Thinking about buying in New Orleans? Single family versus condo?
Well, summarized...it is all about risk. The risk can be attributed greatly to insurance risk.
A major advantage with buying a condo versus a single family home in and around New Orleans right now is spreading your risk in the case of another major storm. Now for those of us who do not believe in global warming, I will later on direct you to another website and show you places in the world I have visited including the Amazon that are turning from Jungle to desert, live coral to dead zones.
With that said, for when we next have a storm, it may be a good idea to get into a condo where when you have to fight the insurance company there are 100 of you versus if you are just one person. 100 people fighting against 1 company tends to work easier than 1 person against 1 company.
When looking at condos in this area....the following are some MAJOR words of caution:
1) How much are the condo fees?
2) Who holds the majority ownership?
3) What is REALLY included in the fees? Some play a game of "low fees" then tack on details such as "oh, water /sewer is not included."
4) READ ALL DOCS CAREFULLY!!!! I cannot stress this enough...if the condo price is more or less than 40% of the next closest comparable, you may want to do some more homework and see why.
5) If you are looking at a new condo development, tread carefully my friend, because the finance people will...make sure costs don't start escalating once you make your downpayment.
6) As of 8/26/07, be very cautious of certain mortgage companies, especially those in the news lately.
