Loyola and Tulane Law Students!

Whether your school is Loyola or Tulane, you should consider buying a condo or home for your stay. Here are two reasons to avoid paying 3 years of rent! You get tax breaks and may even make money! The cost of renting:  Thirty-six times $800 is 28.8k over 3 years !!!

Loyola and Tulane Law Students New Orleans Condos and Homes, Why pay Rent? Find out the best Locations .   Appreciation Potential  The last 5 years have seen an average appreciation in real estate assets of 25%, that's 5% per year. Many areas have enjoyed even more. The areas most attractive to law students have been in the higher group. What does this mean to you? Your purchase price 3 years ago was 150k.  Your sales price with a 15% gain would be 172.5k.  You would make some money in addition to the tax benefits of owning. It gets even better! This gain is tax free if this was your residence for 2 years. There's more.  You also get the money paid as equity when you leave. The gains will change depending on a number of factors.  Your rate of appreciation 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 who has done this a number of times. In some areas you will be priced out of the market. Other areas will require more commute than you wish. Some areas will simply not be nice. We do this everyday.  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 to help you make an educated decision. The INTERNET will help us introduce the choices to you so that together we can narrow the field.  Security and Safety  The security issue should be a big concern both for your safety and the future value of your purchase. There 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 at night to see get a feel for the area before it becomes you home!  Let your instincts be your guide. Carefree Condo or Small Home   Either the home and Condo will be a good decision in terms of the investment angle. The choice depends upon the lifestyle you want. If you enjoy working in a yard and fixing things around the house, a home is a better choice for you. If you want a more carefree type of housing then a condo may be a better choice. The condo is going to offer 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?. Do 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 children, knowing they 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 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 first tax benefit of ownership is the fact that interest and property tax are deductible from both your federal and state income taxes. You cannot deduct condo fees. If you are in the 20% bracket, your deduction is worth 20% of your total interest and taxes. Lets say that comes to $1000 per month.  Your monthly savings are $200 each month. This has to be considered as a reduction in your living expenses. You will also be building equity.  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  If being close to school is important, the areas to consider are uptown/garden district for condos. Looking for houses?  The prime areas are Metairie,Old Metairie, Lakeview,Old Jefferson,Harahan,and River Ridge. Kenner is 40 minutes away and an easy commute. Condos are also available these areas.  Schools do Matter  You may not have any children, 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 the shorter term loan makes sense. The rates will be also be lower for these. Lenders have a variety of products.  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, area 67, is a street car or 15 easy minutes away. All along St. Charles Ave going toward the schools various  homes and condos are available. You can also live in Jefferson Parish which is a short ride away and which offers much less expensive property.      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 an email or pick up the phone and call for your expert in finding great condos and home for today's Student and tommorow's Investment !                         Jack Saux, he's the short and smart one! Let Jack and Eric save you time and money. Let our experience work for you. Give Jack a call 504-782-0072 or E-mail Eric

mailto:ericbouler@prodigy.net