When Buying a Condo in Austin Makes Sense
If you’ve thought of buying a house in Austin, but shied away due to rising prices, consider hanging your “Welcome Home” sign in an Austin condo instead. Austin condos just may be the perfect path to affordable home ownership. For some potential homeowners, going the condo route may make more financial sense. There are several perks to condo living in Austin, and we’ll discuss some of them below.
An Austin Condo Is Typically Located Right Where the Action Is
As you embark on your Austin home search, and attempt to decide what’s the best property type for you, there will be certain things you’ll want to consider. The heart of Austin is bursting with restaurants, entertainment, scenic parks, shopping, nightlife and businesses galore, which means in a condo everything you need is just a short distance from your front doorstep. Like many other bustling cities, downtown Austin offers something for everyone that’s within walking or cycling distance or a short car ride.
Being centrally located is especially appealing to those who work for some of the top talent and industry leaders in business, technology, public administration, and health and social services. Did you know that the downtown area is home to 13 percent of the city’s jobs? Living in close proximity to where you work means saving on time and expenses such as gas and other transportation costs.
Owning an Austin Condo Avoids the Hassles of Home Maintenance and Repairs
If the idea of spending a weekend standing on a ladder making household repairs makes you sweat, or you prefer spending your free time seeking out the city’s latest hidden treasures, condo living is your best bet. Your Homeowners Association Fee (HOA) generally covers such costs as common area maintenance, exterior building maintenance, snow removal, roof, sewer, and more. That means, when the roof leaks, you don’t have to worry about making sure it gets fixed.
With an Austin condo, not only will you not have to worry about doing the actual work yourself, you won’t have to invest in buying all the necessary (but expensive) tools and equipment such as a lawn mower or leaf blower to keep your yard looking pristine.
HOA fees are often a sticking point for some. While they’re notorious for being high, truth is, the fees vary widely depending on the location, size and amenities offered.
Depending on your budget and lifestyle, you can take advantage of Austin condos with resort-like amenities, such as a fitness center, pool, rooftop entertainment space and tennis court that would be cost-prohibitive for some living in a single-family house.
Having a fitness center or pool located on the premises also cuts out the need for a separate gym membership. Many condos in Austin TX also offer security, such as 24-hour surveillance, security guards, electronic gates and other protective measures, eliminating the need for a separate wired home security system.
What About Appreciation?
While the general consensus is that single-family homes tend to appreciate more than condos, and buying a house in Austin will bring more bang for its buck, there’s appreciation no matter the property style. With the Austin metro adding an estimated 151 people per day per day, this area has a perpetual allure that’ll continue to draw people, making all types of properties high in demand.
Another point to consider: Austin real estate is cheap compared to major hubs for tech and business elsewhere, like San Francisco, Seattle and New York City. Keep in mind, however, that as Austin’s median real estate prices rise, and population continues to grow at a rapid pace, buying a condo in Austin now could be a smart investment in the long run.
Hire an Austin Condo Specialist
Need help finding the perfect Austin condo that fits your budget, lifestyle and needs? Contact one of our specialists today. Our experienced team understands the ins-and-outs of purchasing an Austin condo and knows how to ask for critical documents and information, such as the homeowners association meeting minutes and budget, condo resale certificates and disclosures about your fees. We can assist you with your MLS search, and also have thorough knowledge of all the Austin neighborhoods you’re considering.