared to living in a senior retirement community, condo living offers a more vibrant living space where retirees can enjoy a wide range of amenities from swimming pools, sporting facilities such as basketball, tennis, and badminton courts, gyms, and playgrounds where they can walk and enjoy the younger energy of their neighbors or condo residents. Most condos also include commercial amenities, with full-time shops or visiting practitioners allowing seniors the ease of access to goods and services on-site.

3. Security and safety

One of the perks of condo living is having a receptionist who can verify condo visitors and assist senior residents in the case of an emergency call. They are given the peace of mind knowing condos have a 24-hours security service and CCTV cameras placed in the building. The building’s halls and corridors are also equipped with fire sprinklers, smoke detectors, and fire distinguishers.

4. Social support from a community of condo residents

Condo communities offer to senior citizens a chance to make new friends. Unlike detached houses that can isolate them, condos make for great retirement communities because of the support group that retirees can build with the many people that live in the same condo. Retirement condos may also have social clubs that meet up for trips or a common hobby so senior citizens wouldn't be idle.

5. Maintenance free or low maintenance

Condominiums require zero to minimal maintenance since every condo unit owner is responsible only for what is inside or within his or her apartment, while the condo’s administration or developer takes care of the upkeep of the entire property. Living a simpler lifestyle will cost seniors less monthly fees.

Things to consider when retiring in a condo

Condo fees may require residents to include them in their monthly budget. The condo fees include: association dues, membership fees, realty tax on your unit, share of realty tax on the land where your condo is constructed, share of realty tax on common area and parking fees. It is important to remember though that condo living fees may be worth it since they allow seniors to relax and enjoy life instead of wasting time and energy on property maintenance and repair.

Another area of concern would be the implementation of condo rules and regulations. Some residents may feel restricted although these limitations often uphold the peace and order and wellbeing of all residents.

Is condo living for you? For senior citizens, condominium communities can be the most ideal set-up if they want to spend their senior years with an upgraded lifestyle, comfort, and convenience while keeping their finances in control.

Flexible hours, big commission, unlimited income potential, being your own boss... these are just among the excellent reasons to consider a career in real estate. As a real estate agent, training to get a license does not take years and the opportunity to work independently are attractive pros of this career path.

But all that glitters is not gold when you choose a real estate career. Achieving success as a real estate agent takes hard work and full commitment. It is not just a part-time job. In fact, chances of success in the real estate industry are low if you approach it is one. But if you take it up initially as your own business with dedication and optimism, becoming a real estate agent with much success is possible.

Because it is a commission-based career, real estate agents have to be prepared to go months without pay and a lot of challenging moments. Patience with clients who may go back and forth on buying a property, understanding the significant financial decision that they have to make, is all part of the life of real estate professionals. In fact, ,many real estate agents take years before making sales.

Although fulfilling and financially rewarding, being a real estate agent is, needless to say, not easy. One must first weigh out the pros and cons of being a real estate agent prior to deciding on becoming one. Does a job in real estate suit you? Read on below.

Pros of Being a Real Estate Agent

1. Be your own boss

As a real estate broker, one of the biggest advantages is being your own boss. If you are the type who wants to call their own shots, a career as a real estate broker is for you. Unlike corporate jobs wherein you have to answer to or collaborate with so many people, a real estate agent is the sole navigator of his or her business. Not to mention, having a career in real estate also dodges the office politics!

2. You hold your own time

One of the perks of being in the real estate business is having flexible hours. You don't have to clock in or out and be at the mercy of the office biometrics. This means you can tailor-fit your day and achieve some sort of balance between work and time with loved ones. This increases your chances of reaching great work satisfaction.

3. Unlimited income potential

A real estate career empowers you to decide how much income you earn. Sky is the limit so long as you put in the hard work. Clocking in a six-digit commission is not impossible. This means you can choose to take breaks when you hit your targets or keep striking while the iron is hot. This, of course, goes without saying that you need to have a strong real estate business knowledge and get to a level of expertise to get more out of your career in real estate.

4. Career mobility

Having control of your own brand and business makes you entirely responsible for building your own success. Seeking out other opportunities in and out of the real estate industry with your expertise is possible. As a real estate agent, you can extend your knowledge and experience to becoming a property manager or a residential appraiser.

5. Helping clients and making them "work for you"

As a real estate agent, you are capable of lending help to clients and make their dream homes or growing their investments, possible. Real estate agents are part of their clients' life milestones which can be very fulfilling. Part of making clients happy is having them to refer you to their own friends and family. This will naturally help you grow your client roster and income as a real estate agent.

Cons of Being a Real Estate Agent

1. You are a one-man team

Real estate agents need to multitask in order to get work done. The job of an agent does not start and end with meeting clients. It also involves a lot of administrative work that entail completing, submitting, and filing real estate documents, organizing open houses, appointments, creating your own annual and quarterly budgets, researching active, pending, and sold listings... all this on top of answering calls, e-mails, and text messages of clients. In short, being a real estate agent is running your own show.

2. Indefinite work schedule

Although a real estate agent enjoys flexible hours, their work can spill over their weekends and holidays too. A real estate agent should be eager to meet clients available time even if this means sacrificing a loved one's birthday or any special occasion in their life.

3. Periods of slump

Your earnings as a real estate agent is dependent on how much sales you make. While commissions may be big, real estate agents do not have a set salary unlike regular employees. This means that slow periods or periods without sales means no income. A real estate agent must be prepared financially during this non-earning period.

4. Managing clients of various personalities

Real estate agents have to develop flexibility and patience when it comes to handling clients since not all of them will be easy to manage. Because most of them will be making big steps that involve crucial financial decisions, some clients may find it difficult to separate emotions from business. That said, a real estate agent has to maintain a certain level-headedness during high-tension situations.

Key Takeaways

​Although becoming a real estate agent comes with challenges, it can still be a rewarding career to take. With the right mindset and strategy, it is possible to for the pros to outweigh the cons. As a real estate agent, one has to possess the time management skills, the discipline and organization, and the dedication to make the most of this career.

Commercial real estate is considered by investors as a prospective successful investment vehicle mainly due to its high potential yield. Investors see it as an excellent alternative investment that could possibly outperform stocks and bonds. Moreover, a commercial property compared to other real estate assets, see through a more stable growth over time, dodging the volatility of economic cycles.

Between a residential property and a commercial property, investing in commercial real estate, of course, tend to be a larger investment. It involves more tenants thus has a potential to yield larger profits. That said, commercial properties also tend to require more capital and demand a deeper real estate expertise in the beginning.

It would be wise for an investor who will pursue investing in commercial real estate to have a comprehensive knowledge of the market area, the property's history, the property's value and estimated revenue.



Types of Commercial Properties
Common types of commercial properties include:

• retail buildings
• office buildings
• industrial buildings
• apartment buildings
• warehouses
• mixed use buildings (wherein the commercial property may have a combination of uses, such as retail, office and apartments)

Of course each real estate commercial property type have unique nuances that entail different management challenges for its investor.

To mitigate the risks prior to investing, it is crucial for investors to understand first the pros and cons of investing in commercial real estate.


Pros of Investing in Commercial Property

Commercial properties present an opportunity to achieve financial success and establish a strong portfolio. Here are some of the benefits that come with a commercial real estate investment.


1. Income Potential

Among the top reasons to invest in a commercial property over a residential real estate property is the high earning potential. According to creuniversity.com, commercial real estate can pay upwards of 10% returns. In comparison, stocks only pay 3% annually. Annual return off the purchase price also depends on the commercial property's location, the current economic trends, and external factors like political or health crisis (such as a pandemic). That said, any annual return between 6% to 12% is still higher than a single family residential property at 1% to 4% at best.


2. Higher Rental Yields

A commercial property standing on prime location can offer higher rental income than any a residential property. The value of retail and offices also improves over time if properly maintained. Development of residential properties and updated modern infrastructure in the area can also increase the overall value of any commercial real estate property.


3. Professional Relationships with Tenants

Commercial property tenants are commonly business owners who can be trusted to protect and take pride in their livelihood. They can be expected to look out for the maintenance of the commercial property on which their store stands. As such, the landlord and tenant have more of a business-to-business customer relationship, which helps keep interactions professional.


4. Longer or Flexible Lease Terms

​An advantage of a commercial real estate property over a residential property is that commercial real estate attracts long term lease terms. Naturally if an investor secures a financially stable and reliable long term tenants like big corporations, organizations, government agencies, he or she can earn a steady income for years to come.


5. Diversify Your Investment Portfolio

Investors whether beginner or experienced can reap benefits off a diverse investment portfolio. An asset like a commercial real estate property can more often than not strengthen any investors financial standing. If you are already a residential property owner, investing in commercial real estate located in a prime location with good quality can take your portfolio up a notch. Getting advise from professional experts such as real estate brokers can point you to the right commercial property.

Cons of Investing in Commercial Property

As with other investments, there are a number of risks that commercial real estate investors should take time to review. Prior to committing to invest in a commercial property, an investor should see through a plan to address all risks.


1. High Cost

Compared to a residential property, a commercial real estate property requires a big capital up front which most of the time only experienced investors can afford. Because commercial real estate properties are expensive, there is a possibility for an investor to lose a significant amount of capital. The expense can also limit an investor's ability to diversify their portfolio.


2. Maintenance and Repairs

Due to their size, commercial real estate properties can be costly and demanding in maintenance in repairs compares to residential properties. Commercial premises are a place of business which are frequented by many people. Assuring the safety of the property is also the responsibility of tenants and the commercial property owner.


3. Market Risks

Market conditions can adversely impact the value of a commercial property. Market conditions can affect rental rates, property taxes, interest rates, etc. These changes are volatile and can happen out of nowhere which investors must anticipate and plan for.


4. Vacancy

Vacancy will naturally lead to lost income for a commercial property. This is particularly prevalent for a commercial property with a small group of tenants. Losing one can right away create an income shock for the property owner.

High profit and decreased property value over time are among the great benefits of investing in commercial real estate. With careful planning, investors of any experience level can find their financial success in investing in commercial real estate.