Financing New Orleans Condo’s as a 2nd Home
January 18th, 2009 categories: Julie's Mortgage Tips, Second Homes
Rents in the Uptown New Orleans and the New Orleans Warehouse District are $1200- $1800 monthly. Instead of paying rent for the next four years college students parents can buy a condo as a 2nd home and reap the benefits. Some parents will be able to use the interest paid on the 2 nd home to lower their tax obligation. Buying in today’s market while values are down should equal appreciation 3- 4 years from now. Rates are at an all time low and its nice to be able to take advantage of it. 2 nd home rates are as low as your primary residence rates. For more information feel free to give me a call. — Julie Baudier
Julie has helped me on many occasions to run the numbers and give you ideas on the notes, taxes and tax savings ideas of owning. Many people will buy a condo for their kids to stay in while in school and keep it as a second home after graduation. Once the kids are gone it is like finding gold in your yard until they come back home. But then its much cheaper as they are just visiting ! Kids are wonderful but can get expensive.
Check out the Rent versus Buying analysis.
