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Buying Fixer-Upper Real Estate in Lafayette Louisiana
- Real Estate Relocation
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When you first start looking for homes in Lafayette Louisiana you may find some “steals” on the Web. Homes that are advertised as handyman’s specials. It is very important to look at the neighborhood when looking at these houses. If the homes surrounding the house in question are well maintained and it is a nice neighborhood, then you should calculate what it will take to improve the home to a comparable standard. If the cost of the fixer-upper and the cost of the home improvements is still under the median cost of other houses in the neighborhood and you have the skills or the cash to do the repairs, then buying a fixer-upper might be a good investment. You can then make the house into your home!
However, beware of homes that are extremely cheap in neighborhoods that are in a decline. The home’s price may be not only a reflection of the condition of the house, but of the declining neighborhood. This is where a Lafayette Real Estate agent who is an expert in Relocation to Lafayette Louisiana can help you evaluate whether the purchase will be a sensible investment for you. Click on the FREE “Relocation to Lafayette Louisiana” real estate information package. One of our Lafayette Louisiana Real Estate agents will contact you to help with your relocation to Lafayette Louisiana.
Whatever you do, if you are considering buying a fixer-upper home, make sure you have it inspected by a qualified home inspector. Place a contingency clause in the contract subject to approval by you of improvement estimates. Repairs that you guess may take $10,000 may end up costing twice that! Make sure that before you close you have the necessary skills and assets to turn the house into a home within your budget! Click on the link above and our New Quest City Lafayette Real Estate agent can help you with your relocation to Lafayette Louisiana by providing guidance and expert advice on every process of the purchase.
FINANCING A FIXER-UPPER. Some mortgage lenders will allow you to close on the home with a construction loan and then place permanent financing on the home as soon as the repairs are made. This gives you the freedom to put your cash down on the home to benefit from reducing or eliminating Private Mortgage Insurance without having to come up with additional cash to do the improvements. Your New Quest City Lafayette Louisiana Relocation Realtor can help you find a local mortgage company that can help you with a construction loan.
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Lafayette is a city on the Vermilion River in Lafayette Parish, in the U.S. state of Louisiana. Lafayette is the parish seat. As of the 2000 census, the city had a total population of 110,257; a 2004 census estimate put the metro area's population at 246,160. It is the fourth largest city in the state. The city was founded as Vermilionville in 1821 by a French-speaking Acadian named Jean Mouton. In 1884, it was renamed for the Marquis de Lafayette, who assisted the United States during its Revolutionary War. The city's economy was primarily based on agriculture until the 1940s, when the petroleum and natural gas industry became dominant. The city is also home to the University of Louisiana at Lafayette, formerly University of Southwestern Louisiana. Lafayette has a strong tourism industry, attracted by the Cajun and Creole cultures of the surrounding region and hosts the annual Festival de Musique Acadienne, Festivals Acadiens, and the annual Festival International de Louisiane. -- Source: Wikipedia.com
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Census Data for Lafayette, Louisiana
| Lafayette | Louisiana | United States | |
| Population | 110,257 | 4,468,976 | 281,421,906 |
| Median age | 33.1 | 34 | 35.3 |
| Median age for Male | 31.4 | 32.6 | 34 |
| Median age for Female | 34.8 | 35.3 | 36.5 |
| Households | 43,506 | 1,656,053 | 105,480,101 |
| Household population | 105,819 | 4,333,011 | 273,643,273 |
| Average household size | 2.43 | 2.62 | 2.59 |
| Families | 27,116 | 1,156,438 | 71,787,347 |
| Average family size | 3.07 | 3.16 | 3.14 |
| Housing units | 46,865 | 1,847,181 | 115,904,641 |
| Occupied units | 43,506 | 1,656,053 | 105,480,101 |
| Vacant units | 3,359 | 191,128 | 10,424,540 |
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