Sell my home to buy a cheaper home (Atlanta, Smyrna: for sale, apartment)

[atlcharm]

I am strapped here. My mortage is killing me. I live in a $200k home and I see several homes and good areas for sale at $125 (usually townhomes at that price). I am considering selling my home (if I can) and take the opportunity to buy a home in my price range while the prices are still dirt cheap. Is this a silly idea? Does anyone see any disadvantages to this?

Some of the homes selling appraised at $175 whereas mine appraised at $240k last year and now only appraises at $220k.

[atlantagreg30127]

It's not a bad idea so long as you can sell your home for what you want out of it. If it's in a desirable location and you show it like a new home, it might be a plan.

"Just in case", you may not want to buy a new place until AFTER you've sold your current one, though - even if it means moving out and into an apartment temporarily during the transition.

[atlcharm]

Thank atlantagreg,

That was my idea exactly. Yes, I planned to sell my home and then live in an apartment while looking for the new home. I wouldn't even qualify for a new home until I sell this one. My debt to income ratio would be horrible.

I noticed your location says West Cobb. I live in Fulton County now. I was thinking about Powder Springs. I liked what I saw as far as the demographics. How do you feel about Powder Springs. I saw a nice townhome there (online, not physically).

[atlantagreg30127]

Originally Posted by atlcharm

I noticed your location says West Cobb. I live in Fulton County now. I was thinking about Powder Springs. I liked what I saw as far as the demographics. How do you feel about Powder Springs. I saw a nice townhome there (online, not physically).

Powder Springs OVERALL is ok. Some of the neighborhoods are hit-or-miss. Some of them have gone downhill over the last few years, but others are fine. If you provide the street name(s) of where these homes are, I can better give an idea of what's good or not. There's not a ton going on in town though, but there is the Hiram shopping district 5 miles West, and you're not that far technically from the Kennesaw or Smyrna areas.

Just to list a few streets that you do NOT want to live on in Powder Springs though - Tommy Drive, Evelyn Drive, Lindley Drive, Ponderosa Ln, Hopkins Rd, Lancer Drive, Mustang Drive, Misty Morn, Kathy Circle. All are Google mapable. These are not the only bad areas, but they're the street names you see by far the most often when you read the police blotter reports in the small monthly town paper that comes out (as well as via stories from police I know).

[atlcharm]

Originally Posted by atlantagreg30127

Powder Springs OVERALL is ok. Some of the neighborhoods are hit-or-miss. Some of them have gone downhill over the last few years, but others are fine. If you provide the street name(s) of where these homes are, I can better give an idea of what's good or not. There's not a ton going on in town though, but there is the Hiram shopping district 5 miles West, and you're not that far technically from the Kennesaw or Smyrna areas.

Just to list a few streets that you do NOT want to live on in Powder Springs though - Tommy Drive, Evelyn Drive, Lindley Drive, Ponderosa Ln, Hopkins Rd, Lancer Drive, Mustang Drive, Misty Morn, Kathy Circle. All are Google mapable. These are not the only bad areas, but they're the street names you see by far the most often when you read the police blotter reports in the small monthly town paper that comes out (as well as via stories from police I know).

The one I am thinking about is on Thornbridge Drive. Very funny b/c most of the streets you listed I've heard. Must have been in the blogger

[atlantagreg30127]

Originally Posted by atlcharm

The one I am thinking about is on Thornbridge Drive. Very funny b/c most of the streets you listed I've heard. Must have been in the blogger

I believe you're talking about the Carrington Townhomes (and regular homes) off of Florence Road in Powder Springs, by McCar Homes.

Crime isn't a huge deal in that area, at least so far. You're literally right on top of Highway 278, so you're not far from the Hiram shopping district (lots of national chain stores along a 4 lane highway). You are also only one block away from an "Xpress" commuter bus route parking lot, so if you have to work in downtown Atlanta, you can use those AM and PM commuter buses instead of driving.

The downside: Noise. You are again, almost right ON Hwy. 278. Lots of traffic. You're a little bit off of it, but don't expect to hear nothing but wind in the trees and crickets at night - you will hear big rigs driving by at times. Also, have you looked at the floorplans for those townhomes? Click HERE for one. They don't list room dimensions for a reason - they're VERY small. The living rooms are MAYBE big enough for a loveseat and one good sized chair, and if you put a king bed in the Master BR, that might take up much of the room. That's fine for some - but other may feel cramped. You really need to look at them carefully before buying.