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The costliest item at Costco is a $349,999.99 engagement ring. But should you really be buying jewelry at this big-box store?
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Costco is best known for helping customers keep more money in their bank accounts by offering bargain-basement prices on bulk items like groceries and personal products.
But while you may be able to reduce your spending by buying most items at the members-only warehouse club, there are some splurges there as well. In fact, the most expensive item at Costco has such a high price, it’s sure to shock you.
So, what is the most expensive item at Costco? It’s an engagement ring. But, not just any engagement ring. It’s a Radiant Cut 1.54 carat Center VVS1 Clarity, Fancy Pink Diamond Platinum Halo Ring.
Radiant cut refers to how the diamond is cut, while 1.54 carat refers to the size of the ring. VVS1 refers to how clear the diamond is, and it means it’s clear to the eye with only tiny inclusions (as opposed to flawless). And, pink obviously refers to the color.
So, what is Costco’s price for this diamond engagement ring? It’s a whopping $349,999.99. Now, that’s one costly piece of jewelry — considering that the average spending on an engagement ring came in at around $6,000 in 2022, according to an annual study conducted by the wedding website The Knot.
A $349,999.99 engagement ring is obviously well above most people’s budget, and chances are good your credit card would be declined if you tried to pick up Costco’s most expensive item for your beloved.
But Costco has plenty of other engagement rings, including some options starting as low as $479 for diamond rings. And, if you’re interested in shopping for a partner, there’s no reason not to give Costco a look.
While the warehouse club isn’t going to offer you the same options to customize your ring as a local jeweler might, it still has many great styles available. Costco also promises all of its diamonds are natural and untreated, and it uses the same measures to describe size, clarity, and cut as any jeweler would so you’ll know exactly what you are getting.
Many of Costco’s rings also have GIA certification, which means that an independent gemstone lab has certified that the weight, dimensions, and asset measurements assigned to each diamond are in line with industry standards. And Costco’s rings tend to be as much as 50% less expensive than comparable items from local jewelers.
Ultimately, what you decide about where to buy an engagement ring is a personal choice — but Costco should be one place you think about buying if you want to get good value for your money. The most important thing, though, is that you are realistic about what you can afford when you buy a ring. You don’t want to splurge just to meet societal expectations of a fairy-tale ring and then end up starting off your marriage with money stress because you went into debt for it.
Now, if your budget happens to extend to that $349,999.99 pink diamond at Costco and you want to buy the store’s most expensive product, you should be aware that the warehouse store doesn’t size rings — so be sure to save a few pennies to get that service performed elsewhere if you need it.
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Real estate inventory remains sluggish on a national level. Read on to see why we could get stuck in that holding pattern for a while.
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There’s a reason 2023 has been such a frustrating year to buy a home. Not only are home prices and mortgage rates up, but housing inventory has been sluggish on a national scale.
As of the end of March, there were 980,000 housing units available for sale, according to the National Association of Realtors. That’s just a 2.6-month supply of homes, which is well below the six-month supply that’s commonly needed to fully satisfy buyer demand.
Now there are several reasons why housing inventory has failed to pick up. For one thing, higher mortgage rates are keeping more people in their homes, because current owners know that selling, for the most part, means having to go out and get a new mortgage at a higher interest rate.
Meanwhile, recent data revealed that new construction has also slowed down. And that means today’s low levels of housing inventory might be here to stay for a while.
In March, housing starts, a measure of new home construction, fell to 1.42 million, according to the Census Bureau (as reported by CNN). Now that might seem like a nice number, but actually, it represents a 17.2% decline from a year prior.
Housing starts actually started to drop last year as mortgage rates rose. But that trend has held steady, resulting in fewer new homes being built today.
Not only have housing starts slowed down, but building permits also declined in March. The number of permits issued for new builds was down 24.8% from a year prior.
Builder confidence plays a big role in housing starts. So for new home construction to increase, builders need to feel like buyers will jump at the opportunity to purchase the homes they’re constructing. But that may not happen until mortgage rates drop and the prospect of buying a home becomes more affordable.
Similarly, current homeowners may not be motivated to sell their homes until mortgage rates fall from where they’re at today. And if existing homeowners don’t want to sell, inventory is unlikely to budge.
All told, it seems like mortgage rates really need to fall in order to resolve the current housing inventory crunch. But we don’t know when that’s going to happen.
Borrowing is expensive for consumers across the board these days, but mortgage rates don’t always rise and fall in line with borrowing rates for other loans. If buyers retreat from the market in droves due to stubbornly high mortgage rates, then lenders may decide to start lowering their rates. But it’s hard to determine when we’ll get to that point.
As such, if you’re looking to buy a home today, you may need to accept the fact that you’re just not going to have a lot of inventory to choose from. A good bet in that regard is to order the home features you want by priority. That way, you might have an easier time finding a home to buy even when there aren’t many to look at.
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A beach outing with family may not be the low-cost endeavor you expect it to be. Read on to see why.
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Now that the weather is getting warmer, many parents and children alike are counting down until the end of school and the start of the summer break. Of course, keeping kids entertained for two months while school’s not in session can be a daunting task. And there’s a good chance you’ll end up dipping into your savings account to keep them occupied, whether in the form of a camp program, a recreation program offered by your town, or different day trips.
One day trip you may be excited about is the beach. After all, there’s nothing like the feel of warm sand between your toes and cooling off in the ocean.
But while you might think that visiting the beach is an inexpensive way to spend a summer day, you may be sorely mistaken. Here are some of the reasons why.
Paying to visit a beach isn’t always a given. But in some areas, you’re charged to set foot on the beach, and you’re charged the same fee whether you want to visit for an hour or stay the entire day.
To visit certain sections of New Jersey’s Point Pleasant Beach, for example, you’ll pay $9 per person aged 12 and older to go on a weekday, and $10 per person on weekends and holidays. So if you’re a family of two adult parents and two teens, that means a Saturday beach outing could cost you $40 — and that doesn’t include parking.
Many beaches that charge by the day allow you to purchase a seasonal pass that’s far more affordable, though. A full season of beach access at Point Pleasant costs $90, so if you’re local and plan to go several times a week, a seasonal pass could make sense. But that also requires you to visit the same beach all the time without a change of scenery, which may not be what you want.
Some beaches don’t charge you to get onto the beach per se. But you do need to pay to park in a nearby parking lot. So if you don’t live walking distance from a beach, that’s another expense to account for.
At New Jersey’s Sandy Hook beach, entrance is free, but you’ll pay $20 a day to park your car. You can also pay $100 for a seasonal parking pass if you expect to visit multiple times, but either way, you’re looking at a pretty large charge on your credit card.
Unless you own or are renting a home right on the beach, you’ll need a way to haul things like towels, beverages, and beach chairs onto the sand. That’s where a beach cart comes in, but you might easily spend close to $100 to purchase one.
If you don’t already own chairs and an umbrella, you may want those, too. You might find chairs for as little to $20 to $25 a pop, but they may not be the most comfortable. A beach umbrella might also cost you $40 or more.
Of course, these things are basically one-time purchases — it’s not like you need new chairs or a new beach cart per outing. But still, they’re expenses to consider if you’re planning a beach outing and don’t already own the right gear.
Visiting the beach can be really fun — and also, more expensive than you might think. Be sure to plan carefully for a beach outing so a day by the ocean doesn’t end up completely busting your budget.
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When’s the right time to sell your home? Keep reading for some Dave Ramsey insight on your home equity and why it matters when you sell.
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If you are thinking about selling your home, you need to make sure you are really ready to move forward before you put your house on the market. One key factor is ensuring you have a sufficient amount of equity in the house.
Home equity is the amount of your house that you — not the bank — owns. It’s the value of your house minus what you owe on your mortgage loan. But, just how much of it do you need before you’re ready to move forward with selling?
According to finance expert Dave Ramsey, you shouldn’t sell your house until you have enough equity to do two things:
Pay your current home mortgage in fullMake a 20% down payment to purchase a new property
Ramsey said it’s also helpful if you have enough equity left over to pay for other expenses associated with a sale, such as the costs of moving to a new place. This way, you wouldn’t need to pay out of your bank account for these additional expenses, which can total tens of thousands of dollars.
So, what would it mean to follow Ramsey’s advice? It depends on how much you currently owe and what you plan to do next. Say, for example, you have a $300,000 remaining mortgage loan balance and you plan to buy a new house priced at around $500,000. You’d need $300,000 for your existing mortgage plus another $100,000 for your next 20% down payment, for a total of $400,000.
Ramsey may be right, but a lot depends on your situation.
First and foremost, Ramsey said that it’s ideal if you can cover closing costs with the equity in your home. The reality is, if you don’t have enough equity to pay off your mortgage plus these costs, you have to come up with the cash elsewhere. That may mean finding a lot of money, which many people can’t do.
When you sell, you usually need to pay commission to your agent plus the buyer’s agent. That’s usually around 6.00% of your home sale total. So if you were selling a $500,000 house, you would need the profits to pay an additional $30,000 in commission. Other required closing costs could include title insurance, transfer taxes and fees, and prorated property tax, which can total thousands of dollars more.
You have to take all of this into account. If you don’t have the money saved to pay for these things and you don’t walk away with enough profit to cover them, you are not in a position to sell your home.
In the above example, you’d need that $300,000 already mentioned to pay off your mortgage balance plus another $30,000 in real estate commissions (assuming you’re selling a $500,000 home), plus another couple thousand in other required closing costs. So, you’d have to be able to sell for somewhere around $335,000 to $340,000 — not including the money you’d need for your next down payment
Now, you don’t necessarily have to make sure you can pay a down payment from your equity. You may want to rent for a while or move in with family to give you time to save up for your next home. But if you want to move into your next house right away, Ramsey’s advice is pretty good. Make sure your equity extends to make the down payment your new mortgage lender will require to give you an affordable new mortgage loan.
So, how do you know how much equity you have and if it’s enough?
You can get an idea of how much equity is in your home by first looking at online estimates of what your home is worth, checking out comparable sales in your neighborhood, or getting a valuation estimate from a local real estate agent. You could even opt to pay for a home appraisal if you want to find out what an expert thinks your home is worth.
Once you know how much your house is worth, add up your remaining mortgage balance, closing costs (including real estate commission) and any down payment money you need for your new home. Based on our above example, for instance, you’d need to sell your house for around $440,000 or so. If it was worth $500,000, you’d be in good shape.
RELATED: Mortgage Calculator
Be sure to go through this exercise to confirm you have sufficient equity before you move forward with a home sale. That way, you won’t be caught off guard by expenses you can’t pay, which could cause you a whole lot of financial stress before your move.
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