Tips for buying a condo in Austin
Texas Housing - January 11, 2019
Owning a condo is something a lot of people consider at least once in their lifetime. Once you know what a condo is all about, you will easily see all the benefits of owning one. But, before you end up buying a condo in Austin and having Austin movers relocate you, there are a couple of things you need to be aware of. First, there is the current state of living in Austin. And the second is the reasons why a condo is worth investing in. Luckily, in this article, we will go over both.
There is much to say about the great state of Texas. From it’s long and rich history to its colorful people, it truly has a lot to experience. And there is no better place to do so than in Austin. Being both the capital and 4th most populous city in Texas, Austin has numerous sight to be seen. Austin has numerous job opportunities, universities and cultural events which enrich the lives of many people that reside in Austin. Here you will always have something to do and someone to meet as many people decide to make Austin their home once they move to Texas. But, even if you are not a people person, worry not. There is beautiful nature to experience not too far away. Just make sure that you own a car before buying a condo in Austin.
Cost of living in Austin
As more and more people have moved into Austin, the prices have increased. A single person should expect to pay around $890 each month for everyday expenses. For an average condo in Austin, you can expect to pay around $500,000 which may look steep. But, luckily, this is still nowhere near the cost of living and housing in other big cities such as New York, but it is becoming more and more expensive. Although, this shouldn’t worry you. The job market in Austin has also increased tremendously. This will make it easy for you to get a job or hire young professionals. Especially if your line of work has anything to do with IT.
What you should know about buying a condo in Austin
If you have decided that Austin is the right place for you, then you have one thing left to figure out. And that is what is a condo and everything that goes into owning one. Now, what you need to realize is that condos are not a new idea. People have been buying condos for decades and if owing that was not a good thing, it wouldn’t have survived for so long. Condos represent a fresh, modern take on regular home ownership and for a lot of people, it is the perfect way of owning their first home. Therefore, in order for you to maximize your enjoyment and use your condo to its full potential, here is all you need to know.
What is a Condo
In a nutshell, a condo is 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.
Reasons for buying a condo
The main reason why for buying a condo in Austin is that it will be much cheaper than getting an apartment. A regular home will be twice as expensive as a condo of similar size. This shouldn’t surprise you as it is the legal reasons that make condos cheaper than an apartment. People living in condos often have a great sense of community as they share most of the communal parts of the building. This is rarely the case with apartments or homes as people tend to be more secluded and not as friendly. When you live in a condo you will make friends with your neighbors in no time. It is practically guaranteed.
HOA are the people you will have to deal with after buying a condo. Homeowners Association will be the executive owners of your building complex and most of your legal work and payments will be tied up with them. Besides paying for utilities for your condo you will have to pay fees for maintaining the common areas. Depending on how exclusive and development these areas are the fees can drastically change. Therefore you should talk with an HOA representative before buying a condo. Just so that you are familiar with all the payments that are connected to it.
Hire an agent
What many people skip doing after moving to Austin is hiring an agent to help them find a condo. While it is certainly possible for you to find a condo on your own, you will have a much easier time doing so if you have an agent helping you out. The reason is simple. They know more about the potential condos and their quality than you ever could. And the agent will help you save a lot of time by pointing you to places that are worth checking out. How valuable this is, is hard to describe. There is nothing worse than spending hours and hours looking at bad condos that are not worth the price. If you want to do yourself a favor and spend your time in Austin productively hire an agent to find you a condo.