I sell quite a few condos to students going to Tulane, Loyola, LSU Medical School, Tulane Medical School, Loyola Law School, LSU Dental school and others. The same goes for young doctors doing their residences or fellowships at local hospitals. A condo offers a carefree lifestyle for the student to concentrate on their students in a safe and quiet environment. They can also double as a second home for the parents.
The Second Home Advantage- You can borrow at the same rate as you can on a primary home. At around 5% , this rate is great. The values have been stable in most of these areas for the last 4 years. You may not make anything in the short term but you are building equity month by month. Once the student is finished school you can use it as a second home.
The Condo Advantage- Your upkeep is only on the inside of your unit. The upkeep and Insurance are paid monthly in your condo fees. Your time is free to enjoy the time in New Orleans. Leaves you time to enjoy school and your studies.
Locations for Students - Most of the condos that sell to students are in the Uptown area of New Orleans along with the Warehouse District. The Warehouse Distance is a short distance to the Medical schools and all the local hospitals. Uptown along St. Charles and over to Magazine Street are also great locations for condos in prime areas. You will never spend much time commuting in these areas.
Roommates can help pay the rent- Getting a roommate can help you pay your note. There are plenty of students that would love to live in a nice condo. I cannot guarantee great roommates. However they are not hard to come by in a city where rents are high for the nicer locations and places.
New Students and Buyers come every year- When you are ready to sell there will always be some buyers. In this market you as a buyer have to know the locations and types of places that will be in demand when you are ready to sell. Its the location, condition and style that will give you the best return. Do your homework or ask me your questions!
New Orleans offers a well rounded education that students generally remember the rest of their life. Many will want to repeat that segment of their life 30-40 years later. They can do that with the condo as a second home in New Orleans as time stops. Enjoy the Class of parades. Tuition Free in the early Spring of every year.
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