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The Ultimate Guide to Launching a Successful Home Staging Business

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The Ultimate Guide to Launching a Successful Home Staging Business

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As any real estate professional will tell you, first impressions matter. And that’s why home “staging” has become so popular; in fact 83 percent of buyers’ agents said staging a home made it easier for a buyer to visualize the property as a future home.

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As any real estate professional will tell you, first impressions matter. And that's why home "staging" has become so popular; in fact 83 percent of buyers' agents said staging a home made it easier for a buyer to visualize the property as a future home, according to the National Association of Realtors 2019 Profile of Home Staging report.

The impact is so important that more than 25 percent of sellers' agents say that they stage every single one of their clients' homes before listing them.

Given that market growth, home staging organizations are becoming big business, and more consultants are seeing the opportunity in the market. After all, what could be more fun than swooping into a home and swapping out the seller's tired home furnishings and accessories for a fresh new look, or helping a client uncover the potential with the items they do have?

But as fun and satisfying as it may be, it's important to remember that it's still a business. If you're interested in starting a home staging business, here's what you need to know.

What is Home Staging?

As mentioned, home staging involves using interior design best practices to make a home look its best both for in-person viewings and online photos. It might entail upgrading furnishings to give a luxury appeal or rearranging them to highlight a home's best features.

For example, something as simple as adding a mirror to a front entry hall can make it look larger, and adding bright couches to a living room can make the whole place look sunnier.

The goal of staging is to play to a home's strengths, while making it neutral enough that a potential buyer can picture themselves living there. And, stagers who do it right often find that buyers wish they could just have all the furnishings they've used! After all, who hasn't dreamed of walking into a Pottery Barn catalog?

Some home stagers bring in a whole new group of furniture, while others help sellers work with what they already have-which typically entails editing pieces and taking much of the furniture out to a storage facility to make a room look more spacious. Then they might augment the existing look with some upscale accessories, like an attention-getting lamp or rugs that add a pop of color. As you can see, home staging can range from just a few tweaks to a complete home makeover.

Getting Started as a Home Stager-Your Business Essentials

Having an eye for detail and design is crucial as a home stager, but that's just the beginning. Your first step is to treat your business as a "business," not a hobby. That means obtaining a valid business license from your city, and potentially from neighboring cities where you are doing business. Always check with local municipalities to ensure you are following all applicable laws.

While no classes or licenses are technically needed, a home stager looking to differentiate themselves should consider joining the Real Estate Staging Association (RESA®). As a member, you have access to the latest trends and networking strategies, and once you've been in business at least a year, you are eligible to earn the RESA-PRO® designation.

In addition to proving you're a bona fide business, you must pass an ethics exam and then agree to follow the RESA® Code of Ethics. For example, RESA-PROs are not allowed to use stock photos on their website or marketing materials, which can help instill extra confidence in your services.

Deciding on your business structure-whether you want to be a sole proprietor or start an LLC or corporation-is a personal decision that involves factors such as tax implications and personal liability, points out Shell Brodnax, CEO of RESA®.

"We recommend our members consult with their legal counsel and CPA when choosing a business structure," she says.

Real estate stagers should have general liability insurance, but you also should look into seeking a supplemental staging risk management policy that is available to cover the furniture that stagers use in listings.

"This will protect the furniture should a loss occur from theft or vandalism, or even situations like water damage," Brodnax says.

And of course as a business, you must keep comprehensive records for tax purposes. Be sure to confirm with a tax professional, but items such as furniture, décor and even fresh flowers should be tax-deductible as a business expense. In addition, track your mileage for any on-the-job driving.

When clients pay you, you'll need to claim all that as income so set up a system for tracking it carefully. Again, a tax professional is your best bet to make sure are following applicable laws, including paying quarterly estimated taxes as needed.

Building your Clientele

Your first and best bet for finding clients is reaching out to local real estate brokers, says Realtor Robyn Flint, who is a home insurance specialist at ExpertInsuranceReviews.com and founding owner of Property Wise, LLC, a real estate rehab company.

"Ask to sponsor a team sales meeting and provide snacks or lunch or breakfast to gain entry to talk about your new business," she says.

Then offer a discount to their first client or two who uses your services, as a way to start building buzz and making real estate allies.

Brodnax recommends joining your local Association of Realtors to network with agents and becoming involved in the industry through leadership and association events. You can quickly become a local expert by doing as much public speaking as you can, she says. Another great option is to teach a course to real estate agents about the benefits of staging.

"RESA has a course for real estate agents and is approved in multiple states for credits for continuing education," says Flint.

You also should create high-end marketing materials, like a brochure that outlines your services, along with before-and-after pictures to showcase your style to leave at local agents' offices or at conferences and events. And of course, foster a polished online presence, with a website that's locally optimized for keywords like "Your Town + Home Staging" and social media accounts where you post photos of your work.

In general, marketing your services to busy real estate agents is going to be far more successful than trying to reach home owners. The majority of your ongoing work is liable to come through them, and they are an easier target market to identify and reach than potential sellers. Even starting with just one agent can give you a foot in the door and allow you to prove your worth.

"Service each client like your life depended on it," Brodnax says. "This means having high standards for your work product and customer service. Be impeccable with your process and word."

Creating an Inventory Of Furniture and Decor

While you might do some of your work organically- decluttering and repurposing a client's existing furniture-you're also going to want to have an inventory of your own pieces to spruce up listings.

Of course, that can be tricky to amass enough product if you are leaving items in a home for a long time while it sells. That's why some home stagers prefer to just merchandise the home for a photo shoot and then move it all out so they can repurpose it in a future listing. (That can save your client a bundle, too!)

Creating a backlog of inventory can be an expense, but it's something you can build over time. To get started, Flint recommends haunting yard sales, auctions, clearance sales, consignment shops and moving sales-you'd be surprised what fashionable finds you can pick up affordably.

If you're handy, you can salvage pieces in less-than-perfect condition with a coat of paint or a reupholstering. Just beware of buying other people's junk, which will do nothing to brand your business if you bring in pieces that are out of style.

Another option she recommends is partnering with furniture or accessory stores and asking if you can feature their furnishings in local homes. That's a win-win as it not only promotes their brand, but can help create potential sales when you give the new home owners an option to buy the pieces.

"This is a great strategy for local privately owned furniture and gift stores to help them get their name out," she says.

You want to decide how fast you wish to scale your business and budget for expansion, says Brodnax. One option for quickly expanding is to talk with your local bank about a business loan, often available at attractive terms through SBA products. Create a solid business plan and discuss your revenue plans to increase your chances of securing the capital you need.

And she notes, RESA has a buying group that allows stagers to get "better-than-wholesale" pricing on furniture and décor; you'll want to get a resale license/certificate from your state to avoid paying sales tax.

Storing Your Goods

So now you have the pieces...what to do with them until they are being used in a house?

A storage unit is the best way to start, since you can go up or down in size as needed, based on your collection. If you find pieces are in constant rotation, you might need less space, whereas if you happen upon an estate sale jackpot and make a big purchase, you need a place to stow it all. Look for a storage space that's convenient for you to get to, in case you need to try out different pieces, and make sure it's climate-controlled to keep the pieces safe.

Always keep a careful inventory of the pieces you have in storage-include measurements, color details and photos-so that you can keep track of what you have when you're shopping and also to be confident that specific pieces will work in a given space before hauling them over.

Flint also recommends working with local businesses that sell or consign furnishings that might allow you to store them in their warehouse for a small fee.

"You can also keep it small and just use extra space in your home when you are just starting out to save money."

Looking Ahead: Anything Can Happen

Being a home stager is a great business because it's never the same thing twice. But for all the satisfaction involved in helping home sellers earn more by beautifying their space, there can be downsides, too. Here are four to consider:

Personality Conflicts

You'll occasionally be dealing with quirky personalities and tastes. A home seller might really love a crazy piece of art that you know might repel buyers, and you can do your best to talk them out of questionable choices, but sometimes, there's no changing their minds. The ability to "roll with it" is essential.

Broken or Damaged Items

It comes with the territory, says Flint. In addition to having insurance coverage, you can also ask for a security deposit from the seller or the real estate agent to cover broken or stolen items, she notes.

"Then you can just refund it all if items are returned in good shape or sold to the new home buyers, but you're covered if something happens," Flint says.

Slow Seasons

This type of business comes in waves, like the real estate industry, so be prepared for slow times, Flint says. But make good use of lulls, they are the perfect opportunity to redouble your marketing efforts and review your inventory to sell off what you need and replenish for the next season.

Not charging enough

According to Brodnax, the biggest pitfall a stager can get themselves into and have a hard time getting out of is failing to charge what they are worth.

"The quickest way to go out of business is to underbid just to get a job," she says, because then you get caught in an endless loop of not being able to get paid market prices.

"If you don't get paid, you can't grow. Stagers need to charge competitive rates and win jobs based on their talent, not because they are the low price leader."

Take into account all your time that will be required for meeting with clients, discussing needs, finding the right pieces and then ultimately doing the job right.

Home stagers typically charge by the hour, starting as low as $25 an hour to more than $150.

Remember to point out the value in your service, which is designed to help them achieve higher sales price and move their house off the market faster. Because as noted earlier, a home staging business can be the perfect outlet for your flair and creativity, but at the end of the day, never forget that it's a business.

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The Ultimate Guide to Launching a Successful Home Staging Business - The SpareFoot Blog

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As any real estate professional will tell you, first impressions matter. And that's why home "staging" has become so popular; in fact 83 percent of buyers' agents said staging a home made it easier for a buyer to visualize the property as a future home, according to the National Association of Realtors 2019 Profile of Home Staging report.

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Home staging company or how to build a successful staging business

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Home staging company or how to build a successful staging business

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Today you will not surprise anyone with the viewpoint that empty homes must be staged to be sold faster and for bigger money.

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The main goal of every home stagger is to increase the potential buyers' appeal to the home for sale and chances to get the maximum price for it. When a customer comes to the staging company, its experts offer him or her several effective methods how to make the property wanted. There are several most popular methods to achieve that:

Remove or rearrange the existing furniture;

Purchase new pieces of furniture;

Add decorative items;

Provide additional colors and texture through curtains, pillows etc;

Focus on the best features of the room etc.

These and many other methods are used by designers and decorators in making the home look more attractive to the potential buyers. Every method used is selected by the designer depending on many circumstances. Of course, it is the presence or absence of the furniture at all and the amount of money people are ready to spent on the makeover. If to analyse the general offer, staging services may cost between $500 and $5,000 depending on the project to be completed. However, there is a simple alternative to home staging known as virtual staging. You can start a business offering people to make the listings of their property for sale more appealing using the latest computer software. It is one of the most effective ways to get your photos viewed and sell a home faster. The cost of these services is cheaper so there are more chances that people would love to order them.

Benefits of starting a home or virtual staging business

You may wonder why so many companies offer home staging services nowadays. The truth is the following: there are many reasons to invest your money and time in the staging business.

1. The start-up cost is very low.

2. There is a constant demand for such services.

3. You do not need to get a license to set up this business.

4. You get a chance to show the designer skills in practice.

5. Cheap marketing through real estate agencies.

Challenges of home staging business

Of course, any business has its underwater stones, especially if to consider that modern technology is developing incredibly quickly. That is why even such a profitable business as home staging has to deal with the following challenges.

1. It is not easy to find clients who understand the value of hiring a home staged and are ready to pay money for that.

2. Home staging is more expensive than virtual staging so many people would prefer a new alternative.

3. It takes time and effort to build a portfolio and be competitive in the market.

4. There is no standard work schedule so you may need to work late in the evening or overnight.

Tips on how to achieve success in staging business

Staging is closely connected with the real estate business. That is why when you want to start your own company in this sphere, you should consider a variety of things including:

Learn the peculiarities of the local real estate market;

Build connections with local realtors who can be a source of clients;

Make up an appealing portfolio that can display your works;

Constantly enhance your professionalism in interior and computer design;

Develop communication skills to be able to convince your clients;

Find the best resources to buy decorative items;

Be ready to do "blue-collar worker's" responsibilities.

Home and virtual staging are widely used in the modern real estate market so quality services in this sphere are demanded too. However, the competitiveness in this business is also very high, so you need to offer the outstanding solutions if you want to be successful in this business.

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Home staging company or how to build a successful staging business | Spotless Agency Blog

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The main goal of every home stagger is to increase the potential buyers' appeal to the home for sale and chances to get the maximum price for it. When a customer comes to the staging company, its experts offer him or her several effective methods how to make the property wanted.

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How to Build a Successful Home Staging Business

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How to Build a Successful Home Staging Business

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Building a successful Home Staging business is not unlike building any network-based business. Follow these tips and tricks to become the best home stager in the market.

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PenEx a Villanova Insurance Partners Company

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Welcome to the wonderful world of home staging! It's a great career path, and being your own boss is always a plus. With that said, building a successful home staging business from scratch may seem daunting. Never fear because PenEx has some advice for all the home stagers out there who are just getting their start.

How Do Home Stagers Get Clients?

Home stagers get clients in the same way that any other professional service-based business does-they build up a network! From this moment forward, every person you meet is a business opportunity. Everyone has heard the Christina Comaford-Lynch quote,
"Networking is marketing. Marketing yourself, marketing your uniqueness, marketing what you stand for," but it's true! Be sure to constantly market yourself in the way you want others to see you and see your business.

Understanding Your Competition

You must understand what you're up against when starting and building a successful home staging business. Look at other home stagers in your area, see what they're posting, what they're promoting, and where they're going. The easiest way to become the best is to do everything the best home stager does, plus one.

Find Realtors To Partner With

Remember when we said your network would be your biggest asset? Case and point. When you have a realtor or two out there who recommend you and your home stager business to their clients, your network can more than double in no time. Realtors are everywhere, and the more of them you have on your side, the better! Visit open houses, join online groups, and don't be afraid to say hello to a stranger.

Become a Member of a Home Stager Association (RESA!)

RESA is a Real Estate Staging Association that can open many opportunities for leadership and networking. There are approximately fifty local chapters of RESA in the US and Canada with local leadership opportunities. Joining an association like RESA is not only fantastic for building your network but can also provide you with home-stager discounts, education, and professional development.

Establish Your Brand

To stand out in a sea of home stagers, you must develop your personal brand. What is it about you that makes you unique? Are you particularly adept at adapting older homes to seem more modern and young? Do you thrive in fast-paced environments and would therefore be able to provide faster turnarounds than the competition? Figure out what your niche is and capitalize on it!

Utilize Social Media

Social media can be your best friend or your worst adversary, depending on how you use it. If you do not maintain your social accounts, or worse, you don't have any; you may as well not exist.

In this day and age, a potential client needs to Google you and do their own preliminary research by scrolling through your social feeds. This allows you to put your best foot forward and show off. Make sure your social feeds are consistent, clean, and captivating. Your career as a home stager is so much about appearances, so keep that in mind when maintaining your social accounts as well.

Send Monthly Newsletters

Once you have a network, the last thing you want to do is let them forget about you. We advise you to send out a monthly or quarterly newsletter. This allows you to stay top of mind. You can fill your newsletter with information about new services you have added, the latest trends in home staging, client testimonials, referral programs, and more.

Find a Mentor

Mentors can provide necessary input when navigating the home stager world. They will help you understand today's marketplace, legal, professional and procedural issues. It's always nice to have someone to support you who has "been there" and has experience building a successful home staging business before.

If you have any more questions about building a successful home staging business, or if you're ready to get home staging insurance, contact us today!

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Building a Successful Home Staging Business - PenEx

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Welcome to the wonderful world of home staging! It's a great career path, and being your own boss is always a plus. With that said, building a successful home staging business from scratch may seem daunting. Never fear because PenEx has some advice for all the home stagers out there who are just getting their start.

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Additional Benefits of Home Inspections in the new world

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Additional Benefits of Home Inspections in the new world

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HomeInspeKtor | Best Home Inspections in Bangalore, Chennai

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By Sudhindra Naib

January 1, 2022

9:03 am

Here's how home inspections in the post COVID-19 times will benefit home buyers even more.

The COVID-19 pandemic has changed life worldwide as we know it. The number of infected cases worldwide is in the millions and the number of deaths is in the tens of 1000s. These are crazy times indeed but there might yet be a silver lining, especially for home buyers. Let’s cast a look into the future and see how:

Safer inspections: This is a no brainer. For the safety of the home buyer and the inspector, it would become mandatory for the home inspectors to use the right personal protection equipment (PPE) for every inspection. In fact there are COVID-19 specific home inspector certifications that have become the norm for home inspectors to continue operating in these times. Some companies like HomeInspeKtor have already started adopting these standards as explained here. Other have no choice but to follow.

Remote Home Inspections: Home buyers presence during the inspection becomes optional. Considering the current circumstances, the presence of the home buyers during the inspections need not be insisted upon. This is a blessing in disguise especially for outstation home buyers, who have an option of no longer having to travel for inspections. This also means that the home inspectors would need to be trained and equipped to convey the findings of the inspection asap to the customer via online tools.

Insistence on Trained & Certified home inspectors: Keeping the point about remote home inspections in mind, home buyers will start insisting on only trained and qualified experts performing home inspections. This will be a good thing, considering the fact that trained and qualified experts will catch more issues with the home as compared to untrained personnel that some home inspection companies get away with today.

Focus on Quality: Consider the fact that the pandemic has forced each of us to start focussing on personal hygiene and cleanliness since doing otherwise puts us and the society on the whole at risk. The same will extend to our new homes as well. Home buyers, as a group, will become more quality conscious and will compromise far lesser than earlier.

Quicker reports: Home buyers will start expecting reports sooner than earlier. Some inspection companies offer lower prices but then take all the time in the world to turn around reports. This will no longer be acceptable to home buyers.

Transition to a Buyers Market: Considering a slowdown in sales over the past few days and for the foreseeable future, Real Estate could soon become a buyers market and existing customers cannot be antagonized. Home buyers could start expecting better responsiveness to home inspection requests and more importantly, the issues that would be found during a home inspection.

There you see, the post COVID-19 era would have a silver lining, especially for home buyers. If you are considering a home inspection once these troubled times have ended, selecting HomeInspeKtor will be the best option for you.

@all rights reserved – this article was originally published at www.homeinspektor.com

best home inspectors bangalore, Home Inspection Services

Sudhindra Naib

Serial Entrepreneur with 15+ years of experience in Solution Management and Technology Leadership. CoFounded 4 companies. 2 patents held. I love innovating.

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Hope you enjoyed reading this blog about home inspections written by the best home inspection company in Bangalore – HomeInspeKtor and get to know about all the issues such as seepage, electrical faults, hollow tiles etc found in a new home.

Still not convinced about a home inspection or just want to learn more – head over to our extensive blog at www.homeinspektor.com/blog to learn more about the topic of home inspections.

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Email info@homeinspektor.com

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Additional Benefits of Home Inspections in the new world - HomeInspeKtor | Best Home Inspections in Bangalore, Chennai

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home inspection, home inspection bangalore, home inspection chennai, home inspector, home inspector bangalore, pre delivery inspection, home inspector chennai

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Handling Home Inspections Remotely During COVID-19

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Handling Home Inspections Remotely During COVID-19

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This installment is part of an ongoing series about the challenges buyers face during COVID-19 and how the homebuying process is adapting to meet their needs.
With the homebuying process going virtual due to COVID-19, more homebuyers than ever are touring sales listings on their phone or computer and buying houses they've never set foot in, making home inspections especially important.

A home inspection is when a certified home inspector goes through a home to check its condition inside and out, b ut the buying process isn't the only time home inspectors can be helpful.

If you're a homeowner, an inspection can identify problems in the making and suggest preventive measures to help you avoid costly future repairs. If you're planning to sell, it can point out needed repairs before they're noticed by potential buyers.

Before COVID-19, a buyer and their real estate agent would typically be present for all or part of an inspection - but of course, that's all changed as of late.

So how are buyers and owners handling home inspections from a social distance during COVID-19? Here's the tea:
What do home inspectors do?
During an inspection, an inspector looks at the physical structure and systems of a home, from its roof to the foundation, and then compiles all their findings into a report for you to review and keep. An inspection takes about two or three hours.

Before COVID-19, these reports often came in physical copies, sometimes collected in a binder. During the pandemic, however, it's become more common for them to be delivered by email.

Here are some things an inspection report will cover:
How are homebuyers handling home inspections during COVID-19?
As we said earlier, prior to COVID-19, it was common for buyers, often along with their real estate agents, to be present for a home inspection to chat with an inspector about their concerns.

These days, however, inspections are mostly taking place remotely. An inspector can call you or video chat with you during or after the inspection to discuss their findings. They may also be able to send over videos to demonstrate areas of concern.

If you do want to be physically present, and the inspector agrees, be sure to wear a mask, gloves, and shoe coverings, and maintain social distancing at all times. In some states, including California, you'll be required to sign a property entry advisory stating that you understand the risks of exposure when entering homes.
How are homeowners conducting home inspections in COVID-19?
During the COVID-19 outbreak, most folks don't want strangers coming into their home and touching things but u nfortunately, this is pretty unavoidable for a home inspection to take place.

That said, sellers may not want to be present for the inspection, nor should children or pets. Instead, consider vacating the premises and asking the inspector to give you a call once they're finished.

Sanitizing bathroom and kitchen fixtures, surfaces, and doorknobs are other good precautions to take before and after an inspection, as is requesting a reschedule if the inspector or anyone in your home exhibits symptoms of an illness.
How are home inspectors protected during COVID-19?
The American Society of Home Inspectors offers guidance to its members on how they can operate safely in light of COVID-19. For example, they recommend that inspectors bring their own anti-bacterial soap, towel, hand sanitizer, and shoe disposable covers.

Inspectors should not shake hands with anyone or get closer than 6 feet. They're asked to wash their hands after inspecting each bathroom and the kitchen, and wipe down fixtures and handles that they touched.
Staying safe
We're all working together to keep each other safe. That means practicing social distancing, washing our hands frequently, and avoiding people who exhibit symptoms of COVID-19.

Life has slowed down, but it hasn't stopped. Be safe, be strong. We'll get through this together!

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Handling Home Inspections Remotely During COVID-19 - Framework Blog

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This installment is part of an ongoing series about the challenges buyers face during COVID-19 and how the homebuying process is adapting to meet their needs. With the homebuying process going virtual due to COVID-19, more homebuyers than ever are touring sales listings on their phone or computer and buying houses they've never set foot in, making home inspections especially important.

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What Home Inspectors can Expect Post COVID-19 Lockdowns

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What Home Inspectors can Expect Post COVID-19 Lockdowns

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Be prepared with proper PPE and home inspector insurance post lockdown. If interest rates remain low, home inspectors should expect an increase in demand.

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Covid-19 has affected many parts of our lives, and it will continue to do so for the foreseeable future. As states slowly start to reopen, there has been a lot of emphases placed on the "new normal" and how that will look for people going forward. As everyone focuses on the economy and a full reopening in the near future, the question continues to arise: what are the long-lasting effects of Covid-19 on industries, especially those that were deemed nonessential and forced to shut down during the lockdowns?

The housing industry has been particularly affected by the lockdowns. Without the anticipated business boom that typically comes in the spring and early summer, the market is at a standstill. Once the lockdowns have been lifted, there could potentially be a surge in business, especially if interest rates remain low post-lockdown. For home inspectors, this could mean an increase in business as home buyers race to take advantage of the lowered rates. While a rise in home sales and inspections would be beneficial to home inspectors, there needs to be some thought given to how to effectively maneuver through a home inspection in a post-COVID world. Home inspectors should expect to take extra precautions such as wearing a mask and practicing frequent hand washing, maintaining social distancing during inspections, and protecting themselves with home inspector's insurance.

How has COVID-19 Affected the Home Buying Industry?

Since the onset of the pandemic and the stay-at-home orders that states have placed in effect, the housing market has effectively come to a halt. As a non-essential industry, home buying has been placed on the back burner for the time being. There is a lot of uncertainty surrounding the future of the economy, and many buyers have to be cautious about committing to such a large purchase. Others are fixated on more immediate needs such as job security and aren't prioritizing home buying at the moment. However, interest rates have decreased significantly, signaling a possible boom in the market if lockdowns are lifted in the early summer. In the meantime, realtors have gotten creative with virtual home showings and other methods, trying to bring in clients. For the moment, though, the market is incredibly quiet, especially considering that spring is typically a time when real estate sales should be in full swing.

Will Low-Interest Rates Increase the Need for Home Inspections Post COVID-19 Lockdowns?

If interest rates remain low post-lockdown, this could naturally lead to a surge in the real estate market. With an emphasis placed on reopening, there could potentially be a lot of buyers hoping to take advantage of lower prices, especially a lot of first-time buyers. Depending on how long interest rates stay down, and how low housing prices drop, it may soon be a buyers market, increasing the demand for home inspections significantly post-lockdown.

How can Home Inspectors Prepare Now for Increased Demand in the Future?

The best way to prepare for a potential increase in home sales is to make sure that you are prepared to safely work with others again. As with any business, home inspectors will have to interact with the public, from home buyers and sellers to realtors, and this can lead to the potential for infection or illness. Inspectors should add face masks and antibacterial hand soap as well as hand sanitizer to their existing PPE. Another way home inspectors can prepare themselves by adding a Covid-19 waiver of release as an addendum to their contracts. This addendum should certify that all parties that have access to the home have not had exposure to the novel coronavirus before the home inspection begins. Moreover, this addendum should include a release, and hold harmless provision, releasing all parties from any potential claim of an "alleged" transmission of disease due to any party's entry into the home. Lastly, home inspectors can ensure they are fully protected by purchasing comprehensive home inspectors insurance. Home inspectors insurance can help to protect inspectors from unforeseen dangers and emergencies that they face on the job, and it's an absolute must-have in a post-COVID world. Visit EliteMGA to get a quote for home inspector insurance. EliteMGA offers superior coverage at a competitive rate. Their responsive and professional staff will get you the best value for your home inspection insurance. Contact EliteMGA today!

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What Home Inspectors can Expect Post COVID-19 Lockdowns - EliteMGA, LLC

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Covid-19 has affected many parts of our lives, and it will continue to do so for the foreseeable future. As states slowly start to reopen, there has been a lot of emphases placed on the "new normal" and how that will look for people going forward.

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With a Home Equity Line of Credit (HELOC), homeowners today have a unique and versatile tool at their disposal that most do not utilize or even know about. A HELOC is a secured line of credit that allows a homeowner to access some of the equity they have accumulated in the home.

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Home Equity Line of Credit (HELOC)

Prepared by Ryan Keefe* and Michael Menninger, CFP, Financial Advisor

With a Home Equity Line of Credit (HELOC), homeowners today have a unique and versatile tool at their disposal that most do not utilize or even know about. A HELOC is a secured line of credit that allows a homeowner to access some of the equity they have accumulated in the home. Most banks will offer HELOCs up to 70%-80% of the value of the home including the mortgage balance, with some even going as high as 90%. In this article, we will be looking at some creative uses of a HELOC and how to best utilize this tool to help meet your financial goals.

One utilization of the HELOC is to consolidate and pay down debt. Since HELOCs are secured (backed by an asset) lines of credit, they generally come with lower interest rates than most unsecured loans, i.e., credit cards. By taking money out of the HELOC to pay off higher interest loan(s), one can reduce the amount of interest they pay over-time and be able to pay down their debt quicker. If one doesn't have debt, another use of the HELOC can be to serve as an emergency reserve. This can take the pressure off of one's savings account, which in today's environment earns very little interest, and allow that money to be invested- where hopefully that money can earn enough interest to outpace inflation.

Another popular use of the HELOC is using it to avoid paying Private Mortgage Insurance (PMI). When young homeowners go to purchase their first home, many of them do not have enough cash to put a 20% down payment on the fair market value of the home. With Federal Housing Administration (FHA) loans allowing someone to put as little as 3.5% down, homeowners need Private Mortgage Insurance in order to receive a mortgage as a condition by the lender. PMI varies based on the loan amount, and generally will come out to around $100-$300 per month extra. By using a HELOC to pay up to 20% of the fair market value of the home, one can avoid these PMI payments and use the money to pay back the HELOC and increase equity in the home.

Finally, if you find that next dream home but are still trying to sell your current residence in order to finance the down payment, one could use the HELOC from the current residence as the down payment. Then once the current residence is sold, by rule the HELOC will be paid off at settlement. This way one doesn't have to go and borrow money from their 401(k) or other savings, and know that the HELOC will be repaid as soon as the current residence is sold. If you have any questions regarding HELOCs and how to best use one to pursue or work towards your financial goals, please reach out to Menninger & Associates, Inc. at 610-422-3773 or visit our website at www.maaplanning.com.

*Ryan Keefe is a non-producing registered representative of Cetera.

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Prepared by Ryan Keefe* and Michael Menninger, CFP, Financial Advisor With a Home Equity Line of Credit (HELOC), homeowners today have a unique and versatile tool at their disposal that most do not utilize or even know about. A HELOC is a secured line of credit that allows a homeowner to access some of the equity they have accumulated in the home.

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What is a home equity line of credit (HELOC)?

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What is a home equity line of credit (HELOC)?

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A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loansFootnote1 such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible.

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A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Please consult your tax advisor regarding interest deductibility as tax rules may have changed.

How a HELOC works

With a HELOC, you're borrowing against the available equity in your home and the house is used as collateral for the line of credit. As you repay your outstanding balance, the amount of available credit is replenished - much like a credit card. This means you can borrow against it again if you need to, and you can borrow as little or as much as you need throughout your draw period (typically 10 years) up to the credit limit you establish at closing. At the end of the draw period, the repayment period (typically 20 years) begins.

Qualifying for a HELOC

To qualify for a HELOC, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home. You can typically borrow up to 85% of the value of your home minus the amount you owe. Also, a lender generally looks at your credit score and history, employment history, monthly income and monthly debts, just as when you first got your mortgage.

Variable interest rate

When you have a variable interest rate on your home equity line of credit, the rate can change from month to month. The variable rate is calculated from both an index and a margin.

An index is a financial indicator used by banks to set rates on many consumer loan products. Most banks, including Bank of America, use the U.S. Prime Rate as published in The Wall Street Journal as the index for HELOCs. The index, and consequently the HELOC interest rate, can move up or down.

The other component of a variable interest rate is a margin, which is added to the index. The margin is constant throughout the life of the line of credit.

As you withdraw money from your HELOC, you'll receive monthly bills with minimum payments that include principal and interest. Payments may change based on your balance and interest rate fluctuations, and may also change if you make additional principal payments. Making additional principal payments when you can will help you save on the interest you're charged and help you reduce your overall debt more quickly.

Fixed interest rate option

Some lenders, including Bank of America, offer an option that allows you to convert a portion of the outstanding variable-rate balance on your HELOC to a fixed rate. Payments you make on a balance at a fixed interest rate are predictable and stable and can protect you from rising interest rates. Learn more about Bank of America's Fixed-Rate Loan Option

Homeowner tip:

Ask your lender if there are any fees associated with your HELOC. There may be up-front fees, such as an application fee, an annual fee and a cancellation or early closure fee. Bank of America HELOCs don't have any application fees, annual fees or closing costs. An early closure fee applies with a Bank of America HELOC if you close your HELOC account within 36 months of opening it.

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how does a home equity line of credit work

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What is a Home Equity Line of Credit and How Does it Work?

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A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.

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Home Equity Line Of Credit (HELOC)-Defined & Explained

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Home Equity Line Of Credit (HELOC)-Defined & Explained

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A house can be an important asset to have in your financial portfolio. However, because a house is not a bank account, that value can be hard to access when you need it most.
Fortunately, there are several loan options that can help you turn that home value into cold, hard cash. These options include the home equity line of credit, or HELOC, which allows you to borrow against the equity in your home, as well as a home equity loan.

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The Difference Between Cash-Out Refinance And Home Equity Loan

Refinancing - 4-minute read

Patrick Chism - May 23, 2022

Cash-out refinance or home equity loan? Both can help you reach your financial goals. Read how they differ and see which is right for you.

Read More

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Refinancing - 4-minute read Patrick Chism - May 23, 2022 Cash-out refinance or home equity loan? Both can help you reach your financial goals. Read how they differ and see which is right for you. Read More

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Why do Architects and Engineers need Professional Liability Insurance?

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Why do Architects and Engineers need Professional Liability Insurance?

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If your business involves building or designing buildings, then you may consider liability Insurance for protection.

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If your business involves building or designing buildings, then Architects and Engineers (A&E) Insurance is quite simply something you cannot afford to be without. It should also be carefully considered by general contractors, surveyors, and construction managers.

But what exactly is A&E insurance? Let's take a closer look at these policies, the protections they provide, and why you should consider having a policy.

What is Professional Liability insurance?

Architects and Engineers (A&E) insurance is a form of Professional Liability insurance designed specifically for members of these occupations. It helps protect against risks common to the architecture and engineering industries.

Professional liability insurance for architects and engineers protects your business against claims of negligence, misrepresentations, or mistakes. Professional Liability claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.

Confusion sometimes arises as to whether Professional Liability insurance and Errors and Omissions (E&O) insurance are the same thing. For architects or engineers, Professional Liability insurance and E&O insurance are effectively the same things under different names.

What does Professional Liability insurance cover?

Many professionals may have General Liability policies, which provide coverage against personal injury or damages to property, but these policies will not cover you in the event of your having made an error.

Professional Liability policies provide coverage against certain types of liability claims. These policies can cover you against claims including negligence, accidents, errors, breaches of duty, misleading statements, or poor service.

Most Professional Liability insurance policies will include:

- Coverage for legal expenses: These policies provide cover for court costs, fees for attorneys, fees for mediation, and any penalty, settlement, or judgement found against you.

- Limited liability coverage: Liability should be capped in this policy to the maximum fee for the designer in some areas to prevent gaps in coverage as a result of any implied warranty or guarantee.

- Risk management advice: Many insurance companies may provide the opportunity to have contracts reviewed, will keep you informed about liability matters, and give other advice regarding the way that risk exposure can be mitigated.

Related: What does Professional Liability Insurance Cover?

What is not covered by Professional Liability insurance?

Professional Liability insurance for architects and engineers often contains a number of conditions excluding various claims. These include claims arising from: any intentional act; legal transgressions; claims made by one party insured by the policy to another insured on the same policy; acts of dishonesty; acts of criminality; employment liabilities; liability assumed by contract; and faults in workmanship.

Architects and engineers also need to know that there may be gaps in Professional Liability policies with certain types of projects. One of these is "design-build" projects, where architects and contractors work alongside each other throughout the entire project. This is a good way of getting building projects finished quickly, but this type of project is known as having a higher level of Professional Liability claims.

Another area in which professionals, particularly engineers, should be cautious is in the use of novel technological solutions. A lot of new technologies can be exciting and money-saving, but with unproven technology a tiny error in code could lead to disaster.

Finally, you also need to think about where you are operating. Different countries have different regulations for liabilities, and even if your policy states that it provides global coverage it may only pay out on liability as defined by US law.

Professional Liability claims examples

It is vital that all professionals should be aware that even when they have done their utmost to follow best practice, they may still be liable for damages. Below are some examples of the types of claims that may be faced by architects and engineers.

Scenario one: An architect designs a new school, but is unaware that the accessibility requirements for schools have recently changed and are now different from other public buildings. The architect must appear in court after the school is cited for code violations.

Professional Liability insurance protects architects against claims of negligence, even if they haven't made a mistake.

Scenario two: An architect and a designer are working together on a project for a mutual client. The designer misinterprets the architect's renderings and orders expensive materials which won't work with the plans. The mutual client is upset and sues both the architect and designer for professional negligence, demanding that they be reimbursed for the unusable materials. The architect does not believe this is their fault, but they have been named in the lawsuit and must appear in court.

Professional Liability insurance will help cover the cost of an attorney and any judgements or settlements they are ordered to pay if they are found to be at fault.

Scenario three: An engineer's design has a flaw. Because of this it is necessary for the builder to tear down his work and start over. The client sues the engineer for the cost of new materials and labor to rebuild the part of the project that is damaged by their flaw.

Professional Liability insurance will cover this claim up to the limits of liability.

Why do architects and engineers need it?

Legal liabilities for architects and engineers can extend for decades beyond the completion of a project. If you are an architect or an engineer you are not selling a product that has a shelf life, you are offering professional services and the consequences of any errors or omissions may only emerge years later. If they do, you will be highly relieved to have taken out A&E Errors and Omissions insurance.

Architects and engineers can find themselves on the wrong end of lawsuits for many reasons. These include (but are not limited to) making human errors, not providing services as per contract, misunderstanding or transgressing building codes, or not calling in expert help when required.

It's only natural for every architect and engineer to believe that they won't really need Professional Liability insurance. After all, you wouldn't be in the profession if you believed yourself to be incompetent, would you? However, even the most expert and practiced architects or engineers can find themselves subjected to claims for errors and omissions or negligence. The right Professional Liability insurance policy will help defend such claims by paying legal costs, settlements and judgements if the case is lost.

Is Professional Liability insurance required by law?

The majority of states do not mandate Professional Liability insurance for those who work in the building industry, although federal law often makes it compulsory for any architect or engineer who wants to work on a government contract.

However, most companies and individuals putting contracts for design out to tender will demand that those they are working with have Professional Liability insurance. This generally applies to all types of projects including residential, industrial, or commercial. Increasingly it is the case that the law is somewhat irrelevant, as a professional will be unable to secure a contract without Professional Liability insurance.

Do I need my own policy if I work for an architecture or engineering firm?

Generally, companies in the architecture or engineering industries will buy a Professional Liability to cover all its workers. However, some companies may decide that this is an unnecessary expense. In this case, the individual architect or engineer may consider taking out their own insurance.

Obviously, any engineer or architect setting up a business for themselves will want to organize their own coverage to protect themselves and their employees.

Which Professional Liability policy should I get?

What type of policy you and your company require will depend upon your areas of specialization. The majority of engineers and architects tend to work on a range of projects and will want to choose a policy reflecting that range.

You may also need to consider the size of contracts you take on and your business' annual revenue. The amount of Professional Liability coverage you ultimately need will depend on these factors, as you will want to be sure your business is adequately insured.

How much does Professional Liability insurance cost?

The cost of Professional Liability insurance varies. Insurance companies use a number of factors to help calculate the premiums you will pay, and your circumstances will likely be different from other professionals or firms (even those in your area).

Some of the factors used to determine Professional Liability premiums include, but are not limited to:

- Your annual revenue

- Business location

- History of similar claims

- Your risk management procedures

- The amount of coverage you need or want

In order to avoid the rising premiums that inevitably follow any insurance claim, it is best to try and avoid liabilities where possible. Always make sure your client knows what services they are getting and what you will not be able to provide them. Write everything down and always document every meeting. Have contracts written on AIA contract forms, and if there are difficult decisions to be made, ask the client to sign off on them and acknowledge that they have done so. If your client decides to complain, handle their complaint proactively, and have a mediation clause included in your contracts in case anything goes wrong.

However, no matter how careful you and your staff are, you cannot totally shield yourself against liability claims. It is essential that you have adequate insurance in place should they arise. Find out more about Professional Liability insurance for architects and engineers.
Disclaimer: *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.

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Why Do Architects & Engineers Need Insurance? | BizInsure

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If your business involves building or designing buildings, then Architects and Engineers (A&E) Insurance is quite simply something you cannot afford to be without. It should also be carefully considered by general contractors, surveyors, and construction managers. But what exactly is A&E insurance?

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The Importance of Professional Liability for Architects and Engineers

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The Importance of Professional Liability for Architects and Engineers

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Architects and engineers should consider professional liability insurance to protect themselves against potential litigation.

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If you think about it, architects and engineers have massive risks. All you need to do is drive around town; some architect designed every building. An architect's legal liability can run for many years past construction-not just at the end of the design phase. Architects and engineers do not sell products; they provide professional services. That is why architects and engineers (A&E) errors and omission insurance can help.

Architects and engineers professional liability insurance can cover the professional's legal liability arising out of service performed for clients. If you are a design professional, engineer, landscape design professional, or specialty construction professional, you should consider professional liability insurance.

Why Architects and Engineers Are Sued

Human error

Failing to do the right thing

Failure to understand building codes

Not obtaining specialized help when needed

Common Coverage Design Features of an Architects and Engineers Insurance Policy

Every professional liability policy and insurance company is different, but we wanted to provide a few examples of the types of coverage found in many architects and engineers policies.

Coverage for professional design including negligence, personal injury, and more.

Defense costs outside the policy limits.

Expanded definition of professional services.

Blanket additional insured.

Contingent Bodily Injury/Property Damage.

Broad coverage for pollution, asbestos, and equity interest.

Coverage for joint ventures.

Punitive damages as allowed by State laws.

Coverage for specific projects.

Common Exclusions Found in Architects and Engineers Insurance Policies

Intentional acts

Violation of laws

Claims made from one insured to another insured

Dishonest acts

Criminal acts

Employment liability

Liability assumed under contract

Faulty workmanship

It is essential to understand that even if architects think they have done everything right, they can still be sued for damages. Here are a few examples of the kinds of claims that can come from architects and engineer's operations.

An architects firm was hired to design a public school. The plans called for Dryvit, or artificial stucco, to be the primary application on the exterior of the building. Within the first year, the building began to leak, and it was determined the architect's procedures for installation did not follow the manufacturer's plans. The architect was sued for $3,500,000, which was the cost of redoing the building exterior. The case was settled for $3,000,000.

A 150-unit condominium complex experienced severe water damage because of improper design of the building's roof and the type of roofing material used. The building's owner sued the architects, general contractor, and three sub-contractors. It was determined that the architect's design had a flaw that prohibited water-flow to the roof drains. The case went to trial and the jury award the building owner $1,760,000 in damages.

A penny conscious client hired an architect to manage a major remodel of his home. In the agreement signed by both parties, the client limited the number of site visits by the architect. One of the main projects was the redesign of the home's central fireplace from an outside wall to the center of the living room. The architect did not sign off on the final construction allowing the general contractor to do so. Two years after construction, the fireplace began to fail. The homeowner sued all parties involved. The architect's insurer paid $45,000 as part of their settlement.

What Can an Architect or Engineer Do to Limit Their Liability?

Set client expectations

Get everything in writing

Take good meeting notes

Always use AIA contract forms

Allow the client to make hard decisions

Be proactive in handling client complaints

Try to include a mediation clause in your contract

Most architects also maintain other kinds of commercial/business insurance products as part of their overall risk management program. These might include.

Employment liability

Commercial General liability

Commercial Auto

Property Insurance

Bonds

Workers' Compensation an

Umbrella or Excess Liability Policy

A Few Final Thoughts

We always recommend that architects and engineers carry at least $1,000,000 or more of liability insurance depending on the size and kind of work performed.

All professional liability policies are written on a claims-made form, so it is essential to have a clear understanding of how policy dates rate to the term of the claims-made provision on the policy.

Leap/Carpenter/Kemps Insurance Agency is able to help you identify the coverage you need and then prove many options for you to consider.

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Leap | Carpenter | Kemps Insurance Agency

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The Importance of Professional Liability for Architects and Engineers

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If you think about it, architects and engineers have massive risks. All you need to do is drive around town; some architect designed every building. An architect's legal liability can run for many years past construction-not just at the end of the design phase. Architects and engineers do not sell products; they provide professional services.

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Why You Need Engineer & Architect Professional Liability if you are an Architect

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Why You Need Engineer & Architect Professional Liability if you are an Architect

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PenEx a Villanova Insurance Partners Company

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Why You Need Engineer & Architect Professional Liability - PenEx

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Learn the difference between general liability and professional liability insurance for architects and engineers and why architects and engineers need liability insurance.

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Learn how employee stock purchase plans work, including plan structures, how to participate, tax implications, financial goals and more.

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Working for a company that offers employees an employee stock purchase plan (ESPP) can be a valuable perk that can help you reach your financial goals. It's a benefit only offered by about half of public companies[1], so count yourself fortunate if your company offers one!

Unfortunately, many employees don't take full advantage of their ESPP because they don't completely understand how to use it to their advantage. Here are answers to seven common questions that employees have about their ESPP benefit:

An ESPP allows you to purchase company stock at a discounted price, often between 5-15% off the fair market value. For example, if the fair market value on the applicable date is $10 per share, and your plan offers a 15% discount, you can purchase those shares for $8.50 per share. That's like an automatic "profit" of $1.50 per share at the time of purchase if your plan allows you to sell immediately. While that profit could decrease, disappear or become a loss if you hold the shares and the share price decreases over time, it could also grow if the share price increases.

You make your contributions into the plan via payroll deductions and on set dates, the company purchases shares on your behalf (at a discount!) with the funds accumulated and delivers them to you. Like most company benefits, participation is optional for employees.

Terms to know:

Offering period: The period of time during which your payroll deductions accumulate to purchase shares on your behalf.

Purchase period: A shorter time period within the offering period. For example, a 12- or 24-month offering period may include a series of purchase periods.

Purchase date: The date at the end of the purchase period on which shares are purchased for you.

Purchase price: This is the price you pay for the shares on the purchase date and is typically set at a discount to the stock price (it's an important price to know for tax purposes).

No. The structure of each plan may vary slightly. The discount offered to participants may vary, for example, as can the length of the offering period and the number of purchase periods within the offering period. Some ESPPs also have additional features that can make them more valuable. One such feature, a "lookback," compares the fair market value of the stock at the beginning of the offering period (the 'offering date') and the fair market value of the stock on the purchase date, then uses the lower value to calculate your purchase price. So, if the stock price is $10 per share on the offering date, and it increases to $15 per share on the purchase date, your purchase price is based on the lower $10 value. If your ESPP has a 10% discount, that means you pay $9 per share for shares that have a fair market value of $15 per share on that day!

Participation is voluntary, so companies commonly allow you to withdraw, even in the middle of an offering period. Most plans also allow you to withdraw during the purchase period. Any contributions are then refunded and you can choose to enroll again during the next enrollment window if you choose. Check your employer's plan for details concerning withdrawal from the program, refunds and re-enrollment.

It's just as easy as participating in a 401(k) plan. You choose the percentage of your paycheck you wish to contribute, and your company will deduct those contributions from your net (after-tax) paycheck. Your employer will hold those contributions in a company account until the purchase date and make the purchase on your behalf. Your enrollment will typically roll over from one purchase period to the next, unless you change it.

One important note on choosing your contribution level: Like your 401(k) contribution percentage, the percentage you choose to contribute will be based on your gross (before-tax) pay amount. Say your paycheck is $2,000 and you elect to contribute 10% of your pay to your ESPP, $200 will be deducted from your paycheck each pay period.

In addition, if you participate in a tax-qualified ESPP, federal tax rules limit ESPP purchases to a maximum of $25,000 worth of company stock per calendar year. ¹

You may owe taxes either when shares are purchased and sold or only when they are sold. The type of taxes you owe depends on the type of plan offered by your employer, and for tax-qualified ESPPs, on the timing of purchase and when you sell your ESPP shares. Specifically, if your company offers a tax-qualified ESPP, you may receive preferential tax treatment on your shares at sale if you sell them more than a year from the purchase date (when you receive the shares) and more than two years from the offering date.

The tax treatment on shares acquired via an ESPP purchase can be complex, just as with taxes on equity compensation in general. Be sure to discuss the potential tax implications of participation with a tax professional if you are considering enrolling in your company's ESPP.

The shares that you've purchased are yours to keep, regardless of whether you continue working for your company or the circumstances around your departure. Typically, any payroll contributions you've made that weren't used to purchase shares will be refunded to you when you leave.

Purchasing shares via an ESPP can be an important tool in your financial toolbox to help you achieve your personal goals. If the stock price appreciates over time, and you continue to hold your shares, they could become a valuable part of your nest egg as retirement approaches. Or you can use them to reach shorter-term goals, such as buying a home or paying for college. How ESPP shares can help you reach your goals is up to you - start by defining your short, medium and long-term goals and line up where this workplace benefit can best help. Like with many investments, there are risks to investing through ESPPs if you hold onto them as shares may not appreciate in value over time and may be less valuable than they were when purchased. Speak to a Financial Advisor or tax professional to build an approach tailored to you.

And remember: an ESPP allows you to purchase stock at a discounted rate that's not available to investors who do not work for the company. You don't get opportunities like that very often!

Learn more about equity compensation.

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Working for a company that offers employees an employee stock purchase plan (ESPP) can be a valuable perk that can help you reach your financial goals. It's a benefit only offered by about half of public companies[1], so count yourself fortunate if your company offers one!

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ESPP: What to Know About Employee Stock Purchase Plans

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ESPP: What to Know About Employee Stock Purchase Plans

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If your employer offers an ESPP, you may be eligible to buy stock at a discount and take advantage of tax benefits.

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Employee Stock Purchase Plans: Benefits of ESPPs - NerdWallet

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If you work for a public company that offers an employee stock purchase plan, you may be eligible to buy discounted company stock and enjoy some tax benefits.

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Read more to know about Employee Stock Purchase Programs

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Employee Stock Purchase Programs (ESPP) are a terrific
way to purchase stock at a discount, create an extra savings program, and enjoy no tax penalties for withdrawing the money. Read more!