Buyers Guide to Purchasing a Home in the Garden District

The Garden District is one of the oldest communities developed in Louisiana. It has charm in spades, and the beautiful, large gardens found throughout is what gives this community its name. The Garden District is also near the Central Business District and the Uptown community, which makes it a great slice of NOLA living that is among the best communities in the area. 

With many Victorian, Italianate and Classic Greek Revival style homes, purchasing a home in the Garden District is like being admitted to a fabulous community with incredible architecture and the many, southern-style mansions that adorn the area. It’s also where a lot of visitors to the NOLA choose to visit, and if you can find homes for sale in New Orleans’ Garden District, you’ll be able to enjoy the charm all year ’round.

Here’s what you should keep in mind as you start your search for Garden District homes in New Orleans.

What’s Your Budget?

Before you can even think about purchasing a home in the Garden District, you’ll have to nail down that all-important budget. Unless you have a lot of cash and can buy a home outright, you’ll have to talk to your lender to see what kind of financing you qualify for. It’s best to work with those that know the Garden District and New Orleans real estate, otherwise you might miss out on the best opportunities and candidates that meet your budget.

While you may not have to do much other than to reach out to a lender, you’ll likely have to provide tax returns, recent bank statements, pay stubs, an ID and all your current debt, such as credit cards, student loans, car loans and others. Based on your qualifications, you may be able to purchase a home in the Garden District with a few different loans, so it’s best to discuss your financial situation with your lender or your realtor before moving forward.

What Kind of Home Do You Want?

After you’ve established your budget, it’s time to start looking for a home. You may be interested in purchasing a home in the Garden District, but how many bedrooms and bathrooms do you need? Or what about the square footage? Do you need a yard and a fence around your property? All of these are important questions that need answers before you can work with a realtor and find your ideal home in the Garden District.

You can start by searching online databases for homes in the area, but you also may be looking at outdated information unless you’re working with a realtor. In order to ensure that you’re looking at the most up-to-date information, working with a qualified realtor is your best bet. While you can certainly visit open houses and see what’s out there, you’ll spend far more time and have less success searching for Garden District, New Orleans homes for sale than if you let your realtor do the heavy lifting for you and only show you the best matches.

Make an Offer

Once you and your realtor have found the right property that meets your needs and your budget, it’s time to make an offer. Purchasing a home in the Garden District is just like purchasing a home anywhere else. 

Your offer will need to include the offer price, a closing date or when you’d like to move in, and type and terms of your mortgage loan. It should also include any appraisal requirements. While it may seem complicated, your real estate agent will help you with the details and ensure that your offer gives you the best chance to get the home while also protecting your best interests.

If your offer is accepted, you will move to the next step in the home buying process.

Inspections, loan process, and appraisals all precede the closing table, which is why working with a Rêve Realtor is so important. Your realtor will help you understand each stage in the home buying process, navigating to avoid the common pitfalls and problems that are associated with buying property on your own.

Don’t Forget Your Contingencies

One of the most important aspects of purchasing a home in the Garden District is to adequately protect yourself against any problems that may arise. That means listing all the things that are deal-breakers, such as inspections, loan approval or the appraisal. As a buyer, you have rights to investigate the property and hire out inspections to confirm that what you’re being told is what you’re buying, including zoning, square footage, flood zones and all other important details of the home.

You’ll also want to make sure that the purchase isn’t binding if your loan falls through or if you’re unable to sell your existing home — though keep in mind that in hot markets those types of contingencies may prevent you from landing the home. In these instances, it’s best to discuss your options with your realtor since they’ll have a better idea as to what may work against you when it comes to getting your bid accepted. Things like loan approvals and appraisals can be tricky, and your agent will help you navigate all aspects of purchasing a home so that you can focus on the bigger picture.

Know Your Buying Costs

When you’re interested in purchasing a home in the Garden District, know that the home cost itself isn’t all that you’ll pay. Additional buying costs can include a deposit (up to 1% of the purchase price), title insurance (about half a percent of the purchase price) and various inspections that can run hundreds each. All told, you may be on the hook for thousands in additional buying costs, though much of it can be rolled into your loan and eventual mortgage. When in doubt, ask your realtor.

What To Do and Not To Do When Buying a Home

Now that you’re ready to purchase a home in the Garden District, let’s review what you should keep in mind. After getting to know a given neighborhood, communicate your preference to your realtor so that they can help look on your behalf. You’ll also need to get pre-approved for a mortgage so that you can make accurate offers.

There are also things that may prevent you from purchasing a home in the Garden District, such as changing jobs, making large purchases, spending your down payment money or changing your tax status (getting married or divorced), so keep that in mind.

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When you’re ready to get started on your search for a home in the Garden District, contact the New Orleans real estate experts at Rêve Realtors. We’ll even help evaluate your existing home for sale. Contact us today!