What would you do? Where to buy in Metro ATL. (Atlanta: real estate, renting)

[kajo13]

I moved back to Atlanta recently, family in tow and soon have to make decision on where to buy and settled down, finally.

So if you were dealing with the following scenario, where would you go?

- Kids will be hybrid homeschooled, so schools are not an issue, but having young kids in the immediate neighborhood is important.

- Currently comfortable purchasing between $350-$375k now, but our household income will increase in the next two years, pushing our budget to $500-$550k

- Neighborly neighbors are important. I grew up in a suburb where we hardly knew our next door neighbors. Don't want to revisit that.

- Currently renting very expensively in EAV.

So would you buy a larger, newer/renovated home now in either Northcrest or Marietta (near the square), a smaller home in EAV, Ormewood or a fixer upper in Edgewood?

OR

Keep renting until income increases and buy newer/larger in Kirkwood, East Lake, Ormewood or some other family neighborhood thatI'm not aware?

I'm not sure if we're in a bit of bubble and should get something now, or just be patient.

EDIT: Both my husband and I work from home, so commuting is not an issue. But getting stuck in the house is, so having places to pop into nearby would be ideal.

[red92s]

Commute is usually at or near the top of people's list of concerns when considering where to move. There is a big difference between EAV and Marietta in that regard, depending on where work is.

[DaBurgh]

What are your hobbies?

[kajo13]

Originally Posted by red92s

Commute is usually at or near the top of people's list of concerns when considering where to move. There is a big difference between EAV and Marietta in that regard, depending on where work is.

I failed to mention that I work from home, so commuting is not an issue. So now it's just a matter of judging a place solely on its local merits.

[kajo13]

Originally Posted by DaBurgh

What are your hobbies?

Work, side business and keeping my kids off of each other.

When I do have time - museums, bookstores, happily now going to soccer games, writing in coffee shops and the rare live music event.

[lastminutemom]

Are you looking at Georgia Cyber or some other vehicle to homeschool? Or actually taking your kids somewhere for part of their schooling?

[jeoff]

At a the rate things are going, I wouldn't be that sure that the extra $$ would get you much more in a few years, or that interest rates will be that low. If you would feel comfortable in Edgewood now, and there is something you like, that's where I would go. Maybe get something that could be expanded when your income goes up. It is virtually surrounded by nice or rapidly gentrifying places. If you feel comfortable with what you can buy there now, it seems like a safe bet.

[evannole]

jeoff's advice makes sense to me, though I am partial to the Square, as we live there and love its walkability and the great shops, restaurants, festivals and whatnot we have. There's plenty of that to be had in town, too, of course, so it comes down to personal preference.

I will say that the number of detached, renovated or new construction single family homes within walking distance to the Square in the $350-375k range is extremely limited at the moment. I do see a few, but it's certainly not the norm. New/renovated here generally starts at around $400k now, with most homes fitting that description coming in at between $450k and $550k. If you're willing to go out Whitlock Avenue or Powder Springs Street a little ways from the Square, you'd find a good deal more in that range, but would give up some of the walkability. The Square is extremely hot right now!

Good luck in your search, in any event, and feel free to ask further questions!

[kajo13]

Originally Posted by lastminutemom

Are you looking at Georgia Cyber or some other vehicle to homeschool? Or actually taking your kids somewhere for part of their schooling?

I'm looking at two homeschool co-ops, one OTP in Cobb County and the other in EAV. There's a PT STEM program close to Emory that I would also use to supplement education if we stay intown.

[kajo13]

At a the rate things are going, I wouldn't be that sure that the extra $$ would get you much more in a few years, or that interest rates will be that low. If you would feel comfortable in Edgewood now, and there is something you like, that's where I would go. Maybe get something that could be expanded when your income goes up. It is virtually surrounded by nice or rapidly gentrifying places. If you feel comfortable with what you can buy there now, it seems like a safe bet.

That's the thing, I've been around long enough to know that real estate never goes up indefinitely. And there are enough small indicators that suggest to me something may be amiss.

As for Edgewood, it's just a matter of time before it starts to blend into the other areas, or rather the other areas start to blend into it. I like the idea of buying a gut job for $225K, spending $150k initially and, to your point, add on as necessary. The equity earned should ride out any future downturn.

But it's still rough around corners. If I were w/o children I wouldn't hesitate.

though I am partial to the Square, as we live there and love its walkability and the great shops, restaurants, festivals and whatnot we have

How's the neighborly vibe? If you have kids, is it the sort place where they're familial with other kids? Or is it more typical like regular suburbs, where people are friendly, but not friends.