Six Musts Before You Buy a Home

 Purchasing a home is one of life’s biggest adventures and you want to make sure your decision is the best for the long run. This is why it is so important to do these six important things before you take the plunge into homeownership.

Figure out how much home you can afford

You do not want to be house poor, which means you purchased a home that you really cannot afford. A good rule of thumb is to never spend more than 30% of your take home pay on a home. This means that it not only includes the price of the home, but also things like mortgage interest, taxes, insurance, maintenance and renovations. Some professionals in the industry also advise not to spend over 28% of your gross monthly income on housing costs and no more than 36% on total debt. They call this the 28/36 rule.

When a mortgage lender wants to see how much you can afford, they usually use the 28/36 rule. You do not want to exceed more with your debt-to-income ratio. If this happens you will end up paying a higher interest rate if you even are qualified for a mortgage.

Budget for closing costs

Closing costs can be different for different areas of the country and the different loans that are available. If you purchase a home for $250,000, you will need to come up with around $5,000 to $17,500 for closing costs. Closing costs include a charge for obtaining your credit score, application fee, property taxes, appraisal fee, loan interest, homeowners insurance and title insurance.

“The biggest mistake that first time homeowners make is they forget that they need closing costs – not just the down payment of say 10% or 20%,” says Barbara Corcoran.

Save for a down payment

There are some loans out there that do not require a down payment, but these are far and few in between. Usually a down payment is the buyer’s choice of how much they want to put down. Just remember, that the less you put down up front, the more the mortgage loan will be which will make your payments higher. Most in the industry will suggest at least a 20% down payment which will clear you of any private mortgage insurance.

Check your credit score

Your credit score can be the ticket to a mortgage and good rates. “This is the number that mortgage lenders will look at to determine whether you are creditworthy, and thus dictates whether you’ll qualify for a home loan, and the rates you will get. Major lenders often require a minimum credit score of at least 620, if not more,” reports Realtor.com.

Get pre-approved for a mortgage

This is a must when it comes to making an offer. A pre-approval lets a seller know you can afford their home and you mean business. “In hot markets, mortgage pre-approval is almost required for a seller to take your offer seriously. That’s because it spells out exactly how much a lender has agreed to loan you, thus assuring the seller that you’r both willing and able,” says Realtor.com.

Make sure the neighborhood is a good fit

You want to be able to grow into your home and your neighborhood. Getting to know the area is a must. You would hate to move in and not be able to sleep the first night because of a street light outside your bedroom window. “You’re not just buying the property you’re looking at. You’re also buying into the whole neighborhood. That’s why you have to be certain that it has the vibe and amenities you want,” explains Realtor.com.

A Realtor can help you through the home buying process from start to finish. A real estate agent knows the ends and outs of the current market and will help your buying process be a huge success.

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A Perfect Facelift for Your Home’s Exterior

Everyone always thinks of updating their home’s interior, but what about the exterior? The exterior is your first layer of protection and the first thing people see. Here are several ways to enhance the exterior of the home from professionals in the industry.

A Safe Space

Hardie siding is the first big step to take when you are upgrading the exterior of your home. Good quality siding will help defend against storms, exterior fires, and pests. The siding will not do its job if it is not installed by a professional.

“A product that has withstood the test of time is important. But so is selecting a qualified contractor,” says Evan Crow, a custom homebuilder.

Minimal Upkeep

Protecting your home is not the only thing that siding is important for. You want the siding to also be easy to maintain. “To take care of your Hardie siding, inspect your gutters and downspouts regularly. Other than that, I encourage an annual soft wash with mild detergent, to prevent both aesthetic and integrity damage,” advises Crowe.

Personalized Curb Appeal

Any home renovation can be both fun and stressful all at the sametime. But it is nice when a visitor, or you drive up to a wonderful home with great curb appeal. Not only will Hardie siding give you protection, it will also give your home a great new look. “From trim boards to smooth lap siding to stucco-like panels, James Hardie has a number of authentic , cutting edge products,” says Crowe.

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A $30 Million Bridge in St. Tammany Parish

 St. Tammany Parish is a desirable area to live in on the North Shore as it has been rapidly growing for a while now. In fact, the area had major road projects that were done and completed in 2019 along U.S. 190 between I-12 and Covington.

The project helped the flow of the northbound traffic on I-12 until it squeezed into one lane to go over the bridge at Bogue Falaya River. The old bridge was built in the 1940s and does not fit the traffic flow of today’s commute.

“It’s been an issue for years,” Parish Council member David Fitzgerald said. At times, he said, the congestion “is almost impenetrable.”

The parish’s population grew 13% between 2010 and 2020. Today there are around 270,000 residents with 330,000 registered vehicles. That means that U.S. 190 around the old bridge has around 70,000 vehicles on average a day.

They have begun a project to build a $30 million bridge to replace the current vintage bridge. The bridge will be done in two phases with the first being the one going northbound and the second will be southbound. The bridges will each have two 12-foot wide traffic lanes along with shoulders. The Department of Transportation and Development says the project is slated to be completed in 2025.

“We’re somewhat worried about the construction,” Colin Patrick, co-owner of the nearby Pat’s Seafood Market and Cajun Deli said, adding with a hopeful note: “I believe it’ll be good for business after it’s done.”

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Upgrades To Make a Home More Appealing

 In today’s market, buyers seek energy-efficient and eco-friendly features when searching for a new home. According to the National Association of Realtors‘ 2023 Realtors and Sustainability Report, almost half of consumers in the current market are focusing on sustainability.

“Buyers often seek homes that either lessen their environmental footprint or reduce their monthly energy costs. There is value in promoting green features and energy information to future home buyers,” says Jessica Lautz, Deputy Chief Economist and VP of Research at NAR.

In the report, there are many green features that are most important. These include proximity to frequently visited places, a comfortable living space, utility bills plus operating costs, and a home’s windows, doors and siding. These all can be changed while the location of your home cannot.

ENERGY STAR also points out that there are other features that can be updated that will make your home not only more comfortable but energy efficient as well. Make sure your HVAC system is maintained and working properly. This also goes with your hot water heater which should ideally be upgraded to a heat pump water heater. Upgrade to a smart thermostat that can regulate temperature settings and reduce the cost of your energy bill. Proper sealing and insulation in your attic can also help with the heating and cooling of your home. Air can also seep out of windows, so upgrading to energy-efficient windows will reduce the transfer of heat.

Not only will an energy-efficient home sell for more money, but you can also benefit from tax credits and rebates for energy-efficient upgrades. Focusing on energy efficiency and eco-friendly features will make your home very appealing to buyers.

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Is a Raised Garden Bed Right for You?

 A raised garden bed can look lovely but there are things to consider before making the decision to install one. A raised garden bed takes planning and can be a bit pricey. To save on costs, you will want to get it right the first go around. Before you jump into the project, here are some questions to ask when considering a raised garden bed.

1. How do you decide where to put your raised beds?

The location of your bed will depend on what you are growing in your raised garden bed. For example, if you choose vegetables, you will need a spot that gets at least six hours of sunlight. So you will want to choose the location of your bed according to the amount of sunlight the area tends to get in a day. There are sunlight calculators you can use or even an app on your cell such as Sunseeker or Lumos.

2. What type of soil do you need?

Since a raised garden bed is elevated off the ground, you will want to use a soil mix that will hold water and nutrients. Absorbent soil can be a little costly especially if your bed is large. Recommended is a topsoil mixed with compost and peat moss.

3. How deep should you build your raised beds?

If your raised garden is sitting above fertile soil, then it should be raised 12 inches or less from the ground. The reason for this is because plant roots will have access to a foot or so of nutrients below bed level.  For soil that is not as fertile, you need to raise the bed higher as high as three feet off the ground.

4. What size should raised beds be?

The length and width of a raised bed will depend on a couple of things. If you want to be able to reach comfortably from both sides, you will need to measure from your arm to shoulder to fingertips and double the length of your arm and then subtract six to eight inches. So basically a popular size is 3 to 4 feet wide by 6,8 or 10 feet long.

5. What’s the best material for raised bed gardening?

The most popular materials include wood, plastic, aluminum and galvanized metal. If you choose to do wood, you will need corner reinforcements and cross bracing. The best types of wood to use include cedar, cypress, redwood, or white oak. You do not want to use treated lumber because it contains toxic chemicals.

Take time to carefully plan out your raised garden. Also, answer these five questions to see if a raised bed is really right for you and your garden.

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And the Winner Is..... Homeownership

 The current housing market sees high mortgage rates, concerns about another recession and inflationary pressure. Even with these trends, it is a great time to buy a home because the long-term benefits are still worth it.

If you ask a homeowner who has had their home for 5, 10, or more years they will tell you they have no regrets. The main reason is due to the growth in a home’s value over time. According to Fannie Mae, seventy percent of those that were surveyed said that buying a home is a safe investment.

The Federal Housing Finance Agency (FHFA) reveals how much homes have increased in price over the last five years. The highest overall increase was seen in the Mountain region at 68.9%. Next came South Atlantic with a 67.5% increase, then East South Central at 63%, New England came in with 57.5%, East North Central and West South Central at 51.8%, Middle Atlantic came in at 49.4%, West North Central with 48.8% and last is Pacific with 48%.

As far as the percent change in home prices was drastic. The highest was in the Mountain region at 457.5% and the lowest was in East North Central at 214.2%. The Pacific region had a 334.1% increase, South Atlantic by 320.4%, 302.4% in West South Central, West North Central 270.1%, and Middle Atlantic with 239.9%.

Talk to a Realtor who will help you with the options of purchasing a new home. They can also let you know the great long-term benefits of owning a home.

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June 2023 Sees a Positive Move When It Comes to Builder Confidence

 For the first time in the past year or so, builder confidence has moved into the positive range. The confidence booster is due to the heavy buyer demand, low home inventory and the increase in productivity in the supply chain. The National Association of Home Builders had a lot of great data to share about the housing market.

As of June 2023, builders’ confidence in newly-built single-family homes rose to fifty-five points. According to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) this is the sixth straight month that there has been an increase in builder confidence.

“Builders are feeling cautiously optimistic about market conditions given low levels of existing home inventory and ongoing gradual improvements for supply chains,” said NAHB Chairman Alicia Huey, a custom home builder and developer from Birmingham, Ala. “However, access for builder and developer loans has become more difficult to obtain over the last year, which will ultimately result in lower lot supplies as the industry tries to expand off cycle lows.”

“A bottom is forming for single-family home building as builder sentiment continues to gradually rise from the beginning of the year,” said NAHB Chief Economist Robert Dietz. “This month marks the first time in a year that both the current and future sales components of the HMI have exceeded 60, as some buyers adjust to a new normal in terms of interest rates. The Federal Reserve nearing the end of its tightening cycle is also good news for future market conditions in terms of mortgage rates and the cost of financing for builder and developer loans.”

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