What You Need to Know Before Investing in New Orleans Real Estate
Are you planning to relocate to New Orleans soon? You probably want to learn as much as possible about the area to make sure you make a smart real estate investment once you get there.
There are many common questions that home buyers want to know about New Orleans and the various housing markets.
The following are several pieces of information that can help you find the right real estate in New Orleans.
Schools Within the metro area of New Orleans, the best public school districts are in St.
Charles, East Jefferson, and St.
Tammany, achieving high ranking academic scores and showing excellence in their other programs as well.
Still, these are not the only good schools in the area, you just need to check around into other individual schools to find out their reputations.
There are several great private schools in many parts of the metro area that also meet top quality standards.
Commuting Times If you're not interested in living right inside the city boundaries, there are several wonderful communities within an hours' distance of the city.
These include Slidell, Mandeville, and Hammond to the north of the city and across Lake Pontchartrain.
Much closer and to the northeast are Metairie and Kenner and to the immediate east are Harahan, River Ridge and Destrehan all along the river.
Real Estate Prices As with any major city, the real estate prices in the New Orleans region are likely to decrease the farther away they are from the metro area.
Plus you get more house and yard for your dollar outside the city limits.
One nice thing about the area is that home prices have slowly but steadily continued to appreciate over the past several years, unlike many other parts of the nation.
The Age of Real Estate Much of the real estate available in and close to New Orleans is considerably old, generally in the 40 to 50 year-old range.
The city was settled in the early 1700s and has been densely filled in since that time.
, making it difficult for anything new to be built close to all the action of the downtown area.
The newer homes will be found much farther out and will typically be more expensive than the older homes.
If you are interested in new, you may want to try the communities of Kenner, St.
Rose, or Mandeville and Slidell.
Types of New Orleans Real Estate Since the inner parts of the New Orleans metro area have been so heavily filled in, some of the smarter, less expensive options are condos and townhouses.
There are many conversion projects taking place within the city, turning old factories and commercial buildings into condos.
For those looking into buying investment property, these brand-new high rise flats can be the perfect way to go.
Property Taxes in New Orleans Finally you may want to know how much you will end up paying in property taxes to own a home in New Orleans.
The good news is that the tax rates are relatively low compared with much of the country.
In some cases you may pay just 0.
5 percent to 1 percent of the home's value.
Be aware that flood insurance is required for most of the surrounding areas and will add slightly to your total homeowner's costs.
There are many common questions that home buyers want to know about New Orleans and the various housing markets.
The following are several pieces of information that can help you find the right real estate in New Orleans.
Schools Within the metro area of New Orleans, the best public school districts are in St.
Charles, East Jefferson, and St.
Tammany, achieving high ranking academic scores and showing excellence in their other programs as well.
Still, these are not the only good schools in the area, you just need to check around into other individual schools to find out their reputations.
There are several great private schools in many parts of the metro area that also meet top quality standards.
Commuting Times If you're not interested in living right inside the city boundaries, there are several wonderful communities within an hours' distance of the city.
These include Slidell, Mandeville, and Hammond to the north of the city and across Lake Pontchartrain.
Much closer and to the northeast are Metairie and Kenner and to the immediate east are Harahan, River Ridge and Destrehan all along the river.
Real Estate Prices As with any major city, the real estate prices in the New Orleans region are likely to decrease the farther away they are from the metro area.
Plus you get more house and yard for your dollar outside the city limits.
One nice thing about the area is that home prices have slowly but steadily continued to appreciate over the past several years, unlike many other parts of the nation.
The Age of Real Estate Much of the real estate available in and close to New Orleans is considerably old, generally in the 40 to 50 year-old range.
The city was settled in the early 1700s and has been densely filled in since that time.
, making it difficult for anything new to be built close to all the action of the downtown area.
The newer homes will be found much farther out and will typically be more expensive than the older homes.
If you are interested in new, you may want to try the communities of Kenner, St.
Rose, or Mandeville and Slidell.
Types of New Orleans Real Estate Since the inner parts of the New Orleans metro area have been so heavily filled in, some of the smarter, less expensive options are condos and townhouses.
There are many conversion projects taking place within the city, turning old factories and commercial buildings into condos.
For those looking into buying investment property, these brand-new high rise flats can be the perfect way to go.
Property Taxes in New Orleans Finally you may want to know how much you will end up paying in property taxes to own a home in New Orleans.
The good news is that the tax rates are relatively low compared with much of the country.
In some cases you may pay just 0.
5 percent to 1 percent of the home's value.
Be aware that flood insurance is required for most of the surrounding areas and will add slightly to your total homeowner's costs.