Second homes in New Orleans are popular for many different people for a variety of reasons!
Maybe you only want a second home in New Orleans because you’re a Saints fanatic who lives in Alabama, Texas, or Mississippi. Other reasons people consider a second home in the N.O. is they love driving in for all the festivals or Mardi Gras. If you’re only a few hours from the city and are tired of paying for hotels, a second home sounds like the perfect solution.
Others purchase a second home for their college kid to live in while attending a local university. After they graduate, the parents tend to keep it for themselves!
As a certified Second Home & Resort Specialist, we know the questions to ask and can develop the best plan for the long-term future for your second home. You want to work with an agent who knows the rental rules and won’t let you buy in a depreciating building.
WHERE
Most of our second home purchasers in New Orleans land in the CBD, Warehouse District, or French Quarter. Despite the way TV portrays the city, downtown shouldn’t be your only option.
You should consider other parts of the city: the Lower Garden District, Irish Channel, Uptown, and the Audubon area. These neighborhoods are near parade routes, along Magazine Street, and other famous restaurants. Don’t discount Mid-City either. Some fabulous condos on Bayou St. John offer quick access to Bayou Boogaloo and City Park.
Condo or Home?
This decision is ultimately yours to make. But if you get a larger home with a yard – who is taking care of it while you’re gone?
Second-home buyers tend to lean towards condos – which I think is the perfect option as you don’t have to maintain the exterior in any way.
However, if you’re looking for a little more privacy, I would consider a one-bedroom home. Most of our one-bedroom homes sit on tiny land pieces and require little to no maintenance in the yard.
Property Management & Air BNB
If you intend to rent the property while you’re not here, we can set you up with an awesome property management group. They can handle your tenants and any issues that arise while you’re not there.
Most condo buildings do not allow Air BnB rentals. If you intend to turn it into an STR when you aren’t in town, you need to check the association rules BEFORE buying the unit. In the remainder of the city, as of July 1, 2023, you will only be allowed to own an Airbnb in residential areas if you’re lucky enough to get a permit. Only one permit per square block is allowed, and it cannot be owned by a business or LLC.
Property Taxes
Your property taxes will be more expensive when you’re not a full-time resident of Louisiana. Once you move here permanently, you can file for homestead exemption and get them lowered. For an estimated tax amount – check out the city’s assessor site.
Resale
If this second home is only for 3-10 years, let’s make sure we are cognizant of future resale. And while we don’t have a crystal ball and can’t predict the future – we can look at trends and have a good idea if the identified property will have issues reselling.
No matter your desire to move to New Orleans, even part-time, we can’t wait to have you.
Let’s talk about New Orleans homes! Message us!