New Orleans Condo Search, Knowing where to start! Filtering your Choices?
February 15th, 2008 categories: Condo Knowledge
Knowing the price range is the first order of business when you are shopping for a New Orleans condo. Often times knowing the price range will determine where and what you will find in various areas of the city. Know what you can afford and what your total note will be. This means talking to a lender or mortgage person to find the details. I can tell you about taxes, condo fees, and other expenses but I cannot tell you what you can afford other than by rule of thumb numbers. This is the proper way to start. Make the price range that you are looking in a 10-15 % range once you have found the comfort range.
Just as important is to know where you would want to buy or begin to narrow the areas down so you can see the differences. Many times people will start to look in one area and realize that another area that is close by meets or exceeds all their needs and is much cheaper. They also may have never thought about area until I call it to their attention.
The types of units and the amenities that you want in a condo are going to further narrow or filter you choices. The type of condo is important as historic renovations are generally more expensive than the 1970’s apartment conversions. Quality of life and location tend to go together.
The amenities like parking, security, gyms, high ceilings, pools, and the updates desired will narrow the field down even more. Its much like a filter as you pour in the selections and filter out the things you would not like. There may be a hundred choices but once you filter your needs, you come down to 5-6 units that will meet your needs. Your criteria may have to change or the price range may have to be increased.
Do not forget the potential resale value. This is what most other people will like. This is what other people will pay for or will be more popular. 
Most people tend to like the same things and those are the ones that retain their value better. This is how a realtor with experience in this field is worth his pay.
Good explanation of the process, Eric. Then sometimes we have to turn the funnel upside down a bit, when desires and price don’t match.
lots of good info here. in my area, maintenance fees can be a shock and awe wake up call to buyers. One complex on the East side of Cleveland has units that are relatively affordable. You can buy a 1500 sq ft condo for less than 120k. But the maintenance fees are around $900/month. Nice photos too!