The NAHB analysis of Census Construction Spending reported a 1.1 increase in total private residential construction spending in December 2021. November 2021 also reported an increase of 0.7%, in fact, total private residential construction spending was 15% higher than reported at the same time last year. Spending was reported at a seasonally adjusted annual rate of $810.3 billion.
The growth rates are due to the solid growth of spending on single-family and multifamily construction. Monthly gains in single-family construction rose 2.1% to a $435 billion annual pace in December 2021. As for multifamily construction, there was a 0.4% increase in December 2021. Spending was a little down because of the supply chain issues and labor shortages.
Private nonresidential construction spending stayed steady during December 2021. The data shows that the spending was 9.1% higher than a year ago. As far as the separate spending in each category was $0.49 billion in office, $0.4 billion in amusement and recreation and $0.37 billion in lodging.
https://livebedico.com/wp-content/uploads/2-425-Blue-Heron-Lane.jpg534800Jennifer Graveshttps://livebedico.com/wp-content/uploads/Bedico-Creek-Preserve-Logo.pngJennifer Graves2022-02-28 20:19:422022-02-23 20:23:17Private Residential Construction Spending Up
https://livebedico.com/wp-content/uploads/New-Orleans-Home-and-Garden-Show.png141300Jennifer Graveshttps://livebedico.com/wp-content/uploads/Bedico-Creek-Preserve-Logo.pngJennifer Graves2022-02-28 18:25:342022-02-28 18:25:342022 Bayou Battle of the Build, March 11 – 13, 2022
https://livebedico.com/wp-content/uploads/New-Orleans-Home-and-Garden-Show.png141300Jennifer Graveshttps://livebedico.com/wp-content/uploads/Bedico-Creek-Preserve-Logo.pngJennifer Graves2022-02-28 18:23:102022-02-28 18:23:10New Orleans Home and Garden Show, March 11 – 13, 2022
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Buying a home can be both stressful and exciting. Homeownership is an important life event, especially for first-time homebuyers. Understanding these five financial obligations can help your journey be less stressful.
1. Don’t be fooled by your mortgage pre-approval amount
Getting a pre-approval is the first step on the journey of owning a home. A pre-approval letter from a mortgage lender does not mean you have it in the bank so to speak. A mortgage pre-approval is only just assurance from a lender that the buyer is in good financial standing to take on a mortgage of a certain size. Just because you are pre-approved for a certain amount, doesn’t mean you can afford it. Your pre-approval does not equal your actual budget. For example, even though you are approved for $300,000 doesn’t mean you can pay the payments for a $300,000 mortgage.
2. Closing costs can add up—and be complicated
Closing costs are out-of-pocket expenses which include title insurance, notary fees, and the cost of the deed. Buyers can ask for sellers to pay closing costs but it is not to their advantage in the current seller’s market.
“Some loan programs only allow a certain percentage of the sale price to be given to the buyer as a credit,” says Joe DiRosa, a real estate agent with RealtyTopia in Pennsylvania.
PMI stands for private mortgage insurance and has been characterized as both a blessing and a curse. PMI is a safety net for mortgage lenders when homebuyers do not put 20% down. It covers the lenders if the homebuyers default on their mortgage. The PMI is an additional payment on your mortgage payment. Unlike your principal, PMI does not add to your equity. Once a homeowner does have 20% equity, you can ask to have the PMI removed.
5. You need to budget for surprises (and your own mistakes)
There will definitely be unexpected expenses in homeownership. Even if you depend on your clean report from the home inspector, something could come up the next day. A home inspector gives the dishwasher an A+ but the next week after you move in and go to wash the dishes it won’t start.
Homeownership is a great investment, but you have to plan ahead. A local Realtor can help you navigate and find your perfect dream home.
The kitchen is the heart of the home and a kitchen renovation should be planned out and budgeted to make sure it fits your wants and needs. Make sure to think about resale value when renovating. When it comes to selling a home, the kitchen is one of the most important spaces that a buyer looks over. Here are some questions and tips to consider when renovating your kitchen.
How to plan a kitchen renovation?
Remember both a small or large kitchen remodel takes thought and planning. A bad remodel can make you unhappy and a hard sell when it comes to listing your home. One of the most important aspects of any home project is the budget.
You want to plan your projected kitchen renovation cost. A small remodel costs around $10,000 to $15,000 where a big renovation can cost over $30,000. Make sure to survey your neighborhood’s resale values. If you are in a high-end neighborhood, you should have a higher investment cost for your kitchen remodel.
When you have the total renovation budget, you will need to break down your budget. Breaking down your budget can give you a clearer picture. Add a little cushion to your costs. Professional agree that around 10% – 20% on top of your total renovation budget should be sufficient. There can be an increase in the cost of materials, labor, or extra expenditures.
If you are stained for finances or have a certain about you can borrow, you might want to create a priority list of what must be done and what can be skipped for now. If you have a smaller budget, try to get hands-on and do some of the labor yourself. Examples of projects that can be easy for a homeowner taking out old doors of your cabinets, securing your appliances, and repainting. As a side note, obtaining a loan to renovate your kitchen is tax-deductible.
How to update your kitchen on a budget?
Remember you can give your kitchen a nice facelift even if you have a smaller budget. Refacing or refinishing your kitchen drawers and cabinets can save some money. If your kitchen cabinets are in good shape, then re-painting and adding new hardware can them can give them a whole new look. Adding wood veneer to the drawers can also give a new design to the kitchen. If your cabinet doors are in bad shape you can also just add new doors to the existing cabinets.
Another way to save money is by purchasing discounted countertops. Countertops in your kitchen are a big focal point. Granite and quartz slabs can be expensive but purchasing countertop remnants can save money. If you cannot find any remnants that fit your project, then use porcelain, ceramic, recycled glass, Formica, or butcher blocks.
Lighting can be another alternative to help with your budget. Installing LED lighting can make a huge impact. To do this, install LEDs under your cabinets and countertops. LED lighting around the kitchen will create a modern and sleek look on a budget.
Laminate floor tiles with older designs are a great way to save on your budget. Other options are using vinyl, porcelain, and ceramic tiles for your new kitchen floor. Make sure your floors complement your walls and ceiling.
How long to redo a kitchen?
The time frame to remodel your kitchen is up to you. Having a good timetable will help you save money and time. There are two main parts of a kitchen renovation. These are pre-construction and construction.
A remodel where old things are just replaced without changing the kitchen layout will take about 6 to 8 weeks for a standard-sized kitchen. If you are doing a huge renovation where the layout is changed as well as replacing old materials, then it will take around 10 to 12 weeks.
What kitchen upgrades add value?
Renovating your kitchen in a smart way will add value to your home. Installing a kitchen island not only provides extra working space but also adds value to your resale. Refinishing or refacing your kitchen cabinets and drawers is another to add value. Installing hanging lights above the kitchen island and kitchen countertops adds beauty, functionality, and value to your kitchen and home.
A sink is very important to a renovation. There are many styles such as farmhouse, granite composite, stainless steel, and cast iron. Not only is a sink important, but an addition such as a bar sink, island sink, corner sink, or a sink with a drainboard is a must.
What is considered a minor kitchen makeover?
Typically a small kitchen remodel is budgeted under $25,000. There is no layout change and no demolition of kitchen walls or ceilings. Usually what is included is refacing and repainting cabinets and drawers, new kitchen countertops, new modern lighting, new fixtures, repainting jobs, buying smaller and greener appliances, and installing a new backsplash.
No matter the size of the job, planning ahead and budget are the key. Remember if you are using a professional, ask questions and get referrals to have peace of mind and assurance your kitchen renovation will be a success.
https://livebedico.com/wp-content/uploads/Bedico-Creek-Preserve-Logo.png00Jennifer Graveshttps://livebedico.com/wp-content/uploads/Bedico-Creek-Preserve-Logo.pngJennifer Graves2022-02-21 18:50:102022-02-21 18:50:10Tips For A Kitchen Make-Over
The NAHB analysis of Census Construction Spending reported a 1.1 increase in total private residential construction spending in December 2021. November 2021 also reported an increase of 0.7%, in fact, total private residential construction spending was 15% higher than reported at the same time last year. Spending was reported at a seasonally adjusted annual rate of $810.3 billion.
Buying a home can be both stressful and exciting. Homeownership is an important life event, especially for first-time homebuyers. Understanding these five financial obligations can help your journey be less stressful.
The kitchen is the heart of the home and a kitchen renovation should be planned out and budgeted to make sure it fits your wants and needs. Make sure to think about resale value when renovating. When it comes to selling a home, the kitchen is one of the most important spaces that a buyer looks over. Here are some questions and tips to consider when renovating your kitchen.