Planning to move to New Orleans soon? You probably want to learn as much as possible about the area to ensure you make a smart real estate investment once you get there. There are many common questions home buyers want to know about New Orleans and the various real estate markets. The following are several pieces of information that can help you find the right real estate property in New Orleans.
Schools
Within the New Orleans metropolitan area, 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 aren’t the only good schools in the area, you just need to check other individual schools for their reputations. There are several excellent private schools in many parts of the metropolitan area that also meet the highest quality standards.
Travel times
If you are not interested in living within the city limits, there are several wonderful communities an hour away from the city. These include Slidell, Mandeville, and Hammond 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 along the river.
Real estate prices
As with any major city, real estate prices in the New Orleans region are likely to decline the further away they are from the metropolitan area. Plus, you get more home and yard for your dollar outside of city limits. One good thing about the area is that home prices have continued to appreciate slowly but steadily over the past few years, unlike many other parts of the country.
The era of real estate
Much of the real estate available in and around New Orleans is considerably old, generally in the 40 to 50 year range. The city was established in the early 1700s and has been densely populated ever since, making it difficult to build something new close to all the downtown action.
Newer houses will be located much further afield and will generally be more expensive than older houses. If you’re interested in what’s new, you might want to try the Kenner, St. Rose, or Mandeville and Slidell communities.
Types of real estate in New Orleans
Since the inner parts of the New Orleans metropolitan area have been so busy, some of the smartest and least expensive options are condos and townhomes. There are many conversion projects taking place within the city, converting old factories and commercial buildings into condominiums. For those looking to purchase an investment property, these new high-rise apartments may be the perfect way to go.
Property taxes in New Orleans
Lastly, 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 tax rates are relatively low compared to much of the country. In some cases, you may pay only 0.5 to 1 percent of the home’s value. Please note that flood insurance is required for most surrounding areas and will add slightly to your total homeownership costs.
