While there has been a recent surge in residential green building, many seem to have forgotten the number of retail buildings in a community. Within the last year or so, that way of thinking has been reduced dramatically as retailers begin to see the need for more energy efficient buildings. It may be the reduced cost that using energy efficient and sustainable materials that first got the attention of retail developers, but the important fact here is that new retail buildings are being added with green in mind.
Many large developers have been recognized with LEED (Leadership in Energy and Environmental Design) certifications on new construction projects. There are plans for several Wal-Mart stores to be built using recycled and recyclable materials with an included emphasis on energy saving options after completion. These buildings also include solar panels and skylights for energy and to disperse light more efficiently. The goal of these stores is to decrease energy usage and greenhouse gas emissions, as well as solid waste through increased recycling. Other large retailers have also built LEED-certified stores in several areas. Even smaller developments, such as banks, have been included on the certified list.
While a complete LEED certification program for retailers has not yet been released, many large retailers have taken the steps necessary to reduce their environmental impacts. As more energy efficient recourses and technologies are introduced, these retailers will most likely continue the lean toward green. Not only does a green building reduce energy usage, it also saves money, which every retailer looks forward to.
Many home builders in Austin have embraced green building in new home construction. There is more of a focus on keeping energy use down and environmental impacts at a minimum. This is evident in the design and construction of homes. Renewable resources are increasingly being used. The natural surroundings of Austin are being considered when a build site is selected. Even recycled materials are increasingly being used during construction.
Renewable resources, such as bamboo flooring, are being used more often. Fiber-cement siding is durable and flame retardant, as is medium density fiberboard for interior trimming. Money can be saved by using concrete as a floor foundation and recycled hardwood floors will not hold dust or mold as carpeting would. If a homeowner prefers carpets, look for natural fibers. Builders are using more recycled materials than before, and are usually able to find it locally, which will also bring down cost. Building materials themselves should be handled and disposed of properly. Try to avoid using pressure treated wood or other materials with ozone-depleting chemicals. Whenever possible, maintain the local vegetation and trees surrounding the build site, as this can act as a natural drainage system.
A green construction site will reduce harmful environmental impacts. By using renewable resources or recycled materials, there is less to end up at the landfill. Unnecessary solvents should be avoided for personal and environmental health. Since so many Austin-based builders have educated themselves on green design and construction, finding one to suit your needs will not be too difficult.
A rental property can be a great investment and has the potential for a solid return. Real estate should never be purchased frivolously and research should be done before going forward. You must make sure that you are financially able to deal with any surprises, whether human related, or basic property maintenance. There is an obvious possibility of a decent income from a rental property, and this can attract many people. It is important to look at all factors that come with being a landlord.
First of all, it will be your home. If the person you are renting to does not treat the house well, or if they suddenly lose their job, are you the type of person who can evict them. In regard to your finances, it does not matter if it is a single post college tenant, or a family of five. You still need to pay off the loan. Look at other houses in the area that interests you to decide what amount of loan you need and how much rent can be charged. The rent needs to pay the mortgage, plus whatever reasonable amount you want to come back to you. Normal maintenance will be necessary, but remember surprises do come up even in the best of circumstances. It is not a good situation if you would need another loan just for a maintenance issue, so do the math and be sure you can cover the what ifs. If you are able to successfully manage all of these factors, rental property investing could be a great way to financial stability.
Mortgage rates tumbled yesterday as a result of the Fed announcement that they will be buying mortgage-backed securities!
What does this mean to you? 30-yr fixed rates are now at about 5.25% with 1pt OR 5.5% with no points!!!
Compare this to average rates just from earlier this week – 5.75% with 1pt or 6.125% with no points. That’s almost a $100/mo payment savings in just two days!
And … if you compare this to Freddie Mac’s estimated average 30-yr rate of 6.3% for next year, that’s about a $230/mo savings.
Marie Funston | Senior Mortgage Advisor | 750-7270
Purchasing a home will most likely be the largest investment made in a lifetime. It is a large decision that requires a lot of research and care. The two most basic factors encompass pretty much all the smaller details that need to be considered when deciding on a home. Those factors are the neighborhood and, of course, the potential house itself. By focusing in these major choices, you will be able to narrow down the list to what is best for you.
The neighborhood includes things such as quality of schools, your morning commute, and the overall appearance. Remember the broken window theory? Drive through the neighborhood and see how your would-be neighbors treat their properties. If the houses unkempt, perhaps you should be looking elsewhere. Consider the type of education you want your children to have. How close will you be to the school you want them to attend? Take a drive from the neighborhood to your job to determine if it is a decent trip. When you find the perfect neighborhood, it is time to find your dream home. Searching can be fun, but only if the necessities are already there. Determine your house size (number of rooms and bathrooms) fit your lifestyle. Add in any features you can’t live without, such as a fenced in yard or a pool. Look only for the homes that match your specific criteria. This will lessen the time you find visiting homes that don’t fit what you need. Take all of these factors into consideration to make your home search smoother and your new home perfect.
This is often approached on real estate blogs, and by real estate agents because it is the cornerstone of the residential home buyers market. Far to often before the collapse this was untouched, now people are seeing the value in the clarity provided. This is an extension of the wisdom drawn from the market crisis, and a reminder is never out of style or excessive.
It is time to look for a new home. This is an exciting time, but can be stressful. It is important to know where you stand financially before starting the endeavor. The most important thing is to be sure that you are able to afford your new home. Remember when looking for a loan, it is important to not only provide information of your current income, but previous financial history as well.
There are many factors that will be used to determine your eligibility and amount of loan. The first thing to collect should be any pay stubs you have available. Most institutions will want to see the past two years at least of income. These stubs will also show proof of employment. It is easier for someone who has a steady employment record to receive a loan. If you have had many job changes, be prepare to explain why. Bank statements are also looked at to show proof of savings and to determine any past history of bounced checks. Save all of your tax returns as added proof of income. This is especially important if you are self employed or own your own business. The lender will also be interested in any investment portfolio you may have. If you are receiving alimony or child support, this can also be added to your income. Make sure to have the court documentation of amounts received. We all know that your credit report will be examined as well. This report will list all current long term and outstanding bills, as well as your payment history. Having this information with you when you are ready to apply for a loan will help to speed up the process.
When offering a home loan, many financial institutions will offer points to lower the interest rate of the loan. This can be helpful to reduce the monthly mortgage payments, but is not always a good idea. The decision to pay points should be made after careful consideration of the home buyer’s specific circumstances. Each loan is different, and it is important to realize what is best for you.
How does paying points up front work? Basically, the buyer would agree to pay a certain amount at the time of closing and the lender agrees to lower the interest rate. Perhaps with no points, the loan is offered at 9%. The bank may then offer a 7% loan based on a payment of a specific number of points. It may be a small amount overall, but remember to consider how long you will need to be in your home to make up for that extra money spent up front. For example, the paying points means $3,000 more at closing, it may take several years to recoup financially that amount. Paying points on a loan is a better idea for homeowner’s that plan to stay in a house for many years. That almost guarantees that the difference will be made up in time. If the buyer is planning to live in the home for only a few years, the money up front may actually cause a loss to the buyer. On an original loan, these points are tax deductible in the same year as the closing. Check with your tax professional to help determine if it’s right for you.
Two new homes on Riley Road have received kudos from Austin’s Green Energy Building Program. The first home was rated a five-star example of an eco-friendly home, while the second should meet the same requirements, once construction is completed over the next several weeks. Those involved with the project have worked to include many home features that will allow the home’s occupants to have as little contact with dangerous chemicals as necessary, protecting both their own health, as well as that of the environment.
Included in the features of these homes are efficient fixtures and appliances, such as toilets, washing machines, dishwashers and numerous windows, all of which cut the need for excess water and electricity. Both homes have private pools with special filtration systems that remove impurities from the water, without the need for chlorine or other chemicals.
They also feature induction stoves, rather than gas or electric models, further reducing the carbon footprint of the homeowner. The paint used within the models is as chemical free as is available, making the home safe for those who have problems with allergies or those who are sensitive to chemicals. The floors are made from sealed concrete that does not require the use of chemical cleaners and can be washed with pure water.
When shopping for a new home, buyers that employ the services of a Realtor can assure that their purchase has the “green” features that they want, without overpaying. A Realtor will work with the builder and buyer to develop a suitable agreement about what materials are used and what features are added to the home, preventing misunderstandings and unethical practices. A Realtor can help a buyer to make the right choices when selecting their home that will meet both their budget and their needs, leaving everyone satisfied, once the deal is complete.
The decision to refinance your home is a big one. The equity built in a home is a great resource for funds in a tight squeeze, but will it help you, or hurt you? It is important to weigh all of the pros and cons and to make a decision based on what will be best for your situation overall, not just in the short term. Your home is the greatest investment you will make. Consider all options and possible outcomes before deciding to refinance.
Most homeowners refinance their home when a large amount of money is needed, say for college tuition. Remember, though, that by refinancing, you are starting all over on your mortgage. If you have a 25 year fixed mortgage and are already five years into it, then refinance to another, you are actually paying for your house for thirty years. Also consider that refinancing has its own fees just as the original loan did. There are closing costs such as loan origination fees. This means you may be lowering your monthly payments, but it could take years to recoup the fees to refinance. Most experts suggest not bothering unless the new rate is at least 2% less than what you pay now.
Another reason for refinancing is to change an adjustable rate mortgage to a fixed mortgage. This would be a great idea if the rate is reasonable and you are planning to stay in the home for many years. An adjustable rate means that after some time, the monthly mortgage amounts will increase. If the original loan is an ARM, a fixed rate would be more beneficial. The payments will not change. Remember to consider all factors before going forward with a refinance. Choose what is best for your particular situation.
