5 Must-Haves Before Starting on Your Home Addition

Building a home can be a fun, exciting project that offers many benefits upon completion, but it takes a lot of forethought and planning to ensure a successful build.

You may be ready to dive right into your home addition project, but there are a few things you'll need before you can begin. Here are five things you absolutely must have before starting your home addition.

A Budget
Building an addition is not cheap. You should carefully plan and budget for all expenses before starting on the project. If you are working with a contractor, they should be able to provide you with an estimate. It's also important to evaluate hidden costs and set aside adequate funds. Things like plumbing, electrical wiring and permits may not be included in the estimate.

A Floor Plan
You can't begin an addition without a floor plan. Specialists like ADU floor plans allow you to design an addition that complies with all the rules and regulations. Your plan will serve as a roadmap for the entire project, so it's one of the first things you should obtain when you decide to build.

The Right Contractor
Your contractor can make or break your home addition project, so it's important to pick the right one. Your contractor should be properly licensed and insured for your area, and they should have a solid, positive reputation. Take your time to research the contractor online, obtain references from their previous clients and compare their quote with other companies.

Proper Permits and Inspections
Permits and inspections can be costly and difficult to obtain, but you can't legally build an addition without them. Some permits have to be purchased upfront, while others must be obtained at various project checkpoints. It's important to research the permits and inspections you'll need so you can budget your resources accordingly. Failure to comply with these rules can result in an unsafe structure and legal repercussions.

A Timeline for Your Project
A timeline for your project is almost as vital as the floor plan. Building an addition is a huge time commitment, so it is incredibly important for you and your contractor to stay on schedule. A timeline will keep the project moving along quickly so it doesn't drag on forever.

Building an addition on your home requires careful planning in multiple areas. When you take the time to budget, plan and hire the right people, you can ensure your addition will be finished on time without any major problems.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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How to Budget While Remodeling Your Bathroom

It is always exciting to plan a bathroom remodel, but you want to avoid causing financial stress over your project.

Luckily, there are ways to stay on top of your budget while planning a remodel. The following tips can help you set and stick to your budget while remodeling your bathroom.

Set Your Budget In Advance
Setting your budget in advance is essential to a successful bathroom remodel. This way, you know how much you can spend on your project. It is important to set a realistic budget because you still need to afford your usual expenses. One idea is to work with a professional contractor or company to determine an estimated cost and realistic budget for your project.

Factor In Unexpected Costs
When planning a remodel, it is important to leave room for unexpected expenses in your project. You may need to add a walk-in shower for a relative who is moving into your home, or maybe you need to choose a different tile for your shower because your original choice is unavailable. A change in your project could result in a higher cost, but you can stay on top of those changes by adding unexpected costs to your budget.

Determine Your Ideal Changes
Before you contact a company that offers bathroom remodeling, you need to determine your ideal changes. Are you looking to add wall-mounted fixtures? Do you want a large mirror surrounded by LEDs? You may want to upgrade to a handicap-accessible bathroom for family and guests. It is easier to set a realistic budget when you know what changes you want to make to your bathroom.

Prioritize Your Bathroom Wishlist
Unfortunately, you may not be able to fit your entire wishlist into your budget. This is why it is important to prioritize when creating your bathroom remodel wishlist. One idea is to choose the top three changes that are most important to you, such as floating fixtures, upgraded tile and an LED mirror. You may also need to swap the high-end features for mid-range features that are just as stylish and convenient.

Determine Your DIY Projects
You can save money by figuring out which upgrades you can DIY and which upgrades require a professional. For example, you may be able to install your LED mirror and paint the walls yourself. This also saves you time because you do not have to wait for a professional to take care of these upgrades. Of course, upgrades such as installing a new toilet may require the expertise of a professional contractor. It is important to call in a contractor as needed to avoid any costly mistakes.

With the above tips, you can easily stay on top of budgeting when remodeling your bathroom. If you keep these in mind you should get a good running start at getting the bathroom of your dreams.

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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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6 Winter Plumbing Problems That Are Sure To Wreak Havoc on Your Home—and Wallet

Winter brings major cold spells to many parts of the country, and frigid weather often puts your plumbing system at risk.

When the mercury dips below 32 degrees Fahrenheit, uninsulated pipes can freeze and burst. Plus, those freezing temps mean your water heater is working extra hard to supply your home.

That’s why it’s crucial to prepare your plumbing system for the season.

“Some other common issues we see during winter are exterior faucets freezing, clogged drains due to increased use during the holidays, and frozen well pumps,” says Doyle James, president of Mr. Rooter Plumbing.

Let’s take a closer look at the winter plumbing issues that plague homeowners so you can be prepared before the holiday season. After all, the last thing you want is to have your holiday guests knocking on your neighbors’ door in the middle of the night to use their bathroom.

1. Leaks in the sprinkler or irrigation system

Homeowners should winterize their irrigation system before winter sets in.

A home’s irrigation system is a part of the system that delivers fresh water to the home, which means all plumbing pipes and fixtures are a part of this system. That includes your sprinklers and other irrigation equipment.

“This involves removing all the water that is contained in your irrigation piping,” says Travis Sewell, licensed plumber and field consultant for bluefrog Plumbing + Drain. “This precaution depressurizes your irrigation system, which lowers your risk of the irrigation system freezing to almost zero.”

2. Leaks in outdoor faucets or hose bibs

Hose bibs are the small taps on the outside of your home that are used to attach a garden hose for outdoor maintenance tasks. They are very likely to freeze and cause future damage if they’re not insulated properly.

“Cover every outdoor faucet with an insulated cover,” says Sewell. “Also, make sure you remove all hoses from your hose bibs.”

3. Lack of insulation on waterlines

Your exposed waterlines have a higher likelihood of freezing and bursting, so be sure to protect them.

“It is important to make sure all your waterlines are insulated, especially waterlines in areas of the home that lack insulation, like your garage and attic,” says Sewell.

Water heaters, water softeners, and water filtration systems are often located in uninsulated areas.

4. Frozen pipes that lead to pipe breaks

Are you about to experience several days of below-zero temperatures? Don’t let your pipes freeze.

“Water expands when it freezes and can break or burst a plumbing line,” says James. “The broken plumbing line can cause severe flooding in the home.”

During freezing weather, drip the faucets and open the cabinet doors to allow warm air to reach the pipes. A proactive solution to prevent frozen pipes is to use heat trace cables, which are wires that are powered by electricity and wrapped around waterlines.

“This system is normally installed on your main water service line where it enters the structure,” says Sewell.

5. Frozen well pumps

In frigid weather, well pumps can freeze, keeping homes from receiving water.

“Place well pumps in well-insulated, heated areas to prevent freezing,” says James. “Add insulation around supply lines to further help reduce the chance of freezing of the lines.”

6. Clogged indoor and outdoor drains

Over the holiday season, you’ll likely be spending more time than ever cooking in the kitchen. Just be sure you’re not jeopardizing the effectiveness of your sink drain.

“Putting the wrong things down the kitchen sink can cause clogs to occur very quickly,” says James. “Some things you never want to put down garbage disposals are grease, eggshells, coffee grounds, and vegetable peels.“

James also advises running cold water down the disposal for about 30 seconds to flush food particles.

Your outdoor storm drains will also need some attention especially when there is snow or ice accumulation.

“Cleaning up debris from the yard, like leaves and small branches, will help prevent clogs in storm drains,” says James.

Get more like this on Realtor.com

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What’s Ahead for Mortgage Rates and Home Prices?

Now that the end of 2022 is within sight, you may be wondering what’s going to happen in the housing market next year and what that may mean if you’re thinking about buying a home.

Here’s a look at the latest expert insights on both mortgage rates and home prices so you can make your best move possible.

Mortgage Rates Will Continue To Respond to Inflation

There’s no doubt mortgage rates have skyrocketed this year as the market responded to high inflation. The increases we’ve seen were fast and dramatic, and the average 30-year fixed mortgage rate even surpassed 7% at the end of last month. In fact, it’s the first time they’ve risen this high in over 20 years (see graph below):

In their latest quarterly report, Freddie Mac explains just how fast the climb in rates has been:

“Just one year ago, rates were under 3%. This means that while mortgage rates are not as high as they were in the 80’s, they have more than doubled in the past year. Mortgage rates have never doubled in a year before.”

Because we’re in unprecedented territory, it’s hard to say with certainty where mortgage rates will go from here. Projecting the future of mortgage rates is far from an exact science, but experts do agree that, moving forward, mortgage rates will continue to respond to inflation. If inflation stays high, mortgage rates likely will too.

Home Price Changes Will Vary by Market

As buyer demand has eased this year in response to those higher mortgage rates, home prices have moderated in many markets too. In terms of the forecast for next year, expert projections are mixed. The general consensus is home price appreciation will vary by local market, with more significant changes happening in overheated areas. As Mark Fleming, Chief Economist at First American, says:

“House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”

Basically, some areas may still see slight price growth while others may see slight price declines. It all depends on other factors at play in that local market, like the balance between supply and demand. This may be why experts are divided on their latest national forecasts (see graph below):

Bottom Line

If you want to know what’s happening with home prices or mortgage rates, reach out to a trusted real estate professional for the latest on what experts are saying and what that means for your local area.

Learn more on Keeping Current Matters.

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Morehead City awarded $8.3 million for housing development

The availability of affordable housing in Morehead City will soon receive a boost thanks in part to a sizable funding contribution from the N.C. Office of Recovery and Resiliency.

The town will receive $8.3 million in federal funding that is earmarked for the creation of multifamily housing rehabilitation and construction outside of Morehead City's 100-year floodplain.

Eligible counties include those that were federally determined to be “most impacted and distressed” due to Hurricane Matthew and Hurricane Florence.

According to a press release from North Carolina Department of Public Safety, the town plans to use these funds to build Elijah’s Landing Apartments, a 168-unit multifamily development on approximately 12 acres in the central business corridor of the city.

The project will also be funded by $13.2 million through the 4% Low Income Housing Tax Credit program facilitated by CAHEC Capital Equity and a HUD multifamily loan of $14.2 million.

A third round of funding is planned for 2023 and will support other types of affordable housing projects in storm-impacted areas.

“Rebuilding smarter and stronger includes providing safe, affordable housing to meet the needs of North Carolina families,” said Gov. Roy Cooper. “By leveraging these federal dollars through local partnerships, we’re increasing community resilience for future storms while ensuring our state is better prepared for climate change impacts.”

The development will include one, two and three-bedroom affordable housing units built by East Carolina Community Development Inc.

Morehead City is one of three North Carolina municipalities to receive the funding.

Other grant recipients include Greenville, which will use its portion of the money to build a 180-unit affordable housing development. The project also will include 18 units to be used as transitional housing for populations with a greater risk of homelessness. The development includes an investment of $31.6 million. Of that amount, $1 million is from federal HOME funding and $5 million will come from the Affordable Housing Development Fund.

The third recipient is Wilmington, which has plans to develop a multifamily community with 278 units. Wilmington will use $3.5 million in American Rescue Plan funding toward the affordable housing project and $1.89 million in ARPA funds. A $9 million contribution from the N.C. Office of Recovery and Resiliency will make up the rest of the project's funding.

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