It is our goal at The Parks at Plaquemines to keep our buyers informed about the latest information from the local, state-level, and national real estate industry. We post content to our blog that we hope that you as our custom home buyer will find helpful. Look here for information about financing your new home, building restrictions for new homes, and real estate legislation that will impact you as you are looking to buy or build a new home in the Greater New Orleans area.

Steps To Take When Buying A House

They say buying a house is part of the American dream. Buying a house is one of life’s biggest events. When you are ready to take the leap, here are some steps you need to take.

What to Consider Beforehand

Make sure you are ready to become a homeowner because it is not always the best decision for everyone, renting might be the best way to go for some. There are a ton of responsibilities that come along with owning a home such as regular maintenance, inspections, taxes, and more.

Another thing to consider is the timing factor. Look at the mortgage rates and home prices are they rising or staying the same? If the rates are starting to take a leap, then you might want to move quickly. Also, the time of the season can also determine the best time for you to start your search. Spring is typically when listings hit the market. This means that there will be more options for you to choose from. On the downside, it is the most competitive season for buyers.

The last and most important thing is are your finances in good shape. Only set out to purchase a home if you are financially stable. Remember you will need to set aside savings for a down payment and closing costs. If your credit score could be higher, pay off some of your debt to boost your score.

How to Plan Your Budget

Budgeting is essential when it comes to buying a home. Set a time frame of how long it will take you to build up a good down payment. Once you have this timeframe, research Realtors in your area and find the best fit for you. Keep in mind that it takes around a couple of days to a couple of months to find your ideal home, then around 30 – 60 days to complete the transaction from contract to close.

Along with finding a real estate agent, you will need to find a mortgage lender. The best bet is to shop around for the best rates and offers. This will also depend on your credit score. Having an established credit history and a high credit score can allow you to get a better rate on a mortgage.

To check your score, obtain a credit report from Experian, TransUnion, and Equifax. These three credit bureaus allow a free report every 12 months. Lenders typically require a credit score of 620 or higher to be able to obtain a mortgage. If your score is a little iffy, raise it before you apply for a loan.

In order to raise your credit score you will need to pay your bills on time, pay off debt and keep a low balance on your credit cards, and check for any mistakes on your credit report. Lenders want to know they can depend on you to pay you mortgage payment on time.

If you are not able to raise your score or get it over 620, then there are other financing options available. The Federal Housing Administration (FHA) only requires a score of 500 with a 10% down payment or 580 with a 3.5% down payment.

How Much House Can I Afford

When buying a home, you are not just paying the listing price, there are hidden costs. When budgeting, allow for a down payment, closing costs, moving and maintenance costs, as well as an emergency fund for any unplanned maintenance.

You will need to set aside at least 20% of the price of the home for a downpayment on a conventional mortgage. Closing costs are another thing you will need to pay out of pocket which can be between 2% and 5% of the home’s purchase price. Remember to always factor in closing costs to your budget! You will also need to pay to move and make any necessary repairs before moving in.

Along with your monthly mortgage payment, you will also have monthly expenses such as utilities, transportation, groceries, entertainment, childcare, credit card debt, savings, etc. A good rule of thumb is for your mortgage payment to be below 28% of your monthly income.

Shopping Around for the Right Everything

When purchasing a house, you not only have to shop around for the right home, but also for a Realtor and a mortgage lender. Doing your due diligence on both can save you time, money, and heartache.

There are many lenders out there who offer different rates and terms. Shop around for the best lender who offers better products. There are several different types of loans with different qualifications. A lender can help you choose the right one for you and also get you pre-approved.

A pre-approval letter can sometimes be the golden ticket for the seller. This tells the seller that you are a serious buyer and you have the finances to back it up. In order to get a pre-approval letter, your lender will need to verify your finances and check your credit score.

A Realtor is your saving grace through the entire process. When choosing a Realtor, it is always good to get referrals. You want to make sure the agent your are considering has a good reputation and experience. It is a good idea to interview several agents to see if they are a match and would work well with you.

Once you have a lender and a Realtor you need to find your home. An agent can help narrow your search by finding a home that fits most of your needs and wants. Your agent should have an extensive amount of knowledge about the neighborhoods you are interested in.

Reaching the Finish Line

Once you have found your home, it is time to make an offer. Your Realtor will advise you on the best approach and will negotiate your contract. Once everything is settled such as contingencies, a home inspection, and disclosures, you are ready to close. Remember your Realtor will help you along the way and make sure you get the best deal.

Click Here For the Source of the Information.

Tips For Brightening Up Your Outdoor Living Space

Spring is the perfect time to either make updates to your outdoor space or create one. Southern Living Plant Collection gives tips on how to make your space chic and cozy with a pop of color.

Make a Statement!

A good way to do this is to start with flowers. Flowers are the perfect backdrop for an outdoor living space. A great example is bright blue or pink hydrangeas framing a long farmhouse picnic table or porch swing. A perfect setting for a photo.

There’s No Such Thing as Too Matchy-Matchy.

You can do a lot with one hue, it is only a myth to not use matching on matching. Just remember to vary the shades of the same color. For example, you can start with blue hydrangeas and add the furniture and accessories in a different shade of the color of the blooms. This makes a modern, monochromatic look.

All White Is All Right.

Most everyone likes the color white, so you can’t go wrong with a white-themed outdoor space. A great idea is to go off the Greek Isles look by pairing white cushy ottomans, with a sectional and modern lighting. Top the design off with some white wedding hydrangeas.

Texture, Texture, Texture.

You do not just have to use different shades of a hue but you can also use the same hue with different textures. Take a wicker chair and pair it with a wrought-iron framed table. If you use pillows, take a nubby pillow and place it over a silk pillow for a nice textured look.

Be a Little Bohemian.

What would be included in a Bohemian look? Examples would be patterned rugs, handknit hammocks, fairy lights, and eco-fabrics just to name a few. Adding flowers to you area is a perfect touch to the free-loving, modern hippy-spirited outdoor space.

Create Cute Clusters.

Usually, your outdoor living spaces are intimate so big bulky items are out of the question. Create areas within your outdoor space. Mix both high tables and small side tables throughout the area. Put vases of freshly cut flowers on the tables.

Light It All Up.

Lighting is the key to the perfect ambiance. Your lighting should not be too bright but not be too dim either. A good idea is to use a combination of downlights and spotlights. Downlights will highlight your flower beds and walking paths while spotlights bring attention to exterior architectural features.

Spring is the perfect time to change things up outdoors. Remember these tips to make a perfect place to relax and entertain outdoors this season.

Click Here For the Source of the Information.

Delays For the New Convention Center’s River District Plan

The Ernest N. Morial Convention Center has plans for its upriver acres. The new project includes a neighborhood and entertainment district. The River District’s board decided to extend the deadline. The reason for the delay was prompted by a request from the Convention Center’s President and General Manager Michael Sawaya. He relayed to the board that they needed until June to finalize the terms of the agreement with local developer Lou Lauricella and his consortium.

“Delays are not well accepted,” Sawaya said. “When we are talking about these things it is not just about us getting lease income…We need things built and we need guarantees that we are going to get things built.”

The coronavirus has been a big thorn in the side of this project. Originally a 1,200-room hotel by Omni was to be part of the project. This was dropped due to the change on the outlook for hotels caused by the pandemic. Back to the drawing board, Sawaya has commissioned HVS which is a consulting firm to look into what hotel size would work best for the project.

HVS will look at building in phases. This will include a 600, 900, and 1,200 room versions of a hotel. Now they will need to find a finance partner who will replace the previous one, Preston Hollow Capital.

“Right now we don’t have something for (a potential new financial investor) to look at,” Sawaya said. “But in the first phase at least we’ve got to get something started.” He said that now that the broader upriver district is underway, “our hope is that investors will show up (for the hotel) as well.”

Business is improving for the Convention Center as hotel tax revenue has rebounded to close to $3 million. In fact, the past month has been the busiest for sales at the Convention Center since the pandemic. This comes at a great time with the project in the near future and the $557 million facelift the center is currently getting.

Lauricella and Chris Maguire, CEO of Dallas-based Cypress Equities are the master developers for the entertainment-focused neighborhood. This part will be on 39-acres that the Covention owns upriver. The project will include 1,100 housing units which half will be dedicated to lower-income residents. There will also be retail space and entertainment venues.

The 39-acres, valued at around $200 million, will be given to the project. The project will create around 4,500 permanent jobs and will cost over $1 billion. The plans are to begin construction on the first section of the project, a 7-acre tract of lakeside that runs along Tchoupitoulas Street.

“The brief extension on a final agreement will give the team more time to finalize plans for the vast amount of land to be developed for our community,” said Lauricella in an emailed comment.

Click Here For the Source of the Information.

Audubon Nature Institute’s Okapi Will Have A New Baby

The New Orleans and San Diego zoo organizations have come together to breed endangered species. Asili, an okapi is one of these endangered species and she is now pregnant.

“It’s a very big deal” in the zoo world, according to Michelle Hatwood, General Curator at the Audubon Nature Institute’s Species Survival Center in Algiers.

“She’s doing great, she’s huge,” Hatwood said. “She’s already a big female, so now she’s got this big belly on her.”

The okapi, also known as the giant pandas of the hoofed-stock world, is an endangered species from Central Africa. Asili, who looks like a horse and zebra came together, lives on a 1,200-acre site along the Mississippi that Audubon leases from the U.S. Coast Guard.

The 1,200 acres are used by both Audubon and San Diego Wildlife Alliance to allow these endangered species to live and roam. So far, they have produced 52 mammals that were eight different species and 83 birds from six different species.

The main goal is to breed these animals for zoo populations but the bongo has been successfully re-established in the wild. The Bongo is a highly endangered species that lives in Central Africa. They are now trying to re-establish the whooping cranes which became extinct in Lousiana years ago. So far Audubon is slowly adding the bird back into the wildlife population around Lake Charles.

“If we don’t step up, who is going to?” said Ron Forman, Audubon Nature Institute president and CEO. “This alliance is going to make a difference.”

Click Here For the Source of the Information.

Tips To Find The Right Home Builder

Building a home can be one of the biggest life changes you make. Not only is it a big event in your life, but also is one of the biggest investments that you will make. If you are planning on building a home, choosing the right builder can be very important. Not only should your builder be professional and experienced but also needs to be the right fit for your needs and situation.

1. Get Prepared Before You Search.

Just like when making an offer to a seller without a pre-approval makes no sense, looking for a builder without a pre-approval for a construction loan doesn’t either. You will want to get pre-approved so that builders you inquire on will know that you are serious.

Before you begin your search you need to determine what type of home you want to build and how much you are willing to spend. There are tons of builders out there with great credentials, but a first-time homebuyer is not going to choose a luxury custom home builder. Find a home builder that builds something in your price range.

2. Be Clear And Look For Experience.

When speaking with a builder, you want to be clear and concise with what you want in your new home so you can compare what each builder may offer. If you want hardwood floors but forget to mention this, then a builder can give you an accurate proposal.

Not only do you need to be transparent with exactly what you want in a home but you also need to ask questions. Ask the builder how long they have been in business? If it is a company with several builders, then ask how long the company has been in business and how long has its principals been building homes. The more questions you ask, the better you will see if the builder is right for you.

3. What’s Their “Happy Homeowner” Quotient?

If you are building in a certain community, ask around and see what the neighbors think of the builder. Several questions to ask would be, would they build another home with their builder, would they recommend their builder to a friend or relative, how is the builder’s service or how are they at communicating? If you are building on a single lot, ask the builder for references from previous homebuyers.

Another good source is to ask the experts. Lenders, Real Estate Agents, Building Material Suppliers, Builders Associations, and Code Inspectors work closely with builders and can tell you who to go with or who not to go with. Ask them who their top 3 to 5 builders in the area are and why.

4. Make Sure You Are Protected.

Make sure each builder you are considering has a license and is insured. There are several states in the country that do not have laws in place to make sure all builders are covered. Ask to see verification that you, the company, the builder, and the builder’s employees are covered if there is a loss or accident.

Another thing you want to make sure to have is a warranty. Many products you purchase come with a warranty, so why shouldn’t a large investment such as a home not have one? A promise from the builder is not enough, make sure your home should come with a long-term written & insured 3rd party warranty, not just a promise from the builder to perform.  This covers you even if the builder goes out of business.

Remember building a home is a big investment and you do not want just any Joe builder to come along and build it. Make sure you have gone above and beyond the steps mentioned here to make sure your builder is a professional with a clean slate.

Click Here For the Source of the Information.