New Orleans Real Estate & Corporate Law Blog

The process of searching for, finding and making an offer on an ideal home can be lengthy and confusing for a Louisiana homebuyer. For many, finances preclude them from owning a home on their own, but buying a home with a friend or multiple friends can give them the opportunity to stop renting and start building equity. While this may seem like an ideal way to enter homeownership, there are many potential pitfalls when two or more people decide to buy a home together.

Buying a home for the first time is an important milestone, but there are important things to consider in order to reduce the chance of financial issues and legal disputes when doing this with another person. One step is for both parties to be completely honest about their ability to make payments, come up with a downpayment and contribute toward things like utilities and insurance. Both parties should also discuss how they will share the house and if that should affect how much each person has to pay toward the mortgage. 

It is not always easy to find a house that works for a person's budget and specifications. When what seems like the ideal place is finally located, excitement can take over, and the Louisiana resident may rush forward with a home purchase without giving everything careful consideration. There is much more involved with buying a home than finding a suitable house and making an offer.

Before making an offer on a home, it is prudent to first do the research and math and determine what is truly affordable. In addition to the potential mortgage payment, things like insurance, utility payments, upkeep and more should be considered. A buyer may also need to need to get prequalified for a loan before moving forward.

Building a home requires several people with numerous skills. Architects, general contractors, subcontractors and others should all work together in order to get the job done. When something goes wrong with a Louisiana construction project, it can be a challenge to pinpoint who is responsible. 

Several things can go wrong with a project. It could start with flaws in the design that could range from inadequate structural support to a leaky roof to poor drainage. The work done by contractors may not meet with applicable standards, which could result in defects as well.

Among their many plans for the new year, some may be hoping to purchase property, typically either a residence or a commercial investment. Each year brings new factors to consider when making what is often the largest single purchase of a lifetime, including the economic climate and cultural shifts. In examining the trends, real estate analysts have come up with some strategies that may be useful for those in Louisiana who may be in the market for a home or investment.

Advisors have long encouraged investors to include real estate in their portfolios because of its high performance and stability. Commercial real estate may be particularly valuable, especially if the investor is savvy and keeps up with trends, including the movement toward opportunity zones. Nevertheless, commercial investors should be aware of the continuing pressure that e-commerce places on brick-and-mortar stores, so investors are moving toward those enterprises, such as gyms and restaurants, that do not compete with e-trade.