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!
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....