When buying a home, there simply is no room for mistakes. Even just one misstep can cause costly delays in your home-buying endeavor, whether you’re new to the process or a seasoned real estate investor. This is why planning beforehand helps before going on your actual search for homes for sale in New Orleans, LA.
Listed below are wise tips that can help you in your journey toward homeownership:
Do your research
Take the time to go through the process of buying a home. The internet is a rich source of information and a good start for this. You can also research on the New Orleans neighborhoods that you may want to live in. With open houses momentarily put on hold due to the ongoing COVID-19 pandemic, checking out virtual home tours is the next best thing.
For best results, have a reliable New Orleans, L.A Realtor serving as your able guide and support throughout the journey ahead. Not only should they have your best interests at heart, but they should also have full knowledge of the locale and the real estate market climate here. Plus, they should also be able to provide you with a stress-free experience from start to finish.
Take care of the finances
The first step in home-buying is to know how much you can and are willing to spend on the house you desire. If you are renting, you can try using a rent versus-buy calculator to see whether your finances will enable you to make the transition from tenant to homeowner or if you’re better off renting for the meantime. Ideally, you should only be dedicating only up to 30% of your gross monthly income toward paying off the mortgage and other home-related fees.
Don’t be tempted to buy a house that’s beyond your slated budget based on the anticipation of projected money inflow. If that money doesn’t come, you may end up with a home that’s too expensive to maintain and you in danger of defaulting on your mortgage.
Make sure your credit score is good enough to secure a mortgage. Improve on this by:
- Paying all taxes and debts;
- Paying loans on time; and
- Not applying for new loans or credit cards until after assessment has been conducted.
Set aside a budget for other supplemental financial requirements in buying a home. A house’s declared price tag isn’t the only thing you need to prepare for. Other payables include the down payment, taxes, maintenance and repair costs, and closing fees, to name a few. Consult with a reputable real estate agent to find out all these other fees.
Find out what you need and what you want
After checking your finances, you can look at your own expectations for your future home by making a checklist of your needs and wants.
What is the difference between a need and a want? Needs are home essentials that you can’t do away with. These include a specific number of bedrooms and bathrooms, garage and storage space, and amenities like heating and cooling systems.
Wants, meanwhile, include amenities and/or fixtures you’d like to see in that potential home but can still live without. Think pools, spacious yard space, or an entertainment center.