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.

View more

Don’t Do These 7 Things to Your NOLA Home (According to Experts)

Is there anything more exciting than moving into a new house? Of course, you'll want to put personal touches on your dwelling as soon as you settle in. Homeownership in New Orleans presents a few challenges, though. From working through unruly weather to navigating renovations on a historic structure, making upgrades requires much consideration. Fortunately, it's nothing research, careful planning and expert advice can't help you with. Whether you're a long-time resident or new to town, here are seven things you should avoid when updating a New Orleans home. 1. Ignoring Historic Preservation Rules New Orleans boasts 26 historic districts, covering 40% of the city. It also has 111 historic properties, which give it its beloved and most recognized charm. Ultimately, this may not be the right place for you if you're after ultra-modern decor. Homeowners should avoid significant contemporary renovations, which may clash with the home or neighborhood's historic architecture. Instead, they should look for ways to complement the city's heritage in their upgrades. For example, leave the intricate crown moldings and ironwork. Also, consider seamlessly meshing old and new materials so they don't look out of place. Just be sure to check with the city's Division of Historic Preservation to ensure your renovations align with its standards. 2. Painting Brick Without Proper Preparation Giving a brick home a fresh coat of paint can hide many imperfections and help it stand out on the block. However, brick's porousness and NOLA's humid climate could spell disaster if you don't prepare it properly. Moisture could cause the paint to bubble, crack and eventually peel. If the brick is dirty or unsealed, you may also have difficulty applying the paint evenly. Although it's an extra step, preparing the brick ensures a long-lasting finish you only have to worry about doing once.   3. Neglecting Wrought Iron Many NOLA homes — especially historic ones — have wrought iron features you'll want to highlight. However, when left unmaintained in the heat, humidity and precipitation, these elements can rust and become a safety hazard. You don't want to scrape yourself on corroded surfaces. It's essential to clean the wrought iron regularly with a soft brush and dry it thoroughly with a towel. Low-grit sandpaper can help address rusty spots on fences, balconies and even door hinges. If a corroded hinge pin has caused an old door to become stuck, a 15-minute application of penetrating oil can disintegrate the decay. Occasionally, apply a lubricant to prevent future rusting or a rust-resistant coating to protect outdoor ironworks. 4. Improperly Ventilating the Home The temperature is rising in New Orleans. By mid-June 2024, the city had surpassed record-high temperatures four times, with one day even reaching 97˚ Fahrenheit. This is in addition to seven heat-related deaths from April to June in 2024. You may need to invest in adequate ventilation if you've moved into an old NOLA house. Otherwise, you could experience HVAC problems and mold and mildew growth, posing significant respiratory health problems for household members. 5. Cutting Down Trees Without Permission New Orleans has strict ordinances regarding tree-cutting on private property. For instance, live oaks are a protected species throughout the city. Unless it's within 15 feet of a home, residents of Jefferson Parish cannot remove mature trees, including magnolias and sycamores. If you do remove trees from your property without a permit, you could face hefty fines and need to replant one of the same size in your yard. These rules are in place to preserve and rebuild NOLA's tree canopy.   6. Forgetting Hurricane Shutters It's hard to imagine a city as beautiful as New Orleans in the line of hurricanes. Sadly, major weather events have intensified in recent years in the Gulf Coast. Installing hurricane shutters can protect your windows and belongings from damaging wind and downpours during the rainy season. On average, homeowners spend $3,675 on shutters, but the cost might range from $1,505 to $5,893. Ultimately, it depends on how many windows you have, the type you purchase — accordion, Bahama, colonial or motorized, among others — and labor fees. 7. Landscaping Close to the House Homeowners should exercise caution when sprucing up their property's landscaping. Adding trees and shrubbery too close to the house's foundation could cause moisture buildup and structural damage. The excess dampness can attract pests and termites, which happily feed on rotting wood. It might also pose a fire hazard — drought or a lightning strike could ignite the plants, causing a severe house fire. Select plants carefully and avoid overdoing the garden beds with greenery. You might choose to hardscape some of the yard or include native plants already adapted to the climate. Make Wise Upgrades to Your NOLA Home Living in New Orleans is many people's dream, and you'll enjoy everything the city offers. While upgrading a house requires a different approach than residing elsewhere, the result is a safe, sturdy and comfortable home you'll love for years. *Written by Rose Morrison of renovated.com

View more

Crucial Things To Know Before Investing In A Historic Property

Investing in a historic property is a venture filled with both charm and complexity. Historic homes offer a unique allure with their timeless architecture and storied pasts. However, purchasing and renovating a historic property requires a deep understanding of various aspects beyond the typical real estate investment. This article will guide you through nine crucial things you need to know before diving into this rewarding yet challenging endeavor. Understanding the historic designation Before making any investment, it is essential to understand what type of home will suit you best. Is it a new house, or maybe an older, historic property? A property is typically designated as historic based on its age, historical significance, and integrity of location, design, materials, and artistry. Owning a historic property often means complying with local, state, or federal preservation regulations. These regulations are designed to protect the architectural and historical integrity of the property, which can significantly impact the changes you are allowed to make. Familiarizing yourself with these regulations and the specific designation your property holds is crucial in avoiding future legal and financial complications. Researching the property’s history One of the most exciting aspects of investing in a historic property is uncovering its past. Researching the property's history can provide insight into its architectural style, previous owners, and historical significance. With this in mind, it is advisable to visit local archives, historical societies, and libraries to gather as much information as possible. This research is not only interesting but also essential for ensuring the historical accuracy of any restorations or renovations you undertake. Knowledge of the property’s history can also enhance its value and appeal to potential buyers if you decide to sell in the future. Assessing structural integrity Historic properties often come with their own set of structural challenges. It is imperative to assess the building’s structural integrity thoroughly. Key areas to inspect include the foundation, roof, plumbing, and electrical systems. Hiring a specialist who understands historic buildings is highly recommended. In contrast, modern homes might not require such specific expertise. The specialist can identify potential issues that a regular inspector might overlook, ensuring you arefully aware of the renovation and maintenance requirements. Investing in a detailed structural assessment can save you from unexpected costs and preserve the safety and longevity of the property. Navigating zoning laws and regulations Zoning laws and regulations can significantly impact your plans for a historic property. These laws can dictate what types of renovations and additions are permissible. Not to mention, you may need to obtain specific permits before starting any work. Understanding the local zoning laws will help you plan your renovations in compliance with legal requirements. This knowledge will also help you avoid fines and legal battles. Furthermore, your investment will remain sound and protected. Staying compliant while preserving the character of the property is a delicate balance but essential for maintaining its historical integrity. Evaluating renovation costs before investing in a historic property Renovating a historic property can be more expensive than working on a modern building. There are often hidden costs specific to historic properties, such as the need for specialized materials and craftsmen. Another key point is that restoring historical elements frequently requires more time and money. Budget for these expenses and have a clear understanding of the scope of work needed. Consulting with contractors with experience with historic properties can provide more accurate estimates and help you avoid common pitfalls. Balancing renovation costs with the potential return on investment is crucial for making a sound financial decision. Securing financing for historic properties Financing a historic property can be more complex than securing a mortgage for a newer home. However, there are specific financing options available that cater to historic property investments. Similarly, grants and tax incentives can help offset some of the costs associated with renovating and preserving a historic property. Researching these financial aids and presenting a solid financial plan to lenders can improve your chances of securing the necessary funds. Be prepared to demonstrate how you plan to maintain and enhance the property's historical significance, as this can be a key factor in obtaining financing. Preserving historical integrity One of the main attractions of historic properties is their unique architectural features. Of course, preserving these original features is essential for maintaining the property’s historical value. Techniques for restoring historical elements include using period-appropriate materials and methods. Modern updates like electrical and plumbing systems should blend seamlessly with historical aesthetics to maintain the property’s charm and authenticity. Consulting with preservation experts can ensure that your renovations respect the property’s history while meeting modern living standards. Understanding market trends and potential ROI Analyzing market trends is crucial for any real estate investment, and historic properties are no exception. Understanding the current demand for historic homes in your area can help you gauge potential returns on your investment. In short, historic properties can offer significant returns due to their unique appeal and limited availability. By thoroughly researching market trends, you can make informed decisions that enhance the property’s value and appeal, potentially leading to a lucrative investment. Managing the moving process Moving into a historic property, especially from another state, requires meticulous planning and care. These homes often contain delicate architectural features and period-appropriate furnishings that need to be transported with precision. For instance, moving long distances, such as from Florida to Louisiana, makes enlisting professional movers essential. So, let interstate movers help you out to ensure your valuable items are handled with the utmost care. Professional movers have the expertise to pack and transport delicate items safely, allowing you to focus on settling into your new historic home without the stress of managing the logistics yourself. Making your historic property investment a success Investing in a historic property can be an incredibly rewarding experience, both financially and personally. That requires careful consideration of various factors, from understanding legal regulations to managing renovation costs and preserving historical integrity. By thoroughly researching and planning, you can enjoy the unique charm and potential returns of owning a piece of history. Whether you are a seasoned investor or a first-time buyer, these crucial tips will help you navigate the complexities of historic property investment with confidence. *This post was written by a guest author.

View more