A property management company is a loose term used to define a company that does â exactly what you might guess they do â manage properties.
Beyond that, a property management company handles much of what an individual landlord may traditionally take care of including collecting rent, tenant maintenance requests, vetting applicants and other similar responsibilities.
Does every rental have a property management company?
Not every rental unit is managed by a property management company. Many detached homes and even apartment communities are managed by the individual or company that actually owns the property.
If you don’t already know this information, you can find out whether an apartment is owned by a property management company or by an individual proprietor by simply asking your landlord or leasing agents.
What makes a property management company different than a landlord?
Property management companies are quite different than landlords. Let’s take a look at some of the major differences.
What a landlord does
Both own the building and manage the rental unit(s)
Typically involved in general rental operations
Oftentimes, directly accessible by tenants
What a property manager does
Paid by the property owner to manage rental operations
May be located in an off-site office in the same city as the rental or some other city entirely
May never interact with tenants
Should you rent from a property management company?
There are certainly pros and cons to renting an apartment from a property management company as opposed to an individual landlord. Having a personal relationship with your landlord can be mutually beneficial, but property management companies are often able to provide higher-end service.
In most cases, you should make a decision based on which unit you prefer instead of who owns it. However, if you find yourself needing to make a critical choice between renting from a landlord or a property management company, be sure to ask as many questions as you can and not commit before you’re fully convinced the unit is right for you.
Additional resources
What is a Property Manager?
What is a Landlord?
What’s the Difference Between a Property Management Company and a Landlord?
5 Things Landlords Look For When Picking Tenants
What Property Managers Look for in a Resident
The post What is a Property Management Company? appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Is there anything worse than coming home from a long day at work and seeing the kitchen turned upside down for the third day in a row? Before you throw in the towel, bring up a roommate cleaning schedule in your next house meeting. Assigning specific tasks and building a roommate chore chart can help everyone take more responsibility for their messes.
Showing how you can work together vs. just sending passive-aggressive vibes can help you get along better and keep the apartment clean. It’s all about communication when it comes to roommate compatibility.
Follow these tips to build a roommate chore chart and keep your home clean.
Sync on cleaning habits
Whether you found your roommate through Facebook, a friend or an app, you only got a few minutes to get to know each other before you decided that they were a good fit. You must check compatibility during the interview.
Here are a few questions that can help determine if you have the same cleaning habits, for example.
How often did you do the dishes in your old home?
How did you and your roommate split the deep cleaning of the apartment?
Did you have any altercations about cleaning tasks not being done? How did you resolve them?
If the trash is full, do you walk away or take it out and add a new bag?
How often do you think we should do a deep clean of the apartment?
You’ll see red flags as they talk about their old roommates (this is why references are essential!) and determine if your cleaning personalities sync up.
How to make a cleaning schedule
What exactly does the word “clean” mean to you and your roommate? Determine how often the roommate should do the tasks â daily, weekly, monthly â and how detailed they should go with their task. For example, should someone clean the grout in the shower or wipe all surfaces in the bathroom? Does mopping come into the equation or just sweeping? It’s essential to agree on what “clean” looks like for all roommates.
Assign zones to each person (kitchen, bathroom and living room) and what can be done together (outdoor space). This is a good time to make rules about personal items in shared spaces â don’t leave your laptop or dirty socks in the living room, for example. Your personal things should remain in your bedroom.
Once you’ve made a list of the tasks to complete, it’s time to create the roommate chore chart.
Making a roommate chore chart
While there’s no allowance attached to this roommate chore chart like the good old days of childhood, the reward is a clean home and a good relationship with your roommate. We call that a win-win. Here’s how to get started.
Make the chore list together
Pick a Saturday morning, make breakfast together and spend a few hours walking around the apartment. Make a list per room of the cleaning tasks you would like to see done.
For example, in the kitchen, write down taking out the trash, loading the dishwasher, buying cleaning supplies, wiping down the counters and sweeping the floor as items for your chore list. Then do the same for each shared space.
You can keep the bedrooms out of the chore list as they are personal spaces. List everything per room and evenly split tasks between the roommates based on interests and usage. These chore tasks typically are fast and easy to complete on a daily, weekly and monthly basis.
When are the tasks getting done?
Some tasks will happen every day like taking out the trash or doing the dishes and other tasks work well on a weekly basis. Next to each chore task, list how often the task is done. A few examples of timelines:
Daily: Empty out the garbage every morning, pick up clutter from shared spaces and load the dishwasher. Pick up as you go is a great way to stay on top of dirty counter spaces, clutter and dishes. Use a dish, put it in the dishwasher immediately after rinsing.
Weekly: Take the garbage to the curb, wipe all counters including kitchen and bathroom, sweep and vacuum the floors, clean the toilet and shower and make any lists for the grocery store. Rooms like the living room and bathrooms should be cleaned on a weekly basis to avoid any pile-up of dirt, food or clutter.
Monthly: Wash all kitchen towels and couch blankets, replenish any household items that are old and clean out the fridge. The kitchen should be deep cleaned on a monthly basis and it’s best for a team project.
Shell out the assignments
Split chore assignments evenly, so everyone is doing the same or similar amount of work and add their name next to the assignment with a deadline, if applicable. Designate specific tasks to the same person over time, like emptying the garbage daily, to avoid confusion. The roommate should complete this task at the end of each day.
Other tasks like loading the dishwasher need to be completed by the person who didn’t cook dinner or, if you don’t cook dinner together, by the person who made the mess. This way, some of the tasks rotate, especially those that are generally not wanted. Roommates assigned weekly completion tasks can pick a specific weekday, so they don’t all pile up on the weekends.
Before finalizing the assignments, make sure everyone agrees and airs out their grievances to ensure all compromises were met.
Print out the roommate chore chart
Here’s a quick template to use for your roommate chore chart â download the chore chart so you can print it, laminate it and stick it on the fridge for everyone to see your roommate cleaning schedule.
Check-in as time goes on
Once you’ve settled with the roommate cleaning schedule for a few weeks, review it again during your next roommate meeting. If it’s better for you to do the dishes at night and maybe your roommate can take the trash out in the morning, make sure to communicate that. You have a higher probability of sticking with it if it fits your schedule a little more.
Keep the (cleaning) harmony at home
Finding the perfect roommate is genuinely a feat. It’s so hard to get to know a perfect stranger over a short meet-up. But if you communicate your expectations initially, like what cleaning mistakes set you off, you’ll find a better fit for your home.
Refer back to this roommate chore chart when discussing your cleaning schedule and check in with each other as time passes for any needed changes.
The post How to Create a Roommate Cleaning Schedule appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Can you transfer your credit limit from one Capital One card to another? Unfortunately, the answer is no. While Capital One credit limit transfers were possible a few years ago, Capital One no longer lets you combine credit limits.
This means that if you were thinking about combining Capital One credit card accounts in order to take advantage of a higher credit limit – or close an old Capital One account without hurting your credit score – you’re going to have to come up with another way to solve your problem.
If you were considering a credit limit transfer in order to give yourself a higher credit limit on one of your Capital One credit cards, you might want to request a credit card limit increase instead. If you have a history of responsible credit use, your request might be granted right away.
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If you want to combine Capital One cards before closing out an old credit account, look for ways to keep the old account active instead, such as using your old Capital One credit card for a single recurring monthly payment (like Netflix or your gym membership) and setting up autopay to ensure that the credit card bill always gets paid on time.
You can also apply for a new Capital One credit card. This way, you’ll get a new line of credit and the opportunity to earn some of Capital One’s best rewards and sign-up bonuses. It won’t be the same thing as transferring a credit limit to another card on Capital One, but it will get you a new card with a fresh credit limit.
What is a credit limit transfer?
A credit limit transfer is exactly what it sounds like: Taking some (or all) of the credit limit allocated to one credit card and transferring it to another credit card.
If you have a card with a $3,000 credit limit and another card with a $5,000 credit limit, for example, you could combine those two credit limits onto a single card, giving you a credit account with an $8,000 credit limit. Then, you could close the other account without worrying about losing the available credit associated with that account. Since you transferred that line of credit to another card, your total credit limit will remain unchanged, and you won’t have to worry about the loss of available credit hurting your credit score.
You could also transfer a portion of one credit limit to another credit card. If you had a credit card with a $3,000 credit limit and a card with a $5,000 credit limit, you could transfer $2,000 of credit from the card with the $3,000 limit, giving you a card with a $1,000 credit limit and a card with a $7,000 credit limit. Some people choose to request this kind of credit limit transfer in order to take advantage of a top rewards credit card. Others transfer a portion of their credit limit so they can increase the purchasing power of their primary spending card.
It’s important to note that a credit card limit transfer is not the same thing as a balance transfer. When you transfer a balance from one card to another, you transfer the amount of money you owe – not the credit limit associated with the card. Balance transfer credit cards are designed to help you pay down old debt, and the best balance transfer credit cards offer at least a year of 0% intro APR to help you pay off your balances before they start to accrue interest.
(If you want to transfer a balance to a Capital One credit card, we’ve got a guide to help you get started.)
Why should I transfer a credit limit to another card?
Here are some of the reasons why people choose to transfer a credit limit to another credit card:
To increase the purchasing power of their everyday spending card
To transfer more credit to a card that earns better rewards
To combine two lines of credit before canceling a credit card
It’s worth noting that there are other ways to achieve these goals that don’t involve transferring a credit limit from one card to another. If you want to increase the purchasing power of your favorite credit card, you can always request a higher credit limit directly from your card issuer. If you want to earn more credit card rewards, you can request a higher credit limit or use the right credit cards for the right purchases (travel rewards cards for travel expenses, grocery rewards cards for grocery shopping and so on). If you want to cancel a credit card, consider the pros and cons of closing your credit account and decide whether you’re better off closing the old card or keeping it active.
How do I combine Capital One credit limits?
Capital One no longer lets you combine credit limits. However, just because you can’t combine credit limits doesn’t mean you can’t increase your Capital One credit limit. If you want to request a higher credit limit with Capital One, all you have to do is log in to your online account or open the Capital One mobile app.
If you’re using the mobile app, the option to increase your credit limit is listed in the “Profile” section, under “Account and Feature Settings.” If you’re visiting your online Capital One account in a web browser, look for the option “I Want To” and then select “Request Credit Line Increase.”
Requesting a higher credit limit online is fairly simple – all you have to do is provide some basic personal information, including your income and your monthly mortgage or rent payment. From there, Capital One will use your credit card payment and balance history to determine whether you’re eligible for a credit line increase. Requesting a higher credit limit won’t have any effect on your credit score, and, in many cases, you’ll get your answer immediately.
You can also request a credit line increase over the phone. Simply contact Capital One customer service at 1-800-227-4825 or call the number on the back of your credit card.
Bottom line
While Capital One previously allowed cardholders to combine credit limits on Capital One cards, current cardholders are not able to combine or transfer their credit limits.
Want to increase your credit limit on a Capital One credit card? It’s easy to request a credit line increase online or through the Capital One app – just log into your Capital One account and fill out a quick form or call customer service.
Living styles can vary greatly from one person to the next, especially when it comes to cleaning and tidiness. Many times it is beneficial to discuss these traits before moving in with a roommate â if you’re a self-described âneat freak,” you might find it easier if your cohabitant is on the more organized side of things as well. That’s not to say that clean and messy roommates can’t successfully live together.
Maybe your roommate is just messy, a sentimental collector or a little bit of a packrat. If this is the case, there are plenty of ways to work through your differences and find a way to live peacefully together. But when is your roommate’s mess potentially the sign of hoarding?
Messy and disorganized
If you’re noticing more mess than usual or if it seems like your roommate is struggling to keep up with normal housework, it might be a sign that something else is going on in their life that is causing stress or taking all of their attention.
Stress and other bigger issues going on outside your home can often disrupt normal patterns, with cleaning and organization falling to the bottom of the priority list.
If personal items are stacking up on tables and counters, more than a day of dirty dishes are piling up in the sink or you notice some extra loads of unwashed laundry from your roommate, you probably don’t have anything to worry about.
The mess (and maybe a slight smell) might be a nuisance, but try to check in with your roommate to see if anything has changed recently that might be causing them to neglect their housework.
If they are apologetic or willing to cooperate with your requests, you’re good to go.
When it becomes hoarding
There are a few red flags that are cause for concern â especially if you notice multiple signs or extreme conditions.
Overwhelming smells or visible mold, mildew or pests
Rooms or common areas become difficult to navigate
Unnecessary items rapidly accumulating in outdoor or garage areas
Denying access to certain rooms or areas
Vehicle full of personal belongings and other items
Unwilling to cooperate with cleanup requests or giving constant justifications for the mess
Noticing any one of these signs doesn’t necessarily mean your roommate is struggling with hoarding, but they are usually good indications that the problem is heading in that direction.
Knowing some of the warning signs can help you come up with an action plan before the situation gets out of control.
How to handle hoarding
If you do suspect your roommate is struggling with hoarding tendencies, it’s important not to make quick judgments.
Someone unorganized, messy or has trouble letting go of extra personal belongings may get overwhelmed or stressed about something going on in their lives, but individuals struggling with hoarding might be dealing with a bigger mental health issue, finding it difficult to make changes or set limits without help.
A little empathy and patience can go a long way in getting cooperation from a messy roommate.
Try to find out the root cause of the problem and see if you can offer your roommate any support. Let them know that the clutter is beginning to affect you. See if you can agree on a cleaning schedule and set other expectations that you can both agree to.
Find a starting point that focuses on immediate items related to your health and safety including issues like addressing any mold or mildew. Focus on common areas since that is a shared space between the two of you. Suggest beginning with less daunting tasks like removing and emptying all garbage or organizing entryways and walkways.
If your roommate is seriously struggling with hoarding, don’t be afraid to ask for outside help. Your landlord is a good place to start. They may have suggestions or even be able to point out cleanliness clauses written into your lease agreement.
The post Clutter vs. Hoarding: When to Worry About Your Roommate appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Credit union cards might not get as much attention as popular cards from big issuers, like Chase or American Express. That doesn’t mean they’re not worth looking into. A card from a credit union can be not only an excellent option for those with lower credit scores, but also a finishing touch to a card enthusiast’s strategy.
I got a credit union card last month with good credit and some of the best credit cards already in my wallet. Now, it has potential to become one of the most valuable cards I have because of how well it matches my spending.
Read on to learn about credit union credit cards and their pros and cons and to see if this type of card could be a good choice for you.
Credit union card pros
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The list of pros regarding credit union credit cards is long – see if any or all are appealing to you.
The fees and interest rates tend to be lower
Credit unions are member-owned nonprofit organizations, and the entire system works slightly differently from banks. Because of that, you may get lower interest rates as well as lower fees.
Annual fees, foreign transaction fees and late fees are also lower at a credit union versus a traditional bank. In fact, although 45% of traditional bank credit cards come with annual fees, only 10% of credit union credit cards do.
You may get great value from the card
It’s a misconception that only banks with large resources can offer generous credit card rewards and that credit unions can’t compete.
Of course, a credit union card isn’t likely to offer you premium benefits like airport lounge access or hundreds of dollars in statement credits. Still, if you like to earn cash back as much as I do, you may be surprised how much value credit union cards can provide.
Take the Affinity Cash Rewards Visa Signature® Credit Card that I have. I came across it while shopping for a credit card that would reward me for spending in bookstores (since being a bookworm can be an expensive hobby). What I got was more than just a great card for bookstores – it was the perfect finishing touch to my credit card strategy.
The Affinity Cash Rewards earns 5% back at bookstores, including Amazon.com (on up to $3,500 per month in purchases made at Amazon). Except for books, I do virtually all my shopping on Amazon. Imagine how excited I was when I got this card. This is an outrageously generous cash back rate, there’s no annual fee and no Prime membership is required.
Last year, I spent $2,168 on Amazon (I’m excluding grocery orders since I use the American Express® Gold Card for that). I also spend about $2,000 on books annually. If my spending stays the same, I’ll have earned over $200 in cash back with the Affinity Cash Rewards by my first-year card anniversary just in these two categories. But besides rewarding you for Amazon and book shopping, the card also offers 2% back at supermarkets, restaurants, gas stations and for eligible streaming and ride-sharing services, as well as 1% back on everything else. These cash back rates can put some popular rewards cards from major banks to shame.
Customer service will likely be excellent
One of the biggest advantages of credit unions is their focus on customers’ experiences.
This means you will typically receive excellent customer service and much more flexibility in terms of payments, because credit unions aim to support their customers and help them maintain financial stability.
Credit unions are local institutions that try to connect with a community, those who work for certain companies or have some specific mutual connection. As such, they focus on building trust and a brand within a community.
This, too, often translates to better, local customer service.
I was pleasantly surprised when I got my union credit card and received a call from the union’s customer service. It was a representative who had emailed me earlier letting me know she would be my point of contact in case of any questions. When she called, she asked me how my experience with the card was and whether I needed any help setting things up.
I have cards from some major issuers known for their great customer service, yet none of them were able to offer me this level of attention or a designated person I could contact.
You might find it easier to get credit
It’s usually easier for members to get credit at a credit union if their credit isn’t perfect.
This allows consumers with less-than-perfect credit an opportunity to get a quality credit card product even when more well-known cards might not be available to them.
Additionally, credit unions are more flexible with small businesses and their unique needs, such as gas cards for employees or multiple users on an account.
You may get a second chance if you get denied
Consumers with lower credit scores or even an average credit history can find it difficult to get a credit card from a bank. But if a credit union declines your application for a credit card, you can ask it to reconsider the decision.
Sometimes credit unions will grant your request and require you to enroll in financial education classes to make sure you learn to use it responsibly.
See related: How credit scores affect interest rates
Credit union cons
Most financial products come with some downsides, and credit union credit cards are no exception. Here are some things to consider before you apply for a card from a credit union.
Your other accounts are used as collateral
Perhaps one of the biggest downsides of using a credit union for a card is sometimes they may use a cross-collateralization system, which ties all your credit union accounts together.
For instance, if you have multiple loans at the same credit union and for some reason you can’t make a payment on one of them, it automatically gets secured by the other loans you have. Say someone put up a used car as collateral for a personal loan and they default on a credit card payment – that car could be repossessed to satisfy the credit card debt.
Luckily, that’s not always the case. It’s possible to get a credit union card without securing it with any collateral. Make sure to research various options and pay attention to terms to avoid getting a card on conditions you’re not comfortable with.
You must meet specific membership criteria
To get a credit card from a credit union, a customer must meet membership criteria. This can be a restriction on location, employment or a variety of membership eligibility requirements. For example, I was once rejected by a credit union in Dallas when refinancing my car loan because the union only serves U.S. citizens – no permanent residents (rude).
When you apply for a credit card at a bank, you usually don’t need more than the legal requirements, and your application depends only on your credit history and income.
On the other hand, many credit unions provide an option to become a member by paying a small fee if you don’t meet the membership criteria.
The application process may be lengthy
In my experience, getting approved by a credit union can be a bit stressful. I’ve dealt with this process three times – twice when trying to refinance my car loan and once when applying for a credit card – and each time has been a pain.
What takes five minutes when you’re applying for a card from a major issuer can take days and even weeks with a credit union. You can be asked to send your paystubs to prove your income and your utility bills to prove you live where you say you live, among other things. This slows things down considerably.
Customer service may not be available 24/7
Although a credit union may provide outstanding customer service, it might not be available 24/7.
For example, if you’re traveling and have a problem with your card, you might not be able to get in touch with the credit union’s customer service department right away.
See related: How long does it take to get a credit card?
Decision time
While there are advantages to credit union credit cards, there are some downsides, too.
Membership can be exclusive, you’re not guaranteed card approval just because you’re a member, and the application process can be stressful.
On the upside, because credit unions don’t offer credit cards for a profit, members indirectly benefit from those credit cards – when credit unions make money, they can offer better interest rates, reduced fees and even valuable rewards.
Otherwise, credit union credit cards are just like big-bank credit cards.
You can use them for purchases, balance transfers and cash advances, and you must make at least the minimum monthly payment to keep your account in good standing.
In addition, most credit unions report your account history to Experian, TransUnion and Equifax, which is an extra incentive for making your payments on time as it can help you build credit.
Things To Do While Stuck In Your Apartment During the Coronavirus Pandemic
By now, almost everyone in the country is under some kind of shelter-in-place or stay-at-home orders from government agencies due to the coronavirus pandemic. Authorities stress that this is the main way to try to flatten the curve of new infections.
OK, so what can you do while cooped up in your apartment. The options arenât quite unlimited, but they are numerous. Take advantage of the space you have and undertake any activity that will be good for your mental or physical well-being. Hereâs a look at some of the most popular:
1. Do a jigsaw puzzle
This has become quite popular around the country, with people finishing a jigsaw puzzle and then posting a picture of it on social media. The more pieces, the better, say, 1,000 or more. How long youâll be able to do this to remain occupied depends on how many puzzles you have on hand, or how many times youâre willing to do the same puzzle over again.
If you donât have jigsaw puzzles, maybe you have a Rubikâs Cube or a book of crossword puzzles. You can also find crossword puzzles online and in your daily newspaper, if you still subscribe.
2. Exercise!
If you have a set of weights in your apartment, use them. Or maybe youâre a packrat and still have exercise routines on VHS tapes or DVDs. If not, there are plenty of routines you can find for free online.Â
If you can leave your apartment, go for a walk or a jog, as long as you observe the social distancing rules that are now the new normal. If you donât want to go outside, walk up and down a stairwell or walk up and down your hallway. Again, give others their personal space.
Short of that, you can go old-school and do crunches, sit-ups and push-ups on your floor. You can also do isometric exercises using a rolled-up bath towel. For a refresher on the techniques, check out these workouts you can do in your apartment and then get to work.Â
Whatever you chose, mix it up and keep it fresh as you stay in shape.Â
3. Binge-watch
OK, the first two suggestions will put your mind and body to work. At some point youâll feel like being a couch potato, so why not catch up on a series youâve been meaning to watch on Netflix, Disney Plus or one of the many streaming services available? Youâve never had a better excuse than now.Â
âTiger King: Murder, Mayhem and Madnessâ has become all the rage on Netflix. It was released in mid-March and has given people something to do in the age of coronavirus. It is a true-crime documentary television series about the life of former zoo operator Joseph Maldonado-Passage.
If thatâs not your thing, there are favorites such as âNarcos: Mexicoâ and âStranger Thingsâ on Netflix. If youâve already seen them, whatâs the harm in starting over? On Disney Plus you can watch âThe Mandalorian,â âStar Wars: The Clone Warsâ and âThe Simpsons.â
4. Spring cleaning
Itâs spring, and you have a lot of unexpected time on your hands. Nowâs a great time to get in some spring cleaning of your apartment. Cut through the clutter and organize your closet and dresser. Most importantly, regularly clean and disinfect important areas such as kitchen surfaces and appliances that are used often. You should also keep your bathroom clean.Â
5. Other stuff
There are plenty of other things you can be doing, such as catching up on your reading, playing a musical instrument, writing emails to friends and family and getting plenty of rest.
Read Things To Do While You’re Stuck In Your Apartment on Apartminty.
Looking to cool down your apartment? With spring and summer approaching soon, it’s important to start thinking about how to prepare for those hotter months and stay cool. While many apartments come with built-in air conditioning (AC) units, many do not. So what are your options for cooling down your space? In this article, we’ll go into detail about how to decide what is the best air conditioner for your apartment.
How do air conditioners work to keep your apartment cool?
Air conditioners have been around for a very long time, in fact, the first air conditioning system was developed in 1902.The basics of how air conditioners work are similar to how a fridge works. Air conditioners use an internal refrigerating system to take in hot air and cool it. The hot air, absorbed by the AC unit through various coils and systems, turns into a gas. From there, the unit converts it back into a liquid.
Next, the hot air pushes out the back through vents or a window and the cool air pushes into your apartment. The website HowStuffWorks.com puts it very simply: “Think of it as an endless, elegant cycle: liquid refrigerant, phase conversion to a gas/heat absorption, compression and phase transition back to a liquid again.”
Important things to understand when selecting your AC unit
There are a couple of other things to consider when picking which type of AC unit to use for your apartment. You’ll want to consider things such as cooling capacity, BTUs, energy efficiency and costs.
BTUs
BTU or British thermal units is the amount of energy it takes to heat or cool one pound of water. For air conditioners specifically, the BTU refers to the amount of heat your unit can remove in an hour. Some units take more than others. For instance, a window unit takes anywhere from 3,000 to 25,000 BTUs, whereas a portable system can use anywhere from 8,000 to 12,000 BTUs. Make sure to take the time to research this before deciding on which unit is best for you. Learn Metrics has created a more in-depth chart for understanding different BTUs for different sized apartments.
Cooling capacity
When picking out your AC unit keep in mind its cooling capacity. The size of the area you want to cool will greatly impact your choice. Different units cool different area sizes. Take portable units for example â these are usually only able to cool the area they sit in. Window units on the other hand are a better option if you are looking to cool down an entire apartment.
Energy costs
The cost that it takes to run an AC unit is something else to consider. The price can greatly change depending on how big your unit is and how big of an area you’re trying to cool. On average it can cost anywhere from $14.40 per month to $211.20 to run different types of AC units.
Best air conditioner options for your apartment
Now you know how air conditioners work, how do you know which type is right for your apartment? Here are a couple of different options that you can choose from.
1. Portable air conditioner
Portable units are one option when looking for an AC unit. They come in various sizes and work in many different rooms. Often referred to as âportable swamp coolers” or âevaporated cooling” these two systems work similarly to other AC units but primarily rely on water. Another difference is their setup. For instance, some require their own voltage plug and most require you the ability to vent the hot air out of a window.
Another great question to ask when thinking about portable units is, “Can you use a portable air conditioner in an apartment?” The answer depends on your apartment complex and its rules. In certain apartments they are not allowed, so make sure to check with your apartment before you invest in one. Here are some pros and cons of portable AC units.
Pros:
Move room-to-room
Cost-efficient
Come in various sizes
Great if you have a strict HOA or landlord and can’t install a window unit
Cons:
Sometimes are less energy efficient
Can be noisy
2. Window units
Window units are very popular throughout Europe and make another great option for your apartment AC unit. Set in a window, they function much like other AC units and are capable of cooling medium-sized spaces. Here are some of their pros and cons.
Pros:
Easy to install
Inexpensive
Come in various sizes to fit your windows
Can come with a heating system
Cons:
Not portable and stay in the window you place them in
Not energy efficient
3. Wall-mounted
Wall-mounted units are a great option for people who are living in older buildings that tend to get very hot during summer. Here are the pros and cons of these AC units.
Pros:
Easy to install
Don’t take up a window or block the view
Energy efficient
Cons:
Don’t cool the whole space
Must be cleaned and maintained regularly
4. Personal AC unit
Personal AC units are great for cooling down a single person in a smaller space. They are typically very small â meant for bed stands or desks and are not meant to cool the entire space down. These typically only need a plug and water, however, they do not cool as well as bigger units. Here are their pros and cons.
Pros:
Great for personal use
Move from room-to-room
Easy to use and install
Cons:
Not energy efficient
Need cleaning after each use to avoid germ growth
How to keep your apartment cool without an AC unit
If none of these options work for you, there are other ways to keep yourself cool this summer. Here is a list of other options to consider:
Installing fans
Purchasing dark blinds to block the sun
Putting cooling sheets on your bed
Switching out your light bulbs to ones that produce less heat
Opening your windows at night
Cooking outside
Stay cool as a cucumber
While the summer heat is great for outdoor activities and vacations, it’s not so great for your apartment. Keeping your place cool throughout these hot months is essential. There is nothing worse than being uncomfortable in your own living space. The good news is there are many different options to consider when thinking about the best air conditioner for your apartment.
The post Picking the Best Air Conditioner for Your Apartment appeared first on Apartment Living Tips – Apartment Tips from ApartmentGuide.com.
Working from home has become more prominent than ever, especially in light of the COVID-19 pandemic. But, when youâre living in an apartment, it can sometimes be challenging to create a productive remote workspace.
Thankfully, there are things you can do to maximize your space (no matter how small it may be), arrange it in a way that inspires creativity and productivity, and take care of yourself so you stay motivated.
Letâs take a look at some of the ways you can make the most of your apartment while youâre working from home, so you can find a healthy work-life balance and stay focused on your job each day.
Arranging Your Space
A productive apartment work-from-home space starts with actually creating a designated workspace. You donât necessarily need to have a separate spare room to set up an office. As long as you have a specific location in mind that is dedicated to your work, you can get things done effectively. Some suggestions include:
Fixing a folding shelf to a wall.
Using a large closet/wardrobe.
Utilizing a large hallway.
Pulling your sofa away from the wall in the living room and using it as a desk chair.
Having your own workspace can help you to stay focused and organized throughout the day. Remember, your environment can affect your mental health. It can either keep you motivated or bring you down. So, focus on things like using natural lighting, having live plants around to give you energy, and even controlling the temperature to keep things a bit cooler.
If you know you will have to participate in Zoom meetings or similar video chats, make sure that your office looks as professional as possible. Because youâre at home, itâs okay to make things personal. But, whatever is in your background should still suggest that youâre working. A professional background for a video call can include things like plants, pictures, and artwork, but probably shouldnât include your Star Wars actions figures.
Keeping Your Health in Mind
In addition to having the right space set up, itâs crucial to take care of yourself in order to stay productive. When working from home, itâs easy to feel distracted and unmotivated. Taking care of yourself, physically and mentally, can have a huge impact on how well you do your job.
One of the potential drawbacks of working from home is having a harder time with a work-life balance. You can combat this by having a routine each day. Start work at the same time and end it at the same time. Having a separate office space in your apartment will make it easier to âwalk awayâ from work at the end of the day.
Itâs also important to take breaks, and you may need to encourage yourself to do so. Your apartment might be small, but donât be afraid to splurge on a few âself-careâ items including, perhaps, a sofa that you can put in or near your workspace for whenever you need to take a break.
Your breaks should also consist of movement, as much as possible. Stand up and stretch every hour. Or, take longer breaks throughout the day that allow you to get outside and go for a walk. Studies have shown that simply being out in nature can improve your mood, which may help with productivity, and it will give you a chance to get some space after being in a small apartment all day.
Itâs possible to create a productive apartment work-from-home space and to stay motivated each day. With a few simple changes, some organizational skills, and maybe a professional purchase or two, you can turn almost any area of your apartment into an effective workspace.
Read Create a Productive Apartment Work-From-Home Space on Apartminty.
You probably know what a good credit score is – it’s a straightforward number that reflects how well you manage your credit.
But do you know what a good credit limit is?
According to Experian, Americans had an average of $30,365 in credit available to them across all their credit cards in 2020.
But the question of whether your credit limit is good is a bit more nuanced.
Read on to learn what experts have to say about what a good credit limit is and see how yours stacks up.
See related: My credit limit was (almost) cut without warning
What is a credit limit?
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Your credit card limit is simply the amount of credit a lender has extended to you, based on your credit scores and other barometers of your creditworthiness and ability to pay, such as your income.
Think of it as your total spending limit – and don’t exceed it or you might face a penalty.
Your credit score could take a hit and your issuer could close your account. Additionally, your transaction might be declined, your interest rates could rise, your credit limit could go down and you might have to pay a fee.
Stay within your credit card limits to avoid these headaches.
See related: Can I request a specific credit line when I apply for a card?
What is considered a good credit limit?
Paul Sundin. CPA and tax strategist at Emparion, said the answer depends on the credit card user.
The American Banking Association reported in May that super-prime consumers (with credit scores of 759 and above) are given an average of $9,329, while prime consumers (with credit scores between 680 and 759) are given $5,109 and subprime consumers (with credit scores of 680 and below) are given $2,541.
And some high-net-worth consumers are given even higher credit limits or don’t even have preset spending limits at all because of their exceptional credit history, Sundin said.
Ben Reynolds, CEO and founder of Sure Dividend, said a reasonable credit limit might mean a specific number to each person, so you shouldn’t base your credit limit on what’s considered “good.”
“People need to judge a good credit limit based on their income, spending habits and repayment strategies,” Reynolds said.
See related: Card issuers slashed billions in credit limits amid COVID
Credit utilization tops credit limit
Imani Francies, a finance expert at USInsuranceAgents, said your credit utilization is always more important than your credit limit.
And no credit limit, she said, measures up to the significance of keeping your utilization rate below 30%.
So, Francies said, if someone has a higher credit limit than you but they maxed out their $10,000 limit, you would be seen as more creditworthy if you pay off your $500 credit limit every month on time and never have your utilization rate exceed 30%.
How to get a credit limit increase
There are many ways to improve your odds of getting your credit limit raised – one good way is to raise your credit score since lenders usually give cardholders with great scores higher spending limits.
And once you improve your credit score – by paying on time, paying your balance in full and not opening a bunch of accounts at one time – you’ll get the added benefits of qualifying to the best interest rates and credit cards with the best rewards.
And keep in mind you can also use a secured credit card to build credit.
In addition, you can always ask for more credit after you get your card. As the economy improves and uncertainty fades, it should be easier to get.
But before you ask your lender for an increased credit limit, ask yourself if you’re doing it to lower your credit utilization ratio or if you’re just doing it so you have more money to spend. The latter would not make sense unless you have a plan to pay your balance in full every month.
Bottom line
The question, “What is a good credit limit?” varies among consumers and is based on your personal finance profile.
If you’re thinking about asking your issuer for a credit limit increase, make sure you have a compelling reason, such as your income has increased. And note that the issuer will also want to see your employment status and proof of your mortgage or rent payment.
If you decide to ask for an increase, make sure you’re asking for the right reason and consider how it will affect your credit utilization and your credit score.
And always keep in mind that using your card responsibly is key to your financial well-being.
You’ve been running a credit card balance for a few months, but finally, you have enough cash on hand to zero out the statement balance.
With great relief – and not a little pride – you pay it off. Thank goodness you’re done with that debt.
But wait: did you also pay the residual interest?
What is residual interest?
Residual interest is the interest that’s accrued on the unpaid credit card balance all this time that you’ve not been paying it. It’s also called trailing interest – because it trails into the next month.
The federal Consumer Financial Protection Bureau investigated residual interest charges on credit cards in 2015 as part of its biennial credit card report to Congress.
“We recognized, based on our research, that there is some confusion about this so-called ‘ghost charge,’ said Wei Zhang, the bureau’s credit card program manager. “People wanted to know, ‘What is this? Why is it happening?’”
The bureau did not find issuers doing anything illegal; however, they did discover that many details were buried in the fine print of credit card agreements. Card owners often were unaware of or did not fully understand what happened if they failed to pay their bill in full or how interest on the balance was calculated.
Before we get into those details any further, though, let’s start by explaining some terms:
Billing cycle – That’s the time between two bills. Many billing cycles are about a month long.
Closing date – That’s the date on which the billing cycle ends. When the closing date occurs, the card will post a statement balance. That’s the amount of purchases you charged during this billing cycle.
Grace period – This is the period of time between when the billing cycle closes and your payment is due. This can be a few weeks, or even up to a month.
Due date – This is the last possible day to make your payment without penalty. After this day, interest will start to accrue on the balance.
That interest that accrues? That’s residual interest.
See related: How to lower your credit card interest rate
How does residual interest work?
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Here’s an example of how residual interest comes into play:
You have a credit card with a billing cycle that closes on the 15th of every month. On March 15, your statement balance is $1,200.
Your due date on the bill is April 14th. But when the date arrives, you can only afford to pay $900 – meaning you leave a balance of $300 on the credit card.
That $300 starts accruing interest the very next day. How much interest? Depends on your particular credit card. Let’s say, for this example, your card charges an APR of 22%.
To figure out how much that will be, divide the APR by the number of days in the year. So 22 divided by 365 – 0.0602%.
Multiply this by your current $300 balance, and you get 18.06 cents. That’s the amount of residual interest you will get charged on the balance each day.
By the time the next month’s due date rolls around, 30 days later, you will owe $5.41 in residual interest.
This is where things get tricky. Maybe you decided to clean up your financial act. You’ve only charged $200 this month, and now you can afford to pay off both the new balance and the $300 from last month. Everything’s squared away, right? Nope, not so fast. You still owe that $5.41. And if you don’t notice it and neglect to pay it, it will continue to accrue interest.
Or, you do pay the entire bill by sending a check in the mail. Interest may continue to accrue on the balance between the time you mail the check and the time the bank receives it and cashes it. Remember, once you enter the land of accruing interest, there is no more grace period.
“Because it accrues after the billing period closes, [residual interest] won’t appear on your current statement – meaning that this could be a surprise amount you discover in your next statement,” said Megumi Smisson, who discusses personal finance on her podcast Ms. Money Moves and her website, Money With Megumi. “Or, worst case, you think you’ve paid off your card, don’t check your next statement to make a payment, and incur a late fee and potentially damage your credit.”
See related: What happens when you miss a credit card payment?
Do all cards charge residual interest?
Residual interest is a common credit card feature. Supposedly, there are banks that don’t charge it, though those are increasingly hard to find.
“I’m not saying it’s impossible, but … [scoring a credit card that doesn’t charge residual interest] is kind of like finding the pot of gold at the end of the rainbow with a unicorn standing next to it,” said Bruce McClary, spokesman for the National Foundation for Credit Counseling in Washington, D.C.
There are many credit cards that offer 0% APR on new and transferred balances for a number of months. To find out how your card deals with leftover balances, look at the back of the statement. It probably won’t say “residual interest” in those words.
Scan instead for writing like “finance charges may be assessed even if we receive payment in full in the current billing cycle.” Other ways to get this information, and discover what the APR is for your card, are to look at your card’s terms and conditions, go to the card issuer’s website or call the issuer.
How to avoid residual interest
There’s no reason you should have to pay months’ worth of residual interest on your credit card for a balance that’s quickly resolved. Here’s how to make sure this isn’t a problem for you.
Pay your card in full each month. “The No. 1 rule, the best advice for avoiding residual interest altogether, is to pay off your purchases immediately,” McClary said.
First timer? See if you can get a break. There’s no harm in calling your credit card issuer and asking if you can get an extension on your payment deadline, so you can avoid late fees, finance charges and any residual interest on this one cycle. “You never know what you’ll get until you ask,” McClary said.
If that’s not possible, check your balance and pay it online. The credit card issuer should post real-time information about your leftover balance and any accruing interest.
Get confirmation from the card issuer. This is particularly important if you are paying your balance by mail, either from a paper statement or from what you see online. Interest on the balance continues to accrue until the moment the bank cashes your check. If the check is insufficient because it doesn’t include those extra few days of interest, interest will accrue on the unpaid balance. Instead, before you write the check, pick up the phone and ask the credit card issuer for the payoff balance. “That is the best, the most foolproof way to accurately know the balance that would pay off the account,” McClary said. He advises overestimating the day the payment will arrive by a day or two; the company will repay you any overpayment but will charge more interest if you fall short again.
See related: Should I pay off my credit card all at once?
Bottom line
Remember, if you’ve let a balance carry from one statement to the next, you don’t just have to pay off the balance on your statement. You may also owe residual interest that is not included in your current statement. Check your total online. Call the card issuer to double-check. You can also check your credit card agreement to find out about residual interest or minimum finance charges.
And after you’ve paid what you believe you owe, check again, to be sure.
“Don’t just anticipate ‘I’m off the hook’ next month,” Zhang said. “In many cases, you are probably not off the hook. Make sure there are not any residual balances next month.”
