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News for YOU!

News for YOU! is a free, monthly newsletter provided by KS StateBank that offers tips and other information to help you make wise financial choices. Please feel free to sign up now to receive new editions of our newsletters each month, as well as other updates. You can also subscribe to our business newsletter, News for YOU! Business Edition.

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Visit the 2018 News for YOU! Archive.

January 2019

Stick to Your Resolutions

Don't just set savings goals for the new year, achieve them! After some well-deserved indulgence over the holidays, it's time to refocus on all that you want to do in 2019 and set yourself up for healthy financial goals.

According to website MagnifyMoney, a third of holiday spenders said it will take them more than three months to pay off their holiday bills. And much of that is because instead of socking away a little at a time over the course of the year, most people put everything on credit cards at the last minute.

Try something different this year.
Use our online financial management tool, My Money, to make your spending and savings resolutions easier. You may not hit all the targets, but at least setting them allows you to get an idea of what's in store, so you don't get caught by surprise next January. And it's really easy with My Money. Plus, you can also set savings targets for your summer vacation, back to school, or whatever savings goals you have before the next holiday season!

Look for the My Money tab in your Online Banking account to get started or visit the My Money page to learn more!

 

Buying Versus Building a Home: Which is Cheaper?

Is it less expensive to buy or build a house? That's a question that many homebuyers have – whether they're first-time buyers or looking toward their next move. Here's what you need to know about buying an existing home versus building a custom home.

The Upfront Costs
Existing Home: The price of a home vary widely as it depends on the area, the square footage, the condition, the amenities, as well as many other factors.

Building a New Home: All things being equal and generally speaking, building a new home costs about $60-$70k more than buying an existing home with similar attributes. But that is not always the case. There are some instances where the cost per square foot comes out significantly less in a custom built home than in an existing home.

Home Maintenance
Existing Home: Older homes require more maintenance because they have more wear and tear. Some homes may even need a big-time overhaul. As with any home purchase, never skip the home inspection and understand that even with well-maintained homes, repairs are inevitable.

Building a New Home: Maintenance on a new home is very little, and it's one of the central benefits of building a new home. Since everything from appliances to the HVAC system is new and under warranty, you'll enjoy several years of worry-free living. Some contractors even offer a whole home warranty that protects the house for up to 10 years!

Outdoors
Existing Home: A mature garden with large trees and well-established landscaping is a big plus of buying an existing home. Mature trees and landscaping not only add value to the property but can even help to reduce energy costs by providing shade and efficient drainage.

Building a New Home: Professional landscaping can cost thousands plus many years to come to fruition. The benefit, however, is that you'll be able to design your outdoor space precisely to your liking and in very little time. Depending on the project, you can have a custom-designed yard in two weeks or less.

Energy Efficiency
Existing Home: Older homes that have had little to no updating use more energy. Appliances that are older than ten years, single-pane windows, and poor insulation are some updates you'll want to consider if you buy an existing home.

Building a New Home: On average, new homes use about 21% less energy than older homes. However, this saving comes mostly from high-efficiency appliances. Meaning that if you purchase new high-efficiency appliances for an existing home, you can save just as much money on energy with an existing home as you would with new construction.

Appreciation
Existing Home: With an existing home you can see the home's previous sale prices, the cost of similar homes in the area, and have a good idea of what the market value of your home will be in the future.

Building a New Home: New homes, especially those in up-and-coming neighborhoods, can be more of a gamble. Without any sale history or comparable to reference, you have very little to go on when thinking about the future value of your home. Of course, if this is your forever home, which is often the case with custom-built homes, then not having a history to predict the future may not matter.

Whether you're buying an existing home or building a new one, our team of experienced mortgage lenders can help you through the process. To get started visit our Home Loans website, homeloans.ksstate.bank.

 

Martin Luther King, Jr. Day

All KS StateBank branches and offices will be closed on Monday, January 21 in observance of Martin Luther King, Jr. Day. We will reopen during regular hours on Tuesday, January 22.

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