Have you thought of purchasing a condo? There are several advantages of buying a condo in Austin, especially with the rising prices of single-family homes. If you’re considering purchasing, take these pros and cons into account.
PROS
Access to common areas and amenities. When it comes to buying a condo, amenities can make or break the decision. Amenities can include a pool, gym, dedicated business work spaces, common areas, concierge services, and more.
No yard to maintain. Trying to avoid yard work at all costs? Consider buying a condo! Since a large majority of condos are in multi-unit buildings, you won’t have a front or back yard to maintain. If you do end up purchasing a condo with yard space, landscaping will most likely be covered in your monthly HOA dues.
Building exteriors are maintained by the condo association. Exterior maintenance can be an afterthought for some condo owners, with the help of their condo association. Monthly HOA dues usually cover exterior wear and tear of the building.
Less expensive than a house. If you’re looking to get your foot in the door of Austin real estate, condos can be a great way to invest without breaking the bank.
More ideal location. Because it’s usually less expensive to own a condo than a home, sometimes you can afford a unit in the location you want without being priced out of the area.
CONS
Monthly dues can be pricey. There is a large range of condo dues, with some starting around $200 a month and others adding up to something around $1,200 on top of your mortgage payments.
Less privacy. Because you’re likely sharing walls with neighbors, there is far less privacy than you’ll experience in a single-family home. One way to combat potential issues with neighbors is to opt for purchasing a condo with walls made of more soundproof materials.
Smaller square footage. Condos usually have smaller square footage than a house, depending on where you’re buying. In some cases, you can purchase a standalone unit or unit in a duplex which will give you more room to enjoy.
If you’re considering buying in Austin, we’d love to talk with you about your options. We have many agents who specialize in the purchases and sales of condos! Click here to learn more.
