Learn from other first-time homebuyers’ experiences, including why all that paperwork may be a good thing and how to save on closing costs. The best way to navigate the murky waters of the house-buying process and ensure a smooth transaction is to work with an experienced New Orleans Realtor.
Finalizing your household budget, becoming obsessed with property listing updates, and receiving tax breaks each year are just some of the unexpected benefits of becoming a first-time homeowner.
As a first-time homebuyer, you’ll likely encounter more than a few surprises both before and after you close. Learning from others’ experiences could help you anticipate and handle any potential bumps and make you the savviest of NOLA home shoppers. Here’s what you should know about buying a home that may not necessarily fall into the realm of the obvious.
Your Home’s Value Over Time May Have Nothing to Do With You.
Property values in any New Orleans neighborhood can fluctuate due to factors beyond your control, such as the city development. On the other hand, if the neighborhood is up and coming, your property value may soar at a faster rate than you anticipate.
You’ll Be Getting Attractive Tax Breaks.
One of the biggest benefits of becoming a homeowner is getting tax breaks — on closing costs, mortgage interest, property tax, and more. Homeowners who install solar panel systems may also qualify for solar incentives and rebates, and owners of historic properties in Louisiana can also receive special tax credits for renovations.
You May Develop New Obsessions.
One of the side effects of buying a house in New Orleans is that your financials are out in the open to lenders, including your credit score. You may not have cared as much about it before — or even knew what yours was — but now learning how to improve it and checking often to see if it has improved may become a hobby. Looking at houses you cannot afford (and falling in love with them), as well as getting lost in the sea of property listings could also take over your life for a while.
If you’re serious about purchasing a home and being the first to know of new listings, connect with one of our NOLA Realtors who can create a custom-tailored search to ensure you receive immediate alerts of new MLS listings that specifically match what you’re looking for. Our search Portal gives you access to the most accurate and current listings available, allows our Realtors to provide you with additional details about a property in real time, and makes it easy for you to quickly organize properties you’d like to view, consider, or pass on.
You Will Finalize a Household Budget That Works for You.
First-time homeowners face a lot of paperwork, like insurance and loan applications, plus proof of income (tax returns, bank statements, W-2s) among all the other necessary documents you’ll have to gather, produce, and fill out. There is no way around it, but it may help you determine your budget along the way and prepare you to make a timely offer on your dream house.
Your Mortgage May — And Probably Will Be — Sold at Least Once.
Mortgages are often sold to free up capital and generate money for mortgage brokers. Although this will most likely occur, the only difference for you will be where you send the checks, which the lender will be happy to inform you of.
Mortgage Payment Distribution Will Change Over Time — In Your Favor.
In the beginning, it may feel like your home is not as good an investment as it seemed at first glance, and that the bulk of your mortgage payment is covering lender interest, insurance premiums, and taxes. The longer you pay your mortgage, however, the more that viewpoint will change; you will see your house’s value go up.
As any first-time homebuyer could tell you, a moment of doubt often follows an accepted offer. Whether you find your dream house after months of thorough research or make an offer on it the minute you’ve walked in, there will be things along the way that you’ll have to prepare and budget for — and others you may have to let go or compromise on. To help you navigate the murky waters of the house-buying process, contact a Satsuma Realtor to discuss your New Orleans real estate goals.