Make Your New Custom Home Design Exceptional

The wet bar is equipped with a small sink, a wine cooler, and a mini refrigerator, making it a convenient spot for preparing drinks. The space bridges the kitchen and living area, blending seamlessly into the home's open layout while adding a touch of sophistication and utility.

At Ron Lee Homes, we specialize in semi-custom and fully custom-built homes for our many home buyers. Because of this, we have an extensive portfolio of house plans that include a mix and match of features that we have introduced throughout the years to our discerning custom home buyers. Through specialized requests and the new and unique custom features constantly being introduced throughout the real estate market, we have an incredible variety of specialty offerings we can propose for any floorplan design.

Whether it’s a specific type of wine cellar, butler’s pantry, mud room, custom closet, walk-through shower, etc., we have worked with our new home buyers to try to provide them with their dream home design. Our floorplans are constantly being evaluated for efficiency, as well. Making our designs not only built to an exceptional quality but making them as friendly to your budget as possible is all part of our custom home building process.

When building new, custom homes, we take into account much more than just the interior amenities and features. We are looking to design and build for you a complete plan, where the exterior can be just as important as the interior. We have created extensive outdoor spaces, such as custom, covered, screened-in porches with an outdoor patio area, covered and outdoor kitchens and catering areas, outdoor fireplaces, design for outdoor entertainment, including sound systems and televisions, pool and fountain designs, hot tubs, and so much more!

If you are ready to start your custom home building journey, get in touch with us to Schedule Your Consultation to discuss your new home floorplan and exterior design! Call (985) 626-7619 or email Info@RonLeeHomes.com.

Buying vs. Renting – Building Wealth Through Real Estate

It is sometimes said that real estate is a great investment. Sometimes people equate this fact to owning property and earning rental income, purchasing land and developing it for commercial and residential real estate ventures, or the value of land or property as it appreciates over time.

According to the a report released by the National Association of Realtors, on average, homeowners in the low, middle, and upper income levels nationally accumulated $98,900, $122,100, and $150,800 in wealth by owning their own home. Putting aside the equity earned while making mortgage payments on a home that you own, as well as the interest that can be written off for tax purposes, the benefits of owning vs. renting translates into actual accumulated wealth, according to this report.

The report by the National Association of Realtors focused on the “built-in” wealth of home appreciation. The amount of equity in a home that appreciates in value over time automatically adds money to a homeowner’s portfolio. Specifically, around the state of Louisiana, the low, middle, and upper income homeowners in the New Orleans-Metairie metro areas accumulated $41,110, $75,030, and $75,680 respectively. In Baton Rouge, low, middle, and upper income homeowners achieved an additional $60,020, $73,500, and $102,980 in additional personal wealth.

Owning a home has so many more benefits than renting because all of the money put into the home and the payments made on the homes is money working for you. In the West St. Tammany Parish area, rents and mortgage payments are now closer in price than ever. Consider purchasing a new home for sale or building a custom home. If you’re ready to begin, Contact Us for a Consultation Today!

Click Here for the Source of the Information.

Financial Benefits of Downsizing

Wood ceiling beams and the brick accent archway help define the spaces in this open floor plan concept.

You do not have to wait to downsize just because you become an empty nester. Sometimes downsizing to a smaller home can have its advantages no matter what stage of life you are currently in. Here are some nice advantages for those who want to downsize.

1. More Financial Freedom

A smaller home will have a less expensive sale price than a larger home in the same area. If you have a good bit of equity in the home you are downsizing from, you might even be able to purchase a smaller home outright. If this is the case, you do not have to worry about a monthly mortgage payment. If you cannot purchase a smaller home without a mortgage, then you will more than likely get a good chunk out of the equity for a large down payment. The larger down payment will allow you to enjoy a smaller monthly payment, low-interest rates and more cash each month.

2. Greater Ability to Diversify Your Assets

The wise old saying, “don’t put all your eggs in one basket” can apply to your assets as well. If you have all of your cash tied up into residential real estate and the housing market crashes, you could stand to lose a lot of money. If you buy a smaller house, you will have extra cash that you can invest in assets other than just real estate.

3. More Energy Efficient

A smaller home, equals less square footage to heat and cool and light. This not only helps you save money, but you also reduce your carbon footprint.

4. Less Time Spent Cleaning

A bigger home makes for a bigger space to have to clean. Even if you do not use all of your rooms on a daily basis, dust still gathers in the space. It takes less time to clean a smaller space, making way for other things to enjoy.

5. Cozy Atmosphere

You can feel lonely in a big space but a smaller home feels cozy and homey. Having one family room area is a great benefit because it gives you a lot of time to bond with loved ones. A smaller home encourages closer relationships with those you live with.

If you are looking to downsize, contact a local real estate agent who can help you find the right home for your needs. Remember you do not have to be an empty nester to downsize into a smaller home.

Click Here For the Source of the Information.

New Home Sales Rose In March

New Home Sales climbed again in March, making it the fourth month in a row. Those in the industry say that this is due to the ease in mortgage rates and the low inventory of existing homes. Buyers are now looking at new construction more than ever.

According to the US Department of Housing and Urban Development and the US Census Bureau, there was a 9.6% rise in new construction home sales from February to March. This could be a good sign that the housing market is starting to stabilize. Sales of new single-family homes in March were at a seasonally adjusted annual rate of 683,000 which is still down from a year ago at 707,000. New home sales rose from $438,200 in February to $449,800 in March.

“Buyers have begun to adjust to the elevated mortgage rate levels, especially in areas where home prices have adjusted downwards to compensate. Despite signs of economic uncertainty in March, which included news of bank failures, buyers are still showing demand for new homes,” said Kelly Mangold of RCLCO Real Estate Consulting.

“Demographic drivers remain strong as more households move into family years, and remote hybrid work continue to have a foothold in many industries, driving buyers to seek space for extra bedrooms and/or office space in their homes,” says Mangold.

Click Here For the Source of the Information.

Sucette Harbor Comes to Mandeville Lakefront

The walk-in shower has a shower bench and custom tile.

The LSU Health Foundation wants to build an age-restricted community along the Mandeville Lakefront. Sucette Harbor would be located on land that was donated by Al Copeland’s family. Many residents are not thrilled about the proposed development because they feel it will create traffic problems.

Although the development is planned to be for tenants 55 and over, it has to be 80% filled with tenants that are 55 and older in order for the age restriction to be enforced. Many Mandeville leaders and residents are afraid they will not be able to draw in that many tenants that are 55 and older. If this happens, then the development will go back to a regular multi-family complex.

Woodward Interest, the developer that will be leasing the land from LSU Health Foundation, believes that traffic will not be an issue. If the development did lose its age restriction, and younger people were to live in the complex, Mandeville’s land use regulations will still hold for the traffic standards.

The chair of the planning commission, Brian Rhinehart, still feels this could be a problem because older tenants are expected to have fewer vehicles but they still might not draw enough older tenants. Rhinehart wants Woodward Interest to do a study showing traffic that would be generated by a non-age-restricted multi-family complex.

“There’s always a level of mistrust when the developer hires a consultant. Citizens need that to have confidence that this isn’t a big snow job,” says Kevin Vogeltanz.

Click Here For the Source of the Information.

A Boost in Fed Rates Could Cause a Drop in Mortgage Rates in the Near Future

The beginning of February saw a raise of a key short-term interest rate to help bring down the inflation. The one-quarter of a percentage point, from 4.5% to 4.75%, will hopefully lower the interest rates in the long term. Many professionals in the industry already considered the raise in the rates in January even though the rates fell this January from December’s 6.38% to January’s 6.29%.

The inflation rate can influence mortgage rates so when the inflation rate is falling so will the mortgage rate. The consumer price index that was reported in December showed that overall prices increased 6.5% over the previous 12 months. This shows that the Fed definitely has an upper hand on the mortgage rates.

The Fed’s monetary policy committee will meet eight times a year and the last time they met last year all eight meetings saw an increase. During the summer and fall of 2022 there were four increases from the central bank and each increase was 0.75 percentage points.

“The Federal Reserve will continue to increase short-term rates to fight inflation, and will ultimately be successful, but it will be early 2024 before inflation reaches their 2% target,” says Michael Fratantoni, chief economist for the Mortgage Bankers Association.

If you are in the market for a HELOC, home equity lines of credit, these will go up. The quarter-point raise will cause the spike. It will be more expensive for a homeowner to borrow or repay the funds drawn. If you have a balance of $50,000, the monthly interest rate will rise by $10.42.

Click Here For the Source of the Information.

What To Consider When Purchasing a Second Home

A nice floorplan that has an open concept.
A second home to many is a vacation home or an investment home.  In order for it to be a smart investment, you should do your research and plan ahead.  So it will not become a financial heartache, here are several things to consider before you purchase a second home.
1. What Will You Use It For?
As mentioned before, a second home can be used for a vacation home or investment and can even be used as a secondary residence for work. You will need to decide what you are using your second home because a lender will need to know.  Investment properties are more risky for a lender while a vacation home or secondary residence are not as risky.  The secondary residency and vacation homes will usually have a lower interest rate than an investment property.
2. How WIll You Finance It?
Unless you have a chunk of cash on hand you will more than likely need to get a loan to purchase your second home.  Remember depending on what you are using your second home for will determine which loan option is right for you.  If you are purchasing a second home as a vacation home, then you will more than likely qualify for a conventional mortgage, secondary mortgage, or a jumbo loan.  If you have a current mortgage and a lot of equity in your primary home, you might be able to obtain a Home Equity Line of Credit (HELOC) or cash-out refinance.
3. Do You Have the Funds?
You want to create a budget to make sure you can afford closing costs as well as ongoing costs that come with owning a second home.  When creating the budget, keep in mind the down payment for a second home is typically a minimum of 25% of the purchase price.  Your debt-to-income (DTI) ratio is 43% or lower in order to qualify for a mortgage for a second home.  As far as homeowner insurance goes, you will need to take out comprehensive insurance on a second home no matter if it is a vacation home or you are renting it as an investment.
4. You Don’t Have To Go It Alone
To make it a bit more affordable and easier for financing, many purchase a second home with friends and family and split the costs.  In order for it to work, you need to treat the arrangement as a business.  Everyone can benefit, gain an asset and save money by splitting the costs.
5. Make a Plan for When It’s Not in Use
A second home might have times when it is not being used, so it is good to have a plan for this time.  If this is a rental income property, you need to come up with a plan if you do not find a tenant right off the bat.  If it is a vacation home, think about renting the home out to other vacationers when you are not using it. If this is the case, there are tons of management companies that can take care of the process.
If you are in the market for a second home, now might be a perfect time for you to purchase one.  Choose a realtor from the area that can help with the process from start to finish.  A local sales agent can be especially beneficial when it comes to vacation homes, as they know the area best.

Doors for Open-Concept Living

This is a beautiful new custom built home.

Creating an indoor-outdoor living space gives you tons of natural light and fresh air and is especially perfect in warmer climates. Just like an open floor plan home, an indoor/outdoor living space is perfect for entertaining and creating additional living space. Today this can be done in most any climate with the innovative glass wall systems that bring in the sunlight and panoramic views. Here are some great reasons why you should consider these great doors.

Folding glass doors are perfect for those who want to let the outdoors in as they are easy to work and let you enjoy the outdoors and indoors all at once. There are tons of glass door designs to choose from with the latest offering more glass and less frame for streamline design and uninterrupted views. Today’s folding door is not like the hard-to-pull bulky doors of yesterday. The folding doors of today have a contemporary simple design with concealed handles and hidden hinges.

“Large opening wall systems bring in natural light and fresh air and also help blur the line between interior and exterior spaces. When choosing a wall system, most customers are looking for products that offer more glass, slim profiles and sleek design,” says Tim Kelting, general manager at LaCantina Doors.

Folding doors are perfect for an open concept living because they open up your indoor space to include your outdoor space. These doors can also create bigger openings than regular patio doors and you can use the whole open space because there are no fixed panels.

“In comparison to traditional sliding doors, folding doors allow you to sacrifice interior space needed to create a pocket. In addition, folding doors are an aesthetically pleasing design element that’s both versatile and functional, making them an optimal solution,” says Kelting.

The latest folding doors by LaCantina Doors come in many looks and different designs. The range of looks will fit most any interior and exterior of your home. The hardware comes in stainless steel, bronze and black hardware finishes and there are several frame choices. The doors come in aluminum, wood, clad wood and vinyl in tons of colors.

You can open up your doors and let the indoor and outdoor space become one in for tons of entertainment space during nice weather. The glass folding doors will also give your interior extra protection from harsh elements with their updated energy efficiency. These glass doors will insulate from both cold and hot temperatures with thermal breaks helping to limit condensation.

“LaCantina’s V2 Folding Door uses a thermally controlled aluminum material, designed for climates where you want to keep either the cold or hot air out. It makes them the perfect choice for all climates and ideal for those months when the doors can be folded wide open to allow for fresh air throughout the home,” explains Kelting.

Click Here For the Source of the Information.

Several Reasons To Purchase a Home This Winter

It has been said that springtime is the perfect time to buy or sell a home, but is this always the case? Not necessarily, while springtime is the most popular time, winter months can work in a home buyer’s or seller’s favor. This can include having more time on your side to decide, not as much competition, and real estate agents have more time to focus on just you. Here are several reasons that this winter might be the right time to purchase a home.

1. Winter-Tested Houses

The winter brings harsh cold weather to most every area in the US. During the harsher cold weather, a home inspector can see the home’s flaws a little better. If you close on a home in the summer, you might have some surprises in store next winter. Professionals in the industry will tell you that the best time for a property inspection is during the rain and snow.

2. Motivate Sellers

Inventory is fairly low and slow in the winter. If someone puts their home on the market in the winter it usually means they are a motivated seller. If you are in the market for a new home, sellers will be more prone to accept offers and negotiate more on the price and closing costs during the slow winter months.

3. Fewer Buyers

The winter months are a great time to hibernate indoors so to speak. This means that there are fewer buyers out there during the colder months that are looking at a home to buy. You definitely will have less competition in the housing market during the winter. This means you can take your time and make sure you are not rushed into making an offer.

4. Available Realtors

Since winter is considered an “off-season” for realtors, this means that realtors have more time on their hands to devote to you and your search. A realtor will not only be able to devote more time but also support your specific home search.

5. Discounting Movers

Colder winter months are also slow for professional movers. This means that many movers might give company discounts to their services during this time. Since they will also have a lighter schedule, they will have more free time so they should be able to accommodate when you would like to move.

If you are ready to move before the spring, contact a local real estate agent who can help you with the home buying process. A realtor can not only find you the home of your dreams, but can get it at the right price and right terms.

Click Here For the Source of the Information.

Homeownership For Retirees

Homeownership is a big life change and comes with many unique challenges. Keeping up with a home can be daunting and if you are in your retirement years, this might not be how you want to spend them. Owning a home after you retire can affect your health, finances, and your well-being.

“It’s a complicated question because it involves emotions and decades of memory. Living in the right place can add to your longevity and promote healthy retirement lifestyles. And likewise, the wrong place can shorten your longevity and shorten the aging process. I’ve seen it with my own eyes,” explains Nancy Schwartz, founder and transformational strategist for Envision Healthy Retirement.

Since this can look different for different people, retirement planning should be done on an individual basis. If you are unsure of what do, hire a professional. In the meantime, here are three questions to ask yourself when you are retired and considering homeownership.

1. Can You Afford to Stay in Your Home In Retirement?

Your current financial situation will be the biggest determining factor when asking yourself this question. “If you still have a mortgage on your house, are you going to be able to afford that? If a spouse passes away, can you still afford that once you lose Social Security or if the pension gets reduced?” asks Kimberly Strosnider, president and founder of Estate and Wealth Management Services LLC.

How much money is tied up in your home is another determining factor. It might be in your best interest to sell your home to help finance your retirement. “If you don’t have a nest egg put aside, does it make more sense to sell the home, get a smaller place, and then use the equity to help finance your retirement?,” asks Strosnider.

As an example say you are a homeowner of a million dollar home that you do not want to sell. You cannot bank on that $1 million as discretionary spending but it is holding cost. Think of it as renting to yourself. Remember owning a home has many expenses, so you cannot think of this home as a liquid asset you can leave your children.

2. Is Your Home Set Up for Aging?

If you live in a three story home on a hill, this might not be the best suited home for you to live in as you age. When decided if your home is suited for aging, you need to look at everything from the layout to the size. Look at the accessibility of bedrooms and where you can add safety features to bedrooms and bathrooms. If you have stairs in your home, you might want to factor in getting a chair lift.

Sad to think about, but you need to think about if you have to live in your current home alone, could you keep it up. As you get older, maintenance gets harder. When you are alone, you also would like to live close to friends and family.

3. What Lifestyle Do You Envision in Retirement?

The kind of lifestyle you choose once you retire, will greatly affect the type of home you want to live in. If you want to travel, then a smaller home with less upkeep would be a smart choice. “Many clients who come see me, their number one goal is to travel. How much of a house do you need if you’re going to be traveling a lot?” comments Schwartz.

When making a decision like this, look at all the elements of your personal situation. Not only do you need to look at the practical side, but also how you feel about this decision. Important factors to include are financial, health, family and lifestyle.

“This is a huge decision that can affect your health and longevity. I come back to: Take time, learn all you can, asses it, and make the best decision possible. And then find that love, safety, and belonging in your new or your same home again,” advises Schwartz.

Click Here For the Source of the Information.