Buying for long term value in Atlanta & Sandy Springs, Georgia! There are certainly many opportunities in today's real estate market. Home prices are low and interest rates are very low. This is why our inventories in the Single Family Home market (or Detached Homes as our FMLS calls it) are shrinking quite a bit.
So, if you are thinking of buying today, what should you look for? There are a number of factors that make a home better than other homes. They include: location, school districts, floor plans, property associated with the house and more. Let's walk through these one by one.
First, Location, Location, Location, which has always been a critical factor for buying Real Estate. The first thing I usually review with Buyers is where do you need to go and be in Atlanta? Do you travel often, where is your office located, which schools are you hoping to send the kids and what other activities do you do frequently that are important for us to keep in mind for your home purchase? While I LOVE living in Sandy Springs, GA, the best part has been the central location in Atlanta for us. I also helped a family re-locate from London a number of years back, we found a great house with a big garden (English translation: big yard), and a 7 minute commute to down town. The new family was thrilled to have reduced their work commute from an hour in London to a hop, skip and a jump, giving them much more family time!
Second, school districts are a huge impact on property values. If you are looking to have a more sale able home in the future, buy in a "great school district", such as Sarah Smith, Warrent T. Jackson, Soap Creek, Riverwood or many more. What we have found is that there is a premium of these homes, even if you don't have a kid in school, it will be easier to sell in the future than one located in a more challenged school district.
Third, floor plans of potential homes. Growing up in a real estate family, we had a rule you must enter the prospective home from the front door. This gives the feeling the next buyers will get looking at the house when you go to sell. It's important to have a good flow with an open and bright floor plan. If you run into something you think is "strange", so will the next prospective buyers. It's better if the main part of the house is easy to maneuver around with less dead ends and backtracking.
Lastly, the land of the property. Ideally, you want a totally level property. That sounds easy, but is much tougher to find. I've known people driving along to stop the car to look for a house, as all you could see from the road is a mailbox and possibly a chimney top. On further inspection, the house was located in a ditch. Now, if you can't easily navigate the driveway with any big incline, think about how this will effect re-sale and the poor moving truck! One property in Atlanta which was a gorgeous high end home went for 40% of its' original listing price. It was located in hole on a busy street. I still don't think it was a great deal, as it will be challenging to see in any market.
Ideally, you want a walk out back yard with no more than four to five steps to the back. Even more importantly, you want the property lightly sloped, so water goes away from you. Especially with the very wet year we have had in Atlanta, you want the water to go away from the house.
Related to this, land located on a golf course, lake or waterway is typically more expensive, but in the end more desirable. You pay a premium for it, but it is worth it, well, within reason. There will always be more folks hoping to live on these types of properties and enjoy the view. The reason for this, is that it is typically more limited, they aren't making any more land on the Chattahoochee River are they?
These factors can make a huge difference in value of the property in the future. If you have the opportunity to buy taking advantage of these factors today, they will certainly be to your advantage when you go to re-sell the house in the future!
What factors make the most difference to you?
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