Buying a piece of property in New Orleans can be a lucrative investment. With the right location and management, you can rent the property out to responsible tenants. A rental in a popular tourist location can increase your monthly income so you can buy additional rental properties around the city.
Most property owners looking to rent in New Orleans buy homes or condominiums. Each type of dwelling offers unique benefits to real estate investors, along with some challenges.
Explore the pros and cons of buying a condo versus a house in New Orleans and how professional management services from Certain Management help you get the most out of your rental property.
Buying a Home: Pros & Cons
To buy a rental property, look at units or buildings for sale in an excellent rental location, make an offer, secure financing, and close on the purchase. Once you own the home, you are responsible for listing it for rent, creating a rental contract, vetting tenants, and maintaining the property.
The pros of buying a house in New Orleans include:
- Privacy
- Ability to make changes to the structure
- Tax benefits
- Total control over rental terms
Buying a single-family home with the intent to rent it out also presents several challenges, such as:
- Lack of available options in desirable neighborhoods
- High cost for excellent locations
- Responsible for all maintenance and administrative duties
- Difficulty finding reliable tenants
- Rent may not cover the mortgage payment
Pros & Cons of Buying a Condo
A condominium is a housing complex with separate units owned by different residents. Condos typically have shared living spaces and amenities, such as courtyards, pools, or onsite gyms. In addition, condominium residents share expenses for repairs and maintenance.
Generally, the benefits of buying a condo include:
- Lower initial investment
- Built-in community
- Great location
- Perfect for downsizing families
- Less maintenance responsibility
- Better amenities
Despite these benefits, there are also a few cons to buying a condo, such as:
- Possibly restrictive rules and regulations
- Less privacy than a stand-alone house
- Potentially high HOA (Home Owners Association) fees
Home or Condo: Which is Best for Property Owners?
A condominium provides better opportunities for investors looking to buy a property to rent in New Orleans or the surrounding areas. Condos are centrally located, more widely available, and cost less than single-family homes in the area. You will likely have an easier time finding tenants to rent your centrally located condo.
With the help of Certain Management, you will also experience less stress concerning managing the property. Certain Management is a property management company specializing in working with condominium associations to manage properties in the greater New Orleans area.
We offer administrative, financial, and property maintenance services as part of our condominium management. Because this is our area of expertise, we cover every aspect of condominium management required by the condo association.
Maintain Your Rental Property With Certain Management
If you are considering buying rental property in New Orleans, opt for a centrally-located condominium. Renting out a condo offers you a more lucrative and hassle-free experience than buying and renting a single-family house.
When you’re ready to find tenants for your condo, work with Certain Management to handle your daily operations. Send us a message online or call us at (504) 342-2554 to learn more about how we make renting your property easy for you.
