If you’ve reached that point in life where renting seems lame – no return on your investment and you’re at the mercy of a landlord or property management group for upgrades – purchasing your first home could be a great option. Buying a new, trendy condo in downtown Austin offers the perfect balance of a professional and personal lifestyle. Millennials often choose to rent over buying, but as rental prices continue to skyrocket, purchasing a condo is now within reach. The commitment to owning a property can be nerve racking, but there are five big reasons to take on a mortgage and tear up the lease.
Live In The Best Neighborhoods
The price of single-family homes in South Austin and the immediate areas can be steep for first-time homebuyers. A condominium keeps you in the same desirable community with a much lower price tag.
Rent prices are high, and they continue to rise, which means you’re likely paying more on your monthly lease than you would by buying an Austin condo. Plus, opting to purchase a condo as your first home alleviates nearly all costs of home maintenance as you would have with buying a single-family home. With the smaller space of a condominium, you’ll also enjoy lower utility bills for heating and cooling.
It is important to factor in the condo HOA fees you’ll pay monthly, but that cost includes most repairs and upgrades needed for the building, access to the building amenities, and could include some utilities, like trash pick-up or water.
More Free Time
It’s likely that your ideal Saturday afternoon doesn’t include mowing the lawn or repainting a deck. Owning a condo in Austin means you don’t have to worry about home maintenance projects. Many Austin condo buildings offer grill areas where you can host socials or are within walking distance to green space parks. With condominium ownership you can use your time doing what you’d like to do and avoid the DIY projects.
Close Community Feel
Owning a single-family home probably means you’re a lengthy drive away from some of your favorite downtown restaurants and nightlife. Finding the right Austin condo for sale, means you can walk to the best hang-out spots. Your condo building will likely be filled with young professionals and families just like you, so you’re included on the action and get to avoid the 45 minute drive. Another benefit is most Austin condo communities will host social events or holiday parties, letting the social life come to you!
Future Rental Income
If you know you’ll just be in your new Austin condo for a few years, check with the condo HOA for guidelines on renting the condo. Make an investment that will offer future rental income and you won’t have to worry about immediately selling the property if you decide to move.
Renting a condo may be convenient, but owning an Austin condominium allows you to save time, money, and can provide an added income for the future if your housing plans change.