What To Do and Not To Do When Choosing a New Garage Door

 A garage is an important part of a home, in fact, it is front and center and plays a big part in a home's curb appeal. Replacing an old garage door can give you curb appeal a big lift. Not only will it look better, but it will also perform better. Here are some do's and don'ts when it comes to choosing a new garage door.

DO select the right style.

A home's curb appeal is important when it comes to resale. A worn-out garage is not a good first impression to a potential home buyer. Replacing a garage door will enhance the exterior of your whole home. It is very important to choose the right style of door. The most important tip is to choose a door style that complements your house. If you have a Craftsman bungalow, then you would want a door with deeply overhanging eaves, extensive woodwork, and divided-light windows. If you have a modern home you will want a simple garage door with clean lines.

DON’T forget insulation.

Many homeowners skip the front door and use their garage door as their primary entrance. If this is the case, then it is a good idea to insulate the garage door. Insulation will allow a more comfortable garage when entering and exiting your home. A garage is usually 10 to 20 degrees different from the temp outside. This is a big opening in your home, and insulating it can also save you money on energy expenses. A room next or above a poorly insulated garage will be very hot in the summer and very cold in the winter.

DO choose a practical door type.

Just like there are different styles of garage doors, there are also different types of garage doors. Some homeowners want to have a traditional swinging door that opens outward from a central split or others want an old barn door that opens right to left. The most popular are overhead sectional doors because they roll up and down on mounted racks and are easy to pair with an automatic door opener.

DON’T ignore care requirements.

The garage door is one of the most important entryways of a home. It needs to be maintained properly and perform its bests. Wood garage doors are very popular nowadays but they require refinishing. If you want the wood look, composite is the way to do it. Steel is a good choice no matter what climate you live in.  Understand the upkeep requirements of any door on your radar, and don’t commit to purchase one that you’re unable or unwilling to take care of.

DON’T underestimate severe storms.

Even though a garage door is big, a storm can still hurt it. They can be very vulnerable to high winds such as a tornado or hurricane which can break through a garage door. It is important to become familiar with the code-compliant doors. A local garage door dealer can tell you what the regulations are in your area.

DO experiment with visualization tools.

A dealer showroom is a great place to start. There you can see how different styles, construction and colors actually look and feel. There are also online tools that can help you visualize a certain door on your home. A great online tool is the Door Imagination System. You can simply upload a picture of your home and see different designs, colors and hardware on your home.

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Rising Home Purchases Means Bigger Spending on Remodeling, Appliances and Furnishings

 According to the data found in the Consumer Expenditure Survey (CES) data from the Bureau of Labor Statistics (BLS), the National Association of Home Builders says that new home buyers and existing home buyers spend thousands of dollars or more on in the first year of owning a home on appliances, furnishings and remodeling. This estimate is derived from the pre-pandemic (2017 - 2019) data collected.

NAHB's report found that during the first year after the purchase of a new construction home, a homeowner will spend on average over $9,250 on their home over a non-moving home owner, and those that purchased an existing home spent around $5,240 over non-moving homeowners. This shows that a home purchase causes an increase in spending. These expenditures are mostly on things like appliances, furnishings, and remodeling.

New home buyers also spend a lot more on property alterations and repairs.  A typical new home buyer is estimated to spend almost twice as much on these projects ($9,288) compared to a similar household that stays put in a house they already own. When looking closer, the study showed that these expenses were from building outdoor features such as a pool, patio, fences, and landscaping.

When someone moves into a new home, they also want to have some new furnishings. This also triggers bigger spending. It is estimated that a new home buyer spends around $3,000 or more on furnishings during the first year of owning a home and $1,870 on appliances.

If a new home buyer purchases an older home, this price can go up even more. It is estimated that they tend to spend around $5,238 more on remodeling, furnishings and appliances. The majority of the spending is on property repairs, alterations and remodeling projects. Homeowners that do not move will spend around $4,282 in a year on home projects while those that buy existing homes will spend around $7,400 during the first year after closing. The data shows that home buying does spark additional spending.

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Tips for Getting the Lowest Mortgage Rate

 This time last year the 30-year mortgage rates were just over 3%, but they are rising and now are over 5%. Professionals in the industry say that we will see more rate increases throughout the year. Here are some tips from the experts on how to make sure you get the best mortgage rates for your home.

1. Raise your credit score as much as possible

The higher your credit score, the lower your interest rate. LendingTree's data shows borrowers with credit scores of 760 or higher were offered an average APR that was 16 basis points lower than the average rate for borrowers with scores between 680 and 719. A basis point is equivalent to 0.01% and therefore one hundred basis points equals 1%.

Always know your credit score. Take a look at your credit report and make sure there are no errors. In order to raise your score, you should pay your bills on time and reduce your amount of debt. When you decide to get a mortgage, do not apply for too many new credit lines at the same time.

2. Get your finances in order

Your credit score is just one of the things a lender will take a look at. In order to make sure you are able to repay the loan, a lender will delve deep into your finances. Before they do this, you want to make sure you have the entire picture of your income and you will want to pay down any major debts.

To do this, you will need to know your debt-to-income ratio (DTI). Your DTI is the total of your monthly debt divided by your gross monthly income. A lender will want this figure to be 43% or less of your assets. Prepare a record of your steady income by collecting your pay stubs for a 30-day period as well as your W-2s from the past two years. If you are self-employed, you will also need to submit profit-and-loss statements along with your tax returns.

3. Save big for your down payment

You will want to make the largest down payment possible. The more you put down upfront the lower your interest rate. You will also want to make sure you put down at least 20% to avoid PMI. PMI stands for private mortgage insurance, which is around .05% to 1% of the loan amount.

4. Get quotes from 3-5 lenders

Shop around for the best deal. According to Greg McBridge, chief financial analyst at Bankrate, you should compare around three to five lenders to see who will offer you the best rate and other incentives.

“Be sure to look at closing costs, fees, points and tax credits. This can get a bit overwhelming, so if you have a financial planner, be sure to include them in the discussion,” says Jen Grant, certified financial planner at Perryman Financial Advisory.

“Gather all your rate quotes on the same day. Rates fluctuate daily and lenders should be able to give you their best rate out of the gate,” says Denny Ceizyk, senior staff writer at LendingTree.

5. Lock in the rate

This is important especially when rates are rising. Locking in your mortgage rate early on means your lender can’t raise your interest rate between the time you apply for a loan and the time you’re approved. That way, should the market fluctuate during the application process, you’ll be spared from paying higher interest rates if they go up.

6. Weigh the pros and cons of buying points

Discount points can be used to reduce interest rates. They are fees that you pay upfront to reduce your interest rate on your mortgage. One point usually costs around 1% of your mortgage amount. One point can lower the interest rate by one-eighth to one-quarter of a percent. “The lowest rates quoted often come with mortgage points, a minimum loan amount requirement or a certain amount of equity,” says Ceizyk.

7. Consider first-time buyer programs

First-time home buyer programs include aids such as down payment assistance, funds available for repairs and remodeling, no-interest second loans and reduced interest rates. These programs are used to lure first-time home buyers to certain areas. FHA loans, USDA loans and VA loans are common for home buyers with lower credit and smaller down payments.

8. Apply for a shorter loan term

Shorter term loans (such as a 15-year loan) can offer better rates than loan term loans (such as a 30-year loan. “Lenders price loans based on risk. If you can pay your loan off faster at a higher payment, lenders reward you with a lower payment because as your balance is paid down, there’s less risk you’ll default,” Ceizyk says.

If you are in the market for a new home, turn to a Realtor in your area. A Realtor can not only help you find the right home for the right price but can also lend a hand in finding the right mortgage lender.

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A New Post-Production Unit Now on the Northshore

New Orleans has a great film production industry so it is no wonder People Who Think, a Mandeville-based advertising agency, is creating a new post-production company. The agency is headed by Republican strategist Jay Connaughton and will call the spin-off production company Cadence Post.

Cadence Post, the new company, has four employees and expects the number to double over the next year. The company is currently run by Rick Nelson.

"The sheer amount of work that has come back to the city in the last two years is outstanding," Nelson said. "But there hasn't been a lot of growth on the post-production side of things so we need to respond by building out that infrastructure."

Currently, Film New Orleans has 11 television and movie productions that will be filmed now through mid-September. This number includes "Queen Sugar" and "Heart of a Lion." Right now, the film promotion agency will send their raw footage back to Los Angeles or Atlanta to a more traditional filmmaking center. Nelson wants to fill this gap. These can include daily management and "sling shot" services, partnering with Los Angeles or New York as their on-the-ground entity while they're shooting locally.

Their advertising agency has worked with big brand name campaigns for Coca-Cola, Mellow Mushroom, Welch's Snack Foods and Chevron. Currently, they are working on an advertising campaign for Rev Broadband and have worked on programs for Outdoor Channel and Lifetime in the past.

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