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Message
Buying First Home Soon
Posted on 4/29/14 at 4:54 pm
Posted on 4/29/14 at 4:54 pm
I'm tired of renting and am looking to buy. I make 72k a year and currently spend 1.1k on rent each month. my credit is at 710. so basically i want to know what areas in nola should i avoid like the plague and which ones are good. I currently live in metairie but want to move somewhere in nola.
any tips or anything?
thanks
any tips or anything?
thanks
5
Posted on 4/29/14 at 4:56 pm to jknoles12
Rule #1. Don't buy a home built by D.R. Horton
Posted on 4/29/14 at 5:00 pm to jknoles12
quote:
I'm tired of renting and am looking to buy. I make 72k a year and currently spend 1.1k on rent each month. my credit is at 710. so basically i want to know what areas in nola should i avoid like the plague and which ones are good. I currently live in metairie but want to move somewhere in nola.
any tips or anything?
thanks
I'm almost complete with the process.
I'd say, be open to every neighborhood that is livable Uptown, Irish Channel, Midcity, Bayou St. John. There just isn't a whole slew of options in any one area.
Be open to a "fringe" neighborhood. Neighborhoods are changing rapidly, and if you do your research, your house that is 2 streets from some slummy properties may be 10 streets away in a few years...or not.
Don't expect to only pay $1,100 a month for your house or anything close to that.
Don't buy something massive just because you can afford to.
Ignore every thing above if you are some sort of real estate guru and can make money any where.
ETA: Search around for your home loan. I got wildly different rates, points, and app/closing fees.
This post was edited on 4/29/14 at 5:13 pm
Posted on 4/29/14 at 5:27 pm to jknoles12
quote:
so basically i want to know what areas in nola should i avoid like the plague and which ones are good. I currently live in metairie but want to move somewhere in nola.
Nola is famous for being salt and pepper. Every block is different, so you will have to investigate to determine whether or not what's available in a given "good" neighborhood is really good.
"Good" neighborhoods:
Lakeview, Uptown, Garden District, French Quarter, Warehouse District
Mixed Neighborhoods (varies widely block to block): Mid-city, Gentilly, CBD, Margny)
"Bad" neighborhoods (that often have the occasional good spot in them): 6th Ward, 9th Ward, New Orleans East, Central City
If I were you, I'd look at available property listings and compare them to the map of racial diversity on the OT thread and make sure it's in a mostly "blue" area. Then, drive out and see for yourself, because in NOLA, you never know. It's one of the most integrated cities (both economically and racially) in the world.
Posted on 4/30/14 at 4:42 am to jknoles12
Don't forget to budget insurance and taxes into your payment. It was also recommended to me to set up a HELOC right away so that it's immediately available in case of emergencies unless you have a lot of cash saved up.
Posted on 4/30/14 at 9:08 am to jknoles12
Just want to add that it may be tough to buy something in a good neighborhood on that salary in Nola. Broadmoor is your best bet IMO.
Be open to condos, but if you do look into one, make sure HOA fees are the first thing you look into bc some buildings are just ridiculous.
Be open to condos, but if you do look into one, make sure HOA fees are the first thing you look into bc some buildings are just ridiculous.
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