MONEY Odd Spending

7 Things You Won’t Believe Were Sold for Only $1

Copies of the New York Daily News are displayed on a newsstand in New York's Times Square
Brendan McDermid—Reuters Copies of the New York Daily News are displayed on a newsstand in New York's Times Square March 31, 2015.

An offer is on the table to buy the New York Daily News for just $1, which on the surface seems mind-boggling. Bizarrely, many big-ticket items have been known to trade hands for just a buck.

As Reuters reported on Tuesday, Cablevision is preparing to make a bid for the struggling New York tabloid the Daily News. The bid is expected to be a grand total of just $1, which sounds insane until you factor in that the paper reportedly loses $30 million annually and needs an investment of $150 million in its printing press.

Here are a few other noteworthy things that have sold a for just a buck. Some are amazing deals, while others aren’t remotely bargains, even with a mere $1 asking price.

Historic Homes
Grand old homes have been known to sell for just $1, often with the catch being that the new owners must handle the cost of moving the building to a new location. In other instances, the list price of $1 is the result of the property being a fixer-upper, to put it mildly, as well as in an undesirable location.

Timeshares
Timeshares occasionally are put on the market for dirt cheap, typically by owners who want to unload the property’s costly maintenance fees. The properties are often sold for $1, though most of RedWeek’s Bargain Timeshares roundup are listed at $0.

Cars
A used car dealer in New Zealand hoped to get about $3,000 for a 1994 BMW in an online auction, but due to a mistake a customer wound up purchasing it at a Buy-It-Now price of $1. The dealer actually honored the sale price too. Meanwhile, at least one car dealership in Texas listed a few $1 mystery cars on his lot as part of a Black Friday promotion in 2013.

Flights
When $1 flights appear, travelers must act immediately and be flexible about when they can fly. For obvious reasons, deals like this are available in extremely limited quantities. Over the years, carriers such as Nature Air (in Costa Rica), TigerAir Australia, America’s Spirit Airlines, and Europe’s Ryanair have been known to sell flights for $1, or about that much in the local currency.

Newsweek
A few months after Newsweek stopped putting out a print edition in 2013, the brand was purchased by IBT Media for $1. It had previously been sold to the wealthy philanthropist and businessman Sidney Harman, also at a price of $1, plus liabilities.

Dinner
Last summer, the on-demand food delivery service Spoonrocket tried to break the Guinness World Record for largest ever virtual dinner party, and it used a $1 dinner promotion as enticement to get consumers to join in the cause. Too bad the site crashed during the PR stunt and countless people found it impossible to get their $1 dinner.

Hotels
The Public Chicago hotel periodically offers hundreds of hotel rooms at a special rate of $1 per night. How and when the rooms go on sale is something of a mystery, however, and anyone hoping to snag the deal would have to sign up for promotional emails from the hotel. In years past, the Hoxton Hotel in London has run a similar promotion, though its rooms were offered at £1.

MONEY Millennials

5 Big Myths About What Millennials Truly Want

150119_EM_MillennialMyth
Jamie Grill—Getty Images

We've heard a ton about millennials—where they want to live, what they love to eat, what's most important to them in the workplace, and so on. It's time to set the record straight.

In some ways, it’s foolish to make broad generalizations about any generation, each of which numbers into the tens of millions of people. Nonetheless, demographers, marketers, and we in the media can’t help but want to draw conclusions about their motivations and desires. That’s especially true when it comes to the young people who conveniently came of age with the Internet and smartphones, making it possible for their preferences and personal data to be tracked from birth.

Naturally, everyone focuses on what makes each generation different. Sometimes those differences, however slight, come to be viewed as hugely significant breaks from the past when in fact they’re pretty minor. There’s a tendency to oversimplify and paint with an exceptionally broad brush for the sake of catchy headlines and easily digestible info nuggets. (Again, we’re as guilty of this as anyone, admittedly.) The result is that widely accepted truisms are actually myths—or at least only tell part of the story. Upon closer inspection, there’s good reason to call these five generalizations about millennials into question.

1. Millennials Don’t Like Fast Food
One of the most accepted truisms about millennials—easily the most overexamined generation in history—is that they are foodies who love going out to eat. And when they eat, they want it to be special, with fresh, high-quality ingredients that can be mixed and matched according to their whims, not some stale, processed cookie-cutter package served to the masses.

In other words, millennials are huge fans of Chipotle and fast-casual restaurants, while they wouldn’t be caught dead in McDonald’s. In fact, the disdain of millennials for McDonald’s is frequently noted as a prime reason the fast food giant has struggled mightily of late.

But guess what? Even though survey data shows that millennials prefer fast-casual over fast food, and even though some stats indicate millennial visits to fast food establishments are falling, younger consumers are far more likely to dine at McDonald’s than at Chipotle, Panera Bread, and other fast-casual restaurants.

Last summer, a Wall Street Journal article pointed out that millennials are increasingly turning away from McDonald’s in favor of fast casual. Yet a chart in the story shows that roughly 75% of millennials said they go to McDonald’s at least once a month, while only 20% to 25% of millennials visit a fast-casual restaurant of any kind that frequently. Similarly, data collected by Morgan Stanley cited in a recent Business Insider post shows that millennials not only eat at McDonald’s more than at any other restaurant chain, but that they’re just as likely to go to McDonald’s as Gen Xers and more likely to dine there than Boomers.

At the same time, McDonald’s was the restaurant brand that millennials would least likely recommend publicly to others, with Burger King, Taco Bell, KFC, and Jack in the Box also coming in toward the bottom in the spectrum of what millennials find worthy of their endorsements. What it looks like, then, is that millennials are fast food regulars, but they’re ashamed about it.

2. Millennials Want to Live in Cities, Not Suburbs
Another broad generalization about millennials is that they prefer urban settings, where they can walk or take the bus, subway, or Uber virtually anywhere they need to go. There are some facts to back this up. According to an October 2014 White House report, millennials were the most likely group to move into mid-size cities, and the number of young people living in such cities was 5% higher compared with 30 years prior. The apparent preference for cities has been pointed to as a reason why Costco isn’t big with millennials, who seem to not live close enough to the warehouse retailer’s suburban locations to justify a membership, nor do their apartments have space for Costco’s bulk-size merchandise.

But just because the percentage of young people living in cities has been inching up doesn’t mean that the majority actually steer clear of the suburbs. Five Thirty Eight recently took a deep dive into Census data, which shows that in 2014 people in their 20s moving out of cities and into suburbs far outnumber those going in the opposite direction. In the long run, the suburbs seem the overwhelming choice for settling down, with roughly two-thirds of millennial home buyers saying they prefer suburban locations and only 10% wanting to be in the city. It’s true that a smaller percentage of 20-somethings are moving to the suburbs compared with generations ago, but much of the reason why this is so is that millennials are getting married and having children later in life.

3. Millennials Don’t Want to Own Homes
Closely related to the theory that millennials like cities over suburbs is the idea that they like renting rather than owning. That goes not only for where they live, but also what they wear, what they drive, and more.

In terms of homes, the trope that millennials simply aren’t into ownership just isn’t true. Surveys show that the vast majority of millennials do, in fact, want to own homes. It’s just that, at least up until recently, monster student loans, a bad jobs market, the memory of their parents’ home being underwater, and/or their delayed entry into the world of marriage and parenthood have made homeownership less attractive or impossible.

What’s more, circumstances appear to be changing, and many more millennials are actually becoming homeowners. Bloomberg News noted that millennials constituted 32% of home buyers in 2014, up from 28% from 2012, making them the largest demographic in the market. Soaring rents, among other factors, have nudged millennials into seeing ownership as a more sensible option. Surveys show that 5.2 million renters expect to a buy a home this year, up from 4.2 million in 2014. Since young people represent a high portion of renters, we can expect the idea that millennials don’t want to own homes to be increasingly exposed as a myth.

4. Millennials Hate Cars
Cars are just not cool. They’re bad for the environment, they cost too much, and, in an era when Uber is readily available and socializing online is arguably more important than socializing in person, having a car doesn’t seem all that necessary. Certainly not as necessary as a smartphone or broadband. Indeed, the idea that millennials could possibly not care about owning cars is one that has puzzled automakers, especially those in the car-crazed Baby Boom generation.

In many cases, the car industry has disregarded the concept, claiming that the economy rather than consumer interest is why fewer young people were buying cars. Whatever the case, the numbers show that the majority of millennials will own cars, regardless of whether they love them as much as their parents did when they were in their teens and 20s. According to Deloitte’s 2014 Gen Y Consumer Study, more than three-quarters of millennials plan on purchasing or leasing a car over the next five years, and 64% of millennials say they “love” their cars. Sales figures are reflecting the sentiment; in the first half of 2014, millennials outnumbered Gen X for the first time ever in terms of new car purchases.

5. Millennials Have a Different Attitude About Work
As millennials entered the workforce and have become a more common presence in offices around the world, much attention has been focused on the unorthodox things that young people supposedly care more about than their older colleagues. Millennials, surveys and anecdotal evidence have shown, want to be able to wear jeans and have flexible work hours to greater degrees than Gen X and Boomers. Young people also want to be more collaborative, demand more feedback, and are less motivated by money than older generations.

That’s the broad take on what motivates millennial workers anyway. An IBM study on the matter suggests otherwise, however. “We discovered that Millennials want many of the same things their older colleagues do,” researchers state. There may be different preferences on smaller issues—like, say, the importance of being able to dress casually on the job—but when it comes to overarching work goals achieved in the long run, millennials are nearly identical to their more experienced colleagues: “They want financial security and seniority just as much as Gen X and Baby Boomers, and all three generations want to work with a diverse group of people.”

What’s more, IBM researchers say, millennials do indeed care about making more money at work, and that, despite their reputation as frequent “job hoppers,” they jump ship to other companies about as often as other generations, and their motivations are essentially the same: “When Millennials change jobs, they do so for much the same reasons as Gen X and Baby Boomers. More than 40 percent of all respondents say they would change jobs for more money and a more innovative environment.”

TIME

Many Young Adults Need Parents’ Help to Buy a Home

Mortgage Bankers Association To Release Weekly Mortgage Market Index June 12
Daniel Acker—Bloomberg /Getty Images

At least they’re out of the basement

Three out of four young adults who recently bought their first home needed their parents’ help to afford the down payment, closing costs or other expenses, a new survey finds.

Interest in homeownership is picking up, especially among first-time buyers, and mortgage lender loanDepot LLC commissioned a survey to find out how today’s millennials — 97% of whom will take out a mortgage to buy their homes — plan to pay for their investment.

It seems the “bank of mom and dad” is a fallback most count on, with 75% of young adults who recently bought a home saying their parents helped them out. Another survey, this one from BMO Harris Bank, finds that about a quarter of first-time homebuyers expect to get money from their parents or other relatives.

Among parents of future would-be homebuyers, 17% of respondents to the loanDepot survey say they expect to have to chip in, up four percentage points from five years ago — a gap that suggests a number of today’s wanna-be homeowners expecting financial assistance probably shouldn’t hold their breath.

There are some indications that, even as young adults expect more assistance from their parents, the older generation has a dwindling amount of resources they can use to help. Over the past five years, just under three-quarters of parents who helped their kids buy homes used their savings, but that number is expected to fall to about two-thirds in the future, according to the survey. Instead, more parents will refinance their own homes, take out personal loans and borrow against their 401(k)s — potentially risking their own financial security.

And parents are digging deeper into their pockets to help out in other ways, too: Almost a third say they’ll pay some of their kids’ other expenses to help the younger generation save money, and 18% plan to help their kids pay down their student loans. Of the parents who are contributing to their kids’ investments, half say they’ll help their kids make the down payment, 20% say they’ll help with closing costs and 20% say they’ll actually co-sign the loan.

This might be reasonable in markets where high down payments are the norm, but experts warn that parental assistance sometimes can mask the fact that the home just isn’t affordable for the aspiring homebuyers. “One of our clients helped the child buy into the same neighborhood they lived in. The parents were excited, but it turned out to be a huge burden for the kids,” Brett Gookin, principal at wealth management firm Aspiriant, told SFGate.com last year. (San Francisco has the second-highest average down payment in the country, just behind New York City.)

MONEY credit cards

Can You Pay Your Mortgage With a Credit Card?

best travel rewards credit card
Robert Hadfield

Sometimes, lenders allow you to pay one debt with another, but there are a lot of things to know before you charge a mortgage.

You can use a credit card to pay many kinds of bills, and if you have a rewards credit card you pay in full every month, you can use those payments to increase your rewards. It’s a common strategy.

Still, just because you have the ability to pay a bill with your credit card doesn’t mean it’s a safe tactic. Some consumers are tempted to use their credit cards to make mortgage payments, if they have that option, because large transactions generate more rewards, but doing that might actually cost you, rather than save you money.

It’s not very common to have the option to pay your mortgage with a credit card, but if you have the ability to do so, you’ve probably wondered about the risks and rewards of paying a loan with a credit card.

What to Ask Your Lender

If you can use your credit card to pay your mortgage, find out if there are fees associated with the transaction. Credit card transactions can be very expensive to process — it depends on the card you’re using — so the lender may charge you that fee so they don’t have to foot the bill

If there’s a fee, compare that to the rewards you might earn by charging your mortgage payment. Say you’re using a card that offers 1.5% cash back on all purchases — any processing fee exceeding 1.5% means you’re paying to pay your mortgage.

You should also ask how that transaction will be processed. A Reddit user recently posted about paying a mortgage with a credit card, and the payment went through as a cash advance on the card. Cash advances start accruing interest as soon as the transaction clears, which means they can get extremely expensive. Also, cash advances generally carry a higher interest rate than normal credit transactions, hitting you with a double-whammy of higher interest that starts accruing immediately.

Should your lender not charge fees in excess of your rewards, and if it codes the mortgage payment like a regular credit transaction, the strategy could work in your favor.

At the same time, you may set yourself up for some serious financial damage if you miss a payment on the card and have to pay interest on what might end up being a very large balance. You can see how your mortgage is impacting your credit scores for free on Credit.com.

More from Credit.com

This article originally appeared on Credit.com.

MONEY Warren Buffett

Airbnb Will Let You Stay in Warren Buffett’s Childhood Home

Warren Buffett's childhood home
Airbnb

Assuming you’re a Berkshire Hathaway shareholder.

One lucky Berkshire Hathaway shareholder will get to spend a weekend in Warren Buffett’s childhood home, Airbnb announced Tuesday.

The contest comes after the legendary investor and Berkshire CEO said room rental service Airbnb was a good option for company shareholders looking to travel to Omaha for an annual shareholder meeting.


The Buffett contest is only open to Berkshire Hathaway shareholders. Anyone interested has to do the following:

Provide your name and address and a few creative answers to the following questions:

(a) What are you most excited to experience in Omaha? (200 words max)
(b) What are you most looking forward to at the Berkshire Hathaway Shareholders Meeting? (200 words max)
(c) What’s your favorite Airbnb experience? (200 words max)
(d) What’s next on your travel bucket list? (200 words max)

While a stay in Omaha, Neb. may not seem like much of a travel weekend to some, for fans of the Oracle of Omaha it’s akin staying a night in the Lincoln Bedroom. No word on whether people staying in the house will be required to stick to the Buffett diet, largely made up of Utz Potato Sticks, ice cream and Coca-Cola products.

This post originally appeared on Fortune.com.

TIME

No Money For a Down Payment? Here’s Where to Move

Mortgage Bankers Association To Release Weekly Mortgage Market Index June 12
Daniel Acker—Bloomberg via Getty Images A "for sale by owner" sign stands outside a home in LaSalle, Illinois, U.S., on Friday, June 7, 2013. The Mortgage Bankers Associations weekly mortgage market index, which measures mortgage loan applications for purchases and refinancings, is scheduled to be released on June 12. Photographer: Daniel Acker/Bloomberg via Getty Images

…Along with places you should just avoid entirely

The logjam in real estate seems to be coming unstuck, with Zillow.com predicting that 5.2 million renters are going to buy homes in the next year, a nearly 25% jump from last year.

“Many current renters clearly seem to be re-thinking their attitudes toward homeownership, and are expressing more confidence in the overall housing market as a result,” Zillow chief economist Stan Humphries says in a post on the site’s blog. The site finds that the confidence of prospective buyers is on the rise from Dallas to Detroit.

But average down payments have a huge amount of variability across metro areas, new research from RealtyTrac.com finds, and that can be the make-or-break factor for first-time homebuyers. People who expect to buy in top-priced real estate markets like New York City and San Francisco had better bring their checkbooks: The average down payment in San Francisco is right around 30%, while it tops 37% in New York. And in both places, thanks to the high prices of homes in general, that adds up to an eye-popping $300,000-plus — more than the cost of a home in many parts of the country.

The rest of the top five markets with the highest average down payment percentages are more of the same: Marin and San Mateo Counties in the Bay Area, and Kings County — otherwise known as the borough of Brooklyn — in New York.

If that’s not your speed, how do you feel about Ohio or Michigan? Four of the five lowest-priced markets with the lowest down payments by percentage are in those two states, along with Macon, Georgia. In these places, down payment dollar amounts fall in a much more reasonable range, from just under $4,500 to a little over $7,000.

Of course, there are lots of other factors homebuyers have to take into consideration like the availability of jobs and quality of life. RealtyTrac also looked for the lowest down payments in what it calls “millennial magnet markets” where large numbers of young adults have moved over the past several years.

Here there’s a little more variety in terms of geographic location as well as the type of community: Towns in the metro areas of Fayetteville, N.C., Clarksville (on the Kentucky-Tennessee border), Little Rock, Des Moines and the Washington D.C. bedroom communities of Arlington and Alexandria all make the cut. The average down payments range from around 9% to just under 12.5%, and with the exception of the pricier Virginia ‘burbs, the average dollar amounts all clock in below $20,000.

Clarksville and Des Moines also make RealtyTrac’s list of the top markets for first-time homebuyers, along with Durham, N.C., Philadelphia and Davidson County outside of Nashville. All five have average down payment percentages lower than the national average of 14%, and have seen an increase in the number of millennial residents since the end of the recession.

MONEY real estate

Why This Incredible Maine Mansion is Selling for $125

The Center Lovell Inns owner, Janice Sagan, is selling the inn, the same way she bought it 22 years ago, with an essay contest.
Carl D. Walsh—Portland Press Herald via Getty The Center Lovell Inns owner, Janice Sagan, is selling the inn, the same way she bought it 22 years ago, with an essay contest.

It’s gorgeous—and there’s nothing wrong with it.

The owner of a bed & breakfast in Maine is handing off her property to whoever who writes the best 200-word essay and submits a check for $125.

Janice Sage first came into possession of the Center Lovell Inn in 1993 when she won an essay contest set up by the owners at the time, Mental Floss reports. But now, Sage is ready to retire—and pass on the property much the same way she came about it.

Sage told the Press Herald: “There’s a lot of very talented people in the restaurant business who would like to have their own place but can’t afford it. This is a way for them to have the opportunity to try.”

The business-savvy Sage is not doing this without cashing out. She hopes to get over 7,500 contest entries, which would mean she would collect $900,000— the price at which real estate agents in the area say she could expect to sell the property, according to Mental Floss.

Entries must be postmarked by May 7. The winner is expected to be announced on May 21st. There’s more information on the contest’s website here.

The Professional Association of Innkeepers International says that the bed & breakfast industry is estimated to be worth $3.4 billion, with as many as 17,000 inns in the U.S. The average daily rate for a room is $150, according to the association’s website.

MONEY First-Time Dad

Why This Millennial Is Kissing the City Goodbye

Luke Tepper
This time next year, Luke will hopefully be playing on grass.

MONEY writer and first-time dad Taylor Tepper announces his retirement from urban living.

Renters in New York City have a uniquely dysfunctional relationship with real estate: The more time we spend living in some of the most desirable housing in the world, the less happy we become. Or maybe that’s just me.

My wife and I pay $2,100 a month for what seems like two square feet and minimal natural light in a converted hospital in a cool Brooklyn neighborhood. There’s an artisanal pizza shop, hole-in-the-wall cafe, and kid-friendly beer garden right around the block. I’m a 15-minute walk from a major metropolitan museum, botanical gardens, and the best park in all of New York. When it’s warm I bike, toss the frisbee, and drink whisky on rooftops. The beach is only 30 minutes away.

Unfortunately, warmth doesn’t last forever, and when it gets cold outside—say, from Thanksgiving to Easter—I spend more time indoors. Which means I’m trapped with a 21-pound baby monster who smashes, grabs, and pounds anything he can get his hands on, from cellphones to lamps. As a result, I’m slowly devolving into madness. Spending hours upon hours inside with two other people, only one of whom yields to reason, punctuated by intermittent excursions into tundra-like conditions, makes it seem as if the walls are slowly inching in on themselves.

Don’t get me wrong—I love the city, I went to school in New York, I’ve lived here for almost the entirety of my adult life. But after 13 months as a father and 19 months as a husband, I’m ready to escape to the land of malls and carpool lanes, single-unit houses and trees, the land of my birth: suburbia.

That said, it’s one thing to want move, it’s another to actually do it. Here’s a window into my thought process—and that of other millennials facing the same decision.

We’d Still Be Renters

Years of high rent and monthly student loan bills, combined with the cost of childcare, made it next to impossible for us to save up for a down payment. So we’re looking to rent wherever we go, which should mean more money left over for us. According to NerdWallet.com’s cost of living calculator, we could reduce our housing costs by about 25% if we moved to northern New Jersey or Long Island.

Even if we had enough funds stashed in our joint bank account, there are a couple of reasons why a home purchase would be a poor move. For one, conventional wisdom states that your target property should be no more than two and a half times your gross income. The odds that we’d find a New York-area home in the $300,000 range that’d we’d actually want to live in are low.

OK, let’s say that we had the savings and lived in a less expensive city. Should we jump into the market then? Not necessarily, says Pensacola, Fla.-based financial planner Matt Becker.

“Don’t rush to buy a house just because you want to go the suburbs,” Becker says. “That can lead to a quick financial decision as opposed to a good one.” Since transaction costs are so high, we’d need to stay in the home for a number of years to for buying to make financial sense. And who knows if we’ll want to live in a particular town for that long? My wife and I are still early on in our careers, we could end up lots of places.

Even Though Now Is a Good Time to Buy

If your bank account is fatter than ours and you’re ready plant some roots, buying might make sense. In fact, if you can get a mortgage, now is a great time to buy, since 30-year mortgage rates are absurdly low. Mortgage behemoths Fannie Mae and Freddie Mac announced late last year that they would allow down payments of as low as 3% on some mortgages. (These moves were directed at people who haven’t owned a home for three years, or are in the market for their first house.)

Once you’ve made the decision to move, you need to think about where you’d like to spend the next seven to 10 years. While we need more space, I don’t want to give up some of the best aspects of the city—good restaurants, a sense of community, hipster/independent movie theaters—in the trade. In that regard I’m like a lot of young buyers, says Greensboro, N.C.-based Realtor Sandra O’Connor. “There’s real movement among millennials who are looking for places to live with walkable areas,” she says. “They don’t want to always be in their car.”

If you’re still undecided about whether renting or buying is the better choice for you, check out Trulia’s rent or buy tool. Those who fall in the rent camp should understand that finding rental units outside of cities can be a lengthy process, per O’Connor and Becker.

All Suburbs Are Not Created Equal

So I want to move, but where should I go? I put the question to Alison Bernstein, president of the Suburban Jungle Realty Group, a firm that specializes in helping its clients find the best New York City suburb for them. Bernstein says that city dwellers eager to jump need to “understand that a house is a house, but the dynamic of a town is very difficult to grasp.”

To that end, Bernstein laid out a number of questions that anyone thinking about relocating needs to consider:

How many working moms are in town? What type of industries are there? What’s the breakdown of private versus public school? Even if the schools are highly ranked, there are towns where there is a lot of momentum to send kids to private schools and this does change the personality of the town quite a bit. What do you do over the summer? Does the entire town empty out? Does everyone hang out at the pool? Who is moving to the town? How will that change the school system and the vibe over the next 10 years?

Bernstein has also noticed a few trends with today’s younger buyers. “They are happiest with a smaller piece of property, a more modest home, and being in a more cosmopolitan suburb. Also they are not plowing every last penny into their house. They are still budgeting for travel.”

The Costs of Commuting

Right now I pay $112 a month (soon to be $116) for a 30-day subway pass to get to the office. We are only a 20-minute drive from my wife’s work, which means we shell out a very reasonable $50 a month on gas. When we move to the suburbs we will pay more. For the sake of argument, let’s say that we end up relocating to Pelham, New York, just north of the city. My monthly bill rises to $222, while my wife’s morning drive will consume almost twice as much gasoline, meaning our monthly outlay will jump by about $160.

But that’s just the money. The time we spend going from home to work and back will grow as well. Doing some back of the envelope calculations, my in-transit time will increase by 10 minutes each way, while Mrs. Tepper will spend an additional 20 minutes or so in traffic. Combined we’ll endure about an hour more per day on our commute, which sends shivers down my spine.

There are a few positives about the longer commute, though. For one, car insurance is generally cheaper outside of the city. According to CarInsurance.com, the average rate in my neighborhood is a little less than two times that of Pelham’s. While I wouldn’t necessarily expect to cut our car insurance costs in half, this savings would take a bit of the sting out of much higher commuting costs.

Aside from lower insurance rates, we could also dedicate a portion of our new abode as a work space. As Mrs. Tepper and I advance in our careers, we hope to have more leeway in terms of a flexible work arrangement. While our commute might be longer, we’ll most likely have to do it less often. And each saved car ride is more money in our pockets.

The Tradeoffs

Getting older involves a series of decisions that have the net effect of limiting one’s personal freedom. I became a journalist, which means I couldn’t be a doctor (leaving aside the question of whether or not I had skill to do it in the first place). Marrying one woman, and being keen on staying married, means I can’t marry a different one. A life in one town is a life not lived in another.

Which is all to say that I’ll miss living in Brooklyn. Despite the hipster clichés, I really do enjoy artisanal, delicious, overpriced hamburgers and 17 different IPA varieties at my bars. I like walking everywhere, even if we have a car, and a touch of self-righteousness about your home is good for the soul.

But I think of my sojourn in New York’s best borough as I think of college: I wish I could stay forever, but it’s time to move on.

Financial planner Matt Becker understands my dilemma. He recently moved from Boston to suburb-rich Pensacola and is still adjusting to his new life. He walks less and drives more. While his young family has more space to play and grow, that also means he has more house to furnish and air condition, which means more costs. I imagine we’ll encounter something similar.

The combination, though, of high rent and minimal space has lost its luster. Even if we end up breaking even in our move, or only saving a little bit, our dollars will go further. We can have a backyard for our son and our dog and us. We’ll have a laundry machine on the premises, so we don’t have to lug 20 pounds of clothes a couple of blocks through the snow. We’ll have a full-size dishwasher.

I proudly proclaim without regret what might have depressed my younger self: these amenities are more appealing than staying in Brooklyn.

More From the First-Time Dad:

TIME World

This Indonesian House Is for Sale and Comes With a Pond, a Backyard and … a Wife

If you don't talk the price down, you can marry the owner

A homeowner in Indonesia has put her house on the market, and herself with it.

The two-bedroom, two-bathroom home in Sleman — a sleepy district near the Javanese city of Yogyakarta — comes with a fishpond, spacious backyard and a chance to ask 40-year-old owner Wina Lia for her hand in marriage.

The asking price is the rough equivalent of $76,500. “Buyers who don’t negotiate the price,” the sales literature says, “can ask the owner to marry (terms and conditions apply).”

Wina’s online ad went viral, prompting a local news outlet to track her down and confirm that the offer was genuine. “Indeed it’s true, Wina is ready to be married by a house buyer,” the headline says, as tweeted by Sleman’s unofficial Twitter account.

Dian Purna Dirgantara, the realtor who concocted the plan, tells TIME that his advertisement is working.

“Since yesterday morning there are continuous calls, I don’t count how many, there must be dozens or even hundreds.” He clarifies that marriage isn’t a must. “If someone just wants the house, they can have that,” he said.

Wina, a single mother, told news outlet Kompas.com that the idea was dreamed up when she mentioned her desire to once again find a partner.

“Dian suggested I put up the tagline ‘Buy the house and marry the owner at the same time.’ And I said O.K. to it. I’m looking for a husband anyway,” she said.

Read next: Watch This Guy Propose to His Girlfriend 365 Times Without Her Knowing

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MONEY home improvement

7 Things Every Remodeling Contract Must Have

Q: The builder who’s doing my family room addition handed me a fill-in-the-blanks form contract with handwritten details and numbers. It looks about as unofficial as can be. Is that a problem? What should a remodeling contract include?

A: A contract doesn’t have to be printed off a computer—or contain a bunch of legalese—to get the job done. But it should clearly state the arrangement that you and your contractor have about the project, and it sounds like this document probably doesn’t do that very well.

“Putting everything in writing helps clarify both parties’ expectations at the beginning,” says Fairfield, Conn., construction attorney Neal Moskow. “And it’s much easier to fulfill your expectations at the end if they’re clearly stated from the start.”

The safest bet is to have your attorney draw up a contract for you. But even if you choose a less formal approach, here are the basic elements Moskow recommends including—either by typing up a new document or just making handwritten changes on the existing form, as long as both you and the contractor initial each change.

 

1. A description of the project. The contract should include a project description that thoroughly outlines all of the work, materials, and products that will go into the job. That includes everything from what will be demolished to what will be constructed—and each different material and fixture that will be used, with its associated cost. It should also specify that the contractor will obtain all of the necessary permits (and close them out by getting the required certificates of occupancy) and dispose of the debris properly, and that the project is covered by his liability and workman’s compensation insurance.

2. How (and how often) the contractor will be paid. Not only should the contract state the total project price, but it should also outline the timing and amount of installment payments based on project milestones, such as when the foundation is completed, the rough plumbing and electricity are installed, or the wallboard and trim are done. Your initial payment at the start of the job should be no more than 10% of the project cost. If the contractor has to immediately place orders for expensive items such as windows or cabinets, offer to pay the supplier directly. The final payment should be at least 10%, payable only when the “punch list” (the roundup of final project details) is completed to your satisfaction.

3. Lien waivers. Here’s a scary thought: Any worker who comes to your house as part of a remodeling crew could place a lien on your property, claiming he was never paid for his work—even if you have paid the contractor in full. So write into the contract that your contractor must provide you with a “lien waver” for each installment before you pay the next one. What that means is that the invoice for each payment needs to include a signed statement indicating that the contractor used your previous payment to pay for the labor and materials described in its invoice. That gives you some legal protection against liens from him or his employees and subcontractors.

4. Approximate project dates. Discuss approximate start and end dates for the project with your contractor and write them into the contract. The point is not to hold him to an exact date but to ensure that you both have an understanding of when work will commence and—barring weather interruptions or major plan changes—about when it will be completed.

5. A procedure for changes. Write in that no changes to the original plan can commence until the contractor has given you a clear description of the new work, how much it will cost, and how it will affect the schedule—and until you have given written approval. Change orders should be done with pen and ink (or by text or email). If you ever make a verbal agreement on the fly, follow up with an email to the contractor restating the details and your approval, and ask him to respond with a confirming email that you got the details right, so you have a written record.

6. An escape hatch. Some states’ consumer protection laws give homeowners three days to rescind a contract without penalty. And it’s a good idea to write in just such protection for yourself if you’re not in one of them. This prevents you from losing your deposit if, for example, you sign the contract and then find out that there’s a problem with your credit line and you don’t have the funds you thought you did.

7. Signatures. A contract isn’t a binding legal document unless it’s signed by both parties—and in some states, it also must include the contractor’s license number and both of your addresses.

Read next: What Your Contractor Really Means When He Says…

 

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