Atlanta Condos – 3 Important Things You Need To Know Before You Buy

If you are like us and you have ever considered buying a condo, townhome, or loft in the Atlanta area, than there are three things you should know before you take the big step. While there are many important considerations, the three most important are:

1. Location

2. Purchasing vs. Renting

3. Hidden Expenses

By the time you are done reading this article, you should feel a lot more confident as you move forward with your search for your dream Atlanta condo.

First, and most important, is location.  Everyone has heard the old cliché, “location, location, location.”  And it is true, even when shopping for condos.  Do you want to be in Downtown Atlanta where some say all the action is but others would say is too congested and noisy?  Or would you prefer to be someplace a little further at like Buckhead?  Trendy Atlanta condos in Buckhead include Paces325 at Buckhead and Paramount at Buckhead, for example.

But even if you have settled in on the perfect location, that doesn’t necessarily mean you should buy.  Some experts advise renting for at least a year to make sure you like the area and/or the condo development before you buy.  But most think that now is one of the best times to buy in our lifetimes due to the depressed real estate values in most markets and mortgage rates at record lows.

Either way, you need to go into it knowing that condos almost always come with additional expenses beyond the usual mortgage payment. These expenses are called condo association fees and they are used to cover the upkeep and maintenance of the outside of the units (including the roof) as well as the common areas. These fees vary widely and can be a small additional fee or be nearly as much as your mortgage itself. And you usually have very little say over what you are charged, so be careful and make sure you know all the fees before you buy.

Most Atlanta townhomes, condominiums, and lofts are great and make for an excellent investment over the long term. But you need to go into it with your eyes open and make sure you fully weigh the location, the pros and cons of purchasing verses renting, and the total cost of condo ownership including association fees. Now that you have learned the three things you should know before you take the next step, you should be much more confident with your condo decision.