Home Buying in New Orleans>Question Details

raysfineart, Home Buyer in New Orleans, LA

When I look at a listing's estimate of costs I see an arbitrary 1.3% allocated for taxes and insurance per month. How accurate is that?--

Asked by raysfineart, New Orleans, LA Sun Sep 15, 2013

1--That's 1.3% of what?
2--Does that include the homestead exemption?
3- On the insurance side, Does that presume homeowner's insurance and flood insurance and if so, how is that computed? By the city/statewide averages for similar properties? for all properties?

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Answers

2
Figure 1% for property taxes
insurance is wind and hail for $3000 to $8000 depending on the size and type of house, age, updates, and many more variables
Flood insurance: as low as $350, and as high as $5000...once again...depends on the specific property..location, location, elevation, location. Did I mention location?

There is no one number for what you are looking for.
Sounds like you need a Buyer agent to help you.
Start with this link and watch the video:
http://iansellsnola.com/buying/insurance-what-you-need-to-kn…

To get even more pertinent information specific to New Orleans click on the link below
1 vote Thank Flag Link Sun Sep 15, 2013
This is a national average used by Trulia. In short, it's pretty useless! If you want to know actual taxes, check the assessor's offices. For insurance rates, call an insurance agent.

Or as mentioned below, you could work with a buyers agent who is well versed in the area you are interested in. He/she will do the legwork for you. I would not purport to advise you on something uptown or in the quarter, but if West St Tammany is on your radar I'm your resource!
0 votes Thank Flag Link Sun Sep 15, 2013
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