When our clients begin the New Orleans home buying journey, many of them have the same lingering question – How much money do I need to buy a house?
Team Be New Orleans wishes we could give you a blanket number and that be that. Unfortunately, it’s just not that easy.
Inspections
First things first – make sure you have about $700-$800 put aside for inspections. You will need to pay for general home inspections, a termite inspection, and a video pipe inspection.
Deposit
Do you have an idea of your price range? If so, take 1% of that price and put it aside for your deposit. Once we have an accepted contract, we must deliver the deposit within 72 hours.
What about my down payment?
It depends on what loan type you are going with. It also depends on if this is an investment property or not. It can range from zero to 20% of the home price or more.
What about extra costs?
If inspections didn’t go exactly as planned – you may need to pay a specialist to come out. Specialists like structural engineers, roofing inspectors, and electricians will charge you to come to take a look at things.
Do I need to pay my homeowner’s and flood insurance upfront?
Yes. But this is included in your closing costs.
So, how much money do I need to buy a house? Sorry, we don’t have an exact number! This is why it’s important to chat with a New Orleans real estate agent and a local lender sooner rather than later.
Want to chat about your home buying & loan options? Drop a message below or send a text!