5 Things To Do To Turn Your Patio Into a Living Room

 An outdoor space should feel like an extension of your house. Outdoor furniture, fabrics and decor can make your outdoor space a place to relax and never want to leave. Sunbrella fabrics give these 5 ways to turn your patio into a living room.

1. Add an Awning for a Retractable Ceiling

Adding an awning will not only shield you from the rain but can also give you a bit of shade. If you want the sun or a view of the stars at night, then a retractable awning is the perfect versatile way to go. Retractable awnings can also make a statement as well as protect you from the harmful UV rays. These retractable awnings come in an array of colors in both solids or stripes and are water repellant, mildew-, mold-, and stain-resistant, and low maintenance.

2. Pick Patterns that Pop

The outdoor living space is the perfect place to try something bold. Mix and match stripes with solids and choose colors that will stand out. Using different patterns and textures can create dimension and visual interest. Matching everything is a thing of the past.

3. Up the Plushness

When you think of a sofa, you think of softness and plushness, a place you want to snuggle up and never leave. A plush place to relax is not only for the living room but can also be used in an outdoor space. To make your outdoor space a comfy and cozy area, use quality cushions along with couches or daybeds. Be sure to choose water repellant and resistant fabrics that are durable. They will dry fast after a quick rain storm and are resistant to mold and mildew.

4. Make Space for Your Favorite Hobbies

Take your favorite activities outdoors such as listening to music, playing board games, reading, or watching the game on a big screen tv. A good idea is to make many mini interest areas. For example, you can make a grilling zone with an outdoor kitchen, a sitting area and a book nook. You want to mix in shading and furniture that is comfortable so you can enjoy your space day or night.

5. Pull it All Together With a Rug

A rug pulls any space together by anchoring your space and creating visual interest. Make sure to purchase an outdoor run that can withstand the outdoor elements. You will want to find a rug that is made of synthetic materials like acrylic, nylon and polypropylene.

Follow these five tips when creating your perfect outdoor space. Have fun and mix it up!

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Two Additional LNG Contracts for Venture Global

 

Venture Global LNG has several facilities across south Louisiana. They are responsible for the liquefied natural gas (LNG) export terminals. ExxonMobil LNG Asia Pacific has signed a contract with Venture Global LNG to purchase 2 million metric tonnes of LNG yearly. Plaquemines LNG facility will provide 1 million tonnes of LNG and Cameron Parish LNG facility will provide the additional 1 million.

The Cameron Parish LNG will begin construction in 2023 and the Plaquemines LNG facility will open in 2024. Both of these facilities will also supply LNG to New Fortress Energy Inc. Plaquemines LNG will also supply LNG to a Shell affiliate. Venture Global also has Delta LNG in Plaquemines Parish which is already producing LNG.

“We look forward to working with Venture Global as we continue to grow ExxonMobil's
LNG portfolio and progress our plans to reliably deliver natural gas from the U.S. Gulf Coast to global markets,” Peter Clarke, senior vice president of LNG for the ExxonMobil Upstream Company, said in a statement.

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 Natural disasters are becoming more common as climate risks increase. Homes and neighborhoods all around the country are being affected by the record, wildfires, floods, and other natural disasters. Unfortunately because of these increasing risks, a good many insurance companies are decreasing their options, increasing premiums, and even not offering insurance in certain areas. Homeowners and home builders are feeling the effects as seen in the huge gap between insured and uninsured losses.

Because of this growing issue, the National Association of Home Builders (NAHB) began the Climate Change Insurance Task Force in 2021. The task force's purpose was to study these issues and provide a recommended roadmap for the home building industry, focused on identifying gaps and challenges in current insurance products available to homeowners to cover losses from wildfires, flooding, earthquakes, extreme heat, and other climate-related losses and, identified alternatives and recommended next steps to ensure our members and their customers have access to appropriate insurance products.  Their final report was given to the Senior Officers in April 2022 and included introducing more options for multi-state insurance and looking into Congress forming an all-disaster reinsurance policy. This policy would then be supported by the federal government.

Due to the outcome of the study, NAHB will now start meeting with insurance trade groups to see how they stand with the NAHB's high-priority recommendations. They will also develop resources and keep members at the Spring Leadership Meetings aware of any updates.

Through the communication and updates, NAHB is striving to resolve the insurance challenges. They will continually address the changing natural disasters and how they are affecting housing stock in the country. Their goal is to consistently explore the options that will help with these rising concerns at the local, state, and federal government levels.

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Good News For Affordable Housing

President Biden has said that inflation is on the top of his list and will be addressed. It is reported that this is the worst inflation the U.S. has experienced in forty years. The action plan announced was to increase the supply of affordable housing.

The administration concurs that this will help close the affordable housing gap and “ease the burden of housing costs,” noting that housing prices are a key driver of inflation. This will help the country get the high prices of US homes under control. The S&P CoreLogic Case-Shiller US National Home Price Index reported a rise in home prices of 19.8% year-over-year in February and rent is up 20% over prices seen this time two years ago.

For regular homeowners or those looking to buy a primary residence, this market is challenging. The administration also wants to guide the number of institutional investors who can purchase single-family homes. Another issue that will be tackled is the supply chain challenges and the improvement of building techniques. To ensure that all the construction from 2022 is completed and ready for a homeowner.

The housing shortage has been a big issue and will be addressed. Along with getting more inventory out there, the proposed legislative actions will also put measures into place to help ease costs. These will include tax credits for low- and middle-income home buyers and a proposed $25 billion for grants for affordable housing production.

“The Plan’s policies to boost supply are an important element of bringing homeownership within reach for Americans who, today, cannot find an affordable home because there are too few homes for sale in their communities. And it will help reduce price pressures in the economy, as housing costs make up about one-third of the market basket for inflation, as measured by the Consumer Price Index,” the White House said in a fact sheet.

Housing experts are excited about the administration's plan but do report that it will take time to fix. It is great that the private and public sectors are coming together to help address the housing supply and the increased prices on homes.

“This is the right focus,” Dennis Shea, the executive director of the Terwilliger Center for Housing Policy said. “We’ve under built the housing supply by millions of homes over the past 20 years. Efforts to increase the supply of homes should reduce housing costs for people looking to rent or buy a home.”

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How High-Interest Rates Can Be Overcome

 The better your credit score, the better interest rate you can get when it comes to mortgages. In fact, the first thing a mortgage lender will look at is your credit score. This is now more important than ever in today's housing market.

A High Credit Score Means you Pay your Debts on Time

A mortgage lender wants to know that you will repay your money on time. Those who pay back slowly or do not pay back at all have lower credit scores. Lenders do not want to risk those who pay back slowly.

This doesn't mean that they will not offer you a loan, but it will be at a much higher rate to compensate for the risk. For example, the difference between a 4% rate and a 5% rate on a 100,000 30-year loan is around $59 per month, over the age of the loan that will cost $21,240!

A High Credit Score Means you Have a Good Mix of Credit

A good score also depends on your credit mix. You want to be able to prove that you can handle a variety of debt such as credit card and no installment debt. A mix of both revolving and installment debt shows that you can handle both types of debt. Showing that you can handle both can help you get a lower interest rate.

Why Lenders Base your Interest Rate on your Credit Score

Mortgage lenders will tell you that your credit score is the number one factor in determining your risk of default. If you are approved and have less than stellar credit, you will be charged a much higher interest rate. The lenders will make more money off of you in the event you do default.

Increase your Mortgage Credit Score Before Applying for a Mortgage

If you do have a lower score, then think about improving it before applying for a mortgage. Get your debt under control, have a stable job, and have some money saved before you apply for your mortgage. Improving your credit score is the key to a lower interest rate and with a few simple steps, you can accomplish this.

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Steps To Take When Buying A House

They say buying a house is part of the American dream. Buying a house is one of life's biggest events. When you are ready to take the leap, here are some steps you need to take.

What to Consider Beforehand

Make sure you are ready to become a homeowner because it is not always the best decision for everyone, renting might be the best way to go for some. There are a ton of responsibilities that come along with owning a home such as regular maintenance, inspections, taxes, and more.

Another thing to consider is the timing factor. Look at the mortgage rates and home prices are they rising or staying the same? If the rates are starting to take a leap, then you might want to move quickly. Also, the time of the season can also determine the best time for you to start your search. Spring is typically when listings hit the market. This means that there will be more options for you to choose from. On the downside, it is the most competitive season for buyers.

The last and most important thing is are your finances in good shape. Only set out to purchase a home if you are financially stable. Remember you will need to set aside savings for a down payment and closing costs. If your credit score could be higher, pay off some of your debt to boost your score.

How to Plan Your Budget

Budgeting is essential when it comes to buying a home. Set a time frame of how long it will take you to build up a good down payment. Once you have this timeframe, research Realtors in your area and find the best fit for you. Keep in mind that it takes around a couple of days to a couple of months to find your ideal home, then around 30 - 60 days to complete the transaction from contract to close.

Along with finding a real estate agent, you will need to find a mortgage lender. The best bet is to shop around for the best rates and offers. This will also depend on your credit score. Having an established credit history and a high credit score can allow you to get a better rate on a mortgage.

To check your score, obtain a credit report from Experian, TransUnion, and Equifax. These three credit bureaus allow a free report every 12 months. Lenders typically require a credit score of 620 or higher to be able to obtain a mortgage. If your score is a little iffy, raise it before you apply for a loan.

In order to raise your credit score you will need to pay your bills on time, pay off debt and keep a low balance on your credit cards, and check for any mistakes on your credit report. Lenders want to know they can depend on you to pay you mortgage payment on time.

If you are not able to raise your score or get it over 620, then there are other financing options available. The Federal Housing Administration (FHA) only requires a score of 500 with a 10% down payment or 580 with a 3.5% down payment.

How Much House Can I Afford

When buying a home, you are not just paying the listing price, there are hidden costs. When budgeting, allow for a down payment, closing costs, moving and maintenance costs, as well as an emergency fund for any unplanned maintenance.

You will need to set aside at least 20% of the price of the home for a downpayment on a conventional mortgage. Closing costs are another thing you will need to pay out of pocket which can be between 2% and 5% of the home's purchase price. Remember to always factor in closing costs to your budget! You will also need to pay to move and make any necessary repairs before moving in.

Along with your monthly mortgage payment, you will also have monthly expenses such as utilities, transportation, groceries, entertainment, childcare, credit card debt, savings, etc. A good rule of thumb is for your mortgage payment to be below 28% of your monthly income.

Shopping Around for the Right Everything

When purchasing a house, you not only have to shop around for the right home, but also for a Realtor and a mortgage lender. Doing your due diligence on both can save you time, money, and heartache.

There are many lenders out there who offer different rates and terms. Shop around for the best lender who offers better products. There are several different types of loans with different qualifications. A lender can help you choose the right one for you and also get you pre-approved.

A pre-approval letter can sometimes be the golden ticket for the seller. This tells the seller that you are a serious buyer and you have the finances to back it up. In order to get a pre-approval letter, your lender will need to verify your finances and check your credit score.

A Realtor is your saving grace through the entire process. When choosing a Realtor, it is always good to get referrals. You want to make sure the agent your are considering has a good reputation and experience. It is a good idea to interview several agents to see if they are a match and would work well with you.

Once you have a lender and a Realtor you need to find your home. An agent can help narrow your search by finding a home that fits most of your needs and wants. Your agent should have an extensive amount of knowledge about the neighborhoods you are interested in.

Reaching the Finish Line

Once you have found your home, it is time to make an offer. Your Realtor will advise you on the best approach and will negotiate your contract. Once everything is settled such as contingencies, a home inspection, and disclosures, you are ready to close. Remember your Realtor will help you along the way and make sure you get the best deal.

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The Housing Share of Gross Domestic Product Is Higher in 2022

 For the first quarter of 2022 GDP declined at an annual rate of 1.4% causing the housing share to jump up. In fact, reports show an increase of 16.7%. The residential fixed investment (the more cyclical home building and remodeling component) rose to 4.8% of GDP.

Housing and all activities related to housing give to GDP in a couple of ways. The first is through RFI which stands for residential fixed investment. It is effectively the measure of the home building, multifamily development, and remodeling contributions to GDP. It includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers’ fees.  The second is the measure of housing services including gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments.

The first quarter of 2022 saw an RFI of 4.8% of the economy which came out to be a $1.18 trillion seasonally adjusted annual pace. The housing services made up 11.9% of the economy which was $2.9 trillion on a seasonally adjusted annual basis. That means the total housing's share of GDP was 16.7% for the first quarter of 2022.

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