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San Antonio and Austin Texas Real Estate Blog

How to Know You're Buying the Wrong Austin Condo

Buying a condo is special. It provides many of the same benefits as renting without the maintenance of owning a home. Even though it's a condo, it's still an investment and you're still a home owner.

It's possible to buy the wrong condo in Austin, Texas. Many are available and you don't want to get stuck with a property full of red flags. Here are some of the warning signs to look for when shopping for an Austin condo.

Too Low or Too High HOA Fees

When HOA fees are very low, it could mean the condominium building isn't covering the necessary expenses and maintenance. They may not have enough in the capital reserve fund, which can cause a special assessment. This can cost thousands of dollars and become due in just a few weeks.

If the HOA fees are too high, it could mean the company is trying to cover financial issues. This can also be a warning sing, but it's less likely than low HOA fees.

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How To Buy A Home In Austin's Strong Seller's Market

As a home buyer, you have to be prepared. It can be difficult to land your dream home if you don't know how to compete in a seller's market. Since you may be up against all cash offers and involved in bidding wars, you need to do your homework. Here are a few things to help you with buying in a seller's market.

What to Expect

Before getting into the ways you can compete when you find the right home, it's important to understand what to expect in Austin. Homes in the best school districts don't last long because buyers are looking for these homes. If schools will make a difference for you, be aware, you may have to act fast.

It's also important to understand that the housing market in Austin is being driven by the large population increase due to the job market. Home prices are on the rise even faster than rental prices and many home buyers have entered the market.

Be prepared for a battle before you start shopping. Understand a bidding war is...

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