Are You Making Any of These 5 Organizing Mistakes?

We all want to keep our homes organized. That's a no-brainer. But many people struggle to keep their home that way. This is because there are some common behaviors that could be making it difficult for you to stay organized. Are you making any of these five home organization mistakes?

Not Sorting by Function 

Lots of people like to sort by color or group things by their physical similarities. However, this could actually be making areas such as your closets even messier. If all of your shirts are organized by color but you wear specific shirts during the week and other ones on the weekend, this will cause you to have to sift through every shirt you own to find one that is work-appropriate or casual enough for the weekend. 

Instead, group things by function. Keep all your shoes and clothes organized in a way that makes sense for your lifestyle and you will have a better chance of staying organized. 

Organizing Items You Don't Need

Before you organize your kitchen or bathroom, sort through what you have and ask yourself if each item is still necessary. For instance, if you are reorganizing your kitchen cabinets, take every item out of the cabinet and lay it out in front of you. Examine each item and decide if you should keep it, toss it or donate it.

Now, you only have to organize the items you have left. Organizing items you don't use is a waste of time and will crowd your home. 

Buying Too Many Storage Containers 

Do you buy boxes and baskets with every intention of using them to help you get organized, but they end up sitting in a corner with a plethora of unrelated items? Before you invest in storage containers, go through the items in your home and get rid of anything you don't need. Then, decide on an organizational strategy and make a shopping list. This way, you only buy items you know you will use.

Using Bookshelves as a Catchall

It's easy to turn your bookshelves into a dumping ground for knick-knacks and miscellaneous items you don't have a place for. In reality, the bookshelf should have a very thoughtful layout of carefully curated items. This is because bookshelves are open and become an eyesore when they're overcrowded.

Even the books you display on your bookshelf should be in good condition. Keep overly loved paperbacks in a more hidden area and reserve the bookshelf for hardcover books in good condition.

Having Furniture You Don't Need

If you live in an apartment or a small house, make sure you only bring in furniture that you need. For instance, just because homes traditionally have a dining room table doesn't mean you have to. If you live in a studio apartment or don't have a dining room in your home, don't force a formal table into your space. Only bring in furniture that you love and that serves a purpose.

Looking for more ways to keep your home clutter-free and spacious? Give us a call today — we love sharing our expertise.

How to Put Your Housing Cost to Work for You

There has been a lot written about the benefits of homeownership. One benefit that continues to rise to the top is the added wealth homeowners gain simply by paying their mortgage while their home increases in value over time.

The National Association of Realtors (NAR) recently broke down the equity gained from price appreciation and principal payments in their Economists Outlook Blog. Homeowners who purchased their homes five years ago have already gained almost $80,000 in equity over that time with 80% of the gains coming from price appreciation.

For a homeowner who purchased their home 30 years ago, they have gained nearly $250,000 in equity with 70% coming from price increases. The full results can be seen in the chart below.


According to the Home Price Expectation Survey, a family who purchased a median priced home this January can expect to gain more than $42,000 over the next five years simply from price appreciation alone.

Bottom Line

Your home is one of the only investments you can live inside as you pay it off over time. If you are ready to use your housing costs to build wealth, contact a local real estate professional who can help you determine how to make your dream a reality.

To-Do List for Better Homeowners

Checklists work because they contain the important things that need to be done.  They provide a reminder about things we know and realize but may have slipped our minds as well as inform us about things we didn't consider.  Periodic attention to these areas can protect the investment in your home.

1. Change HVAC filters regularly.  Consider purchasing a supply of the correct sizes needed online and they'll even remind you when it's time to order them again.
2. Change batteries in smoke and carbon monoxide detectors annually.
3. Create and regularly update a Home Inventory to keep track of personal belongings in case of burglary or casualty loss.
4. Keep track of capital improvements, with a Homeowners Tax Guide, made to your home throughout the year that increases your basis and lowers gain.
5. Order free credit reports from all three bureaus once a year at www.AnnualCreditReport.com.
6. Challenge your property tax assessment when you receive that year's assessment when you feel that the value is too high.  We can supply the comparable sales and you can handle the rest.
7. Establish a family emergency plan identifying the best escape routes and where family members should meet after leaving the home.
8. If you have a mortgage, verify the unpaid balance and if additional principal payments were applied properly.  Use a Equity Accelerator to estimate how long it will take to retire your mortgage.
9. Keep trees pruned and shrubs trimmed away from house to enhance visual appeal, increase security and prevent damage.
10. Have heating and cooling professionally serviced annually.
11. Check toilets periodically to see if they're leaking water and repair if necessary.
12. Clean gutters twice a year to control rainwater away from your home to protect roof, siding and foundation.
13. To identify indications of foundation issues, periodically, check around perimeter of home for cracks in walls or concrete.  Do doors and windows open properly? 
14. Peeling or chipping paint can lead to wood and interior damage.  Small areas can be touched-up but multiple areas may indicate that the whole exterior needs painting.
15. If there is a chimney and fires are burned in the fireplace, it will need to be inspected and possibly cleaned.
16. If the home has a sprinkler system, manually turn the sprinklers on, one station at a time to determine if they are working and aimed properly.  Evaluate if the timers are set properly.  Look for pooling water that could indicate a leak underground.
17. Have your home inspected for termites.

Instead of remembering when you need to do these different things, use your calendar to create a system.  As an example, make a new appointment with "change the HVAC filters" in the subject line.  Select the recurring event button and decide the pattern.  For instance, set this one for monthly, every two months with no end date.  You can schedule a time or just an all-day event will show at the top of your calendar that day.
By scheduling as many of these items as you can, you won't forget that they need to be done.  If you don't delete them from the calendar, you'll continue to be "nagged" until you finally do them.

7 Home Maintenance Tasks All Homeowners Should Master

Whether you're a first-time homeowner or a seasoned veteran in homeownership, there are a few home maintenance tasks that all homeowners should master in order to keep their home in tip-top shape. Use these seven tasks as a general guide: 

Clean the garbage disposal in your kitchen sink. It is widely agreed upon that the best way to keep your garbage disposal blades clean and sharp is to run vinegar ice cubes through it. This easy task can eliminate odors as well as maintain your garbage disposal unit, keeping your kitchen clean and functional.

Check fire safety equipment. Test the batteries in your smoke detector and carbon monoxide detectors every six months. If you ever need either one, you'll be glad you kept them both well-maintained. At the same time, you should check to make sure that your fire extinguisher is easily accessible and not nearing its expiration date.

Inspect/replace HVAC filters. Your furnace and air conditioner units play a vital role in keeping your home comfortable during all seasons. Keeping the filters clean and free of pet hair, dust and debris can go a long way toward prolonging the life of your HVAC units. This simple task can mean the difference between a quick fix and a costly repair down the road.

Vacuum the dust-collecting parts of your major appliances. Vacuuming your dryer's exhaust duct each year can prolong the life of your dryer. Same for the coils underneath your refrigerator. Trapped dust can result in trapped heat, leading to energy inefficiency and decreased life expectancy.

Test your garage door sensors. If you have a garage door, it is important to make sure the auto-reverse feature is in working order. This feature can keep your garage door from being damaged — or damaging any of your personal property, family members or pets.

Clean the gutters around your home. If your home has gutters, it is important to keep them clean and free of debris, especially during the rainy season. Standing water can create all kinds of problems. It can damage your home as well as provide a breeding ground for insects. Keeping your gutters clean will ensure that they are draining properly at all times.

Keep up with landscaping. In addition to improving your home's curb appeal, clearing away dead plants or shrubs on a regular basis can help you notice any issues early on. Also, make sure to check for any dead or dying limbs that overhang power lines, parking spots or your roof. Clearing away dead limbs before they become a problem can minimize stress down the road.

Keeping up with a few simple tasks can mean the difference between a routine repair and a costly replacement. Taking these steps can maintain the value of your home.

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20 Tips for Preparing Your House for Sale This Spring [INFOGRAPHIC]

Some Highlights:

• When listing your house for sale, your top goal will be to get the home sold for the best price possible!
• There are many small projects that you can do to ensure this happens!
• Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help!

If you had to pick ONE, which would you choose? A waterfront home or a home with land and lots of acreage?

Do 46 Million Millennials Know They Are Mortgage Ready?

Many have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.

Millennials have taken longer to obtain traditional milestones than the generations before them, such as getting married, having kids, and buying a home. However, that does not mean that they do not still aspire to achieve those things.

History shows that people tend to buy their first home around age 30. Nearly 5 million millennials will turn 30 in the next two years. This will continue to fuel demand for housing.

This is also one of the many reasons why the millennial homeownership rate has continued to grow over the past few years. 48.4% of Americans between the ages of 30-34 now own a home.

There are over 46 million millennials (33% of the generation) who are considered “Mortgage Ready”, meaning they meet the qualifications to be approved for a mortgage today!

• a FICO Score ≥ 620
• a Back-End Debt to Income Ratio ≤ 25%
• no Foreclosures or Bankruptcies in the last 7 years
• no severe delinquencies in 1 year

Rob Chrane, CEO of Down Payment Resource, commented on the findings of the report,

“We now know there are millions of buyers with the income & credit necessary to qualify to buy a home. The biggest question is:
Do they know it? …Unfortunately, many renters don’t investigate homeownership simply because they don’t believe it’s an option.”

The good news is that more and more millennials are realizing that they can afford a home now. Even so, more can be done to increase awareness of low down payment programs to attract even more of this generation.


New data from realtor.com shows that in December, millennials accounted for 42% of all new home loans originated in the month. This is more than any other generation.

Bottom Line

If you are one of the many millennials who may be “Mortgage Ready” but are unsure what your next steps should be, contact a local real estate professional who can help guide you on your path to homeownership.

Did you know that 78% of people's net worth is in their home? If you want to retire with wealth, buy a home today! 💰

What Credit Score Do You Need To Buy A House?

There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!


Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

• 16% Very Poor (300-579)
• 18% Fair (580-669)
• 21% Good (670-739)
• 25% Very Good (740-799)
• 20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a minimum FICO® score of 580 if you want to qualify for the low down payment advantage. The US Department of Agriculture (USDA) does not set a minimum credit score requirement, but most lenders require a score of at least 640. Veterans Affairs (VA) loans have no credit score requirement.

As you can see, none of them are above 700!

It is true that the average FICO® score for all closed loans in January was 726, but there are plenty of people taking advantage of the low credit score requirements. Here is the average FICO® Score of closed FHA Loans since April 2012 according to Ellie Mae:As you can see, that number has been dropping for the last seven years. As a matter of fact, the average FHA Purchase FICO® Score reported in January 2019 was 675!
One of the challenges is that Americans are unsure about their credit score. They just assume that it is too low to qualify and do not double check. Credit.com confirmed that only 57% of individuals sought out their credit score at least once last year.
FICO® reported,

“Since October 2009, the average year-over-year FICO® Score has steadily and consistently increased, from a low of 686 in 2009 to the latest high of 704 as of 2018.”

Here is the increase in the average US FICO® Score over the same period of time as the graph earlier.

Bottom Line

At least 84% of Americans have a score that would allow them to buy a house. If you are unsure what your score is or would like to improve your score in order to become a homeowner, sit down with a real estate professional that can help you to set a path to reach your dream!

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Want To Increase Your Family’s Wealth? Here’s How!

Everyone should realize that unless you are living somewhere rent-free, you are paying a mortgage – either yours or your landlord’s. Buying your own home provides you with a form of ‘forced savings’ that allows you to use your monthly housing costs to increase your family’s wealth.

Every month that you pay your mortgage, you are paying off a portion of the debt that you took on to purchase your home. Therefore, you own a little bit more of your home every month in the form of home equity. As your home’s value increases, you also gain home equity.

Every quarter, Pulsenomics surveys a nationwide panel of over 100 economists, real estate experts, and investment and market strategists. They are asked to project how residential home prices will appreciate over the next five years for their Home Price Expectation Survey (HPES).

The latest data from their Q1 2019 Survey revealed that home prices are expected to round out the year 4.3% higher than they were in January. For the next 5 years, home values will appreciate by an average of 3.21% a year.

This is great news for homeowners!

For example, let’s assume a young couple purchased and closed on a $250,000 home in January of this year. Simply through their home appreciating in value, those homeowners can build their home equity by over $40,000 over the next five years.

Let’s look at the potential equity gained over the same period of time at some higher price points:

In many cases, home equity is a large portion of a family’s overall net worth.

Bottom Line

Whether it’s your first or your fifth, if your plan for this year includes buying a home, meet with a local real estate professional who can help you understand where prices are headed in your area.

How to Choose the Right Lighting for Your Kitchen

Unsure where to start when it comes to choosing the right lighting for your kitchen? That’s understandable. Although there are a lot of options, many of them fall into one of the four categories below. Once you decide what category or combination of lighting you want in your kitchen, you can look into the various choices available. But first, let’s start with the basics.


Task Lighting
Task lighting will give an area of your kitchen more concentrated light. To put it plainly, the purpose of task lighting is to help you see what you’re doing. You can hang a task light over a kitchen island where you do all your chopping and prepping, over the stove or other areas in your kitchen that get a lot of use.
People also consider mounted lights under a cabinet or on the wall as a form of task lighting.


This provides an even more direct light source, but you have to be careful about how you place it to ensure that it doesn’t create harsh shadows over other parts of your kitchen.

Recessed Lighting and Track Lighting
Recessed lighting is a series of lights that brighten a room. It is also referred to as pot lights or can lights because of their inconspicuous nature. It’s a method of adding light to your kitchen that disappears into your ceiling.

You can also install a series of lights on a track, although this doesn’t give a seamless effect like pot or can lights. As the name suggests, these lights run on a track and snake around the ceiling in a way that offers the most light where you need it.

Ambient Lighting 
This is the most basic type of lighting you can opt for. It creates a blanket effect as a means to brighten a room. It will add an efficient amount of light for you to get things done around your kitchen, but nothing more. It’s not meant to help you achieve detailed projects — that’s a task light’s job.

Many people opt for ambient light because it’s simple and for the most part effective, but also because it will brighten your kitchen in a more natural way. It won’t cast as many shadows as track lighting or a pendant light (we’ll get to those). For more concentrated light, you can pair ambient lighting with some form of task lighting.

Pendant Lights 
Pendant lights can work in a couple of ways depending on where your light source is facing. You can choose an inverted pendant light that will cast the light upward and thus function more like ambient lighting. Or you can choose a pendant light that casts light down, causing it to act more like task lighting. So, the type of pendant light you choose depends on the kind of lighting you require.

A chandelier is a type of pendant light that many people opt for because of its elegance and ability to elevate a room. A pendant light typically adds a bit more style to the room you use it in, which is why it’s so popular.

For tips on lighting all the rooms in your home, give us a call today. We love sharing our tips and expertise.

Don’t Let Your Luck Run Out! Buy A Home This Spring

Some Highlights:

• Interest Rates for a 30-year fixed rate mortgage have dropped to 4.41% from near 5% in 2018.
• Take advantage of more inventory coming to market in the spring to find your dream home!
• Buying now will allow you to start earning equity today!

Buying Your First House?

Owning your own home has been part of the American Dream for years. The pride of ownership and sense of belonging somewhere have been strong factors in motivating over 60% of all households to own their own homes. In addition, there can be true financial rewards from home ownership. But, not always.





How Much Home To Consider
Buying and owning a home is expensive. You will need funds for a down payment (perhaps 20% of the purchase price) and any mortgage closing costs before you buy. After you buy, you will have monthly mortgage payments, property taxes and insurance. Then, there are the other expenses like utilities and maintenance. Finally, if you are like most homeowners, you will want to furnish it. All of these items cost money.

Deciding how much to spend for a home can be complex. You probably want as nice of a home as possible, but you want to be able to afford it. What you can afford depends on the size of your mortgage, mortgage rates, costs of home ownership, your other expenses and your income. One rule of thumb to consider is that the total of your mortgage payment, property taxes and insurance should be no more than 28% of your household income. Here is a worksheet and a table of mortgage payments to help with the calculation.


Sample Monthly Mortgage Payments for a 30 Year Fixed Mortgage

Monthly Mortgage Payments at different interest rates (30-year fixed rate mortgage)
	Mortgage Interest Rate
Mortgage Amounts	3.25%	3.50%	3.75%	4%	4.5%	5%
$50,000	$217.60	$224.52	$231.56	$238.70	$253.34	$268.41
$75,000	$326.40	$336.78	$347.33	$358.06	$380.01	$402.62
$100,000	$435.20	$449.04	$463.12	$477.41	$506.69	$536.82
$150,000	$652.81	$673.57	$694.67	$716.12	$760.03	$805.23
$200,000	$870.41	$898.09	$926.24	$954.83	$1,013.37	$1,073.64

Many financial websites include mortgage calculators to provide more precise payment levels and you can also calculate mortgage payments for other lengths of mortgages. You will need to adjust the worksheet below for your particular tax situation.

Worksheet

	Sample	Sample
Mortgage amount	$100,000	$150,000	$	$
Monthly payment x 12	($477.41 x 12) = $5,729	($716.12 x 12) = $8,593
Property taxes	$3,500	$3,500
Insurance	$1,500	$1,500
Total	$10,729	$13,593
Household income	$50,000	$50,000
Times 28%	x.28	x.28	x.28	x.28
What you can afford	$14,000	$14,000
Difference	+$2980 Affordable	+$407 Stretching affordability	+ or –	+ or –

The sample is based on buying a $175,000 house with a 4% 30 year mortgage. As the chart shows, this person can probably comfortably afford buying the home with a much larger down payment. As a practical matter, the person could probably be comfortable with a mortgage in the $125,000 to $130,000 range. Of course, this is just a guideline for a rough estimate. Tax laws are always changing, and your situation may vary.

Tax benefits from home ownership
Many taxpayers find that the interest on their mortgage and the annual property taxes they pay are large enough to enable them to itemize their deductions instead of using what is commonly referred to as the standard deduction. For many homeowners, their interest and property taxes exceed those amounts. Be sure to keep track of when you pay your property taxes. Some taxing districts have due dates close to the end of the year, and you must have paid the tax before December 31 to get the deduction.

The IRS also allows you to exclude any gain on selling your house up to $500,000 if you file a joint income tax return and meet certain requirements. You may want to investigate these tax advantages further or talk to a tax accountant to completely understand the tax advantages. This is especially important now, because the new tax reform law has changed the tax landscape for homeowners in important ways.

Potential gains from selling your home
The housing market in many areas of the country is currently suffering. While that may be bad news for existing owners, it can be very good news for those buying their first home. When the housing market improves, and the odds are good that it ultimately will, the value of your home may rise.

Summary
If you are like millions of others, owning your own home is a primary financial and lifestyle goal. The pride of home ownership and the financial rewards are attractive. Just make sure you understand that there can be some downsides before you make the decision.

Want advice based on your unique situation and needs? Give me a call today.

 

HOME IS CALLING...

What do you see when you visualize your dream home? I ask you this, as it’s important that we see the same dream. I realize that the very best way to assist my real estate buyers to locate precisely the right home is to put myself into my buyer clients’ shoes.

I'm here to serve my buyers and create more than satisfied buyer clients.

Will Points Make a Difference?

Lenders typically quote mortgages at a market rate but can offer a lower interest rate loan if the borrower is willing to pay points up-front which is considered pre-paid interest.  These points are generally tax deductible for the year paid when the borrower pays them in connection with buying, building or improving their principal residence.
A point is one-percent of the mortgage amount.  A lender will quote a lower-rate mortgage with a certain number of points.  There is not a standard amount; it is an individual company policy.

A simple comparison of the two alternatives based on the borrower's ability to pay the points and whether the borrower will stay in the home long enough to recapture the costs will help to determine which loan will provide the cheapest cost of housing.

In the example below, two choices are compared; a 4.25% loan with no points vs. a 4.00% loan with one point.  If the buyer stays in the home at least 69 months, they will recover the $3,150 cost for the point on the lower interest rate.

If the purchaser stays ten years, he'll save two thousand three hundred dollars over the cost of the point.  A less obvious advantage will be realized because the unpaid balance on the lower interest rate loan will results in an additional $2,076 savings.

Use this Will Points Make a Difference app to discover whether paying points will make a difference in your situation.  This is an example of a permanent buy-down but temporary buy-downs are also available.  A trusted mortgage advisor can help you determine alternatives.

What’s Going On with Bidding Wars?

In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.

According to the Cambridge English Dictionary, bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.

In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.

According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.


With the current number of houses listed for sale and the level of demand from buyers, this means it would take 3.7 months for all the homes listed to sell if no additional listings came to market. Any supply number under a 6-month supply is considered a seller’s market. According to NAR, the housing market hasn’t had a 6-month supply of homes for sale since August 2012.

Good News for Buyers

A recent report shows that the percentage of houses sold including a bidding war before settling on a final price decreased from 53% in January of 2018 to 13% this year.
One reason for the decline is an influx of homes being listed for sale. Even though the month’s supply number is not increasing, the number of homes for sale is. The chart below shows the year-over-year change in inventory over the last 12 months.


­­
As you can see, the number of homes for sale has started to build over the last eight months. Prior to this reversal, inventory levels had fallen for 36 consecutive months when compared to the year before.


Danielle Hale, realtor.com’s Chief Economist, gave some insight into why bidding wars are less common on a local level this year,

“[Last year] you might have been the only listing in your neighborhood, and you could put your home up at a certain list price and you would likely see multiple offers at or above that list price. That tide is turning this year.
It’s going to depend on what neighborhood you’re in, but we expect it to be more common this year that you won’t be the only listing.”

Inventory in the luxury and premium markets (the top 25% of listings in an area by price), is increasing at a greater rate than the starter home market. As the choices buyers have continued to increase, the likelihood of a bidding war will decrease.

Bottom Line

If you are debating listing your house for sale this year, you may not want to wait for additional competition as inventory continues to rise.

4 Reasons to Buy a Home in the Spring

Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.
As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren’t? Would you wait?


Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.