I work with my clients to define what they want, know what’s out there and then negotiate a good deal on the right property. I’m involved. I push, I question, I make sure we’re heading in the right direction. It is incredibly satisfying to navigate clients through the process and find the right fit.
Contact me for more details about working with me.
Downtown Austin Condo vs. Central Austin Home
One beauty of Austin is that there are so many wonderful neighborhoods to live in, including Downtown.
I can help you evaluate the decision between Downtown Austin living and your Central Austin neighborhood choices.
Buying a condo
Buying a condo is a bit different than buying a home. You are buying into a part of a whole. By sharing common areas with other residences, you also share responsibilities. It is important to know what’s going on with the building and Home Owner Association (HOA) before you close on a condo.
If your Realtor is familiar with a condo association, they can give you some background before you make an offer.
If not, the Texas Real Estate Commission-promulgated forms used by most Realtors have some safeguards in them for you. For starters, the seller is required to provide you the HOA condo documents. Read these! The HOA condo documents explain the rules you will be asked to live by – for example what kinds of pets are allowed and how many. Some of my clients have an attorney look at the condo documents so they absolutely don’t miss anything.
It is also important to request the HOA meeting minutes and HOA budget as part of the contracting process. This can tell you what issues are on the table and give you a chance to explore them further if you’re concerned. If you know of existing conditions, you can also ask to review existing documentation.
Lending and condo purchasing
Getting a loan on a condo can be a bit more complicated than getting one for a house. Not only do you need to qualify as a mortgagee, but, for you to receive conventional loans, the building must also meet certain criteria to show its loan worthiness. For example:
- Is it only partially sold out?
- Are there a lot of investor-owned units in the building?
- Does one owner own a high percentage of units?