Buying a Condo in Austin

By: Adeal Benhayoun

Over the past few years condos have become one of the most popular forms of housing in most major cities. With such an astounding variety of condo styles it is easy to say that most everyone can find a condo that suits them. However there are a particular set of concerns and things to watch for when buying a condo that are quite different than those associated with purchasing a single family home. Remember that a condo is a communal or apartment style living situation where neighbors will be in close proximity at all times so if that bothers you, you may want to consider something else.

One of the first things that any prospective condo buyer should consider is how the complex in question is managed. Usually there are two entities that one must deal with when living in a condo. There is the condo management and then there is the residents council or association. Take some time to research any management company before buying. Some are better than others and some are; well.... It is important to know how a building is run before buying, if the current management is not doing their job and fulfilling their responsibilities then you should easily be able to find a complex where the management does. Also it is good to find out about the resident's association and any rules or guidelines that they have set out for the complex. Some of those rules may not be to your liking so take the time to investigate before you buy. Don't forget to find out what the monthly condo fees are either, this is an important expense and one that you should be aware of up-front.

A major thing to consider is the neighbors who will be living with you. Is the complex mostly owners or renters? Naturally owners will respect their units more and have more pride in them than renters do. In fact, many complexes have strict regulations regarding rental of units. Some popular vacation areas also have a thriving vacation rental market so if new neighbors on a weekly basis aren't your cup of tea then it would be wise to move on.

As with any real estate purchase it is unwise to jump into anything. Research is one of the most important steps in the process and if you have no idea about where to start then consult with your real estate agent for guidance. After all, they are professionals!

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