Atlanta Condos For Sale

Is Condo Living Maintenance Free?

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As I work with Buyers everyday, one question often comes up when looking at condominiums….Is Condo Living Maintenance Free?  Well yes….sort of. 

What Do You Have to Maintain in a Condominium?

Living in a condominium gives you freedom from most outside work associated with a single family home. In other words, no lawn mowing, trimming the shrubs, pressure washing the driveway and such. You also don’t have to worry about the roof since it is on the of the building, and most likely NOT on top of your particular condo (unless you DO live on the top floor) but it still is a responsibility of the home owner’s association. (HOA)

But most of the systems that service your condominium are your responsibility. What are these key systems?

Heating and Air Conditioning System 

Is Condo Living Maintenance FreeNewer buildings will have self-contained systems located in your utility closet INSIDE your condo. But most buildings you will have a separate heat-pump or condensing unit. And there is a good chance it is on the roof of the building. You are responsible for the maintenance and operation of this system. Yes, even with your unit on the roof, you have to maintain that. I often find (mainly during a home inspection when working with a Buyer) that the unit on the roof has seen very little attention. While they should not get very dirty with little exposure to dirt, the insulation that wraps the lines is most often found in the condition you see in the photo on the left. And it’s almost always an issue I ask to have addressed by the Seller. (If they have not paid attention to THIS, they have most likely NOT had the HVAC system serviced anytime recently. 

Condo maintenance tipsAnd I’ve had the extreme the other way on the INSIDE of a condo. I took over a unit that had been rented and helped an out-of-town seller get the place ready to sell. It was dirty beyond dirty could BE dirty. The photo on the right is the fan from inside the air handler in the condo. It’s amazing the unit could even operate! 

Hot Water Heater

Again, when working with Buyer’s, we keep an eye on the age of systems. ( I might note the new Seller’s Disclosure Statement DOES NOT have a blank for the Seller to enter the age of the hot water heater!) Hot water heaters can last a long time….but…10 years is their normal life span….and that is when they are “maintained.” Did you know that you should drain your hot water heater and refill it? Once a year? Who has a garden hose in a condo, right? So this service is never done, and can lead to a shorter life span! And replacing a hot water heater is no cheap trick! So, if you live in a building that is 10 years old….or older, you might want to be on the lookout for a request to pay for a home warranty for the Buyer. 

Plumbing

Condo Living Maintenance FreeThis should be pretty easy, right? Hmmm. I’ve had a rental condo where a tenant did not realize the kitchen sink was leaking until it FINALLY went through the ceiling into the condo below. Not to mention the damage to the kitchen cabinet under the sink, AND the hardwood floors. Moral of that story…look under your kitchen (AND BATHROOM(s) sink every month. Takes you but 5 minutes to make sure all is well, versus hundreds or even thousands of dollars in damage. And make sure if you are ever having any renovations done, that the contractor is insured, the plans have been approved by the Architectural Review Board and you have insurance as well. A water “event” in a condo building is a serious matter!

Appliances 

Washer, Dryer, Stove, Dishwasher, Refrigerator, Microwave….these are ALL inside your condominium, and are YOUR responsibility. A leaky connection on a washer can be hard to find in some of the tight laundry closets in most condos, so just keep an eye open. Same goes for a dishwasher that may leak. And a word to the wise….never leave your condo and leave a washer or dishwasher running unattended!!! 

Is Condo Living Maintenance Free? So you don’t have a basement, or a garage or all that stuff to worry about. And most of this stuff is pretty simple and easy. Just have an annual maintenance contract on your HVAC, and consider a home warranty that will help defray the costs of repairs/replacement of the other items! 

Is Your Tax Return the Ticket to a New Home?

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Well, tax day has come and gone! April 15th is but a miserable memory as you completed your Federal (and maybe a State) tax return. If you had to pay it was pretty depressing…I know! But, if you have a refund headed your way, stop before you plan that vacation or trade in that 2-year old car for a new one! 

Is Your Tax Return the Ticket to a New Home?

Save Your Tax Return to Buy a New HomeGo Banking Rates recently surveyed American’s and asked them what they planned to DO with their refund?

  • 41% — Save It!
  • 38% –Pay off Debt
  • 11% — Go on a Vacation
  •  5% — Major Purchase (Car, home)
  •  5% — Splurge on some other purchase

But wait? Save it yes…but it might just be the push you need for the down payment you have been saving for!

Depending on the size of your refund, the type of home you want to buy, and where you live, a good tax refund just might be the down payment you NEED!

If you are in that 41% that is saving it….maybe you are just not ready to purchase, or want to have a bigger nest egg to rely on. I totally understand that. But you are headed in the right direction, and I’m here to help you when it’s time to begin the search!

If you think about it…in 2016 the average down payment for first-time home buyers was 6%, that tax refund might be a big start on what you need to get into that new home or condo you have been dreaming about! 

What’s YOUR tax return plan? 

Is Your Tax Return the Ticket to a New Home?

Atlanta Passes Historic Transit Referendum

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Not since 1971 when MARTA was first created, has the City of Atlanta sent a message that transit is what we want! 

This is GREAT news for the City, and we can only hope it will one day trickle out to the burbs. It’s just a shame that the Metro Atlanta region is so limited with transit options when you compare us to other cities. 

First off, click on the photo below to read the latest newsletter from Citizens For Progressive Transit, a grass-roots transit organization in Atlanta. 

Atlanta Passes Historic Transit Referendum

And here is an interesting study we found regarding the economic benefits of investing in transit.

Click on the photo below to read the report

Atlanta Passes Historic Transit Referendum

 

Why Does A Real Estate Agent Ask Me to Use Their Lender?

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Why Does A Real Estate Agent Ask Me to Use Their Lender?

Working with a mortgage lenderSo, you’ve decided you are ready to buy a home or condo in Atlanta? You’ve been researching online for sometime now. Getting familiar with areas or condo buildings you think you might like to look at. In doing all this research and reading blogs (ah..hopefully THIS one!) you’ve also seen this thing called a mortgage pre-approval.

Most real estate agents will ask you in their initial conversation with you (we call it a Buyer Consultation) if you have been pre approved. If not, here is our list of preferred lenders. Oh, but I already got pre-approved with Anytown Mortgage. (Names have been changed to protect the not so smart mortgage brokers). What can happen with this?

Well, there are really two scenarios that could take place. First, nothing. Meaning, everything is smooth sailing right up to and through your Celebration (closing)! Awesome! You found a great mortgage broker.

Or, you have a disaster from day one, but to your Celebration…and you find the need for your real estate agent to take you out for a drink!! That is, if you even MADE it to your Celebration!

See, here at MyMidtownMojo and Thomas Ramon Realty, we have a TEAM to help you buy your home or condo. Who’s on your TEAM?

  • First and Foremost — YOU!
  • Your Real Estate Agent
  • Your Lender (Mortgage Broker)
  • Your Home Inspector
  • Your Closing Attorney ( who helps orchestrate your Celebration!)

We are ALL here to help you achieve one thing….getting the keys to your new HOME! All of these people we have worked with, and have a relationship with. We know they get the job done, and done right. And if they don’t do a good job, you are not happy and neither are we!

But, let’s go back to the lender point again, and I’ll give you not one, but TWO real-life scenarios that just happened this weekend! Oddly enough, they both happened with the same lender, but different loan officers within that company.

Buyer One

First Time Home BuyerSuzie is a single young lady, first time home buyer. She’s got a horrible, 1.5 hour commute to and from work where she lives with her parents. She’s ready to be a homeowner! And cut the commute. She is doing an FHA mortgage and looking for a condo. From my perspective (her agent) this was challenging as many condominium communities have let their FHA certifications expire. And she has to have one that is approved. I search and search and find her about 5 we can look at. Pretty slim number. The last one we look at….in her price range, great location that affords a huge park across the street, walkable to a shopping plaza with a Kroger and Starbucks and some restaurants. We have a winner. We make an offer, and ask the Seller to pay all her closing costs. While making her offer, she asks about these closing costs and if this means her down payment. Say WHAT? Long story short, her LENDER never explained what closing costs were, and Suzie thought she only had to have her down payment…..that’s it. Never would of happened with my lender.

I certainly learned that any future first time buyers I work with, I will be having some loan discussions to make sure they know these things. I thought the loan officer who was getting them a pre-approval would have done so. (NOTE: she was “approved” for a higher purchase price, but in the end, no she was not, as she did not have the money for closing costs!) We are currently working with one of our team lenders to make it all happen and get her this great condo!

Buyer Two

Buyer Pre ApprovalLarry came to me through a referral website where we work. He too was “pre-approved” for up to $220,000. He had been out with a previous agent who showed him several homes far, far far from where he worked! He did not want this long commute. I told him we certainly could find something closer. He had some particulars in looking for a condo, and did not want an older complex. That quickly reduced him down to just two buildings. He liked the one! Had a second showing, and wanted to make an offer. I explained that I needed his loan information from his lender. There is an exhibit in the Purchase and Sale Agreement, called a Financing Exhibit where we detail the type of financing he is going to get.

Well, he did not have a copy of his letter. Not the end of the world, right? He sends me lender information (we are writing our offer on a Saturday afternoon). NOTE; condo was shown 4 times before 1pm when we looked at it…..a.k.a. HOT market with little inventory!! Lender does not return my phone call. We submit our offer, we get a counter offer, which includes the request that Buyer provide a copy of their pre-approval letter and we accept it! Yeah, right? Ah, not so fast.

Lender does new approval letter, but does not send to ME…only to the Buyer, who presumes I got it. NOT! When I DO get a copy, it’s not a pre-approval letter but just a pre-qualification letter!!! Ok, so this is bad for both of us. I’ve got a Buyer that has really not been qualified ( I took his word for what he said he had done) and I’ve got an offer with a term I cannot meet. When I finally speak with the loan officer (I had left two messages with no return call and finally found a cell phone number and left a message) I’m told that, NO, he’s not pre approved. OK….can we get him pre approved so I can have a new letter. Loan officer says, “Well, that will take at least a week.”

SERIOUSLY?

So, I’ve now got two Buyers, both in love with the places I helped them find, and issues with their mortgage company that may keep them from getting either place.

We are still working on both to try and make it happen.

Neither Buyer would be in this situation had they worked with one of their team members.

Why Does A Real Estate Agent Ask Me to Use Their Lender?

In all fairness to all mortgage brokers/loan officers, not all of them are like this. There are plenty, plenty, plenty of very good ones. But all it takes is ONE not so good one, and your home purchase can quickly become derailed!

5 Tips For Being A Better Buyer

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So you are ready for 2016 and ready to make that home or condo purchase! Yippie! We are ready to help you! But hold your horses just a minute there partner!!!! We need to give you 5 Tips For Being A Better Buyer!

5 Tips For Being A Better Buyer

Why….YES! There ARE some things YOU can do to be a better home buyer! Let’s look at the 5 “B’s” of Being a Better Buyer.

  • Buyer TipsBe Pre-Approved This is much different than being pre-qualified. When you have been pre-approved, your Home Buying Team Lender will have looked at your income and supporting documents like income tax returns, W-2’s, bank statements and such. He/she will have a good idea if there are any “red flags” that need to be addressed. They can often do what is called “desktop underwriting” whereby this information is reviewed and you are given a pre-approval letter. In a market with tight inventory like we currently have (2016) in Atlanta, you will need that pre-approval letter to be attached with your Purchase and Sale Agreement. A Seller is not going to take their home off the market while you find out if you can get a loan.

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  • Be Patient, But Be Prepared — Now, if you have time to look for your new home, you need to be patient. As I just mentioned, with the limited inventory we have available, the home or condo you want may not yet be on the market when you start your home search. That said, be prepared to move quickly to look at, and make an offer on anything that comes on the market that meets your wants and needs. You won’t be the only one looking, and the possibility of being in a multiple offer situation is very realistic. Hence, why we want that pre-approval we just mentioned above. This is the time to have “tight communication” between you and your agent (hopefully that is ME!) While I will be looking daily for new homes on the market, you might see something somewhere that I did not. Maybe it had 1 more bedroom than I was searching for, and so you found it. Or it has no basement (you wanted one) but the rest of the house is fabulous!!! Know the best way to communicate your find to your agent ( text, email, call, all of the above!) so you can get to see the new listing as quickly as possible.

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  • Be sensible — With tight inventory, if a condo or home is listed at $350,000, there is a pretty good chance the Seller is NOT going to take $295,000!! Now, your agent will look at comparable sales in the building or neighborhood, as well as any upgrades or special features the condo or home may have, and there is always a possibility the home is overpriced. But if the listing agent did their job, it should be priced right. Believe it or not, there is nothing wrong with paying the list price for a home. Again, as long as it is priced right. Sure, you want the deal. The deal may be the list price. If there is not a lot of activity on the home you are looking at, you might have more negotiation room. But if you end up in a multiple offer situation, all bets are off!

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  • Be Ready — to make several offers before you get the home you want. You could have a Seller that HAS overpriced their home and won’t budge. So your offer does not get accepted. Or, there is the multiple-offer situation and we get outbid by another Buyer. (Maybe they were paying cash, no closing costs, shorter closing time, etc.) But you also want to be ready to move quickly. That perfect home or condo could pop up in one day, and you are Under Contract that night! It happens every day in Atlanta real estate!

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  • Be Positive you have the right real estate agent to help you. If you are looking at condos for example, and you felt the agent that your neighbor used in the burbs was the right one for you to work with, be sure. If they can’t answer your questions about HOA’s or condo docs, or common elements, or parking….you may not have the right person working for you. On the flip side, if you are looking for a space to have a horse (yes, you CAN do that in Atlanta!) then make sure your agent knows that the 5 acres you are looking at is ZONED to have horses, and HOW MANY you can have!!

5 Tips For Being A Better Buyer

Where ARE the 10 Best Burgers in Atlanta?

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Atlanta's 10 Best BurgersWell….if you ask me, it’s some fresh ground chuck, mixed with some onion soup mix…and on MY grill! Ah, but not everyone get’s to visit MY Grill! So we better find some options!!

Where ARE the 10 Best Burgers in Atlanta?

Zagat (you know those people that rate everything) have done a survey in Atlanta, and Atlantan’s have rated the top 10 Burgers! Here they are:

 

  1. Illegal Food – Virginia-Highland
  2. One Eared Stag – Inman Park
  3. Holeman and Finch Public House – South Buckhead
  4. Ann’s Snack Bar – Kirkwood
  5. Bocado – Knight Park/Howell Station
  6. The General Muir – Druid Hills
  7. Muss & Turner’s – Smyrna
  8. Vortex Bar & Grill – Little Five Points
  9. Fred’s Meat & Bread – Inman Park
  10. Grindhouse Killer Burgers –

Now, I have to say…I’ve not ventured into a single one of these burger joints….yet. But I just might have to make a list and see if I can knock one out every couple weeks and see what all the muss and fuss is about.

Here is the complete article about The 10 Best Burgers in Atlanta! Maybe we’ll see you at one of these? And by all means, drop back here and leave a comment about YOUR Atlanta Burger Experience.

 

Thom Abbott

Associate Broker, REALTOR(R)
905 Juniper Street, NE Suite 110
Atlanta, Georgia 30309
770.713.1505 Direct
404.876.4901 Office

 
 
 
 
 
 
 
 
 
 

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