Teresa Badke thought it wasn't possible to buy a first home, especially one in town, but realized that loans were available to help her make that move. Badke, 29, an architect with Summer/Wise & Associates, chatted about her Kirkwood bungalow, which she purchased in May.
Q Why buy now?
A Obviously, because of all the benefits right now for a first-time buyer. I
started (searching) about a year ago. My mom had mentioned that I might as well try it and see what happens. I was scared I didn't have enough money.
When I realized what was available, I realized it was a possibility.
Q What were your must-haves in a home?
A I wanted at least two bedrooms. I wanted two full bathrooms. I needed a fenced-in yard. I have a big dog.
Q What in-town neighborhoods did you search?
A I was living in East Atlanta, which is right across the highway, basically.
I narrowed it down to East Atlanta, Kirkwood, the Grant Park area. Because my budget wasn't as big, I had to go through some of the bad stuff to get to some of the good ones. I rarely found something that wasn't a foreclosure. I had (a contract on) another house that fell through, in Reynoldstown. It had too much damage and I couldn't afford to fix it.
Q What did you like about the style and location of your home?
A It had a cute front porch. There were sidewalks. It's a really diverse neighborhood, which was important to me. I like living in town for that reason.
Q What type of financing did you get?
A An FHA 203(k) loan (the Department of Housing and Urban Development's primary program for the rehabilitation and repair of single-family properties). That enabled me to have some renovation money. I got about $18,000 extra added to my loan amount. I didn't have a lot of money to put into my first house.
This kind of helped smooth over any of the scary big things.
Q What type of repairs are you making?
A One of the bathrooms was in the middle of renovation. I'm having to finish
out the bathroom. A rotten window needed to be replaced. My furnace and HVAC were stolen.
Q What was frustrating about the process?
A As a first-time buyer, this is a big deal to you; you haven't done it before. You're dealing with people who do it a million times a day. You want everything to happen perfectly, and now. Sometimes that's very trying.
At a glance
Teresa Badke's home, which was built in 1925, has two bedrooms, two baths and about 1,000 square feet of livable space. Other features include moldings, hardwood floors and a fenced-in back yard.
Kirkwood
Address: Kirkwood Road, Atlanta 30317
County: DeKalb
Price range: The 101 active listings range from $29,900 for a total rehab to
$629,900, said Sarah Hodgdon, a real estate agent with Keller Williams
Atlanta Midtown. Of those, 41 houses are on the market for less than
$250,000.
Styles: Two-bedroom bungalows dating to the 1920s to two-story new
construction with five bedrooms.
Schools: Toomer Elementary, Coan Middle, Crim High
More on schools: www.ajchomefinder.com/schoolguide
Getting there
Take I-20 east to Exit 61B (Glenwood Avenue) and turn left. Turn right onto
Memorial Drive, the south boundary of Kirkwood.
Recent sales
$155,500: 313 Eleanor St., Atlanta 30317. A 2-bedroom, 2-bath home built in 1946 and updated with stainless steel appliances and granite countertops.
$429,500: 70 Kirkwood Road N.E., Atlanta 30317. 3-bedroom, 2-bath restored bungalow built in 1892 with 12-foot ceilings and original hardwood floors.
For sale
$629,900: 24 Kirkwood Rd N.E., Atlanta 30317. A 5-bedroom, 4-bath home circa 1924 with original bookcases in the living room and a terrace level media room.
$180,000: 1721 Fairway Hill Dr. S.E., Atlanta 30317. A 2-bedroom, 2-bath
home built in 1947 with renovated bathrooms and hardwood floors.
