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Home Ownership | Are You Ready?

By
Real Estate Broker/Owner with Crescent City Living LLC Licensed LA RE Commission

Owning your own home is what we have all been told is the American Dream. It brings to mind a picture of a neatly manicured lawn, flower beds in bloom and a white picket fence.

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But what many first time home buyers forget is that you will no longer have a landlord to call when something breaks or needs to be repainted. In addition to paying your mortgage each month, there are other costs that you need to budget for when deciding how much you want to spend on a home.

What do home buyers need to budget for?

Utility costs are an often overlooked item that can catch a new home owner unawares. It’s more expensive to heat and cool an entire home than it is for an apartment and you may not be used to budgeting for additional utilities such as cable and water.

Repairs are inevitable when you are a home owner. Whether it’s the dishwasher that decides not to wash, the toilet that won’t flush or the roof that starts to leak, at some point you are going to have to make repairs to your home, even if you buy a brand new one. Having a nest egg for repairs is always a good idea and can keep an unexpected breakdown from wreaking havoc with your monthly budget.

That picture perfect front yard doesn’t happen on it’s own. Whether you cut the grass yourself or hire a service to do it, lawn maintenance is a must in New Orleans, especially during the summer months when cutting grass weekly is a given because it grows so quickly. You’ll need to budget for either a lawn service (have I mentioned lately how much I love my lawn guy?) or for the purchase of a lawn mower, edger or weed eater and gas and oil for the equipment. If you decide to garden, there are the expenses of flowers, fertilizer, mulch and gardening tools that can quickly add up to a big dent in the wallet.

Mechanical maintenance is another necessity. Having your air conditioner and heater cleaned and serviced at least once a year (twice is preferable) may not be high on your list of things to spend money on, but can keep them in good working order and prevent breakdowns just when you need them the most. Being forced to call for A/C service in the middle of a hot summer afternoon means that you may spend more than you need to in order to keep your cool.

Almost without fail, new home owners want to make some improvements to their house. Whether it’s something small like a new paint color or front door or something major like a kitchen or bathroom overhaul, home improvements can be expensive. Besides creating a budget before starting a project, remember to check with your city or parish for any permits needed before starting work on your house.


Do you have questions about buying a home on the West Bank of New Orleans? Contact the West Bank Living Team for answers. It would be our pleasure to guide you through the entire home buying process and make it the fun experience it should be.

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Read more home buying tips

Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Lisa, what a great post for buyers. I remember buying our first home umpteen years ago, and within a week or two the pipe underneath the sink had to be replaced! Love the ideal thought with the picket fence and all though. ;-)

Nov 23, 2009 02:31 PM
Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

a great post for all new homebuyers.  You need to understand a budget and a rainy day fund to buy a home as far as I'm concerned.

Nov 23, 2009 02:42 PM
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

This is one of the reasons that maxing out on the amount of home you can buy isn't always a good idea...

Nov 23, 2009 03:10 PM
Susan Brown
Keller Williams NE, Kingwood Texas (Humble & Atascocita too) - Kingwood, TX

Lisa, Great post on something that new homeowners could overlook when figuring out their housing finances. 

Nov 23, 2009 05:19 PM
Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

Excellent post for home buyers. . being prepared is the key . . .

Nov 23, 2009 09:11 PM
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Love this.  Absolutely love this!   As often as I mention added monthly costs when talking to a new buyer, it's hard for them to wrap their heads around.

Nov 23, 2009 09:30 PM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Thanks for the comments, everyone!

I had a conversation with a potential first time home buyer this week that let me know that not everyone understands the "hidden" costs of home ownership and why they might not want to buy a house that's at the top end of their budget.  Throw in a few repairs or an unexpectedly high utility bill and they'll be under water in no time.

Nov 23, 2009 10:49 PM
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

There are big differences in homeownership. Having a plan and being prepared is certainly important. Anything can come and probably will when you own a home. It's Murphy's law:)

Nov 23, 2009 11:02 PM
Susan Mangigian
RE/MAX Preferred - West Chester, PA
Chester & Delaware County Homes, Delaware and Ches

Lisa, this is great.  If I was a first time buyer, you would be the only agent in your area I would consider.  Happy Thanksgiving.

Nov 24, 2009 12:36 AM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Bill, isn't that the truth?  I have tons of stories of catastrophes we encountered after we bought our last house - some of them planned, some of them...not so much.

Susan, you are too sweet to me!  Happy Thanksgiving to you and yours.

Nov 24, 2009 04:12 AM
Wendy Rich-Soto, Realtor/Broker Associate
Keller Williams Realty, LA Harbor - San Pedro, CA
Getting you to your next with a zero failure rate!

Lisa,

Awesome post for buyers.  So many new things to learn!  This will help to prepare them for this big step!  Thank you so much!!

Dec 07, 2009 06:15 PM
Lisa Heindel
Crescent City Living LLC - New Orleans, LA
New Orleans Real Estate Broker

Thanks, Wendy.  I'm always amazed at how many buyers don't think beyond how much it will cost to move in when they really need to be prepared for the reality of home ownership.

Dec 08, 2009 02:50 PM
Teral McDowell
Referral Patners LLC - Murphy, TX

Lisa, a really good post of what to expect as a new homewoner.

Dec 10, 2009 09:20 AM