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ATL Condo Purchase
Posted on 6/11/14 at 1:11 pm
Posted on 6/11/14 at 1:11 pm
I am looking to buy a condo in Atlanta within the next 6 months. Rent is outrageous within the perimeter. I do not have 20% to put down to avoid mortgage insurance. What type of loan should I look into with a small down payment that does not have PMI throughout the life of the loan?
Any other suggestions from people that are familiar with the ATL real-estate/condo market is appreciated.
Any other suggestions from people that are familiar with the ATL real-estate/condo market is appreciated.
1
Posted on 6/11/14 at 1:23 pm to LSUTOM07
What size condo and at what price point?
Posted on 6/11/14 at 1:35 pm to Waffle House
I would like a 2 bedroom simply because I think resale will be easier and I could possibly rent it out in a few years. Price point is between 85k-115k. I'm 23 graduated 6 months ago and will be in atlanta for sure for the next 2.5 years.
I am looking in the dunwood/sandy sprigs area but I am working downtown
I am looking in the dunwood/sandy sprigs area but I am working downtown
Posted on 6/11/14 at 1:44 pm to LSUTOM07
I personally wouldn't buy a condo OTP. I just don't think there is enough demand. I also think that about the ATL condo market as a whole, but that is another issue.
IF I was buying a condo, I would shoot for a studio or 1BR that met your price point in VAHI, Inman Park, O4W, Midtown or Buckhead. You may run into some financing issues because not all condos can be purchased on an FHA loan.
If you can line up roommates to rent and you could get the financing, I would look to purchase a smaller 2/1, 3/1 or 3/2 house in Brookhaven or some of the areas off LaVista. But I also wouldn't buy anything at all if you're only going to be in town for a limited time.
IF I was buying a condo, I would shoot for a studio or 1BR that met your price point in VAHI, Inman Park, O4W, Midtown or Buckhead. You may run into some financing issues because not all condos can be purchased on an FHA loan.
If you can line up roommates to rent and you could get the financing, I would look to purchase a smaller 2/1, 3/1 or 3/2 house in Brookhaven or some of the areas off LaVista. But I also wouldn't buy anything at all if you're only going to be in town for a limited time.
Posted on 6/11/14 at 1:52 pm to Waffle House
Can you elaborate on your thoughts about the Atlanta condo market. I feel like the market has been depressed for quite sometime and if I plan to hold, it can only hold value or go up. I can't see one bedroom condos going much cheaper than they are now.
It is very hard to justify spending over 1k a month on a one bedroom apartment.
It is very hard to justify spending over 1k a month on a one bedroom apartment.
This post was edited on 6/11/14 at 1:54 pm
Posted on 6/11/14 at 2:06 pm to LSUTOM07
I don't like condos from 2 main perspectives, the HOA fees and the likely inability to lease out your place if you choose to move.
Atlanta has build tons of condos over the last 10 years. They paused during the crash but they seem to be back in full swing lately. I just don't think you'll see much appreciation in value, especially if you buy OTP. Your target resale market will most likely be younger people moving to ATL. Most people who move to Atlanta want to live convenient to where they work or go out.
There are some condo/TH developments that are lower in price, in convenient areas that you could possibly sneak into a 2BR. If you can line up a roommate, you can probably come out ok, you're just going to have a headache when it comes time to sell unless you price it aggressively.
If you can find a roommate, there are plenty of apartments in ATL that can be had for under 1K. I just moved back to Atlanta after 2 years in NYC and my wife and I are in a 2BR/2BA apartment while we look for a house to buy. The apartment is in a good area, convenient to everywhere, around 1,300 sqft, granite, stainless, multiple pools, work out gym, tennis, etc. for under 1,500 a month.
There are plenty of places just like ours all over. If I were you I would line up a roommate and rent until you decide that Atlanta is where you want to be for 5+ years.
Atlanta has build tons of condos over the last 10 years. They paused during the crash but they seem to be back in full swing lately. I just don't think you'll see much appreciation in value, especially if you buy OTP. Your target resale market will most likely be younger people moving to ATL. Most people who move to Atlanta want to live convenient to where they work or go out.
There are some condo/TH developments that are lower in price, in convenient areas that you could possibly sneak into a 2BR. If you can line up a roommate, you can probably come out ok, you're just going to have a headache when it comes time to sell unless you price it aggressively.
If you can find a roommate, there are plenty of apartments in ATL that can be had for under 1K. I just moved back to Atlanta after 2 years in NYC and my wife and I are in a 2BR/2BA apartment while we look for a house to buy. The apartment is in a good area, convenient to everywhere, around 1,300 sqft, granite, stainless, multiple pools, work out gym, tennis, etc. for under 1,500 a month.
There are plenty of places just like ours all over. If I were you I would line up a roommate and rent until you decide that Atlanta is where you want to be for 5+ years.
Posted on 6/11/14 at 2:13 pm to Waffle House
Thanks for the advice!
Posted on 6/11/14 at 4:39 pm to LSUTOM07
Also an Atlanta guy here, basically just x2 on everything Waffle House said.
Posted on 6/11/14 at 8:11 pm to jso0003
You're more likely to be unlucky trying to unload a condo than lucky.
If you are only looking to stay 2.5 years, I would rent versus buying.
If you feel like you must buy... I recommend buying something at the rock bottom of the development. Find what the lowest price over the past 3 years in a complex is and don't spend a dollar more. As a matter of fact, any initial offers should be for less than that lowest sale.
And don't buy a fixer upper unless you have the capital to make improvements.
Townhomes and condos can be anchors weighing you down. There are good complexes to be in. But you are looking at an investment of about $400k and their rules/guidelines are extremely strict in order to protect the development.
If you are only looking to stay 2.5 years, I would rent versus buying.
If you feel like you must buy... I recommend buying something at the rock bottom of the development. Find what the lowest price over the past 3 years in a complex is and don't spend a dollar more. As a matter of fact, any initial offers should be for less than that lowest sale.
And don't buy a fixer upper unless you have the capital to make improvements.
Townhomes and condos can be anchors weighing you down. There are good complexes to be in. But you are looking at an investment of about $400k and their rules/guidelines are extremely strict in order to protect the development.
Posted on 6/11/14 at 11:19 pm to Waffle House
I don't know anything about the condo market, but there are plenty of affordable apartments to rent. Sure, it will be $900+ if you live alone, but you can live in a high quality 2BR apt for $1400.
Posted on 6/12/14 at 12:04 am to Waffle House
quote:
I personally wouldn't buy a condo OTP. I just don't think there is enough demand. I also think that about the ATL condo market as a whole, but that is another issue.
IF I was buying a condo, I would shoot for a studio or 1BR that met your price point in VAHI, Inman Park, O4W, Midtown or Buckhead. You may run into some financing issues because not all condos can be purchased on an FHA loan.
If you can line up roommates to rent and you could get the financing, I would look to purchase a smaller 2/1, 3/1 or 3/2 house in Brookhaven or some of the areas off LaVista. But I also wouldn't buy anything at all if you're only going to be in town for a limited time.
good advice.
Posted on 6/12/14 at 6:59 am to Tigerbait46
quote:
Sure, it will be $900+ if you live alone
$1050/month for a 1 BR is about the cheapest I can find in a safe place with a decent commute. I am currently spending $1250/month on a 1 BR.
Posted on 6/12/14 at 7:16 am to LSUTOM07
Yeah, there isn't a large jump in total price between a 1 and 2BR. If at all possible, I would line up a roommate. It is cheaper and more fun and if you find one that is local, or lived here a few years, you're instantly plugged into a social circle.
If you plan to live alone, another option I would suggest is to scour craiglist or drive around in nice areas like the Highlands and Morningside and try to locate a carriage house to rent.
Before I moved to NYC I was in a carriage house with a large private courtyard and all utilities and internet included for like $750. Granted my place was small (~450 sqft), but I had private zoned parking 100 ft from Hand in Hand/Neighbors/Atkins Park.
ETA: Did a quick look and this may not be exactly what you're going for, but its a start. 1 BR in Peachtree Hills Neighborhood
If you plan to live alone, another option I would suggest is to scour craiglist or drive around in nice areas like the Highlands and Morningside and try to locate a carriage house to rent.
Before I moved to NYC I was in a carriage house with a large private courtyard and all utilities and internet included for like $750. Granted my place was small (~450 sqft), but I had private zoned parking 100 ft from Hand in Hand/Neighbors/Atkins Park.
ETA: Did a quick look and this may not be exactly what you're going for, but its a start. 1 BR in Peachtree Hills Neighborhood
This post was edited on 6/12/14 at 7:27 am
Posted on 6/12/14 at 8:27 am to LSUTOM07
quote:
will be in atlanta for sure for the next 2.5 years.
Unless you are going to be in the area for at least 5 years, I would not buy anything.
If you do purchase, make sure you have an attorney examine the condos articles.
Watch this video... It's Florida, but it signifies the complexities of owning a condo.
CNBC
Posted on 6/12/14 at 9:08 am to Blakely Bimbo
quote:
Unless you are going to be in the area for at least 5 years, I would not buy anything.
Why do you say this? If I buy I would not plan to sell if I move.
Posted on 6/12/14 at 9:26 am to LSUTOM07
A large majority of condos do not allow you to lease your place out if you are not living there.
There are some that will, but typically there is a list you have to get on to be allowed to do this and you could be on the list for months or years waiting for your chance. Then if you have someone leave after a year, you go back to the bottom of the list. All the while, you will be paying the HOA fees (200-400) every month.
It is extremely important to completely understand the obligations and rules you will face as an owner of a condo as well as the strength of the HOA. I would request the last couple years of financials for any place before I considered buying.
There are some that will, but typically there is a list you have to get on to be allowed to do this and you could be on the list for months or years waiting for your chance. Then if you have someone leave after a year, you go back to the bottom of the list. All the while, you will be paying the HOA fees (200-400) every month.
It is extremely important to completely understand the obligations and rules you will face as an owner of a condo as well as the strength of the HOA. I would request the last couple years of financials for any place before I considered buying.
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