Gambling on real estate in Las Vegas

All of us have made decisions that have cost us financially. Real estate is one of the ones that has affected most of us in the biggest way. We ran across this article today that tells one couple's story about what happened when they decided to keep their home in Las Vegas after they were transferred by the military overseas. As you can imagine, there hasn't been another time to sell that house since they left Vegas - and now they're trapped.

It's a good cautionary tale. Remember, when you get transferred to another city, for the military or for any other reason, being a long distance landlord is never, ever ideal. It will likely cost you much more than it will net, and unless you're wealthy, don't try it. Here's the story.

http://articles.moneycentral.msn.com/SmartSpending/blog/page.aspx?post=1814676&ocid=twmsnss

Living in the suburbs may not work for retirees

We spotted a great piece by Steve Vernon on CBS Moneywatch.com that offers a fresh perspective on where to live during retirement. He contends that most people buy a house in the suburbs while they're raising their family, and never really consider whether or not it's appropriate to stay in as they age. (Our thanks toRetirement Revised for pointing out the article.)

Vernon says it's not - mainly because most people don't need as much space, and the suburbs can put them far away from amenities they need, such as doctors, grocery stores, restaurants, etc. Seniors would be wise to be near public transportation, too, as they age so they can use the bus or train when they give up driving. It's an interesting idea, and almost the exact opposite of what most people do. Here's his list of what to look for:

The answer? Move out — while you still can. Here’s what I’d look for:

A smaller place with reduced bills for utilities, insurance, property taxes, and ongoing maintenance
The ability to walk, bike, or take public transportation to most, if not all, of your regular activities. This would include shopping, errands, medical needs, hobbies, and entertainment.
A location that makes it easy for you to get out and exercise, and includes nearby walking or bike paths
Close-by group social activities, such as church, community centers, theaters, and adult education schools

You can read his full take on it below:

http://moneywatch.bnet.com/retirement-planning/blog/money-life/retirement-planning-outside-the-box-move-out-of-the-suburbs/1887/

Dad's Divorce: co-borrowing

Every week, Dan Danford provides advice to men going through the divorce process on Dad's Divorce.com. The advice, though, applies in most situations. You can watch his latest podcast below.

This week's question from a viewer: My girlfriend will be living with me paying me a small part of the rent for my new home in cash each month. So will she be considered a co-borrower and thus have her credit score reviewed?

Dad's Divorce: How do I estimate the cost of home insurance?

Dan Danford regularly provides commentary for Dad's Divorce, answering questions from viewers about financial matters. In this week's edition of Money Made Easy, host Dan Danford answers this question from a viewer: I'm trying to figure how much buying a new home will cost me each month. What is a good way to estimate the cost of house insurance?

Danford, MBA, CRSP of Family Investment Center, explains some basic techniques to quickly get a good estimate to use for planning purposes.

Mortgage lending has changed

By Robyn Davis Sekula

It would seem that this is an ideal time to buy a home. There's plenty of inventory, and many sellers are willing to deal - especially if their home has been on the market for quite a while.

However, lending terms have changed - DRASTICALLY. Here's a great overview of the six ways that lending has changed for mortgages on investopedia.com. It's recommended reading for anyone who is thinking of buying a home.

http://financialedge.investopedia.com/financial-edge/0510/6-New-Hurdles-For-Home-Financing.aspx