Tulane and Loyola Law Students New Orleans Condos and Homes, Why pay Rent? Find out the best Locations ?
Going to Tulane Law School or Loyola Law School consider buying a condo or home for your stay. Several things to consider to avoiding 3-4 years of rent !! You get the tax breaks and may even make money. Fifty times $800 is 40k over 4 years !!!
Appreciation Potential
The last 5 years has seen an average appreciation in real estate assets of 25%. A lot of areas have had much more. The areas where you would relocate have generally been higher. What does this mean to you. Your sales price 4-5 years ago was 150k and your sales price with a 25% gain would be 200k , which means you would make some money in addition to the tax benefits of owning. It gets even better because this gain is tax free if this was your residence for 2 years. You also get the money paid as equity when you leave. The gains will change depending on a number of things. Your rate of change will depend upon location more than all else.
Where am I going to find a condo or house for XXX Price?
That is where a good agent can help you. One that has done this a number of times. Some areas you will be priced out of the market. Some areas the commute will be too far for you. Some areas will not be nice. We do this everyday so we know the areas that will most likely have what you want. Our job is to narrow your choices down to the best available one at that time. We will point out the pluses and minuses of each so you can make an educated decision. The INTERNET will help us introduce the choices to you so we can narrow the choices down.
Security and Safety
This security issue should be a big concern for your safety and future value of your purchase. Their are reports available but your Realtor should be able to help you with this. It is always good the drive the areas around you neighborhood in the daytime and nite time to see what is going on. let your instincts be your guide.
Carefree Condo or Small Home
Both the home and Condo will be a good decision in terms of the investment angle. It depends upon the lifestyle you want. If you enjoy working in a yard and fixing things up around a home then a home is a better choice. If you want a more carefree type of housing then a condo may be a better choice. The condo is going to be more for your money because the cost of the land is not the large factor it is with a home.
Life style of your Own
Choose the areas where you will be comfortable. Are you an outdoors person? Is your spouse going to be home all day?. Can you have pets. Is most of your time going to be spent studying?
The neighborhood in which you live will heavily dictate your whole way of life-things like walking to a nearby park with your kids, knowing your kids are attending good schools, feeling safe when your children play outdoors, being close to restaurants and shopping, enjoying a short commute, and knowing your home will appreciate at a healthy rate. Of course one way to get started in your neighborhood search is to get in your car and explore, especially if you're unfamiliar with the area. Get an idea about the neighborhoods by driving around and seeing which areas appeal to you. Walk around, explore, and talk to some of the residents.Take note of the general appearance of the homes. Are they well maintained? Are they nicely landscaped?
If you have children, you might be looking for a neighborhood with plenty of children around, as opposed to neighborhoods that attract more seniors or young singles.Other factors you'll want to consider are the schools, crime, your family's specific needs, and appreciation - as in how much the value of the home is likely to increase.
Tax Benefits of Owning
The tax benefits of owning are because you can deduct your taxes and interest on your federal and state taxes. You cannot deduct condo fees. If you are in the 20% bracket then your deduction is worth 20% of your total interest and taxes. Lets say that comes to $1000 per month then your monthly savings are $200 per month. This has to be considered as a reduction in your monthly cost. You will also be building equity meaning you are paying down the note even though the number is small in the beginning. You get your equity back when you sell.
Commute Times
Being close to school and hospitable is important so the areas to consider are uptown/garden district for condos. Looking for houses then the prime areas are Mature,Old Mature, Lakeview,Old Jefferson,Harahan,River Ridge,and even Kenner is 40 minutes away and an easy commute. Condos are also going to be in these areas as well.
Schools do Matter
You may not have any kids but schools and their quality are a good indication of the neighborhood and future real estate values. People want to be in areas with good schools and low crime.
Loans that meet your needs
You can save money on your monthly payment by not getting a 30 year loan but getting a shorter term loan for 5-7 years. You will not be here that long so go with the shorter term loan. The rates will be lower for these. Lenders have a variety of products so check with them on what is right for you. We can direct you to the low fee lenders.
I Have inserted the local real estate map so you can get an idea of where you are. There are numerous places to live within 15-20 minutes and much more within 30 minutes of school. The warehouse district which is area 67 is a street car or 15 easy minutes away. All along St. Charles Ave going toward the schools various housing of either homes and condos are available. You can even live in Jefferson Parish which is a short ride away and much less expensive property is available.
Students are pleasantly surprised to find how livable and affordable New Orleans is. One source (classifieds.yahoo.com/cities/categories/cost of living.html) places New Orleans at 89% of the national cost-of-living average, compared to cities like New York and Boston, which are ranked at over 200% of the national average. Based on this data, New Orleans is less expensive than Washington DC, Los Angeles, Philadelphia, Atlanta, Chapel Hill, Ann Arbor, Seattle, Austin, and Houston, among others
Drop me an email or pick up the phone and call for you expert in finding great condos and home for todays Student and tommorows Investment !
New Orleans Real Estate, take a few minutes to let me know via e-mail or just call me with what you need as far as commute time, schools, location, type of home or condo, price range, size and amenities you are looking for. Putting this in your own works will help me in your search, let us know what you like Listening to your Needs Thanks Eric
One of the best ways I can help you in your search is to let me know in your own words what you are looking for and I can match the best properties and neighborhoods for you. Feel free to call me or send me an e-mail to Eric
Eric Bouler Gardner, Realtors® Louisiana License 4509 Veterans Blvd. Metairie, La 70006
Eric is working as a Buyers Agent for almost all the properties that I profile, meaning I do not personally have these condos listed. I will work for you! I can give you the pros and cons on the various units and projects currently on the market and let you choose the units that best fit your needs. Let my experience work for you. I work for you !
Users are Responsible for Checking the Accuracy, Completeness, Currency, and Status of All Information. When buying think " Buyers Beware"
