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So you want to buy a home. If the home inspection uncovers any issues, you can use this information to negotiate with the seller. You may ask them to make repairs before closing or to lower the price of the home to account for the cost of repairs.
In this article, we’ll cover what you need to know about getting a home inspection and why it’s important.
- How Much Does a Home Inspection Cost?
- How Long Does a Home Inspection Take?
- Why Is a Home Inspection So Important?
- Top Home Inspectors In Atlanta
How Much Does a Home Inspection Cost?
The cost of a home inspection can vary depending on several factors, including the size and location of the home, as well as the complexity of the inspection. On average, a home inspection may cost between $300 and $500 for a typical single-family home. However, prices can range higher or lower based on these factors.
It’s important to note that while cost is a consideration, the quality and thoroughness of the inspection are also crucial. It’s generally recommended to hire a qualified and experienced home inspector who will provide a comprehensive evaluation of the property, even if it means paying a slightly higher fee.
When budgeting for a home inspection, it’s also important to consider the potential savings or negotiation leverage that a thorough inspection can provide. Uncovering major issues with the property can allow you to negotiate repairs or a lower purchase price with the seller, potentially saving you money in the long run.
How Long Does a Home Inspection Take?
The amount of time a home inspection takes depend on several factors, including the size and condition of the home, as well as the thoroughness of the inspection. On average, a typical home inspection for a single-family home can take anywhere from 2 to 4 hours to complete.
However, larger or more complex homes may require more time to inspect thoroughly, while smaller or simpler homes may take less time. Additionally, if the inspector identifies significant issues during the inspection, they may need additional time to assess the severity of the problems or to gather more information.
Why Is a Home Inspection So Important?
Getting a home inspection before buying a home is important for several reasons:
Identifying Potential Problems
A home inspection can uncover any issues with the property that may not be visible to the naked eye. This can include structural problems, safety hazards, or issues with the electrical, plumbing, or HVAC systems.
The inspector should assess the insulation levels and ventilation in the attic and crawl spaces to ensure energy efficiency and prevent moisture problems.
A good home inspector will also look for any safety hazards, such as exposed wiring, trip hazards, or other issues that could pose a risk to occupants.
Finding Out the True Condition of the Property
A home inspection provides a detailed report on the condition of the property, giving you a clear understanding of what you’re buying and any repairs or maintenance that may be needed.
Budgeting for Future Maintenance
Even if the home is in good condition, the inspection report can help you plan for future maintenance and repairs, allowing you to budget accordingly.
Top Home Inspectors In Atlanta
Although this is a partial list, we’ve really heard great things about these Atlanta home inspectors.
- US Inspect
- Atlanta Home Inspector
- Castle Home Inspections
- Discovery Inspections
- Inspect-All Services
Final Word
It’s important to choose a qualified and experienced home inspector who will take the time needed to conduct a thorough evaluation of the property.
Overall, a home inspection is an important part of the home buying process that can help you make a more informed decision and avoid potential issues down the road.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Not to mention that the city’s dining scene is the best in the Southeast. Looking for a home? Check out our Real Estate Resource Page.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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Rent prices are creeping up in Atlanta and across Georgia and it’s the usual culprits, demand and lack of inventory. If you’re looking to rent an apartment, you’ll almost certainly face sticker shock.
Since COVID-19 first raised its ugly head in February 2020, the average selling price of a 3-bedroom, 2-bathroom house in Georgia has jumped 56%, reflecting a huge demand coupled with a serious supply shortage.
What Is The Average Rent In Atlanta?
The average rent in Atlanta is $1,521 a month, according to a 2024 analysis from ApartmentList.com. The city has been one of the most expensive metropolitan areas for people looking for apartments in recent years.
Why Are Rent Prices So High?
Rent prices have skyrocketed of late because of simple supply-and-demand economics that touch on two main issues affecting Georgia and much of the nation:
- Rental Unit Shortage: There are not as many housing units to meet population demand in the Atlanta area. The same is true for much of the United States.
- Housing Shortage: Because people can’t find homes to rent, that has led to a supply issue with rental units as well. Both markets are seeing premium pricing as a result.
Here are the average prices for a studio, one-, two- and three-bedroom apartment in Atlanta. For average apartment sizes, we used analysis from RentCafe.com.
Apartments Average Size Average Monthly Rent Studio 500-600 square feet $1,629 One-Bedroom 786 square feet $1,862 Two-Bedroom 1,125 square feet $2,431 Three-Bedroom 1,200 square feet and up $2,882 How To Lower Your Rental Costs
Saving on apartment rent can make a big difference in your overall budget. Here are some strategies to help you reduce rental costs or get more value out of your apartment:
1. Negotiate the Rent
- Timing is key: Landlords are often more open to negotiation at the end of a lease term or during the off-season (typically winter months, when fewer people are moving).
- Use market comparisons: Research similar apartments in your area. If you find similar places at a lower rent, use that as leverage when negotiating.
- Offer to sign a longer lease: If you’re willing to commit for a longer period, like 18 months or 2 years, landlords may offer a lower rate in exchange for stability.
2. Look for Apartments in Less Expensive Neighborhoods
- Expand your search area: Often, renting in up-and-coming or less trendy neighborhoods can save you hundreds of dollars each month while still offering good amenities.
- Consider proximity to transit: Apartments a few blocks from major transit lines or bus routes can be more affordable, but still offer great access to the city center.
3. Look for Rent Specials or Promotions
- Move-in incentives: Many landlords offer promotional discounts, such as one month free or a reduced rent for the first few months. These promotions can save you a significant amount over time.
- Seasonal deals: Rent prices may drop during slower times of the year (e.g., winter months), so you may get a better deal during these periods.
4. Consider a Roommate
- Split the rent: If you’re open to sharing, getting a roommate or two can dramatically lower your rent. In many cases, you can rent a two-bedroom or three-bedroom place for much less than the cost of a single unit.
- Negotiate together: If you’re moving in with a roommate, you can negotiate as a group for a better rate, especially if you’re willing to sign a longer-term lease.
5. Downsize or Adjust Your Space Requirements
- Opt for a smaller unit: Consider moving into a smaller apartment or a studio. If you don’t need extra space, downsizing can save you money.
- Adjust the amenities: If you’re currently in a luxury building with lots of amenities you don’t use, consider moving to a simpler building that doesn’t charge for features you don’t need.
Final Word
The average rent price in Atlanta tops more than $2,000, but that figure depends on several factors like unit type, which side of town it’s on and the affordable alternative housing options in the area.
Rent prices will also depend on which kinds of amenities — like nice pools — are offered.
Here’s how to find an apartment to rent.
AtlantaFi Articles:
- Most Expensive Homes in Atlanta Right Now
- All The Wonderful Things To Do In Midtown Atlanta
- How To Rent An Apartment In Atlanta
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It’s no simple thing to sell or buy a home in Atlanta. When the time comes to list on the market, you’re going to want the best real estate company you can get.
With a so many hot properties in Atlanta, the city has some of the best real estate companies in the Southeast.
How To Pick A Real Estate Company
Before deciding on a real estate company, you should familiarize yourself with some insights into the brokerage:
- What are the commission rates?
- What is the brokerage’s reputation?
- How much and how many fees?
Once you’ve found the answers to those questions, it’s time to pick a real estate company.
Top real estate companies like Keller Williams and RE/MAX have extensive networks, with offices in almost every major city across the U.S. This allows them to serve a broad market and reach more clients. RE/MAX, for example, has a franchise model with over 130,000 agents globally, providing both clients and agents with widespread local knowledge combined with national support
Here Are The Best Real Estate Companies In Atlanta
Keller Williams Realty
Keller Williams is the largest real estate company in the world and as you would expect, it has a strong presence in metro Atlanta, including in upscale and middle class neighborhoods.
Leading real estate companies invest heavily in technology to provide better service and convenience to both agents and clients. Keller Williams, for example, has its own AI-powered CRM system, Command, which helps agents manage leads, transactions, and marketing. This tech-forward approach allows agents to work more efficiently and meet clients’ needs quickly, enhancing overall client satisfaction
Learn more Keller Williams Realty.
RE/MAX
RE/MAX is another large real estate franchise well represented in the Atlanta area. The brokerage boasts that its agents make the most sales in the industry, so they must be doing something right!
RE/MAX also invests in comprehensive marketing strategies, from digital advertising to polished property listings with high-quality photos and videos. Compass, in particular, is known for its visually appealing branding and cutting-edge marketing technology, which helps it appeal to luxury buyers and sellers
Learn more from RE/MAX.
Coldwell Banker
Coldwell Banker has some of the most diverse agents in the industry and has been operating in Atlanta for over 20 years with several offices throughout the city.
Coldwell Banker, founded in 1906, is one of the oldest real estate companies in the U.S., which helps instill trust among clients. Their long-standing presence also signals stability and reliability in an industry where brand recognition is essential for client confidence.
Coldwell Banker’s “A Buyer’s Choice” program and other tailored services show a focus on meeting individual needs. This approach leads to client loyalty and positive word-of-mouth referrals, which are invaluable in real estate.
Learn more Coldwell Banker
Harry Norman Realtors
Harry Norman is a locally-owned real estate company that rates well among customers and clients. The brokerage has been serving the Atlanta area since 1930. Learn more from Harry Norman Realtors.
Berkshire Hathaway HomeServices
Berkshire Hathaway HomeServices is another example; its association with Warren Buffett’s Berkshire Hathaway gives it a sense of credibility and financial backing that appeals to high-end clients looking for stability
Berkshire Hathaway HomeServices has several offices in the Atlanta area and is known for their high-end luxury real estate services. If you’ve got a higher-priced home, you should give Berkshire Hathaway a chance to sell it.
Atlanta Fine Homes Sotheby’s International Realty
Listing some of the most expensive mansions in Atlanta, Sotheby’s is locally-owned real estate company specializes in luxury homes and has several offices throughout Atlanta.
Century 21
Century 21 is a national real estate franchise with several offices in the Atlanta area.
A number of areas of the city experienced phenomenal growth in prices, attributed largely to the Beltline. Below is a sample of real estate price prices around Atlanta. Learn more Century 21.
Final Word
Selling a home in Atlanta can be a tremendously stressful thing: So much to worry about! That’s why it pays to work with a great real estate company.
No matter if you’re looking at a pricey neighborhood, or a gentrifying area, real estate firms perform very necessary roles.
It is important to note that while these companies are among the most well-known, there may be other local real estate companies in Atlanta that are just as good or better. It is recommended to do thorough research and compare different options to find the best fit for your specific real estate needs.
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The luxury home market in Metro Atlanta has experienced significant growth, with sales of homes priced between $1 million and $2.5 million rising by 32%.
Available listings in this price range have also surged by more than 35%, reflecting strong demand for high-end properties.
The 2024 data comes from real estate firm Harry Norman, which says, “Properties priced at $2.5 million and above also saw a rise in sales, reflecting strong and steady demand for premium real estate. The city continues to attract luxury buyers from across the nation and globe, drawn to its vibrant lifestyle, thriving economy, and unique blend of Southern charm and modern amenities.”
Are you in the market for an expensive home? If so, there a few things you should know.
4 Things To Do Before You Buy a Mansion in Atlanta
Buying a mansion in Atlanta involves a few key steps. Here’s a guide to help you through the process:
1. Determine Your Budget
Mansions in Atlanta can range significantly in price, starting around $1 million and reaching up to $10 million or more, depending on location, size, and features.
Make sure to factor in additional costs like property taxes, homeowners insurance, and maintenance.
How much house can you really afford?
2. Get Pre-Approved for a Mortgage
If you’re not paying cash, securing a mortgage pre-approval is essential. This shows sellers that you’re serious and gives you a clear idea of what you can afford.
Luxury homes may require jumbo loans, which often have different requirements than standard mortgages. Your lender will guide you on this.
Read up on how to get pre-approved for a mortgage.
3. Hire a Real Estate Agent Specializing in Luxury Homes
Find a real estate agent with experience in the luxury market. They’ll have access to high-end listings and private sales not always listed publicly.
Agents specializing in mansions can help navigate the complexities of luxury home purchases, including negotiations and closing deals.
4. Research Atlanta’s Luxury Neighborhoods
- Buckhead: One of the most prestigious areas in Atlanta, known for its large estates and proximity to upscale shopping and dining.
- Tuxedo Park: Known for historic mansions and newer luxury homes, with large properties and exclusive living.
- Ansley Park: A historic district close to downtown, featuring luxury homes and beautiful parks.
- Sandy Springs and Brookhaven: Offer sprawling estates and gated communities.
- Druid Hills: Known for its classic architecture and proximity to Emory University.
Final Word
Once you find a mansion you like, your agent will help you submit an offer. Negotiating for a luxury home can be more complex due to high price points, so having a good agent is crucial.
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Former Atlanta Hawks legend and NBA hall of famer Dominique Wilkins has signed on as an investor and partner with Roots, the only real estate fund that creates wealth for both investors and renters.
What Is the Roots Real Estate Fund?
Roots is bridging the city’s wealth gap by giving its Atlanta-based renters the opportunity to get invested in the fund for paying their rent on time and taking care of the property. They also have given Atlantans free rent.
By aligning the interests of everyone involved, Roots is providing significant returns to both its residents and investors alike. Since launching in 2021, Roots has raised over $33 million in investment capital from over 6,000 investors nationally.
“Roots is providing the opportunity for anyone to invest in real estate,” said Wilkins. “I love Atlanta, and as long as the wealth gap keeps widening, generations of people are getting left behind. We can change that at Roots, and I feel like this might be the best team I’ve ever played on.”
Wilkins will share his likeness in videos and at curated gatherings to introduce his spheres of influence to Roots and its one-of-a-kind “Live in it Like You Own it®” proprietary program.
Roots has changed the rental landscape by incenting its residents to take care of their properties and pay rent on time in exchange for earning rental rebates. Residents are invited to invest their initial deposit and quarterly rebates in the Roots REIT thereby investing in the properties they live in.
By following the program, renters are growing their wealth by an average of $3,600 in just two years and up to $10,000 in five years.
“Dominique is exactly the person we wanted to join us on this mission. He’s an Atlanta legend and cares deeply about this city and its people. I grew up watching Dominique lead the Hawks to victory and his endorsement means that we can reach more people both on and off the court,” said co-founder and CEO Daniel Dorfman.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Not to mention that the city’s dining scene is the best in the Southeast. Looking for a home? Check out our Real Estate Resource Page.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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Although home sales have dipped a bit in recent months, home values in the metro area continue to hold firm, according to recent real estate data.
You may be curious to know how much an average Atlanta home costs in the current real estate market.
What Is The Average Price Of A Home In Atlanta?
According to recent figures from Zillow, the average value of a home in Atlanta is $399,005, which is up more than 7% compared to last year. Obviously, the state’s capital city would have the highest home values.
The average home in Atlanta consists of:
- 3 bedrooms, 2 bathrooms
- A one-quarter acre lot
- Central air and heating unit
In Georgia, the average home value is about $301,978, according to Zillow. The Peach State has experienced about a 23.7% increase in home values over the last 18 months.
Are Home Prices Dropping In Atlanta?
In Atlanta, home prices are starting to cool after a string of months that saw gains across all types of units. Even the cost of land is high in Georgia now.
Here are the average home prices across the top 10 metro areas, according to Realtor.com’s latest calculations.
April 2024 Housing Overview of the 50 Largest Metros
Metro Area Active Listing
Count YoYNew Listing
Count YoYMedian Days
on MarketMedian Days
on Market Y-Y
(Days)Price–
Reduced
SharePrice-
Reduced
Share Y-Y
(Percentage
Points)Atlanta-Sandy Springs-Alpharetta, Ga. 42.7 % 27.4 % 39 -4 17.7 % 6.1 pp Austin-Round Rock-Georgetown, Texas 23.6 % 36.1 % 42 -3 24.7 % -2.5 pp Baltimore-Columbia-Towson, Md. 15.3 % 3.8 % 36 -1 12.0 % 2.6 pp Birmingham-Hoover, Ala. 36.5 % 23.6 % 46 1 14.9 % 2.6 pp Boston-Cambridge-Newton, Mass.-N.H. 7.5 % 4.5 % 24 -1 10.4 % 1.2 pp Buffalo-Cheektowaga, N.Y. 5.1 % 3.4 % 34 -6 5.3 % -0.3 pp Charlotte-Concord-Gastonia, N.C.-S.C. 31.9 % 20.3 % 37 -2 16.9 % 5.7 pp Chicago-Naperville-Elgin, Ill.-Ind.-Wis. 0.1 % 7.4 % 34 -4 8.5 % 0.2 pp Cincinnati, Ohio-Ky.-Ind. 23.2 % 9.4 % 32 1 10.7 % 3.3 pp Cleveland-Elyria, Ohio -2.4 % 3.4 % 39 -3 11.1 % 1.7 pp Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Not to mention that the city’s dining scene is the best in the Southeast. Looking for a home? Check out our Real Estate Resource Page.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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Are you looking for an apartment in Atlanta, Georgia. Now may be the time to rent, according to the market. The average rent amount in Atlanta is $1,813, per 2024 data. That’s what you’ll pay for a three-bedroom.
So you should figure on spending around $1,000 on rent in Atlanta for a one-bedroom apartment. But the real question you may now have is “How can I save money on rent in Atlanta?”
Here’s How To Save On Rent In Atlanta
This article is going to show you how to save money on rent in metro Atlanta.
1. Stay Out of North Atlanta
If you want to save hundreds of dollars a month, you’ll do best avoiding apartments in Buckhead, Sandy Springs on up into Alpharetta. Those areas have the highest rents in the metro area.
Instead opt for cities just outside I-285 like Smyrna, East Point or in north DeKalb County’s Doraville and Chamblee.
2. Sign A Longer Lease
Instead of opting for a typical 12-month lease, ask the landlord if they would be interested in locking you up for a longer lease. Be sure to tell them that you’re open to it only with a lower monthly rent.
While it may not be something that an apartment complex goes for, a private landlord of a building or apartment may want the security that a longer lease brings.
3. Go Small
It used to be a time when a larger space was the envy of all your neighbors, but things have changed. Many tenants prefer smaller places now, especially with COVID-19 preventing large indoor gatherings.
4. Barter With Your Landlord
If you’ve got some skills, see if you can barter with your landlord. If you see that they need a service you provide, ask to be compensated with a rent discount.
5. Get A Roommate
If you can live with other people, an easy way to bring your rent costs down is to get a roommate. If none of your friends or family members want to room with you, here are some sites you can find roommates on:
6. Rent In The Winter
Landlords typically offer better deals on rent in the winter, according to ApartmentList.com. In the warmer months are when renters typically decide to move, which inclines landlords to creep their prices higher.
To capitalize on less moving traffic, landlords are apt to drop their rents when it gets cold. The site says December or January are the best times to move.
Last Words
If you’re looking for a place to rent in Atlanta, don’t overpay for your stay.
If you can’t seem to find a place you like to rent due to money reasons, see if you can get a roommate or two.
Another option may be to look into renting a room or long-term Airbnb.
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Keep up with what’s going on in Atlanta’s real estate scene here.More AtlantaFi:
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The Atlanta housing market is perennially one of the hottest in the nation and this year is no exception. It’s also very expensive compared to the rest of the Southeast.
As you may know from our Atlanta housing market forecast, this year homeowners may face increased home prices, mirroring a national trend. Average home values in the metro Atlanta area are expected to rise by as much as 6%. However, not all locations will experience this trend; depending on the neighborhood, town, village, and subdivision, some homes may see price drops.
Despite this, there are signs of concern in the U.S. housing market, as noted by Realtor.com:
- The number of homes actively for sale has decreased by 2% compared to last year.
- Unsold homes have decreased by 3.7% compared to last year.
- The median price of homes for sale in October 2023 remained stable compared to the same time last year.
- Homes spent an average of 50 days on the market, which is one day shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.
Why Is the Atlanta Housing Market So High?
There are several reasons why the Atlanta housing market is expensive. Let’s explore a few reasons why:
Low Inventory, High Housing Demand
High demand for housing, driven by factors such as population growth, job opportunities, and low mortgage rates, can lead to higher prices, especially in areas with limited housing supply.
In many parts of the country, there is a shortage of homes for sale, which can drive up prices as buyers compete for available properties.
There’s also the issue of land cost. The cost of land for new construction can be high, particularly in urban areas where space is limited, leading to higher home prices.
Construction Costs
The cost of building materials, labor, and regulatory requirements can make new construction expensive, which can contribute to higher home prices.
Government policies, such as zoning laws and building regulations, can restrict the supply of housing and drive up prices.
Low Interest Rates
When interest rates are low, it can make borrowing for a home more affordable, which can increase demand and lead to higher prices.
Economic factors, such as strong job markets and wage growth, can increase demand for housing and contribute to higher prices.
So what does a prospective homeowner do, knowing that the housing market has basically priced them out? You try to save money.
How To Save Up For a Home
Saving up money for a house requires careful planning and discipline. Here are some steps you can take to save up for your future home:
Set a Savings Goal: Determine how much money you need to save for a down payment and other homebuying costs. This will give you a target to work towards.
- Create a Budget: Review your income and expenses to identify areas where you can cut back and save more money. Allocate a portion of your income specifically for your house savings goal.
Read our guide on how to save up for a home.
Final Word
Real estate is often seen as a safe investment, leading to increased demand from investors, which can drive up prices.
Overall, a combination of factors, including supply and demand dynamics, construction costs, government policies, and economic factors, can contribute to the high cost of housing in the U.S.
Not to mention that the city’s dining scene is the best in the Southeast. Looking for a home? Check out our Real Estate Resource Page.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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David Weekley Homes is set to open its first home community in 2024 with Cherokee County’s Havencroft.
Situated within five miles of downtown Woodstock, the 69 homes offer homebuyers a chance at suburban life and all of its amenities.
So prospective residents can take a look at the new single-family home community, David Weekley Homes will play host to a drive-in tour on March 9 between 10 a.m. and 1 p.m.
Only open to homebuyers who sign up as VIPs, the event will include a chance to meet with the designers, builders, and other team members from David Weekley Homes’ Atlanta Division, preview several available floor plans, learn about the area and community amenities, and more.
Those interested in attending the event and receiving weekly updates about Havencroft can sign up online on the community page at DavidWeekleyHomes.com or call 404-789-3033 to be added to the VIP list.
“We’ve had great success with our VIP drive-in events over the last few years,” said Adam
Cornett, Atlanta Division President for David Weekley Homes. “Being a VIP is an excellent way for homebuyers to get a leg up on the competition amid a highly competitive market.”When Are The New David Weekley Homes Opening In Woodstock?
The community will open to the public in mid-April. Starting prices for homes in Havencroft will be in the High $600s.
Final Word
Atlanta has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
Not to mention that the city’s dining scene is the best in the Southeast. Looking for a home? Check out our Real Estate Resource Page.
Keep up with what’s going on in Atlanta’s real estate scene here with our Apartment Guide.
See The Latest Atlanta Real Estate News At AtlantaFi.com.
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The price of buying a house continues to increase in Atlanta and elsewhere in the state, but one thing that remains affordable is the Georgia clay.
If you’re in the market for some Georgia land, you’re making a wise decision. Real estate prices in rural areas are going up, but are still affordable.
With real estate prices continuing to increase, now’s a good time to buy property. Are you uncertain about the process of buying land in Georgia? Read on….
How Do I Buy Land In Georgia?
In this article, we’ll show you step by step how to buy a plot of land in Georgia.
My family owns several plots of real estate around metro Atlanta and because I’m constantly looking for real estate, I’ve also researched the process thoroughly.
First things first, you need to get pre-approved for a loan.
1. Get Pre-Approved
Getting pre-approved for a loan to buy land is exactly like getting pre-approved for a mortgage. The reason why this initial step is so important is because Realtors will have an incentive to work with and for you.
Once you’re pre-qualified for a loan, the real estate professionals you’re dealing with will take you more seriously because they want your business.
If you apply and are not approved, take these steps to improve your credit fast.
2. Search For Land
It’s time to begin your search for affordable land for sale.
In a large metropolitan area like Atlanta, parcels of land sell at a premium. If you want several acres, you’ll have to expand your search to cities about an hour’s drive from downtown Atlanta.
How Much Does An Acre Of Land Cost In Georgia?
The price of an acre of land in Georgia depends on where it’s located and whether it is improved or unimproved.Last year, the average price per acre in Georgia increased by 11% to $4,550 per acre. Irrigated land averaged $4,060 per acre while the value of non-irrigated land dropped 5% to $3,010 per acre.
If you’re looking for farmland or just some acreage, if you don’t know a Realtor, then you can begin your search online.
Some websites you can look for parcels of land on are:Know The Zoning Laws
Once you’ve found a piece of land you like, familiarize yourself with the local zoning laws.Some areas won’t let you build wooden structures. Other areas won’t let you build with stone. Others won’t allow livestock. Research what’s allowed where you want to live.The typical zoning regulations govern such things as:- Building specifications of the type of buildings allowed.
- Where utility lines must be located.
- Restrictions on accessory buildings, building setbacks from the streets and other boundaries.
- Size and height of buildings.
- Number of rooms in a structure.
In addition to knowing what type of structures are allowed to be built, you’ll need to know land use rules as well.Here are some common land-use zones that could apply to the area you’re interested in:- Agricultural Zoning
- Commercial Zoning
- Combination Zoning
- Historic Zoning
- Industrial Zoning
- Residential Zoning
- Rural Zoning
You may be saying to yourself, “How do I find out about zoning laws?”The best place to start is with the locality’s department of city planning, or similar office. They’ll tell you all you need to know about the zoning laws in that area.3. Compare Your Land Choices
Photo credit: Observer.globe.gov Once you’ve done all your zoning research, it’s time to whittle down your list of land parcels you like and choose one.
Some things you may want to consider are:
- Access: How far is the property from the interstate or major highway?
- Privacy: How close are you to the neighbors and nearby noise?
- Terrain: Are there hundreds of trees, woods or just undeveloped land, dirt or grass?
- Irrigation: Is there a water source nearby? A lake or creek that runs through the property?
All of these things may increase or decrease the value of the land depending on your intentions for it.
In any event, once you’ve made your decision to buy the land, it’s time to put it in writing.4. Make An Offer On The Land
To make a formal offer on a piece of land you’ll need a real estate agent’s Bid Offer form. You can find samples of a Bid Offer form online.
When making an offer, you don’t want to go too high in price. Let your offer be based not on the property’s asking price, but on the amount you’ve been pre-approved for.
Should You Offer Over The Asking Price?
If you offer over the asking price, you’ll have to go back to your lender to make sure you can get financing to cover it.
You’ll also want to know if the appraisal of the land justifies the asking price.
If you make an offer too low, it may not attract the seller because they may get higher offers from others looking to buy the property.
Bottom line: Your offer will have to be higher than the others if you want the land.
Let’s say the seller accepts your offer. What now?5. Sign The Land Sale Contract And Purchase Agreement
Once the offer is accepted, the buyer and seller typically sign a Land Sale Contract / Purchase Agreement.
This is a legal document that solidifies the intentions of both parties to make a real estate transaction.
Here are some terms typically found in a Land Sale Contract / Purchase Agreement:- Price
- Property size, boundaries and description
- Title
- Seller disclosures
Typically, the buyer’s agent will have the purchase agreement written up by a practicing real estate attorney.
The Land Sale and Purchase Agreement becomes binding when all signatures have been obtained.
6. Prepare For Closing
Unlike a home closing, when you’re buying land you don’t have to worry about such things as an inspection and making some demands for last-minute repairs and replacements.
As a buyer, you will typically be expected to provide for anywhere between 2% to 5% of the closing costs. However, depending on other concessions you make, it’s possible that you may not pay any money at all at closing.
One thing you don’t want to skip is a soil test. A soil test also indicates which elements are missing from your soil and how much to add them if you plan on growing fruits, vegetables and other crops.
A soil test will also tell you:
- The pH level in the soil.
- What nutrients and minerals are in the soil such as nitrogen and phosphorus.
You can buy a soil kit from various retailers such as Lowes and Home Depot. You can also order a soil test kit online. Here’s a comprehensive one that I like:
Once you sign all the appropriate documents at closing, the land will be yours! Some real estate lawyers may break out a bottle of Champagne to celebrate, but that’s optional:)
Final Words
Buying a piece of land is a great investment and something that can stay in your family for generations. If you do it right — following all the steps from zoning laws and getting a soil test, etc. — it can be a smooth process.
Because of the many parts involved in buying land, it’s highly advisable that you use the services of a professional real estate agent. A Realtor can walk you through the land-buying process more easily. Also, many of them have the professionals you need already in their network.
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