As more young professionals move to Austin, the demand for condo living has increased. The millennial aged singles or young couples with families want immediate access to work, public parks, and entertainment. And really, who can blame them? Buying a condo in Austin, TX can prove to be much more affordable than a single-family home in the same neighborhood and the maintenance on a condominium in next to nothing – giving you time for the things you really want to enjoy. While searching through condos for sale in Austin, there are vital steps to remember to take before you schedule that first viewing.
Know What You Can Afford
Don’t fall in love with a new, trendy Austin condo before you know your spending limit. Get pre-approved for the mortgage that best fits your finances and future before you start visiting properties.
Hire A Realtor
The seller pays the realtor fees, so partner with a professional while you’re searching for a condo in Austin. A real estate agent or broker will often times be familiar with a condominium building or neighborhood and be able to give insight into an area that you may not discover on your own. In addition, a realtor knows the questions to ask so you don’t end up with a money pit on your hands.
Know What’s Important (but be flexible)
Most house hunters have a wish list – which can be pretty extensive. Know what’s important to you as a condo buyer. Is a specific location key to your home search? Do you need to be near public transportation? Are there certain amenities that are non-negotiables for you? It’s good to have your wish list, but it’s also good to know what you’d be willing to give up if need be in order to get the majority of things on the list.
Request A Comparative Market Analysis (CMA)
Once you’ve zoned in on the Austin condo for sale that’s perfect for you, ask your realtor for a Comparative Market Analysis. This report will show you active, expired and sold listings of comparable condos, so you can make an educated bid and not low-ball or overpay for your home.
Know The Building’s Standing
You can discover current or potential problems with the condominium building by looking at the condo’s most recent board meeting minutes. Delve into what residents are complaining about and what the board is doing to address concerns. It’s also important to know the rate for monthly condo fees and how much those fees have increased over the past five years. A drastic increase each year is a red flag that management isn’t spending money wisely.
What’s Your Timeline?
If you’re in a professional or personal situation that may call for you to move in a few years, keep resale value in mind when purchasing an Austin condo. While you may think you only need one bedroom, buying bigger may help you sale the condo a few years down the road.
Finding the perfect-fit condo for you and your family is exciting. A new home opens new possibilities for your future, but having a professional on board and knowing your financial limit is key. Enjoy the process of finding your Austin condo!