Are You Prepared to Buy a Home? Find Out Here [Checklist]

Are You Prepared to Buy a Home? Find Out Here [Checklist] Down in New Orleans, culture is everything. You can hear it in the jazz bands, smell it in the food and see it in the architecture. If you dream of owning one of those fabulous NOLA homes, you may feel like jumping the gun whenever a listing pops up. Are you prepared, though? Use this checklist to gauge if you’re ready to buy a house in the Big Easy. 1. Do You Have Income? Naturally, the first step is to ensure you have a consistent means of paying the mortgage. Even if you have a little saved up, life can get in the way, and handling monthly payments on top of medical bills or repair expenses may dry up the well fast. Whether you’re a hands-off entrepreneur or an hourly employee, a steady paycheck is a major boon. In addition to income, it’s crucial to have emergency funds. You should have at least three months of expenses saved or as much as six months. In 2023, the hidden costs of homeownership added up to over $13,000 — a hard pill to swallow after buying a home. Saving up ahead of time provides a cushion to fall back on and reduces your potential regret of moving too fast. 2. Do You Have Debt? A better question is, “Do you have manageable debt?” It’s still possible to buy a home when you have debt, but it’s an expense you must account for as much as other bills. One way to gauge if you have an appropriate amount of debt is with the debt-to-income (DTI) ratio. Start by adding up your monthly payments, including what your mortgage would be. Then, divide that number by how much you make in a month before taxes and other obligations. Lenders like to see a DTI ratio of 36%-43%, and they prefer that less than 28% of that goes toward your new space. 3. Do You Know What You Can Afford? Now that you’ve taken inventory of your financial situation, you need to identify a house you can afford. Here are the factors you should consider when calculating how big a home you can buy: The property’s price The down payment The interest rate Your loan term Your annual gross income and monthly expenses State taxes Additional fees, such as homeowners’ association or condo fees You could do all the calculations yourself, but luckily, there are a host of free home affordability calculators on the internet. To give yourself a starting place, consider 28% of your total monthly earnings to gauge the mortgage you can afford. 4. Will You Live There for a While? Buying a home in New Orleans makes little sense if you only stay there for a year. One of the best clues of your preparedness to buy a house is if you’re ready to put down roots. Is where you’re staying where you can see yourself in five or 10 years? Only 10% of homes owned for under a year have worthwhile equity. Your equity increases as you stay in a house, pay off your debt and make improvements. It starts to be worth more while how much you owe decreases, so you can earn a decent bit of change when you are finally ready to sell. 5. Do You Know Which Professionals to Work With? Working with professionals who can guide you through the process is the key to buying a house the easiest way possible. You can go into the process independently, but there will likely be mountains of paperwork or questionable electrical work you may miss. Before buying, you need a real estate agent, a home inspector and an appraiser. The agent will help you negotiate and understand the market you’re trying to buy in. Meanwhile, an inspector will ensure there’s nothing wrong with the property or point out potential issues that could lower the price. The appraiser can do the same, ensuring you’re not paying back a bigger loan than necessary. 6. Are You in the Right Headspace? Buying a house can be stressful. Nearly one-quarter of homebuyers said therapy sessions were necessary to make it through the process, and 77% of those with partners said they bickered during it. You should be ready to buy and using professionals along the way will help make the process smoother, manageable and about as stress-free as it can be. Still, being ready to look is a requirement. Many factors add up to a better homebuying mindset. Do you know your must-haves, wants and compromises? Do you really like the place you’re living in? Do you have resources and support when things feel too challenging? A self-check-in on whether you can handle the stress right now helps greatly in the months ahead. Get Ready for Homeownership With Your Preparedness Checklist New Orleans may be known as The Big Easy, but buying a home here shouldn’t be taken lightly! The process requires preparation, including your finances and mental health. Get ready to start browsing the many gorgeous NOLA listings after ticking off each box on this handy checklist.

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Love Your Neighbor, Y’all: A Call To Action To Stand For Change

At Rêve Realtors, we understand that a home is more than just walls and a roof, it's the community that surrounds it. Whether you're in the vibrant streets of New Orleans' French Quarter or the charming neighborhoods of Baton Rouge, community is at the heart of it all. Each city, with its unique tapestry of stories, culture, and, most importantly, people, makes living here truly special. Heartbeat of New Orleans and Baton Rouge New Orleans isn’t just a city, it’s a feeling—a melody of jazz floating through the air, the aroma of gumbo simmering on the stove, and the sight of neighbors waving to each other from their porches. Baton Rouge shares that same spirit, where community ties run deep, and a smile is more common than a passing glance. The magic that everyone adores in these cities doesn’t just happen, it’s crafted by the people who care enough to make a difference. A Call To Stand For Change We’re all about celebrating the good times here, but we also know that our communities faces real challenges. From economic inequalities to housing insecurities, there’s work to be done. Our “Love Your Neighbor, Y’all” initiative is a call to action to stand up for one another and make sure that everyone has the chance to thrive. Whether it’s helping out a neighbor in need, supporting local businesses, or getting involved in community efforts, there are so many ways to make a positive impact. Making Change Together We’re not asking you to change the world overnight, but we are asking you to take a step, no matter how small, towards making our community better. If everyone does their part, even the smallest actions can have a significant impact. Your actions could be as simple as attending a local meeting to voice your support for a notable cause, volunteering your time, or even just checking in on a neighbor who might need a hand. The point is to do something, because together, we can create real change. How You Can Make a Difference? Get Involved! Look for opportunities to volunteer or support causes that matter to you. Your time and effort can have a lasting impact. Support Local! Shopping at local businesses or dining at neighborhood restaurants isn’t just convenient—it’s a way to keep our community vibrant and strong. Be Neighborly!  Sometimes, the smallest gestures make the biggest difference. A kind word, a helping hand, or just being there for someone can mean more than you know. Educate Yourself!  Take the time to learn about the issues facing our community and what you can do to help. Knowledge is power, and it can guide your actions. Keeping Our Community Strong At Rêve Realtors, our motto is “people smart, home savvy, ” and being people smart means more than just understanding the market, we must understand the importance of community and the pivotal role we all play in it. We’re committed to being a force for good in New Orleans, Baton Rouge, and beyond, and we invite you to join us. So, let’s come together, y’all. Let’s love our neighbors, stand for change, and make New Orleans and Baton Rouge a place where everyone can feel at home. Here’s to building communities we’re proud to be a part of. *Photos Credit: Zach Smith Photography *Written by Deveney Marshall of themaraagency.com    

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The Complete Guide To Temporary Housing During Long Renovation Processes

Renovating your home can be a thrilling yet challenging experience, especially when the upgrades are extensive enough to require moving out. Finding suitable temporary housing during long renovation is crucial to maintaining a normal life while your dream home is being made. This guide provides practical insights to help you navigate this essential aspect of home improvement smoothly. What Are You Looking For In A Temporary Home? Before starting the search for temporary housing, it’s important to determine what you need. Consider the expected duration of your renovation—will it be a couple of months or over a year? Space is another critical factor; do you need multiple bedrooms for a family, or is a studio apartment sufficient? List your must-haves, like pet-friendliness or accessibility features, to avoid compromising on essential needs. What Are The Types Of Temporary Housing Available? Several housing solutions can cater to your temporary needs: Rental apartments: Many communities offer leases with terms as short as a month, which is ideal for renovation timelines that aren’t set in stone. Extended-stay hotels can be surprisingly affordable, especially if you negotiate a rate for a longer stay. They offer added benefits like housekeeping, utilities, and furniture. Vacation rentals: Using services like Airbnb can provide a homelike environment and the flexibility to choose a place that closely matches your living conditions. Modular homes: If your property has space, temporarily setting up a modular home can keep you very close to the action, allowing you to monitor the renovation progress firsthand. Budget for Temporary Housing Setting a budget for temporary accommodation is critical. On average, you might spend anywhere from 25% to 50% of your usual monthly housing cost, depending on the type and location of the housing. But if you want something luxurious, you can expect to pay as much as you pay for housing usually. It’s wise to shop around and compare prices and amenities. Some landlords may offer discounts for longer stays, so don’t hesitate to ask for a better deal. Key Features to Look For in Temporary Housing When choosing your temporary housing, prioritize locations that offer convenience and comfort. Look for features that make a long-term stay bearable. Ensure the place has a functional kitchen, laundry facilities, and enough living space. An internet connection is also crucial if you or family members need to work or study from home. The proximity to your renovation site is important. Staying nearby can save you time and stress by simplifying the commute to check on progress or meet with contractors. Additionally, being close to schools, parks, or shopping centers can maintain a sense of normalcy. What Should You Know About Lease Agreements and Rentals for Temporary Housing?  Understanding lease agreements is key when selecting temporary housing during long renovation processes. Opt for a lease that offers flexibility in terms of duration and potential early termination, if necessary. Many landlords and rental agencies offer short-term rentals specifically designed for situations like renovations, which can be terminated or extended based on the progress of your home improvements. How Can You Live Comfortably in Temporary Quarters? To make the most of your stay in temporary housing during long renovation, focus on making the space feel like home. Since you might live there for a considerable period, comfortably settling in is essential. And since most people will likely rent a smaller place to save money, you must also try to make the most of your limited space. Try the following: Bring personal items that evoke a sense of home, like photos, blankets, or favorite books. If space allows, invest in storage solutions that keep the area uncluttered. Establish a routine that helps maintain normalcy for you and your family. Live Comfortably By Eliminating Clutter When renovating your home and moving into temporary housing, one often overlooked aspect is the sheer volume of belongings that need to be accommodated. Many people underestimate how much they need for a temporary stay, leading to a cluttered and uncomfortable living environment in their temporary space.  That is where the benefits of renting a storage unit become obvious. Renting storage can significantly extend your living space by keeping non-essential items out of your temporary residence. Also, renting a storage unit is typically more cost-effective than paying for a larger apartment. These compelling reasons to rent storage make it a practical solution not just for ease of living but also for budgeting. In the end, storage can help ensure that your temporary housing situation remains spacious and comfortable, allowing you to focus more on the excitement of your home renovation project. Coordinate Between Renovation and Moving It is crucial to maintain a smooth transition between your temporary housing and home renovation. Regular communication with your contractors will help you stay updated on the renovation’s progress and adjust your temporary housing plans accordingly. That might mean extending your stay in a rental or moving back sooner than planned. Set up weekly check-ins with your renovation team to discuss timelines and any adjustments needed. Communicate openly with your temporary housing provider to discuss potential extensions or changes in your rental agreement. Resources and Help for Finding Temporary Housing During Long Renovation Finding the right temporary housing can be daunting, but several resources can simplify the process: Online Rental Platforms: Websites like Airbnb, Vrbo, and other rental platforms offer various temporary housing options suited to various needs and budgets. But beware: If you are transforming your home this summer, there will likely be fewer options to choose from, and the prices will be higher.  Relocation Specialists: Relocation specialists can provide valuable assistance in finding and securing temporary housing that meets your specific requirements. Enjoy Your Temporary Home! Choosing the right temporary housing during long renovation is more than finding a place to stay. It’s about maintaining your lifestyle and comfort while waiting for your dream home to be ready. With careful planning and the right resources, you can find a temporary home that fits your needs and allows you to continue living comfortably. *Written by a Guest Blogger of Rêve Realtors

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