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.