Are you looking to buy or sell a condo in the Austin area? If the answer is yes, then you came to the right place. Here’s what you need to know about buying a condo in Austin according to research done by Evolution Moving.
If you’re looking to buy a condo that probably means you are wanting to make an investment. Buying a condo is like a hybrid form of home ownership. It is a residential space within a larger structure that is owned by outside agents. Once you buy a condo you will be the owner the unit that is within a larger building. The main difference between condos and regular homes is that you do not own any land after buying a condo in Austin. You only own the rooms and the interior of your condo. This, of course, has its legal restrictions. But for everyday use, you will be as free and as responsible for your condo as if it were your home.
Buying a condo is much cheaper than getting an apartment. As you can imagine, getting a self-standing home of the same size or location can double, if not triple, your price. Living in “close quarters” isn’t for everyone, however most people find a sense of community when living in a building together.
Found a job in Austin? Lucky for you, you have already done the heavy lifting! Let us do all the work for you when looking for your new condo. We are a team of highly trained agents who can help you buy or sell a condo in the Austin area. There are many condos in the Austin area that we’d love to show you!
Condos aren’t for everyone, but you’ll find that there are a whole lot of people very satisfied with their condominium lifestyle in the Austin real estate market. We wanted to highlight a few things here as tips about a condo lifestyle and whether it’s for you instead of a detached single family home.
It’s not maintenance–free, but it’s close! The condominium association pays for and supervises the exterior maintenance and repairs to all units and common areas. You won’t be mowing the lawn on a beautiful Saturday morning.
You save money on some things. The association normally covers water, sewer, common area and exterior upkeep, and trash services. The fees you pay are normally less than you’d pay individually for these things. You only pay for interior walls and personal belongings insurance, as the association pays to ensure the structures.
You do trade off some control and decision–making ability. There will be rules to keep the exterior look uniform throughout the project, and there will be limits to what you can do to the inside of your unit as well.
Neighbors are closer. With units having common walls, there is more opportunity to get to know your neighbors. The common areas will provide enjoyment for all, but some sharing is necessary.
You have a voice with your vote. As a member of the condo association as an owner, you can participate in decisions that influence your property and how you enjoy your ownership.
Let Cain Realty Group help you with more information about condominium ownership in the Austin real estate market.
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Buying a condo is just like buying a home-- it has its pros and cons. Condos are cheaper, rarely requires you to do "the dirty work" (thanks to shared maintenance), and provides you with great amenities such as gym membership, pool use, and other facilities that are available in the property. However, the downside of living in a condo is that monthly dues are expensive (you don't do your landscaping but you're paying someone to do it for you) and you have to strictly comply with the rules of the condo board that regulates condo living.
To prepare yourself for the condo life ahead of you, you have to ask these important questions to your condo board to know what to expect before you actually purchase or move in:
How much is the monthly fee?
Condos charge a monthly fee that pays for the entire upkeep of the residential building. Ranging from $200 to $400, this monthly fee covers costs OUTSIDE your condo such as pool maintenance, landscaping, security, etc. Since you're going to pay this every month for the next X number of years that you're going to live in the condo, you have to ask the board exactly what your monthly fee covers. A general rule of thumb is that anything outside your condo should be taken care of by the board. The maintenance INSIDE your condo, on the other hand, should be taken care of by you.
Can I see the financial statements?
Condo owners are entitled to see the condo's financials, and you as a [future] condo owner should check this out. The financial statements will tell a story about your chosen residence: too much money going out compared to what is coming in almost always means "mismanagement" and headache for you as a future condo owner.
Are there assessments scheduled in the near future?
Assessments are one-time payments that cover capital improvements and repairs. If you are going to buy a condo, you have to ask if there...