Rent to Own Homes in New Orleans
The below results are primarily rent to own homes in Orleans Parish, LA:
New Orleans is one of the most cherished cities in the United States, and that’s not just because New Orleans residents had to fight through the tragedy of Hurricane Katrina. This southeastern Louisiana city has been entertaining guests from around the world for generations through the unique Mardi Gras celebration. It’s also one of the few cities where you can hop on a streetcar and relax while staring at beautiful mansions. Of course, the cuisine of New Orleans has its own personality and peeling crawfish is a skill all locals must learn.
While there’s much more to this city than the nightlife, visitors do come from around the world to experience nightclubs like Metropolitan New Orleans. The Greater New Orleans area has made its name for its unique culture filled with lighthearted fun and delicious food, and most locals embrace that culture wholeheartedly.
Buying a Home in New Orleans
The real estate market in New Orleans is about as interesting as the city’s culture. After Hurricane Katrina, there was an abundance of damaged homes on the market selling for unusually low prices. Developers and home buyers willing to fix up these properties swooped in to help the city recover.
Today, the city has revitalized, and there aren’t nearly as many homes in need of renovation. More homes of move-in quality are on the market, and there’s a healthy home-buying population now willing to pay tens of thousands of dollars over asking price to win the homes of their dreams. The best thing you can do is work with your budget to determine your maximum spending power, and then work closely with a realtor willing to act fast on your behalf when a property hits the market that meets your needs.
Popular Neighborhoods in New Orleans
If you’re moving to New Orleans because you want to immerse yourself in the excitement of the nightlife while still enjoying a safe residential community, Uptown is for you. The neighborhood is close to a variety of bars, restaurants and shopping centers, yet you can buy a comfortable home or condo that keeps you on the outskirts of the action. The catch is that prices in this neighborhood push well above $300,000. Carrollton and the Garden District are alternatives with the same close-knit vibe and access to bars and restaurants.
For a quiet, refined neighborhood with spectacular views of the river and downtown area, take the ferry to Algiers Point. The Algiers neighborhood is peaceful and scenic, catering to those interested in more distance from the nightlife. If you enjoy waterside living, Lakeview will take you out to the coast with a peaceful, relaxing vibe.
Buying vs. Rent to Own Homes
The aggressive real estate market in New Orleans today is a bit intimidating. Even if you have a rather impressive budget for your home, you may need to up your game if you want a home in one of the more popular neighborhoods. Many realtors are now telling stories of placing bids far over the asking price and losing out to even higher bidders. Before you get discouraged and start looking for homes outside of the city, consider a rent-to-own property.
Homes with this unique option allow you to rent your home now with the option to purchase later. Not all homes on the market will offer this agreement, but it is something to consider if you aren’t certain you’re ready to compete. You can use the rental period to save up a more substantial down payment or put together some earnest money. You may also improve your credit rating so that you qualify for a lower interest rate, reducing what you pay for your home even if you do have to bid over asking.
Cost of Living in New Orleans
The overall cost of living in New Orleans is comparable to the national average, but you have to consider the rising cost of housing. This trend is expected to continue for many years because this is one of the most popular cities in the world, but availability is quite limited. Whether you’re moving from another area of Louisiana or from another state or country, you should consider maximizing your housing budget while reducing expenses in other areas. The cost of goods and services remains quite reasonable, and utilities are often below national averages.
There is almost no end to the list of reasons people are lining up to live in New Orleans. As home to Mardi Gras, a unique food culture, and one of the biggest revitalization efforts in history, this is one of the most well-known cities in the world. Most neighborhoods fit within the unique culture of the city and represent some aspect of the area’s history, yet you can cross the river and enjoy views of the city from a quieter, more peaceful terrain. If you want to live your life to the fullest in an area with a reasonable cost of living, consider heading to the Big Easy.
Rent to Own Realtors
When it comes to contracts, there are usually plenty of loopholes. You don’t want to be blindsided because your counterpart in a rent to own deal knows them better than you do.
A realtor might be the logical person to ask for help with a real estate deal, but instead, you should consult with a lawyer to ensure that your lease-option contract benefits you just as much as it benefits the other party.
Realtors likely will not want to help you with a lease-option because they don’t make a lot of money off of them – at least, they don’t make a lot of money until the end of the lease, and that isn’t a guarantee.
Regardless, a lawyer will have more accurate information about your contracts anyway.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
Reported Annual Crime In New Orleans