Sunrise Homes & Renovations, Inc.

How To Interview An Architect When Building A New Home

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How To Interview An Architect When Building A New HomeMaking the decision to build a home might be one of the biggest you make in your life. You’ve found the perfect plot of land and have a vision of what type of home you want, but you need someone to bring your dream to life.

That means it’s time to start interviewing architects.

Hiring an architect isn’t as simple as just calling up a few and seeing who might have the time.

You’ll want to ensure you choose a professional that understands your design aesthetic, communicates well, can design on budget and has an upstanding reputation.

Below are a few key questions to ask when deciding whom to hire.

Do You Have A Specific Design Style?

When interviewing architects, be sure to ask each one if they have a specific aesthetic and if you can see a portfolio of his or her work. While most are adaptable, they usually all have design themes that recur in their projects.

Whether you want a minimalist structure or LEED certified construction, you’ll want to know they have the experience.

What Is Your Fee?

You’ll need to inquire whether they charge a flat fee for their designs or a percentage of the total building cost. Most architects charge a percentage of the overall cost of your home, usually ranging from 5-20 percent.

This is important to know because it means that for every floorboard installed, you’ll need to add on the architect’s additional percentage.

Do You Provide Project Management Services?

There are many services that architects should include within their contract, such as checking the contractor’s work, making adjustments as the construction moves forward and obtaining lien waivers.

Get a list of what each architect you interview includes in his or her fee. Additional charges can add up and might play a part in who you choose.

Interviewing architects and finding the right professional can make all the difference when it comes to building exactly what you want. One you work well with can make the construction experience extremely pleasant, while a negative relationship can leave you hating your new home.

So do your research and be sure to get references.

FOMC Statement: Fed Policymakers Discuss Easing Accommodations as Economy Improves

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FOMC Statement: Fed Policymakers Discuss Easing Accommodations as Economy ImprovesThe Federal Reserve’s Federal Open Market Committee considered easing monetary accommodations implemented in response to stronger economic conditions according to its post-meeting statement issued November 3. The Fed started making trillions in monthly bond purchases when the pandemic started but slowed its purchasing pace to $120 billion per month in June 2020. The Fed will soon reduce its monthly bond purchases to $105 billion monthly.

The Fed said it will continue to purchase bonds until the economy makes “substantial progress” toward its legally mandated goals of achieving two percent inflation and maximum employment. Supply shortages and high demand for goods caused by the pandemic have impacted the overall economy, but labor markets have suffered disproportionately. Pandemic-driven quits and retirements have left many job openings that remain unfilled.  Service-related jobs in hospitality and travel have been especially hard-hit as consumers continued to stay home.

Fed Calls High Inflation “Transitory”

Federal Reserve policymakers continued to call current higher-than-expected inflation “transitory,” but did not explain how long high inflation is expected to last. Supply-chain logjams continued to negatively impact supply and demand for goods and services; in some cases, high demand and short supplies drove inflation higher: “Inflation is elevated, largely reflecting factors that are expected to be transitory. Supply and demand imbalances related to the pandemic and the reopening of the economy have contributed to sizable price increases in some sectors.”

FOMC members did not raise the current benchmark interest rate range of 0.00 to 0.25 percent, but financial markets expect two or more rate hikes in 2022.

Fed Chair Expects Inflation to Remain High into Mid-2022

Fed Chair Jerome Powell commented on high inflation during a press conference given after the FOMC post-meeting statement: “Our baseline expectation is that supply chain bottlenecks and shortages will persist well into next year and elevated inflation as well.” Chair Powell continued: “As the pandemic eases, supply chain issues will abate and growth will move up. As that happens, inflation will decline from today’s elevated levels.”

Mr. Powell further commented that he expected labor markets to strengthen as the delta variant of the covid virus continues to decline. 

Five Ways to Make Your Home’s ‘Curb Appeal’ Better Than Your Neighbors’

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Five Ways to Make Your Home's 'Curb Appeal' Better Than Your Neighbors'Curb appeal, or how your home looks from the street, is an essential part of preparing to sell your house. It’s also where comparison with your neighbors’ homes is inescapable which poses a problem if you’re both on the market. Read on for five ways to boost your own curb appeal.

Open Up: Garage Doors With Impact

In most homes, the external facade is taken up largely by the garage door which means it’s a big influence on how people see your home. Embrace that. Style your garage door to suit your home, touch up the paint or trim, or even do a full overhaul with a brand-new door.

Balance Out: The Appeal Of Symmetry

Not only is a symmetrical design visually appealing, it’s also quick and easy to do. If your home doesn’t allow for large symmetrical designs because of its structure — if it has a garage on one side, for example — focus in on specific elements. Consider the front door, maybe, where fixtures are easier and cheaper to update.

Sit Back: Inviting Outdoor Seating

A great way to attract buyers is to think like them and what search-weary buyer doesn’t enjoy a moment to relax? Arrange an aesthetically pleasing seating area outside your home. It will become a welcoming space that can offer buyers the chance to sit down and dream about owning your home. A clear and attractive walkway is also very inviting, so be sure to spruce yours up or install a whole new one to, literally, lead buyers to your door.

Admire The Art: Accent With Outdoor Pieces

Put a little of your home’s personality out front to attract the interest of like-minded buyers. Weather-resistant art pieces are a great way to accent your lawn or entrance. Consider the welcoming sound of wind chimes, or a sculpture or two. Even birdbaths can provide simple but effective artistic highlights.

Look Critically: Get Outside Eyes

When you’re close to your home, it can be hard to view it as a buyer would in other words, critically. This is an essential step, though, in creating effective curb appeal. So, consider getting another person involved. Someone who can look at your home objectively and provide a clear assessment of your home’s strengths and weaknesses.

Speaking of outside eyes, don’t forget about your local real estate agent. Turn to us with questions, or for advice, at any time after all, we know what works in your neighborhood!

Overcoming Anxiety as a First-Time Home Buyer

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Overcoming Anxiety as a First-Time Home BuyerThere are many people who are thinking about buying a home for the first time. Even though this is an exciting experience, there are also people who develop anxiety when purchasing a home. This is a major financial decision, and it is critical to get it right. What do people need to do if they want to overcome anxiety as first-time homebuyers?

Maximize The Credit Score

Before applying for a home loan, everyone should maximize their credit score. Everyone has the right to request one free credit report per year. This is an opportunity for people to take a look at their credit reports and correct any inaccuracies that might be present. The higher the credit score is, the easier it will be to qualify for a home loan. Furthermore, those with high credit scores may also qualify for lower interest rates. 

Pay Down Existing Debt

It is also a solid idea for people to pay down as much of their debt as possible. Having a lot of debt can put a significant strain on resources when trying to buy a house. Car loans, auto loans, and credit card debt can make it difficult for people to afford a home. Debt consolidation may be a great way to make it easier for people to afford a home. 

Safe Enough For A Down Payment

Housing prices are going up, and it might be difficult for first-time homebuyers to save enough for a down payment. Even though the traditional number is 20 percent down, it is possible for first-time homebuyers to qualify for a home loan with as little as 3.5 percent down. Remember to save enough money for closing costs as well. 

Stay Under Budget

Finally, anyone purchasing a home for the first time should also stay under budget. It is critical to work with a professional who can calculate what an affordable home price might be. That way, individuals do not have to worry about falling behind on their mortgage payments. Remember that a mortgage payment is going to stay the same for the life of the loan. Therefore, as income goes up, the home should become more affordable, helping people put their anxieties at ease. 

 

A 20 Percent Down Payment: Is This Really Necessary?

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A 20 Percent Down Payment: Is This Really Necessary?Purchasing a home is a major decision, and it could be the most expensive financial transaction somebody ever makes. Therefore, it is important to get this right. One of the biggest hurdles for a new homeowner is coming up with enough money for the down payment. A lot of people believe they require 20 percent down to purchase a home. Saving this amount of money can be overwhelming, and some people are wondering, is this really necessary? There are several key points to keep in mind. 

Putting 20 Percent Down Is Not Really Necessary

When taking a look at the prices of homes, putting 20 percent down can seem like a pipe dream for most people. Fortunately, putting this amount of money down is not actually necessary. It is possible for people to qualify for a loan with significantly smaller amounts of money. For example, there are some lenders who might be willing to provide a loan to a first-time homebuyer for as low as 3.5 percent. Even though this is still a lot of money, it is not nearly as much as 20 percent down. Potential homeowners need to do their homework and work with down payment assistance programs to make this process easier. 

Why Do People Put 20 Percent Down?

So, where does the idea of putting 20 percent down actually come from? Many homeowners decide to put 20 percent down because they would like to avoid something called private mortgage insurance, or PMI. This is an insurance policy that potential homeowners may be required to purchase on behalf of the lender to protect the lender in the event of a default. When homeowners reach 20 percent equity in their homes, they can ask for PMI to be canceled. Because most homeowners do not want this additional expense, they may feel compelled to put 20 percent down. 

Find The Right Home Loan

Potential homeowners should not feel like their dreams are derailed simply because they need to put 20 percent down. It is possible to qualify for a home loan with significantly lower down payment percentages, but every homeowner has to assess his or her options. That way, they can make the best financial decision for their individual situation.

 

What’s Ahead For Mortgage Rates This Week – November 1, 2021

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What's Ahead For Mortgage Rates This Week - November 1, 2021Last week’s economic reports included readings on home price growth from S&P Case-Shiller Home Price Indices, data on new home sales, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also published. 

Case-Shiller: Home Price Growth Slower, but Prices Aren’t Falling

National home prices rose by a seasonally-adjusted annual pace of 19.80 percent in August, which was incrementally lower than July’s year-over-year home price growth rate. Analysts said that rising mortgage rates caused some buyers to leave the market and eased demand in areas where bidding wars drove home prices beyond market value in some areas.

The S&P Case-Shiller 20-City Home Price Index reported a seasonally-adjusted annual pace of  19.70 percent growth for August home prices in metro areas included in the index. Home price growth was slower than July’s year-over-year reading of 20.00 percent. Phoenix, Arizona held the top position with year-over-year home price growth of 33.30 percent. San Diego, California maintained second place with year-over-year home price growth of 26.20 percent. Tampa, Florida displaced previous holders of third place with its home price growth rate of 25.90 percent.

Craig J. Lazzara, managing director and global head of index investment strategy at  S&P Dow Jones Indices, said: “Every one of our city and composite indices stands at its all-time high, and year-over-year price growth continues to be very strong, although moderating somewhat from last month’s levels.”

The Federal Housing Finance Administration, which oversees Fannie Mae and Freddie Mac, published similar results for home price growth in August. Lynn Fisher, deputy director for research and statistics at FHFA, said, “Annual house price gains remained extremely high in August, but the pace of month-over-month gains continues to decelerate…This suggests we may have seen the peak in annual home price  gains for the time being.”

Recent home price growth was driven by high demand for homes and limited supplies of new and pre-owned homes for sale, but rapidly rising home prices and mortgage rates sidelined some buyers.

Mortgage Rates Rise as Jobless Claims Fall

Freddie Mac reported higher average mortgage rates last week as the rate for 30-year fixed-rate mortgages rose five basis points to 3.14 percent. Rates for 15-year fixed-rate mortgages rose four basis points and averaged 2.37 percent. The average rate for a  5/1 adjustable-rate mortgage rose two basis points to 2.56 percent. Discount points averaged 0.70 percent for fixed-rate mortgages and 0.30 percent for 5/1 adjustable-rate mortgages.

Initial jobless claims fell to 281,000 first-time claims filed as compared to the prior week’s reading of 291,000 new claims filed. Ongoing jobless claims filed also decreased with 2.24 million continuing claims filed as compared to 2.48 million continuing jobless claims filed during the prior week.

The University of Michigan’s Consumer Sentiment Index for October rose to an index reading of 71.7 as compared to September’s reading of 71.4. Analysts expected a reading of 71.9 for October.

What’s Ahead

This week’s scheduled economic news includes readings on construction spending, the post-meeting statement, and a press conference from the Fed’s Federal Open Market Committee and Fed Chair Jerome Powell. Data on public and private-sector jobs will be released along with the national unemployment rate. Weekly readings on mortgage rates and jobless claims will also be published.