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First-Time Home Buyer

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Sara Smith
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Townhome near Prime Location or Single Family House in Suburban

Sara Smith
Posted Apr 18 2023, 19:28

Hello everyone,

I'm new to BiggerPockets and am currently in the process of buying my first home. I would greatly appreciate your input on what you would do if you only had a one-shot to start out would it be better to buy a townhome near a prime location, such as anywhere near I-285 and major highways on I-85/75, or a house in areas like Canton, Snellville, Woodstock, Powder Springs, or Grayson further north of metro Atlanta. I am also looking from an investor standpoint and I am uncertain and cannot decide if I need to choose the location or living space. 

Should I go for creative financing as a first home buyer? If so do I go through an agent with this? 

I wish I can do a house near a prime location but I do not have the finance for that. What would you choose and why?

what potential does northern Atlanta have and how do you assess that?

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Kyle Tusing
  • Real Estate Agent
  • Northern Virginia
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Kyle Tusing
  • Real Estate Agent
  • Northern Virginia
Replied Apr 18 2023, 19:56

Hi, my recommendations would be if you are planning to live in the property and then rent it out when you buy another I would aim for the townhome in a prime location. This is number dependent but it most likely will appreciate faster and have more renters looking in the area. But if you just plan to sell in the future I would just look into average appreciation in the areas or which you could add the most value to while you own it. Additionally creative financing is always a good idea if it makes the deal better, there are tons of ways to find these deals and you never know how you will find them but a investor-friendly agent who is really active in the market would be a good start!

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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
Replied Apr 19 2023, 09:02

@Sara Smith, Kyle is correct in his suggestion, and that's how you should be looking at it. However, it's still a very strong seller's market here, I don't necessarily recommend pursuing seller financing at this moment. Get pre-approved first to see how much you qualify for. This will help establish your budget and allow you to include and rule out markets in your search criteria. Generally, single-family homes tend to appreciate a little more than townhomes, depending on location. Moreover, most townhomes are going to be in an HOA community with monthly dues. There's a lot of development happening north of Atlanta, you'd be fine buying in any of the respective markets you mentioned above. Moreover, have you thought about house hacking your first home? I would advise exploring this strategy.

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