Real estate in New Orleans
August 23, 2010 8:09 PM Subscribe
RealEstateFilter: I'm young, single, nearly debt-free and tired of paying lots of money to live in an apartment. Should I buy a house when my long-term plans don't necessarily have me sticking around more than 3-5 years? It's in New Orleans!
posted by ista to Work & Money (14 answers total) 2 users marked this as a favorite
I've lived in the city about 5 months. I can't help but check out the for-sale signs on the cute shotguns Uptown/GD. I'm paying too much money on rent to be living in a boring apartment surrounded by strangers.
I'm aware that with an 'older' property in New Orleans, there will be significant expenses beyond mortgage--maintenance, repairs and especially insurance. I want to spend time and money on a place I'm going to love.
Mid-term plans/hopes include going back to school in about five years, probably on one of the other coasts. So I would be pretty far away, and I'd either need to sell, or rent for enough to cover (most of) the cost of mortgage and maintenance.
General real-estate questions:
-Of course people buy houses and then move in the span of 4-6 years. Is this a bad practice? Other than the risk of the housing market falling, what is there to lose?
-How much do I "need" to save for a down-payment before I buy? Recognizing that this is something I'd like to do in the next year or two if at all.
New Orleans-specific questions (for those who know it's not covered in oil):
-Is there anything specific to New Orleans that makes it a true exception in real-estate terms? How bad/different is it really compared to any other housing market?
I appreciate your insight as I don't know much about the subject of real estate (resource recommendations also welcome!)