New Orleans Real Estate News: August 2011

Don't Take New Orleans Real Estate Advice from a National Real Estate Site

There is a recent article at CNN discussing the merits of buying vs renting in different parts of the country. In some places, rental properties are in high demand, so the price of renting can be higher than the cost of owning. In other places, not so much. It's some fairly good information about what you should consider when determining if it's a good time for you to buy instead of renting.
 
New Orleans real estate
 
Here's a bit of the article:
Should you rent or buy?
The buy-rent calculation is just one part of the decision-making process. Other factors include:
  • How long you plan to stay. If you're not keeping the home for several years, transactional costs of buying and selling (e.g; commissions, closing costs) can wipe out any buying edge.
  • Whether you have cash for closing. It's not easy to find banks willing to lend more than 80% of the cost of a home. That means buyers have to come up with 20% down, plus closing costs. On a $200,000 home, that's $40,000.
  • Whether you can cover all the homeownership costs. It's not just the mortgage: There are property taxes, insurance, heat, utilities and regular maintenance.
  • Whether you can claim the tax advantages of homeownership. Mortgage interest is deductible and can shave a lot off tax bills but this benefit accrues mostly to high income earners with substantial mortgage payments. Many borrowers claim the standard deduction on their taxes and so derive no savings from the deduction.....Read the entire CNN post

Myy issue with their advice has to do with having cash for closing..."it's not easy to find banks willing to lend more than 80% of the cost of a home"....

NOT TRUE! ...Finish reading at West Bank Living

CCL logo

Your source for everything New Orleans

 

Search New Orleans homes for sale

Explore New Orleans neighborhoods

Take our New Orleans neighborhood quiz

 

fb like button      instagram       yt logo

Comment balloon 5 commentsLisa Heindel • August 17 2011 06:50PM
Don't Take New Orleans Real Estate Advice from a National Real Estate…
share
There is a recent article at CNN discussing the merits of buying vs renting in different parts of the country. In some places, rental properties are in high demand, so the price of renting can be higher than the cost of owning. In other places, not… more
If You Don't Want It, What Makes You Think The Buyer Does?
share
I know that moving is hard work. After our last move, I informed my husband that I'd rather burn down the house than have to pack up and then unpack all of our belongings ever again. I can't imagine how much harder that would have been if we were… more
Expect Good Customer Service
share
Real estate is a customer service business. Yes, there's a lot more to it than that, but the bottom line when you choose a REALTOR®, a home inspector, a lender or a title company is that they should not only provide you with expert guidance in… more
New Orleans West Bank Real Estate | Home Sales and Market Trends June…
share
June 2011 Home Sales on the West Bank of New Orleans Keeping you up to date with real estate activity on the West Bank of New Orleans here are the June 2011 home sales reports by community: Belle Chasse LA English Turn.. more