Using Alternative Building Products

 The shortage of building products has been a big issue for home builders these days. With the delay in orders and shortages of home building materials, home builders are choosing alternative products for their home building projects.

The alternative materials include some such as rammed earth, adobe brick, and volcanic rock. These natural materials are great for insulation with heating and colling benefits. The downside is higher costs for skilled labor. Home inspectors and energy consultants could also have a hard time evaluating these items because they are unfamiliar with them.

An important long-term effect that builders do not want to ignore is mold. Earthen materials are made up of many organic substances that house mold. Natural building materials include cellulose or carbohydrate-based products which are a great source of food for mold.

Mold can be avoided by builders, it is important to understand the relationship between construction materials and their susceptibility to mold in the presence of moisture.  “Buildings will never be designed, built, maintained, or utilized perfectly; and weather and natural disasters cannot be predicted. The one thing we can have complete control over, the materials within the building, should be selected wisely,” reports Aaron Cooper.

The National Association of Home Builders has a guide for reviewing building materials called Assessing Building Materials. Builders can assess these materials by talking with the manufacturers and distributors. A couple of the questions they can ask do I understand the make-up of the building materials is similar to building materials available from another manufacturer that can provide more data, is the data that was provided complete, do I have confidence in the manufacturer and does another manufacturer improve my confidence in these building materials?

NAHB wants to help its members find the most important and pertinent information when it comes to evaluating new materials or products. Builders can make more informed decisions with this guide.

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Questions to Ask When Buying A Home

Buying a home is a huge deal in anyone's life. It is said to be one of the most stressful times in someone's life. Here are some questions to ask to help you make an informed decision when it comes to buying a home.

Is now the time to buy a home?

Again this is one of the most important purchases a homeowner will ever make. Determining to take the leap of homeownership, is one of the most important financial decisions to make. Make sure your finances are in order before you decide to start your home search.

Are you ready to invest in a home?

A home is a wonderful investment, however, it is a big expensive one. Assess where you are in your life, is homeownership right for you? Make sure you want to stay in the home. Selling a house right after you purchase it will cost you a good bit of money.

Do you have a target home price?

Currently, we are in a seller's market which means homes are going to have multiple bids and sell at higher asking prices. December 2021 reported the median home price in the country was up 15.1% higher than the same time last year. Before you start your search, find a number that you are comfortable with and stick with it.

Do you have enough savings?

Purchasing a home is not just paying the listing price. You need to have some savings not only set aside for any home updates or projects but also for other costs associated with purchasing a home. Here are some of the costs associated with buying a home. You will need 3-5% of the purchase price for a downpayment and money for closing costs and inspection fees.

Do you have credit concerns?

In order to obtain a mortgage, you will need a good credit score. By rule of thumb, anything under a 620 will not qualify. Anything between 620 - 740 will get you qualified but with a higher rate. Anything over a 740 will not only get you qualified but will get you the best available rates.

Do you have money allocated for unexpected costs?

Don't get caught off guard by surprise costs through the process of buying a home. Remember inspections, insurance, taxes, and utilites. The more informed you are, the better decision you will make. Contact a Realtor who knows the process from start to finish.

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Purchasing An Investment Property or Second Home

 A great way to invest in real estate is in either a second home or an investment property. This type of real estate is a sound and profitable way to build wealth and generate a passive income. Fixed mortgage rates keep mortgage payments the same each month, so investors can predict their cost and profit. There is a risk with investment properties, so consider these four tips to find out if you are ready to purchase an investment or a second home.

Be sure to do your research and get advice

Like any decision, you will want to do your research before making the decision to purchase. There are many factors you will need to consider such as the condition of the property, location, and the area's demand for rentals. Before you take a step, do your due diligence when it comes to your finances. You will want to make sure your income can support two mortgages even if you plan on renting your second investment. Also keep in mind that there will be additional expenses such as home repairs, maintenance, and furnishings.

Budget for the expected and the unexpected

Second properties have some expenses that are different than your primary home. If you purchase a second property either to sell for a profit or rent, many areas have permitting fees and additional taxes for investment properties. Remember to work with a tax preparer who will help you with capital gains or an increase in income.

Knowing when the time is right

Right now home prices are rising, so you may be able to use the equity on your primary home to pay for your second home. This can be done through a cash-out refinance or a home equity loan. A cash-out refinance is the most popular choice. There are no limitations on what you can use the money for. A home equity line of credit is secured by your primary home's collateral. Right now is a great time to take advantage of these types of financing with such low rates.

Understand how you plan to use the second home

Either way, you need to speak with a mortgage lender whether you a using the second property for rental income or a second residence. Lenders follow the guidelines of Fannie Mae and Freddie Mac to ensure that you are able to afford both mortgages. There are different terms you must meet to be approved for a mortgage on a second home.

If the property will be a renovation or resell you will more than likely have to pay a higher downpayment and interest rates. Lenders take more of a risk when they lend money to someone who is purchasing a second home or investment property. Do not plan on trying to obtain a VA or FHA because these two types of loans cannot be used on second properties.

Not only do you want to secure a lender, but also secure a Realtor to help you with your purchase. A realtor can navigate the purchase from searching for your second home to closing the deal.

 

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The West Bank Will See 154 New Homes Thanks to Habitat For Humanity and One Gracious Donor

 Habitat for Humanity is building a new 154-home community close to Terrytown. The New Orleans affiliate says this is the largest-ever project that they have built in the New Orleans metro area. Fifty of the homes will be built for people 55 or older.

Billionaire philanthropist MacKenzie Scott has given the local Habitat for Humanity $4.5 million for the project. Marguerite Oestreicher, executive director of the local chapter, praised Scott for her generosity. In fact, Scott's donation is the largest donation both the local and national Habit organizations have ever been given.

"When you get a transformative gift like this it gives you an opportunity to innovate," said Oestreicher.

The new community will be located on the property site that was formerly Plantation Golf & Country Club. The 44-acre tract is off Behrman Highway and is planned to be called Rising Oaks. The $56 million project will be developed by Woodward Design & Build along with architect Garrity & Accardo.

The neighborhood will consist of a mix of two, three, and four-bedroom homes. The remaining 50 homes will be cottage-style homes for older residents. The remaining land will house a community center and retail center, including a health center, restaurant, pet store, bank, and many other retailers.

This will be one of the first projects Habitat has started from the ground up in the area. It was a rare opportunity for the chapter to build a live, work, and play community from scratch.

"It has allowed us to plan a community that is livable, walkable, green, and beautiful," she said.

In order to be allowed to live in these mid-century architecture homes, you will have to qualify. Residents will qualify if their income is between 30% and 80% of the median New Orleans income which is around $20,000 to $57,000 a year.

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The Gloriette a New Restaurant in the Southern Hotel

The Gloriette, the new restaurant in the Southern Hotel in Covington, opened just after Mardi Gras. Amy and Jeffrey Hansell, who owns the Thorny Oyster, in Mississippi, opened the Gloriette which takes the place of Oxlot 9. The restaurant glorifies local Louisiana cuisine and offers drinks at the bar, Cypress Bar which is connected to the restaurant.

The new restaurant has a "theme of garden verdure" which compliments the old oaks outside of the hotel. Hence the name the Gloriette which means a garden pavilion in French. Patrons can view these oaks through the dining room that is lined with windows. The restaurant has white tile floors with baby blue walls and lattices. Among the walls are murals of blooms and garden scenes.

A veteran of the local culinary scene, executive chef Steven Marsella has an amazing way of creating dishes from local French cuisine. Marsella is from Providence, Rhode Island where he completed culinary school and began his career "at one of the city's most ambitious seafood restaurants." In New Orleans, he helped open Emeril's Restaurant and recently was the corporate chef for Creole Cuisine Restaurant Concepts.

The French-inspired menu has many dishes that the chef himself created. Dishes include pork and clams Alentejana, crab gumbo, oyster stew, steak tartare and steamed mussels with Calvados, fried oysters with brie fondue, and a crawfish tagliatelle and lank of flounder thickly encrusted with crab and torn morsels of brioche. There are also fabulous desserts at the St. Tammany restaurant. These include apple galette and strawberry trifle.

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Even Through Real Estate We Can Help Support Our Environment

 

The environment is precious to us and if we respect it, it will respect us. When we think of ways we can improve our footprint, most real estate transactions do not come to mind. Most realtors and those that are involved in some way with the National Associaton of REALTORS® (NAR) are familiar with the Preamble of the Code of Ethics.

"Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. REALTORS ® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment."

“REALTORS® will have to make sustainability a primary focus — because our customers and our planet demand it,” states NAR 2022 President Leslie Rouda Smith.

Every way we can, we should think about how it affects the Earth. Real estate transactions should not only focus on the clients but on the impact, they will have on the land itself. Here are three aspects to think about when respecting our environment.

First, governance.

Decision-making is the first step to take when thinking about how a real estate transaction will affect the earth. The National Associaton of REALTORS® under the 2022 NAR Leadership Team has created the Sustainability Advisory Group. The group consists of all Chairs who sit on the Public Policy Coordination Committee and the National Association of REALTORS®' Vice Presidents of Advocacy and Association Affairs. They are currently working on joining in a partnership with National Oceanic and Atmospheric Administration to help keep those in the real estate industry up-to-date on how weather events affect housing and markets.

Second, resilience.

The National Associaton of REALTORS® is working on how it can change and sustain the environment. An example of what they are currently working in is the Flood Factor on realtor.com. This provides flood risk data on each listing, allowing property owners to accurately assess their risk and better prepare for future flooding events.  Another great example is NAR's Smart Growth Grants and Placemaking Program. This program supports both state and local associations giving them the resources to build parks, trails, and community gardens. NAR is backing FEMA's Risk-Rating 2.0 which helps with rating individual homes when it comes to flooding rather the rating flood zones. By doing this, homebuyers will have a better perspective on how flooding will affect the specific property they are looking to buy.

Third is environmental stewardship.

Data has shown that homebuyers will pay a premium for homes that are certified Energy Star or the National Green Building Standard. Realtors are also encouraging healthy green communities for homebuyers of all income levels and backgrounds.

If you are in the market for a new home, contact a Realtor who can help navigate the green housing market. Everything we do from the products we use to the homes we live in can impact the beautiful earth we live in.

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Follow These Two Suggestions When Purchasing A New Home

Springtime is a time when many home buyers come into the housing market. This spring, the housing market is still going strong with tons of competition. If a homebuyer finds a home they like, there is no time to think if you want to compete for an accepted offer. Here are two important things you should take action on before purchasing a home.

Bulk Up Your Credit Score

A homebuyer's credit score can either hinder or boost your chances of purchasing a home. Credit scores determine whether a homebuyer can get approved for a loan. Before starting the home buying process, a homebuyer needs to make sure their credit score is 650 or higher.

Lower Your Debt-To-Income Ratio

A homeowner's debt-to-income ratio is very important. It can not only affect getting a mortgage but can also affect the price of a home a homebuyer can purchase. A good debt-to-income ratio is less than 43% according to the Consumer Financial Protection Bureau. For example, if a homebuyer's monthly income is $5,000 and monthly expenses are $1,000, then the debt-to-income-ration is 20%.

If you are considering purchasing a home, make sure to not only follow these two things but also contact a Realtor. A Realtor can help you with the process from start to finish. They will find the perfect home for the perfect price.

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