Housing and Real Estate
Updated On: 7/13/2011 2:59:03 PM
PLANNING YOUR MOVE
Despite the fact that the country has been dealing with an economic slump, home prices in the Shreveport-Bossier area have remained surprisingly stable, with selling prices of homes even increasing slightly in 2009. Median home prices are in the $162,000 range. With the population steadily increasing and the unemployment rate sitting lower than many other places, it is anticipated that housing prices will continue to increase rather than drop. This is good news for those wanting to purchase a home in the area, but there are still many key factors to consider when it comes to planning your move.
RENT OR BUY
The decision to rent or buy depends not only on a person's financial status but also on other key issues that include how much of a commitment you want to make to a home, how long you plan to live in the area and how your personal needs fit in with either renting or owning.
Purchasing a home requires not only a larger financial investment but an emotional commitment. Homeowners get the advantage of building equity, tax breaks and the freedom to do whatever they want in regards to décor, landscaping and upgrades. The flipside of that includes being responsible for all maintenance and upkeep, paying property taxes and a fluctuating real estate market that can mean large drops in equity for some homeowners.
Renting can make moving easier. Many apartment complexes offer amenities such as laundry rooms, pools, parks and gated communities for security. The initial cost is minimal as compared with buying a home, and a landlord is responsible for maintenance and upkeep on the property. Disadvantages include no tax write-offs for rent monies paid, restrictions on personal touches to the property such as painting or upgrading and having to abide by rental agreements that may not allow pets or limit control over the residence.
Review your options and consider your financial situation and future plans then decide on your level of commitment before determining which choice is best for you and your family.
Buying a Home
With the real estate market being more volatile than ever, lenders have become much more stringent on making sure their buyers are qualified to purchase a home. A real estate professional or lending institution can prequalify you for a home loan, giving you an overview of what you can afford to purchase, how much your down payment will be, interest rates, taxes and insurance costs. Loan program rules vary depending on the agency, but a general rule of thumb is a housing payment should not exceed 28 percent of the buyer's income. There are both federal and state loan programs available to qualified buyers, including FHA, VA and USDA. The State of Louisiana also offers special programs for teachers and other professionals working in an educational capacity, as well as programs for persons with disabilities.
Determining the kind of home that best suits your needs is the next step in the home-buying process. Hiring a reputable, licensed real estate agent is integral to being able to see all the houses on the market, as well as researching online via real estate MLS listing services and real estate agencies. You should consider location, school district if you have children, proximity to work or other activities and what kind of amenities you want. Do you want a more rural area, or do you prefer an urban environment? Private pool? Community center or parks? Do you want a newer home with minimal cosmetic issues, or do you enjoy the challenge of a "fixer-upper" and putting in some sweat equity? Other considerations include number of bedrooms and bathrooms you might need and whether you prefer a single family home or the lower maintenance of a town home or condo.
Your real estate agent will be able to direct you toward whatever kind of home you decide on, evaluating your needs and the housing market itself. Once you find a home, the process turns to making an offer to the seller and, once that has been accepted, a written contract. Contracts will include information on the home inspection, what items the buyer pays for and which are the seller's responsibility, as well as the real estate broker's commission and details of the closing dates.
It generally takes about 30 days for all steps to be completed in the purchase, which can vary depending on your loan program requirements, any repairs that the home inspection might uncover or scheduling times for the closing date.
Renting a Home
The median rental price in Bossier Parish is about $800 per month, depending on location and amenities. As with purchasing a home, considering your own budget and financial plan is important when looking at rental properties. You will want to think about what kind of place you want—a house, condo, town home or apartment—as well as how big of a place you will need, whether you want a garage, location and extras such as a pool or security building. Resources for searching can include local newspaper ads or a property management company. There are also helpful websites such as http://www.craigslist.org and http://www.rentals.com. Make sure you research both the area and the rental unit before making a commitment. Talk to the property manager and make sure there is no miscommunication in what is expected of you as the renter and what is expected of the landlord. Talk to other tenants, visit the neighborhood at various times to gauge activity levels and check with the local police to review the crime rates in the area. If you are renting a condo or a unit in a gated community, look at the homeowner's association rules to make sure you are comfortable with the requirements. Always do a walkthrough of the property before you sign the lease, making sure to note any issues and getting a signed walkthrough statement. Read the lease agreement thoroughly before you sign it. A standard lease will include your monthly rental amount, due dates and late fees, as well as the amount of your security deposit. The lease should also specify how long you are legally bound to live there, what kind of notice you have to give for moving out and how long it will take the landlord to refund your security deposit.
COMMUNITIES IN SHREVEPORT-BOSSIER CITY
Planned and/or gated communities have become a popular option for homeowners throughout the country. Spacious homes, well-planned streets and community-minded extras such as parks, golf courses, tennis courts and swimming pools are often a part of these communities. Shreveport-Bossier City is no exception, with many communities to consider for those relocating to the area.
Twelve Oaks
This gated community was started in 2005 and sits on 400 acres in Shreveport. It consists of four "neighborhoods." There is a children's playground, pool and clubhouse for residents to enjoy, as well as an active homeowners association.
Riverbrooke
The Riverbrooke community is in Southeast Shreveport, near shopping malls and restaurants. It offers a wide range of home styles and models, many with amenities such as granite kitchens, tile, coach lights, backyard privacy fences and automatic sprinklers in the front yards. Homeowner's dues include front-yard maintenance, and a new park in phase two of the project will include a children's play area.
The Haven
Located in Southeast Shreveport, The Haven is a gated community with a jogging path, 24-hour security and a convenient location across from LSU Shreveport.
Southern Trace Golf Community
Designed around a championship golf course, this community encompasses 525 acres with the country club offering memberships for swimming, tennis, golf and fitness. It has 24-hour guarded entry and organized neighborhood events. The community is near Interstate 49, providing an easy drive to downtown areas and Bossier City.
Stonebridge Golf Community
Bossier City's own country club community is carefully planned with an 18-hole golf course, pool, tennis courts and clubhouse. There is a brick and wrought iron entrance.
Burgundy Oaks
Three stocked private lakes and lakefront lots make this an angler's dream. The homesites are large and wooded, with common walking paths throughout the neighborhood. There are both single family and patio homes available.
UTILITY COMPANIES
Gas
Reliant Energy Arkla
525 Miliam St.
Shreveport, LA 71101 (318) 429-3000
http://www.reliant.com CenterPoint Energy
525 Miliam St., Room 1440
Shreveport, LA 71101 (318) 429-3059
http://www.centerpointenergy.com Electric
AEP-Swepco
6130 Union Ave.
Shreveport, LA 71108 (888) 216-3523
http://www.swepco.com Phone
BellSouth (AT&T) (318) 798-7300
http://www.bellsouth.com Internet/Cable TV
Suddenlink
725 Benton Road
Bossier City, LA 71111 (318) 747-1666
http://www.suddenlink.com Comcast
6529 Quilen Road
Shreveport, LA 71108 (318) 213-4100
http://www.comcast.com Time Warner Cable
1431 Doctor Martin Luther King Drive
Shreveport, LA 71107 (318) 424-3622
http://www.timewarnercable.com read more...
