First-time homebuyers who want the thrill and excitement of living in the Big Easy could be considered adventurous, culture-loving folks who might be a little lost when it comes to what to expect. While there are some really great deals, you need to do your homework first.
Here are some tips on moving to New Orleans, straight from our local experts.
1. Consider Flood Insurance
Not all home listings will tell you if you’re in a flood plain and need to purchase flood insurance. If you’re lucky, the previous owner will have had flood insurance and you can take over theirs. If not, you might have to go to the courthouse and figure it out on your own. New Orleans floods at times with big storms, and flood insurance can add hundreds a month onto your monthly payments.
2. Make Sure You Choose the Right Neighborhood for Your Lifestyle
Orleans Parish, with its higher prices and crime rate, may not be a place for younger families. On the other hand, Movoto Certified Agent Cassandra Johnson recommends families try nearby Jefferson or St. James Parishes. There are also some subdivisions younger families might like, including Stonebridge and Timberland Estates.
3. Research Homebuyer Incentives
You can get great incentivization grants from the government, and they can be larger the closer you get to downtown. Johnson said she recently helped a family get a $36,000 loan in Jefferson Parish and has seen families qualify for $56,000 in relocation grants for Orleans Parish. It’s a way to try and convince people to move back to the area, since so many people fled after Hurricane Katrina in 2005.
4. Not All Agents Know About These Programs—or Are Willing to Help
Some real estate agents in New Orleans won’t work with families who are looking to take advantage of the grant assistance programs mentioned above. Do your homework and ask a lot of questions and find the realtor who can meet your needs and can help you take advantage of the opportunities out there for home buying here.
5. There Are Termites Everywhere
Be sure to have any home you like thoroughly inspected for termites. A lot of lenders don’t require termite certificates, which means as long as there isn’t an “active” termite infestation, you might not know about it unless you bring in an independent home inspection company.
6. The Commute Times Aren’t Bad, but the Roads Are Bumpy
Streets in this part of Louisiana are notoriously filled with potholes. So think twice about attempting a bicycle commute to and from work. Consider using the Regional Transit Authority (RTA) for longer commutes.
7. Watch Out For Toxic Drywall
After Hurricane Katrina, lots of homes in the area were rebuilt using what has now been deemed to be toxic drywall. A home inspector should be able to tell you, but sometimes you’ll need to specifically request a test to make sure you’re safe and won’tto redo your walls later on.
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