6 Things You Need to Know About Buying a Condo in Austin
6 things you need to know about buying a condo in Austin
1. Hire a Specialist
Working with someone who understands how a condo operates is incredibly important. Understanding HOAs and the documents required. Before buying a condo you need documents like insurance coverage, HOA meeting minutes, condo resale certificates, etc. Having an agent help you make the best decision and help you prepare can make a HUGE difference.
2. Asses the Amenities
Understand what the building has to offer and whether or not it will fit your lifestyle. Do the HOA fees match the level of amenities? Austin is notoriously a city where the people spend the same amount of time working as they do playing. Looking for a condo with a club house, pool, and 24 hour desk presence, would be in your best interest if you like to play too.
3. Check out the Neighborhood
This should be obvious, but make sure you check out the neighborhood. Is the condo gated? First floor? Parking garage? If you aren’t in the best neighborhood, then it’s probably not for you. Is there a train near by or new construction site around the corner? The last thing you want to do is move into a noise box!
4. Analyze the Homeowners Association Meeting Minutes and Rules
By gathering the information from the HOA meeting you can get a better understanding of how the community is run. Who is in charge? Do all the tenants have an opportunity to speak up? Make sure you ask the critical questions before closing. This information should be gathered by your real estate agent.
5. Review the Rental-to-Owner-Occupied Ratio
If you’re thinking you’ll need a loan, it’s important to gather this information. It’s important to know how many units are rented versus unoccupied or owner-occupied. Ut also gives you a better idea of the average tenant is like. This information must be reported so ask your agent for the information.
6. New construction Versus Old Construction
Is your condo old or new? Not new as in remodeled but new as in the foundation? Ask yourself, is the HOA doing all that they can to keep up with the neighborhood? Make sure you do your due diligence before you decide on a condo!
Looking to buy or sell a condo in the Austin area? Contact Cain Realty Group for assistance today!