Atlanta Condos: Condo Prices And Condo Fees

By Author: Julian Bryce
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When considering the prices of Atlanta condos against a single family home, taking the condo fee into consideration, you should consider what you are saving against your overall costs. When you purchase a family home you buy the house and everything else after that is your responsibility. When purchasing a condo, you will likely have other things included, many of which will be taken care of by the condo fee that you might also have to pay.

Before we discuss what is available in Atlanta with regard to condos, let's first discuss what condos are, since the term means different things to different people and it is important that you understand exactly what you are paying for when you are looking at condo prices, and comparing them with other forms of housing such as lofts and apartments.

A condominium, to give it its Sunday name, is one of a number of individual homes in a complex that are sold as opposed to rented. The term 'condominium' actually refers to the form of ownership rather than the home itself, and if a building housing a number of homes goes 'condominium', the residents currently renting must either ...
... purchase their units or leave.

When you buy a condo you own, your unit can consist of from one to several rooms, and everything external to your unit such as elevators, pool, central waste disposal areas and so on are communally owned. Not all condominium agreements offer all of these external facilities. Each owner pays a monthly fee to cover the cost of these communally owned facilities, generally run by a 'condominium association', plus extra for any major repairs needed for the structure housing the condos.

You will find that Atlanta condos are generally cheaper than a town house of a similar size, and generally cheaper than renting since rent also includes an element of equity building. However, unless you are used to living in an apartment, you might not like the ethos of condo living where amenities such as pools are shared with every other condo owner.

If you are not the type that likes being involved in community events, you might lose out because decisions can be made at condominium association meetings that could affect you financially. Generally however, these do not involve serious changes although they might not necessarily affect every owner in the same way. An apartment or loft, on the other hand, does not involve such an association, which is why most apartments are rented, the rental covering the maintenance costs.

Now that you understand what a condo is you can decide whether or not it is for you. You must take the monthly fee into consideration when considering the purchase price. Your condo fee could include the water supply, sewerage, maintenance, security and property insurance. If you buy an up-market condo, it could also include a fitness room, pool, recreational areas and a condo manager on site 24/7.

Condos are particularly suitable for single people and those that travel a lot. They are also good if you want to live in a good or prestigious area but cannot afford the price of a normal single home, such as in Chastain Park. You have plenty of choices in Atlanta, and a large proportion of Atlanta real estate on the market is in the form of high-rise condos in the centre of the city or in the commercial areas.

The Trump Tower, currently in process of construction, is offering hundreds of condos, many of which have already been sold. Prices are from $400,000 to $1.3 million. The average price for a condo in the old area of East Chastain Park, on the other hand, is about $170,000. This is a good deal because Chastain Park contains old money and old mansions and is one of Atlanta's most sought after localities with many homes selling at well over $1 million. However, when you see the advertised prices for condos, this does not include the condo fee, and you will have to make sure of checking that out, because that must be added to your monthly mortgage or condo loan repayment.

It is easy to get caught out if you are unaware of this extra monthly cost, so make sure you find that out before making an offer. Atlanta condos are available in just about every residential district in Atlanta, although their popularity and price increases with their proximity to the city center and the commercial districts. Many condos are owned by businesses as temporary accommodation for employees, visitors and customers who are staying in Atlanta overnight or for a short period only.

Atlanta condos, therefore, are very popular, particularly with individuals for single occupancy or with companies. If you make sure that you understand the terms of condo occupancy, it can be an excellent form of residence on a permanent or temporary basis, and certainly a lot less expensive that outright single home ownership.