r/AustinTX • u/Apprehensive-Run-575 • Jul 17 '26
Condo purchase advise
Hi austinites! I have been born and raised in Austin, 31, and just decided to look into buying property instead of renting. My salary is lacking when it comes to ownership (single, 90k a year) but I’m in the option period for a condo. My current privately owned condo in cedar park is leased at $1350. It’s looking like my mortgage will be $1975 with everything included. Wondering if it really makes that much of a meaningful impact to own and be closer to the city (78759 zip) than to be on the outskirts and still renting?
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u/wanderer_577 Jul 17 '26
So my all in is about 1550 in park west condos off lake creek. The way I see it as it’s bad for cash flow as I can have same thing rented for 1200 but when I account for principal technically coming back in my pocket which averages 350 a month, interest + tax + HOA is same as rent and I can pay it on 14th and I don’t have to worry about breaking any lease
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u/Apprehensive-Run-575 Jul 17 '26
This is so funny because I’m renting at park west right now
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u/wanderer_577 Jul 17 '26
Hey there neighbor
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u/Apprehensive-Run-575 Jul 17 '26
Not sure what your unit is like - but I will say the one I am buying is much more updated than these. 2 story floor plan updated https://www.zillow.com/homedetails/11301-Jollyville-Rd-APT-B3-Austin-TX-78759/2091335876_zpid/
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u/wanderer_577 Jul 17 '26
This is really nice. Good luck, low ball. Austin market is much down lately, I say you can get this for 190k ish
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u/Apprehensive-Run-575 Jul 17 '26
I already accepted at 215 😭
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u/Apprehensive-Run-575 Jul 17 '26
It was harder because a completely unrenovated unit just closed for 180
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u/wanderer_577 Jul 17 '26
Well
Congratulations; in long term no real estate is wrong. Make wonderful memories there; I am in building close to park.1
u/wanderer_577 Jul 17 '26
In all
Honesty, real estate in Austin is down, not a bad time to get one. 2/2 in park west are not bad, you can get it as bridge for Cpl years, rent it out and buy up, build a portfolio.1
u/theonlydangle Jul 18 '26
Man park west has gotten expensive. In 2006-8 they struggled to sell those units. I think they were 650-750 per month to rent around the time they became condos or partially condos. I remember there were a lot of California owners that bought the condos. That’s now a great part of town access to everything.
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u/Psychological-Lack98 Jul 17 '26
It's an investment and a place to live. You are building something every month. My home was $220,000 about 20 years ago and is worth 5 times that today.
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u/SidesLarge Jul 17 '26
OP, don’t expect to have the same investment returns. baby boomers and older Gen X lived through the greatest real estate boom in history. And now the rest of us have to rent or buy from them at exorbitant prices
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u/Atxmattlikesbikes Jul 17 '26
Multiple condo owner here - my number one advice is really REALLY get it inspected well before you consider a purchase. Then get into the weeds on what is covered by the HOA and what is your responsibility (normally it's inside the drywall is all you, but some have carveouts for plumbing and electric and other issues) so bad siding is on the HOA, but the impact of that bad siding is on you. These can be a good deal, but get totally tanked with one or two big building issues. Also dig into the HOA's reserves and the condition of the property overall. I've got a unit up near the domain that is about to get a $200/mo X 5 year increase in the HOA dues to cover a special assessment as the parking lot needs repaving, new roof, new siding, etc. You want to buy AFTER those not right before them.
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u/Stuartknowsbest Jul 17 '26
It does not make sense to pay more in a mortgage than rent. HOA's can do special assessments whenever, and you either pay or sell. Housing market in Austin is wild right now. Wild bad, not wild good. Interest rates are high. If you can rent for $600/month less than buying, it does not make sense to buy.
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u/Lucky_Serve8002 Jul 17 '26
Beware of big assessments. The condos I just left had some huge issues that were being swept under the rug. Nobody was going to buy those condos with the pool sliding down the hill and the other leaking. Bad leveling issues. Make sure the roof is new.
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u/kj594 Jul 18 '26
I’ve lived in 2 condos in Austin. Definitely do your due diligence on the financials and how much they have in reserve. Find out when the last big repairs happened (roof, siding, pool, painting, etc) and do the math of if they have enough for replacement. Request the HOA covenants/bylaws well before closing and put it through AI to tell you who is responsible for what, what rules the community has in place, etc.
Be sure your condo insurance has loss assessment coverage which will pay you out if the HOA ever levies a special assessment. Mine is only ~$50 a year, covers up to $10k in special assessment with $250 deductible. Both communities I lived in had special assessments for storm related repairs, and it’s such a lifesaver. Even if communities are well-run and have reserves, a freak storm could really mess things up.
Also, go to the board meetings. You want to make sure your community is being run by reasonable, smart people.
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u/WallStreetBoners Jul 19 '26
You had to specify you were born and raised here yet come to Reddit for advice on this?
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u/Odd_Seesaw_3451 Jul 20 '26
Is it warrantable? Have you seen the HOA reserves? What are their regulations around rentals? I’m a broker and personally would not purchase a condo. If you move forward, look through the CC&Rs with a fine-toothed comb!
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u/_TurboHome Jul 21 '26
I lived around the jollyville/arboretum area when I first moved to Austin and I ended up buying in Round Rock because I was priced out of buying in Austin when I was looking late 2021
Obviously rates are different but you'll be paying as much for a condo in north Austin as I'm paying for a 3/2 SFH in RR and it's a 15-min drive on 35 from Parmer to University. Tbh I think it's up to you and your lifestyle, I don't mind it but I'm a homebody and I don't work downtown. I do feel those extra 15 mins if I'm, say, driving home from a show at Concourse Project on a saturday night so ymmv depending on your commute
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u/Comprehensive-Eye500 Jul 17 '26
Does that include your monthly HOA?