How Do You Know How Much Home You Can Afford?

I think most people know that right now might be a pretty good time to buy a new or first home. With some interest rates as low as 4.55% (for a 30 Year Fixed), & 3.69% (for a 15 Year Fixed) the option of buying over renting looks fairly positive (Bankrate.com).

However, how do we know how much we can afford? This article by Jason Hahn from Aol Real Estate gives us a few good tips on what types of loans you may be able to get to cost associated with new home buying.  This article gives us a the quick answer and the long answer on how to figure out what one can afford.

The Quick Answer

The rule of thumb is that most potential homebuyers can afford to buy a home that costs between two and two-and-a-half times their gross annual household income. So, for example, if a renter is looking to become a homeowner and this person earns $50,000 a year, they can afford a home that would cost between $100,000 and $125,000.

For those who can afford to put down a large down payment and have light debt loads or none at all, a buying a home up to four times their annual income might be reasonable. While this quick estimate offers a helpful lens through which to eyeball how much home you can afford, there are other ways to look at it, and they involve ratios, history and costs.

The Long Answer

It’s one thing to think about how much you might be able to spend on a home, it’s another to think about how much you’ll be allowed to. Or is it? Maybe the most complete, helpful way to assess what you can afford is to look at it from a lender’s perspective, which might be the most sober and insightful.

Mortgage lenders use two main calculations to decide whether you actually can pay them back: the front-end ratio and the back-end ratio. (They’re not nearly as complicated as they might sound.)

• The front-end ratio, or the housing expense ratio, is simply the percentage of your gross (that is, pretax) monthly income that will go toward paying the mortgage. Generally, conservative lenders want that to be less than 28 percent; others might push it to 30 percent or higher. But check with lenders to see what their actual thresholds are. (Since the housing bubble burst it’s a lot harder to find lenders willing to accept a 40 percent ratio, though that’s probably a good thing.) If you earn $5,000 per month, and the lender has a 28-percent threshold, the most they’d be comfortable with would be $1,400 ($5,000 x 0.28).
• The back-end ratio, or the debt to income ratio, is the percentage of your gross monthly income that will go toward paying all of your debt obligations: mortgage, credit cards, child support, car and student loans, etc. Some lenders want your total debt payments to be less than 36 percent; others allow as much as 40 percent or more. If you earn $5,000 per month and your monthly debt obligations now are $300, or 6 percent of your gross monthly income, your back-end ratio will be 34 percent ($1,400 + $300). Since that’s below the threshold of $1,800, or 36 percent ($5,000 x 0.28), you could be a good candidate for a loan.

Types of Loans

There are three main types of mortgage loans: conventional; FHA (Federal Housing Administration); and VA (U.S. Department of Veterans Affairs).

• Conventional loans are the most common way to buy a home in the U.S., hence the name. They typically require a down payment of at least 10 percent and sometimes up to 20 percent, in addition to a pretty solid credit score. However, these mortgages present lenders fewer hurdles than the other two.
• FHA Loans are a bit more forgiving, in the sense that they require down payments as low as 3.5 percent and are usually a bit more flexible with credit scores. Their thresholds for front- and back-end ratios differ from conventional loans, though.
• VA loans are great for U.S.military veterans and those now serving. Those who qualify don’t have to make a down payment and aren’t required to get private mortgage insurance.

That’s a quick overview, but the takeaway is: Explore your loan options to make sure you find the best fit.
Potential homeowners also need to figure in the other costs associated with a mortgage, like [property taxes, homeowners insurance and closing costs. It’s also important to note that the house you buy will be considered by your lender as collateral on the mortgage loan. In other words, should you be unable to repay the loan, the lender can foreclose on your mortgage and seize the house.

Home-Related Costs

The mortgage isn’t the whole story. Owning a home is expensive and it’s crucial to know that from the get-go. Things like maintenance, utilities, furniture, and association fees are among the month-to-month costs that you’ll incur along with the mortgage when you buy a home.

Use Your Weapons

There are tools to help you determine how much home you can afford, even beyond this guide. Mortgage calculators and home ownership calculators are easily found online and can narrow down how much house you actually can afford.

And use common sense. It’s easy to get swept up by the ocean of numbers that figure into a discussion of affordability, but don’t forget the basics. How much are you comfortable paying toward your home each month, really? Can big plans for the future affect your financial circumstances? How long do you plan on staying in the home? What would be the consequences of not being able to make your mortgage payments?

Owning a home is great, but carefully consider how much you’re willing to give up for it. You might find that renting is your best option right now. Knowing what you want to spend might be worlds apart from knowing what you can pay, so use every resource you can to help determine how much you can afford to spend on a new home.

Source: Jason Hahn, AOL Real Estate, 6/29/2011

http://realestate.aol.com/blog/2010/06/29/how-much-home-can-i-afford/

Bankrate.com

Who’s up for a picnic?!

A nice picnic in a park sounds like a great way to kick off your long, holiday weekend! Denver has some of the best places for outdoor picnics. A family picnic in one of Colorado’s many parks would be a perfect way to start your 4th of July Festivities! Not to mention, International Picnic Day was June 18th!

These great parks are also near by some great Denver eateries if you prefer to grab lunch or dinner indoors!

Sloan’s Lake/Edgewater Coffee Company: Find a grassy spot on the east side of Sloan’s Lake, where you can enjoy a serene view of this 177-acre lake set against magnificent still-white peaks in the distance. At the northwest corner of Sloan’s, Edgewater Coffee Company offers an organic, fair-trade caffeinated pick-me-up along with a simple, yet ideal picnic menu including deli sandwiches, a BLT and PBJ with chips and fruit cups.
Sloan’s Lake, mostly bounded by 17th Ave., Sheridan Blvd., W. Byron Place & Stuart St.
Edgewater Coffee, 5224 W. 25th Ave., Edgewater; 303.237.4383

Rosamond Park/Slices: If you’re bringing the kids, grab a shady spot on the northwest side of Rosamond, where you’ll find a playground, sand pit and a basketball court for post-dining entertainment. For an adults-only outing, park on the east side where Rosamond (pictured) places plenty of concrete picnic benches amidst a slew of shade trees and green rolling hills, complete with flower gardens and a babbling brook. For lunch, stop by Slices on Hampden Avenue, a family-owned and operated pizzeria a few blocks north where you can take advantage of the drive-thru. You can grab pizza by the slice or a whole pie; we suggest the Mediterranean or spinach and garlic.
Rosamond, 8051 E. Quincy Ave. (E. Princeton Ave. to the north & S. Tamarac Drive to the east)
Slices, 7155 E. Hampden Ave.; 303-758-0940

City Park/Swing Thai: You know we love downtown Denver’s City Park, where you can enjoy lunch with views of Ferril Lake, in the open greenway, or beneath a shade tree near the massive children’s play area. If you’re not afraid of picnicking with a little sauce, swing by Swing Thai first where you can pick up take-out with organic tofu and sans added MSG, antibiotics or gluten.
City Park, bounded by 17th St., York St., 23rd Ave. & Colorado Blvd.
Swing Thai, 845 Colorado Blvd.; 303-777-1717

Wash Park/The Local: You’ll have no trouble finding an isolated spot in this 165-acre urban park – whether you’re seeking a water’s edge spot by Smith Lake, a seat near the historic boat house or on the acres of open lawn where you can comfortably people-watch passersby on the interlacing trails. Before you mark your territory, stop by The Local and choose from panini, specialty burgers, wraps, tacos, locally made hot dogs and more; gluten-free and vegan options available.
Wash Park, bounded by Downing St., Virginia Ave., Franklin St. & Louisiana Ave.
The Local, 2217 E. Mississippi Ave.; 303-425-6225

Civic Center Park/Food Trucks: With its Greek amphitheater, fountains and numerous gardens, Civic Center Park is already a picnic haven dropped right in the middle of Mile High. However, on Tuesdays and Thursdays this summer you’ll find the bonus of Denver’s best food trucks gathered from 11am – 2pm to give you a plethora of gourmet options steps away from your picnic spot.
Civic Center Park, Colfax & Broadway

Thompson, Sherri. June 15, 2011, Huffington Post.

Condo Buying: Why Bigger is Better!

Here is a great article by Ann Brenhoff of AOL Real Estate. The previously held thought was that most Americans are downsizing in terms of home sizes, however this article  states that when it comes to buying a condo, buying a large condo may not be a bad idea.  

Here are three examples.

1. More homeowners to share the financial burdens.

Every condo complex is governed by a homeowners’ association that sets monthly dues to cover the common expenses such as landscaping, facility maintenance and exterior building upkeep. HOAs are required to maintain a reserve should an emergency arise, and they also can pass assessments — sometimes in the tens of thousands of dollars — to cover the cost of major complex repairs.

Do the math: If you buy a unit in a smaller complex, a greater share of the burdens will fall on each homeowner. It’s simple long division: 12 unhappy and financially strapped homeowners sharing a repair of $100,000 comes out to more per homeowner than when that $100,000 repair is divided by 50 unhappy and financially strapped homeowners. And if one of those homeowners falls under the financial wheels of the recession big rig and can no longer pull his or her weight, the missed payments need to be made up by the rest of the pool.

2. Some lenders require that a certain percentage of the units within a complex be owner-occupied.

If they aren’t, the lenders won’t fund mortgages to new owners. What this means is that those who need to sell their units have to find a cash buyer. Again, being in a complex with more units helps skew the odds in your favor. There have been complexes where, in order to avoid these situations, the existing homeowners actually buy a troubled unit to keep the complex mortgageable. Again, the complex has to be large to do this.
3. More of us are still buying big than buying small. 

Just 2 percent of all buyers bought units under 1,000 square feet last year, according to the National Association of Realtors. Compare this to the 16 percent who bought homes 3,001 square feet or larger. The median size of a home sold in 2010 was 1,780 square feet.

Popular wisdom says we are all downsizing. We may be trying to shrink our mortgages, and builders may be dishing up smaller new homes in the interest of shaving something off the price to remain competitive, but the numbers don’t lie. Buyers like big more than they like small.

Ann Brenhoff, June 16, 2011

http://realestate.aol.com/blog/2011/06/16/condo-buyers-why-bigger-is-better/

Top 10 Hippest Housing Markets!

In a recent article found on AOL real estate, Sperling’s Best identified the top 10 most happening cities in America. By exploring 5 key lifestyle criteria — culture, arts, music, population growth and sports. And wouldn’t you know it, but Denver was on there, and ranked 3^rd!

“This up-and-coming city is shaping up to be a major cultural destination. It features a high percentage of well-educated         residents and a focus on environmental initiatives. It’s also home to scads of extreme sports enthusiasts, who flock to the city for snowboarding and skiing”

Not a bad way to describe Denver!

According to Sperling’s Best, researchers said that the biggest difference between San Francisco(No.1),Boston(No.2) and Denver(No.3) and the bottom 3:Memphis(No. 48),Providence,RI(No. 49), and Tampa(No. 50) was the mushrooming art scenes and a commitment to the environment that catapulted of the top 3.

Here is the complete list of the top 10 and some other fun information!

1.  San Francisco, CA:  This West Coast hot spot earned top scores in arts and music, as well as high rankings in number of homegrown sports heroes, well-educated residents, healthy lifestyle and energy-efficient building.
2. Boston, MA:  The Boston metro area earns the number-two spot with great scores for the city itself and its music and arts scenes. Boston rises to the top for health resources and ranks in the top 10 for education level and LEED-certified buildings.
3. Denver, CO:  Sporting heavy interest in alternative sports such as the X Games, snowboarding and skateboarding,Denver also features a high percentage of young, well-educated residents and a heavy focus on green building. Its art and music scenes are not to be underestimated, coming in the top 20 with potential to rise to the top in future studies.
4. Portland, OR:  Featuring a stronghold on indie music and arts,Portland promises great things in the culture category, as well as a top 10 score for alternative sports fans.  This city also features a high score in LEED-certified building with a top 10 ranking in the city category.
5. Austin, TX:  Known for its “Keep Austin Weird” tagline,Austin may soon boast about greatness instead.  The “Live Music Capital of the World” ranks fourth in the category of indie music and nails the top spot in the city category with a high percentage of young, well-educated residents, a healthy economy and substantial green building activity.
6. Seattle, WA:  The birthplace of “grunge” in the 1990s achieves top 10 placement for its still-strong music and art scenes, and features a strong interest in alternative sports.  Not surprisingly, this eco-friendly spot scored fourth-highest for LEED buildings and for its level of educated residents.
7. Washington, DC:  DC residents can stand proud of their ranking in the city category, boasting the best job situation in the “Cities on the Edge” study, as well as stable housing, highly-educated residents, significant energy-efficient building activity and relative affordability for residents.  This locale may need to focus on upping scores in music, arts and sports, which – while above average – did not rise to the top.
8. Los Angeles, CA: The mega-metro of Los Angeles cracks our top 10 with consistently high scores for arts, music and hometown sports heroes.  Residents really love their alternative sports, propelling the city to third place in this category.
9. Philadelphia, PA:  While Philly residents may often consider themselves the underdog in professional sports, this city scored sixth for producing homegrown sports heroes. Philadelphia also features high scores in the music, arts and alternative sports categories, and scored high in health resources and stable housing.
10. Salt Lake City, UT: This winter sports haven rounds out the top 10 “Cities on the Edge” rankings, coming in second in alternative sports and third in the city category.  Its high number of young adults, healthy lifestyle trends and solid economy make it a strong contender for climbing the ranking in future years.

AOL Real Estate, June 2011

http://realestate.aol.com/blog/gallery/hippest-housing-markets/

Sperling’s BestPlaces

http://www.bestplaces.net/docs/studies/cities_on_the_edge.aspx

Good news for low-income Coloradoans

It was recently announced by U.S. Housing and Urban Development Secretary Shaun Donovan, that nine public housing agencies in Colorado will receive over $550,000 to connect low-income families with the necessary education and job training to set them on the path to self- sufficiency.  These nine agencies are among the 600 total agencies that will receive approximately $54 million in grants.

Funded though HUD’s Housing Choice Voucher Family Self- Sufficiency Programs (HCV/FSS), grants such as these allow public housing agencies (PHAs) to act with welfare agencies, businesses, schools and other local partners to develop complete programs to help those individuals already participating in HUD’s Housing Choice Voucher Program further their education or gain marketable skills that will enable them to secure jobs that pay a living wage.

Shaun Donovan says that this program is “absolutely critical” to the recent economy, and that research has shown that this program works. When people are given the tools to make better of themselves, they do says Donovan. What happens in this program is that ultimately the participants become more self- sufficient that more vouchers become available for other families, so families who have been waiting for a very long time. “For America to win the future, we need a trained and skilled work force.” (Donovon, 2011), and that is precisely what this program aims to do.

Colorado grantees include:

Adams County Housing Authority	2 positions	$93,183
Boulder County Housing Authority	2 positions	$124,740
Fort Collins Housing Authority	2 positions	$134,65
Housing Authority of the City & County of Denver	1 position	$44,464
Housing Authority of the City of Englewood	1 position	$44,128
Housing Authority of the City of Grand Junction	1 position	$51,761
Housing Authority of the City of Pueblo	1 position	$42,804
Lakewood Housing Authority	1 position	$33,663
The Colorado Department of Local Affairs,Division of Housing	2 positions	$103,522
Colorado total	13 positions	$672,919

The Landlord Times, March 2011

Weekend Events April 22-24!

This coming weekend if full of fun things to do! From Denver to Breckenridge there is something for everyone!

Unfortunately, this weekend’s weather forecast is not the most uplifting. For Friday, April 22, Earth Day; the forecast  is for a high of low to mid 60′s°. This seems to be the best looking day! Saturday however, could show us some precipitation. 9news is forecasting mostly cloudy with a chance for rain showers. Easter Sunday though is forecast to be partly sunny with a chance of rain. Highs for Sunday will be from 56-61 °. while the sun will may  be warm, the air will most likely be chilly — so dress warm, and pray that the weather people are wrong and we have 70′s° and above for the weekend!

That being said, here are some fun events to get out to do… weather permitting, of course.

• Breckenridge will be hosting a weekend long Easter egg hunt from  Saturday, April 23 – Sunday, April 24.  This is a free event! And on Saturday night, parents can partake in some fun too, a “hoppy” hour!

• For some adult fun, “Microwbreweries for the Environment” will be going on in some of Colorado’s finest breweries! Enjoy a night of $2 beers at the Boulder Theatre.  This event is on Friday, April 22nd at 8:30 pm. Tickets cost $25 and proceeds go to  the CU Environmental Center, Flatirons Neighborhood Farm, The GrowHaus and Sprout City Farms. http://www.bouldertheater.com/event_detail.php?id=1457

• To celebrate Earth Day, The Children’s Museum will be hosting WOW! a free event on Friday, April 22 that teaches the importance of Earth Day to kids while making crafts out of recycled items.

• The Annual Tulip Fairy and Elf Parade kicks off Spring in Boulder on April 23rd at 3pm on the 1300 Block of Pearl St. Mall. For more information on this event checkout http://www.boulderdowntown.com/events/tulip-parade .

 Have fun enjoying these Spring time events with your friends and family!

(Huffington Post April 21, 2011)

Make Your Property Profitable!

After nearly three years of an economical draught,  The US economy is slowly recovering, and employment figures are showing promising signs. However, Americans are still feeling as though their pocket books are under pressure. When looking at ways to pump up finances, homeowners might want to consider their best asset – Their home.

This article, from Dailyfinance.com, says that making money with one’s home does not mean using the equity in the home as a cash machine, but rather actually finding additional ways to generate income from the property.  All the ideas presented carry a common theme. This common theme is that some portion of the property will be rented out.

Dawn Kawamoto, of Dailyfinance.com says that depending on a person’s location, home owners can potentially make “$50 a month to upwards of $5,000” (Kawamoto, “How to Turn Your Home into an Income Property”). It would also be wise of the home owner to thoroughly examine “their plans with their insurance broker, check their city and county ordinances — especially in areas with rent control — and potentially have a real estate attorney weigh in on the matter if the arrangement with the tenant will be long term.”
“”Because you are now considered a landlord, you may be liable if a tenant is injured on the property,”   said Loretta Worters, vice president of the trade association Insurance Information Institute, in an email  interview. “Therefore, you may need to purchase landlord insurance. Most landlord insurance policies  cover the landlord’s legal fees should a tenant file a lawsuit. This type of policy would also pay out in     the event of a judgment against a landlord, protecting his or her personal belongings and assets, if the tenant prevails in court.” She noted most typical homeowners insurance policies would not cover such  events.”

The following are links to some different ways to make some money from your property:

* Renting out the backyard to campers or gardeners

*Renting out the driveway or garage for cars or storage

*Renting out a slice of land for a cellular tower

Read more at http://www.dailyfinance.com/2011/04/18/how-to-turn-your-home-into-an-income-property/

Thanks for reading our blog! We hope you find this information useful!

Tips for Cutting Energy Costs

For many people, money is tight right now! One of the best ways to hold on to some of your hard-earned cash is to look for ways to cut energy costs. The Landlord Times featured a great article on some tips for renters on how to save money on energy costs.

These tips came from Portland General Electric:

Heat wisely

Your tenants can save a lot just by setting the thermostat to 68 degrees when they’re home during the day and 55 when they go to bed or are away. Opening window coverings during the day helps to capture free solar heat. Advise your tenants to move furniture away from heat registers and cold-air returns to allow the heat to circulate properly. During cooler months, it helps to dress for the season by wearing a sweater and dressing in layers.
If your units have zonal heat — baseboard heat, wall heaters or radiant heat — your tenants can turn down the thermostats in rooms they’re not using and close the doors. It also helps if they vacuum the grills regularly to maximize the amount of heat that enters rooms.

Stay out of hot water

Help your tenants save by showing them how to lower the thermostat to 120° F on their water heaters. Remind them not to let the water run while shaving or doing dishes. And taking showers instead of baths uses much less hot water—saving both energy and water. If your units have dishwashers, tenants should use the energy-saver selection and run dishwashers only when full. If your units have clothes washers, tenants can save by washing in cold water whenever possible. When tenants leave on vacation, they can turn off the electric water heater at the circuit breaker panel. If it’s a natural gas heater, instruct them to turn it down but not off. It will take an hour or so to reheat the water, but tenants will save energy all the time they’re away.

Cook smart

Instruct tenants to use a microwave or toaster oven instead of the regular oven whenever possible. Help them set the refrigerator thermostat to 37 to 40° F and the freezer to 5° F; setting it any lower just wastes energy. Full refrigerators and freezers run more efficiently. Additional kitchen tips include regularly cleaning the coils behind or under the refrigerator and defrosting the freezer before frost accumulates to 1/4 inch in thickness.

Lighten up

An excellent way to cut electric bills is for tenants to install energy-saving compact fluorescent light bulbs in place of incandescent bulbs. According to manufacturers’ estimates, they use up to 70 percent less energy and last up to 10 times longer. If your tenants can only afford a few, tell them to opt for areas where lights are typically on for long periods, like the kitchen. And nothing saves energy faster than turning off lights in unoccupied rooms.

Turn off electronics

It’s a myth that leaving a computer on will extend its life. When tenants are done using a computer, they should turn it off. Same goes for televisions, stereos and other equipment.

Consider low-cost improvement projects.

If rental units are older and need energy-efficiency improvements, you should consider investing in the low-cost strategies below, or give your tenants permission to install these measures themselves:

• Caulk and weatherstrip around doors and windows (but don’t seal the moving parts shut).
• Use spray-on insulating foam to seal around holes where pipes exit the wall.
• Replace old shower heads with low-flow models.
• Install temporary storm-window kits during the heating season.

Cool efficiently

During warm weather, instruct tenants to leave open as many windows as they safely can at night to catch cool breezes (they shouldn’t open ground floor windows if that leaves them vulnerable to crime). Window fans are an excellent way to draw out hot air or blow in cool night air. Tenants should close windows and curtains during the day to block the sun and heat. If tenants use air conditioning, suggest that they to set the thermostat to 75 to 78 degrees during the day when they’re home, and 85 or warmer at bedtime or when they’re away.

 

To obtain a copy of Energy Tips for renters only, go to PortlandGeneral.com/brochures and select Using energy wisely. Or contact the PGE Business Services Team at 503-228-6322 or 1-800-542-8818 or e-mail Business.Services@pgn.com.

What a helpful article!

Check out our website www.maviunlimited.com for more information for renters and owners!

The Landlord Times March 2011

Movin’ to Colorado!

According to a report put out by Allied Van Lines, Colorado is now second as a relocation destination. Colorado trails only to Texas.

Last year, families moving to Colorado totaled 2,190, and that compared with 1,786 families departing Colorado gave us a net gain of 404 families.  Texas, the winner had a net gain of 1,640 families.

Analysts point to Colorado’s quality of life, and relatively low unemployment rate as the reasons that  people are choosing to move to Colorado.  At the time of the report, Colorado’s November unemployment rate was 8.6 percent , lower than the national rate of 9.8 percent.

Back in 2009, Colorado ranked 4th on this list. Colorado was behind Texas, Arizona, and North Carolina.  

According to Kevin Beckstead, chief executive of Bailey’s Moving & Storage (an Allied affiliate in Colorado),  ” business and personal relocations to Colorado are on the upswing”.

He also states that “Colorado has a very entrepreneurial atmosphere that attracts the interest of out-of-state corporations looking to move facilities into our state to take advantage of the great workforce, lifestyle desirability, and the business friendly atmosphere”.

Way to go Colorado! Keep things on the up and up!

Households moving to Colorado via Allied Van Lines outnumbered those departing in 2010. States with the greatest net change:

1. Texas, 1,640

2. Colorado, 404

3. Florida, 378

4. South Carolina, 374

5. Arizona, 370

46. New York, -445

47. New Jersey, -699

48. Pennsylvania, -972

49. Illinois, -1,050

50. Michigan, -1,149

Mavi wants to know….

Fire Safety Tips

Here are some quick facts to consider for your safety!  

According to the National Fire Protection Association, the leading cause of house fires in the Uniter States is unattended cooking. During the holiday season, when cooking for guests, it is important to not be distracted, and remember to keep an eye on anything on the stove.

Another leading cause of home fire deaths, is smoking. Encourage those who smoke to do so outside and keep a small bucket of water outside to drop cigarette butts directly into. If yourself or your guests smoke inside, make sure to have many large, sturdy, and deep ashtrays and check them frequently. It is also important to douse cigarette butts with water before throwing them in the trash.  Failure to do this could cause them to smolder and cause a fire.  When the party has died down, check on, between, and under upholstery and cushions and inside trash cans for potentially smoldering cigarette butts.  Matches and lighters should be kept up high, and out of the reach of children! Also encourage your guests to keep their smoking materials with them, so to not be accidentally picked up by kids.

Lastly, make sure not to leave any candles unattended, or in a place where kids could reach it.  This too is a common cause of house fires. And it is always wise to let guests know your fire escape plan.

Stay safe!

Mavi Wants to know… What are your  New Year’s Eve plans ?