As one of the bustling metropolises of the American South, Atlanta is a city rich in history, culture, and opportunity. This city’s real estate landscape is as diverse as its people, bursting with opportunity.
If you want to equip yourself with the essential knowledge you need to turn your property ownership journey in Atlanta into a rewarding experience, you’ve come to the right place. Let’s look in-depth at what you need to know about owning property in Atlanta.
Homeowners Associations Are Common
In Atlanta, it’s quite normal to encounter homeowners’ associations (HOAs), and as a potential property owner, it’s crucial to understand the implications of living in an HOA-managed community. While they often contribute to communal benefits like landscaping, trash collection, and sometimes amenities like pools and gyms, the fees can add a substantial amount to your regular expenditures.
Additionally, the HOA’s rules can impact how you renovate or decorate your property, from the color you can paint your house to the type of landscaping you can have. Some HOAs may not allow rental properties at all, while others may have a cap on how many are allowed. If they do have a cap, make sure you’re aware of the current percentage and check to see if the HOA has a permit fee charge for rental property owners.
Historic Preservation Rules
One of the most important things to know about owning property in Atlanta is that it’s a city that cherishes its historical roots, reflected in its commitment to preserving its architectural heritage. Property owners in some districts may face restrictions on alterations to the exterior of their homes, including color schemes, window styles, and even the types of materials you’re allowed to use.
Sometimes, you may need approval from the local preservation commission before renovating. For some property owners, the freedom to make the renovations they desire is a key part of attracting and retaining tenants. However, living in these areas offers a unique blend of historic charm and modern amenities, making them some of the most sought-after neighborhoods in Atlanta.
Weather Impact
Atlanta is a city that experiences a wide range of weather conditions, which can affect property ownership to a certain extent. Summers here can be quite hot and humid, but the area is also susceptible to severe weather events like heavy rainstorms and tornadoes.
As a result, maintenance tasks such as clearing gutters, inspecting roofs for damage, and ensuring proper drainage are crucial to maintaining your investment. It’s also important to consider the quality of a home’s construction and resilience against such weather conditions, as some homes are older and may require extra TLC.
Insurance Considerations
On the topic of weather conditions, it’s a good idea to invest in insurance that protects your property from the ever-fluctuating environment. Typical policies cover the structure of your home, personal belongings, liability protection, and additional living expenses, but if your property is in a designated flood zone, you’ll want a policy with flood coverage as well.
Moreover, keep in mind that the cost of homeowners insurance in Atlanta can vary based on the property’s location as well as the age and type of the home.
If you’re ready to buy property in this vibrant city, let Excalibur Homes help you start out on the right foot to successful property ownership. As an Atlanta property management group, we have extensive knowledge of the area and can help set you and your property up for success.
