Have you thought about moving to Atlanta and wondered what it would be like to live in a condo in Atlanta. There's quite a bit to know, everything from the "districts" or neighborhoods to understanding the trends and pricing. Here's 5 mistakes buyer's miss when buying Atlanta condos.
There's quite a few "districts" but there's really 3 main areas that people tend to look. Buckhead, Midtown and Downtown - at least in terms of high rise style condos. Before you go looking at these different Atlanta condos for sale, you should be aware of some typical condo buyer pitfalls.
- Not calculating the Condo Association Fees - Most buyers know that there are condo association fees, but many forget that it gets calculated into the payment. The average price of a condo in Atlanta is around $400K but with high COA fees you could be looking at payments that feel a lot more like $500K.
- Yes, You Still Need A Car - It's Atlanta. Unless you work from home, you are going to need a car. There's not enough uber drivers, taxis and mass transit options for you to be able to navigate the city like you could in other cities.
- Is Protected Views A Things? - Atlanta has been under construction for 40 years. Every "upturn" in the market is proceeded by new highrises and developments and now construction is in full force as technology companies relocate to Atlanta. In addition, there's low inventory and so condos are in high demand.
- Different Level or Different View = different negotiation. Yes your view can change but for now it could be worth $100K more. Not all the condos are penthouses but different views or different directions can mean a big difference in price.
- Can You Get A Loan On It? - This isn't a problem for most of the popular highrises, but if you run into a condo building where there hasn't been a lot of sales and they still haven't pulled themselves out of the downturn then you could be forced to buy the condo without FHA financing.