Upscale in Atlanta: Mortgages in Buckhead!?
| Let’s have another variation on looks at the housing market. Yesterday, we viewed some midlevel KB homes with the Martha Stewart name backing them up.
Today we’re going to briefly check out what “million dollar home” means. Luckily, in Atlanta, you can get a lot for your money. Like many of the midwestern cities such as Indianapolis, the cost of living is rather low and your million dollar home is more likely to be the ‘little palace’ of your dreams. This is to be appreciated, since in other parts of the nation, such as NYC, you can spend that much on a mere studio apartment. Doubtless, it is probably exceptional in many ways, especially location and square footage with great windows, but in the end a studio is a studio. Atlanta ranks in the top ten of cities with the greatest number of million dollar homes within the market. So, this is a fantastic place if you are willing to make your home a major investment or if you are up and out there on the bell curve of wealth. Buckhead is the city’s most famous, but not only area in Atlanta where you can find homes in this price range. What is the mortgage on a million dollar home? Of course, if you can, you should buy it outright and avoid a mortgage- just like you learned playing Monopoly as a child. If not, even a 20% down payment can stabilize your monthly mortgage payment to $5K/month, which amounts to about $60,000 per year. The higher the down payment, the better chances of lowering your mortgage. Remember, the principles involved are the same: down payment, length of mortgage, total cost, rates of interest…all work together to formulate a mortgage payment. To get idea about Atlanta real estate visit atlanta-homes-guide.com a Atlanta Georgia real estate agent. |