For most people, moving is one of the biggest events in life. Obviously, moving is not an easy task. It takes a lot of precise planning and good organization skills to pack your belongings for an average household move. Fortunately, you can always call professional movers or rent self storage Baton Rouge to make the moving process simpler. But moving is much more than just transporting your belongings from one place to another. Many important questions arise from the decision to relocate. Questions such as: Which neighborhood to choose? Is it better to rent or buy the property? Is it smart to invest in a home in Baton Rouge? Stay with us to find out so that you can make the best decision possible.
The reasons to move to Baton Rouge this summer
Most people move in search of better job opportunities and lower costs of living. Other reasons include studies, better climate, or marriage. So, what are some of the biggest selling points of Baton Rouge? Why more and more people are moving long-distance and settling in this city?
- Diversity. The city has a strong multicultural, multilingual heritage, being so strongly influenced by a mixture of 18th-century French, Haitian, Spanish, French Canadian, Native American, and African cultures.
- Rich culture scene. From blues festivals to opera and theatre, Baton Rouge has a diverse cultural scene.
- Plenty of employment opportunities. Baton Rouge has an exciting and expanding job market. The city is fast becoming the most important industrial, petrochemical, medical, research, motion picture, and tech center of the South.
- Child-friendly. The city boasts dozens of museums and parks and offers a range of activities perfect for kids and families.
- Reasonable prices. The costs of living in Baton Rouge are slightly lower compared to the national average.
Plan your budget wisely
The first question that you need to ask yourself is whether you have the financial capabilities to invest in a home. Owning a property is great in the long run, but renting is more affordable as a short-term solution. It also gives you more flexibility. This is something to consider given the fact that relocation expenses are no joke, especially if you use additional services such as packing services or services of storage units Denham Springs. Experts say that house payments shouldn’t exceed 25-30% of your income. If you love an urban lifestyle, the Downtown Arts and Entertainment District offers many interesting places within walking distance. The Capitol View North neighborhood has magnificent views of the Mississippi Riverfront, the State Capitol, and Capitol Lakes. If you intend to rent, downtown is a perfect choice.
Determine your goal before you invest in a home in Baton Rouge
Is your goal to provide a better tomorrow for you and your family? Or you are in the home-hunting business for the sake of profit? Needless to say, purchasing a revenue-generating asset can be a risky business. For that reason, you must carefully construct your business plan and determine if the investment is a worthy one. Generally speaking, seasoned investors follow the 70% rule. This means that most you should pay for a property is 70% of its value after repairs. With that being said, Baton Rouge is experiencing intense growth or redevelopment. New construction mostly consists of condominium and apartment communities, many of which will include new restaurants and art galleries. If you are not sure where to store the belongings during home renovations, storage units Houma LA is an efficient yet affordable solution.
Pros of investing in a property
Buying a home is probably the most expensive and most emotional purchase in most people’s lives. When that part is over, people are always looking for ways to improve the value of their homes. Here’s why that might be a good idea:
- Home renovations are a stable investment
- Investing in a property can generate passive income if you decide to rent it.
- Investing in a property is a long-term investment with potential financial freedom.
Cons of investing in a property
However, investing in property has some downsides as well. Let’s see these counter-arguments:
- It is not a very liquid investment, and this could prove to be a problem if you need money in other areas of your life.
- Hidden problems. Always check if the property is kept to the highest standards before buying. If you are not careful, you could end up with problems such as leaking roofs, mold, pests, radon, sewage problems, and so forth.
- A property carries with it many ongoing costs that you don’t experience with other investments. Insurance costs, council rates, mortgage repayments, maintenance, renovations, and so on.
Other things to know before you invest in a home in Baton Rouge
Baton Rouge is constantly ranked amongst the top real estate markets. The city offers a wide array of housing options, everything from high-rise apartment buildings to old homes in the city’s historic districts. There is also a new trend of refurbishing historical buildings and transforming them into single-family homes and high-rise apartments. Given the low costs of living, new residents will be able to get the home of their dreams at an affordable price. The median home value in Baton Rouge is around $162,000. Furthermore, residents pay no property tax on the first $75,000 of their primary residence. Downtown housing options also include luxury apartments like The Commerce Building. There is also a solution for those who love quiet surroundings but still want to be in the city center. Historic neighborhoods of Spanish Town, Beauregard Town, and the Garden District lie just a few miles from downtown.
As you can see, there are many reasons why you should invest in a home in Baton Rouge. Diverse culture, traditional Louisiana cuisine, and low cost of living make this city a true gem of the American South.