Can I buy a house in my budget? – Barry’s Story

Can I buy a house in my budget

 

This is part of an ongoing series about what “happily ever after” can look like. We’re giving you stories about previous home buyers and sellers and some of the challenges they faced. If they made it through, so can you! All client names have been changed to protect the innocent and crazy. 

 

Barry wanted a house with a fenced yard in Orleans parish. His biggest question was “Can I buy a house in my budget?” He contacted me from a previous client. He was ready to buy this New Orleans home because he has a larger dog who needed room to frolic. (Editor’s note: I bought my house for a dog too!)

His largest concern was that he has lots of student loan debt and didn’t want to pay anymore than he was in rent. Current rent payment was $950.

 

Y’all. His rent was only $950. I was really concerned about this house search. 

His local lender told me we had to look under $140k and we need closing cost assistance. This isn’t impossible, but it’s really hard to find.

This New Orleans homebuyer didn’t want a house that needed large updates either – which he couldn’t get with his loan type anyway.

We had an FHA loan along with closing cost assistance from the state. FHA loans require the homes to be in a certain condition. This will quickly hinder what you can purchase.

 

I’m gonna be honest. 

I wasn’t sure where we were finding this unicorn house. I told him it was either going to be in Gentilly or Hollygrove. (He did not want to explore New Orleans East or the Westbank)

The first house we saw was in Gentilly. Barry liked the house but it lacked a lot of appeal.

It had rotten cabinets, crappy appliances, and cracked flooring. It wasn’t great. Barry felt like he had lacked options and felt a tad desperate about it. Luckily, I told him to not make an offer and let’s go check out this other house that popped up in Hollygrove. (The Gentilly listing also said it had lots of upgrades but the listing agent couldn’t name any of the upgrades to us! Super shady!)

 

Needle in a haystack! 

This house in Hollygrove was the perfect cottage on a cute block! The house had ample space for a single guy and the yard for his puppers. It was updated and came with all of the amazing appliances too!

We had one minor setback in inspections – the roof needed to be replaced. We negotiated that the seller would pay for the new roof and our homebuyer was thrilled!

 

Happily Ever After – plus some! 

Current day, Barry is beyond happy with his Hollygrove home. He got everything he wanted and his payment is less than what he was paying in rent! Seriously!!!

For the question, “Can I buy a house within my budget?”, the answer is a resounding YES! You have to be open to different neighborhoods and possible be prepared to sacrifice some of your “must-haves” in a house.

 

If Barry’s story inspires you into home buying, let the Be New Orleans team help you out! Drop your info below or text us! 

 

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