Buying vs. Renting an Austin Condo
The Austin condo market goes through market cycles and trends like any other. And, there are mathematical calculations that are used to advise consumers about the current condo market and whether it’s financially better to buy a condo than to rent. They’re based on financing and income numbers, and definitely can give you a financial–only perspective from a general consumer viewpoint. However, each person and family is different, and there are other considerations that are very important in deciding whether to buy or rent an Austin condo.
Control of your condo – Renting is the paid use of someone’s condo as your residence. Your lease will severely limit your ability to make it your home. You must follow the rules in the lease for everything from wall color to the amount of cars you can park there.
Address security – Many tenants will tell you that they have been forced to move from a rental condo they really liked because the owner sold it. And, during the marketing and showing phase, they were inconvenienced.
Your financial situation – Coming from the real estate and mortgage crash beginning in 2007, mortgage lenders have increased down payment requirements, require a higher credit score to qualify, and exact interest rate penalties if your score isn’t high enough. We help Austin condo buyers every day to navigate these new and more strict requirements, some even qualifying for home loans with as little as 3.5% down.
Call us at 512-522-4659 or email us to see how we can help you with this decision and give you a whole new look at buying a condominium in the Austin real estate market.