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I like playing a game of “If I had $X to spend on a house right now, where would be the best place to buy something in Atlanta?” Today, I am using my pretend Monopoly money to let you know where I think are your best bets for buying a home in Atlanta on a budget of $550K.
A couple of rules to this game:
1) Neighborhood must be ITP (Inside the Perimeter)
2) Cost of home must be between $500-$550K
You would think that a budget of $550K for a home in Atlanta (intown that is) would buy you your forever dream home. It’s a half a million bucks right?!? It’s not that easy. I find that when I am showing clients homes in this price range, they get stuck on the edge of finding homes that are ok but not perfect. There’s usually a trade-off: great location, but a home that needs work or funky layout or not an ideal location but is upgraded wonderfully.
Take a look at some of my top picks of homes priced between $500-$550K in Atlanta that are currently available right now (Sept 2017):
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Best Atlanta Single-Family Home Under $550K: Grant Park
I think your best bet for getting the best single-family home for $550K or under is going to be in Grant Park. Keep in mind, most homes under $550K won’t be the perfect home but you’ll get most of what you are needing – at least 3 beds, 2 baths and small yard. The typical home in Grant Park priced under $550K will be a bungalow or victorian-style bungalow that will be on the smaller end — anywhere from 1,500-2,000 sq ft (give or take). Keep in mind that these homes are OLD. And OLD equates to small bedroom closets, not an open-layout, and probably a small living room area. However, the house could have been updated with a fairly nice kitchen and bathrooms. Plus, the location to All Things Intown is pretty sweet. Grant Park has of course the Zoo, Farmer’s Market, etc plus all the new upcoming developments like The Beacon, Larkin on Memorial, The Beltline, and further down along Memorial is the Atlanta Dairies. Plus, Grant Park is within minutes to downtown & a short drive to Midtown, easy access to major highways, and a quick 15 min drive to the airport.
See below for what is available in the $500-$550K range in Grant Park:
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Best Atlanta Townhome Under $550K: Brookhaven
You can really find some super nice, newer townhomes in different areas of Brookhaven. Some of my top choices include:
- The Reserve at Brookleigh – This community of townhomes was built in 2015 and has a relatively low monthly HOA (low $200’s/month). A bonus is that it’s located in a desirable elementary school district (Montgomery Elementary). These units are located just north of the Peachtree Golf Club and would be a perfect location for someone who works near the Perimeter or in Buckhead. They offer 3 bed/3.5 baths w/ a 2 car garage and around 2,300 sq ft. The interiors are fully updated to what you would expect in newer construction.
- Village Park– This set of townhomes was built in 2001 and offers a great deal of space (3,100 sq ft!). They have 4 bed/3.5 baths w/ a 2 car garage and a bonus room in the basement. The location is awesome for those that like to live near the shops/restaurants along Dresden and be within a few miles of Buckhead shopping.
- Buckhead Place – This gated community features 3 and 4 bedroom townhomes ranging from 2,800-3,700 sq ft and were built in the early 2000’s. They typically sell in the low $500’s, have a monthly HOA fee of $340 and have a traditional interior style. These are ideally located off of N. Druid Hills Rd for quick access to I-85 so you can be on your way wherever you need to go in the city. Plus, some of the units have a little bit more backyard green space, perfect for the pups!
- BONUS– Ok, so this one is not in Brookhaven AT ALL, but if you are looking for new construction with all the high quality upgrades, this one is worth considering – 2108 Defoors Ferry Townhomes. They are BRAND NEW 3/3.5 townhomes w/ a 2 car garage & have the open floorplan that everyone loves. Plus, the HOA is only $200/month. How great is that? It’s located over near the Westside in the Underwood Hills area and is zoned to highly rated Brandon Elementary. It’s location is ideal for those that love the artsy area of the Westside and want to be close to I-75 and Midtown.
My Top Picks for Atlanta Townhomes in the $500-$550K range:
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