As you embark on your search for a new house in Atlanta, you might be considering a home in a transitional neighborhood. Before you make an offer, it’s important to understand the relevant factors. After all, it’s where you will be living for a number of years. In this article, we cover Is a Transitional Neighborhood Right for You?
A transitional neighborhood is typically one that is either on its way up or on the decline. One that is up and coming might be a new planned development or new community with houses being built in phases over several years. On the flip side, it can also be a neighborhood that is at least a few decades old and perhaps starting to look a bit run-down.
There are a few important things you’ll need to consider before you decide if a neighborhood in transition is a good fit for you:
- The recent market history of the neighborhood: Determine whether prices in the neighborhood are rising or plummeting. Compare that against the overall Atlanta housing market. If prices in the transitional neighborhood are stagnant while the overall market is on a healthy climb, you might want to reconsider. But if houses are being snatched up in an up-and-coming neighborhood, it’s probably a good sign that positive things are in store.
- The number of rentals and foreclosures: If a large percentage of the transitional neighborhood’s houses are rentals or foreclosures, the properties are likely not being kept up, ultimately lowering the value of the other homes in the neighborhood and continuing toward a downward trend in home values.
- The findings of the home inspection: If you make an offer on a house in a transitional neighborhood, it’s extremely important to make it contingent on what is revealed in a home inspection. An older home is expected to need maintenance and have a little wear and tear. But telltale signs — things like water marks or cracks in the walls — could point to major issues like water damage or structural problems with the foundation.
- The schools: It’s important to research the schools in your neighborhood. You can look on websites like Greatschools.org and read parent reviews and other information about the school, like test scores, number of students and programs and culture. Good schools often equate with higher home values in the neighborhood.
- The price and overall condition of the house: If you’re thinking about an older neighborhood, look at the structural soundness of the house. Things like old, worn-out carpet and out-of-date linoleum flooring can be replaced. Dingy walls can be painted. Likewise, if it’s a newer neighborhood you’re eyeing, be leery of a home that is already having problems or hasn’t been maintained well.
If you still have questions about whether buying in a transitional neighborhood is right for you, contact Duffy Realty. Duffy agents are familiar with all the neighborhoods in the Atlanta area and can help you find your next home.
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