Are you planning to buy a condo in Downtown Austin?
Then you are at the right spot. Because, today I am going to share my JUMBO Checklist with you, so you will never make a bad deal again.
I am going to share all the secrets and the points you have to notice while you are going to make a Condo deal.
I am damn sure that this guide will help you to make Win-Win Deals and never let you down if you follow it properly and wisely.
As, you guys already know that condos are becoming very popular among people, who wants a dream living home. That’s why there are a lot of investors taking interest in building condo towers for you guys to buy from them. This also attracted a lot of condo dealers or “Realtors” into the condo business. They are experts who help you making a good deal in exchange of some commission amount.
But, sometimes they might trick you into some kind of bad deals. So, it becomes compulsory that you must have some knowledge of buying and valuing condos before you start to look one with or without an agent/dealer.
Know your needs
The first you should analyze before you go out to look for a condo is that you have to know your needs. You have to be sure about what you want and for what you are looking. This will help you finalize your budget and also to find the right condo of your choice.
Knowing your needs before looking for a condo helps you shorten your wish list thus it helps you save your time. You can list out what features are must for your desired condo, write them. Along with that also write the optional features or services you are willing to get.
Make a Budget
The second step that will help you and make the whole process easier for you is “Making a budget”. Making a budget is a good thing, but making the most accurate budget is the best thing you can do to save your time and money, and also finding the best fit condo for yourself.
It always starts with thinking about how much you can afford. Don’t try to make a budget that is totally out of your range and also try to avoid depending on loans from people from which you are not sure about. This may hurt your budget without a prior warning and can put you in a really confusing stage if you are just finished making a pre deal discussion.
Search the Market
Now, here the step comes where you have to step out from your old home so you can move to another new one. Now you can search the market according to your needs and budget. You have a really accurate estimate about what you want and what you need. So it is easy for you the search out the market yourself. You can ask our friends and family members if they have any idea about condo’s and their buying and selling.
You can also get a really great idea about condos, their features, pricing and other things from any of your friend who is just moved or living in a condo. They can be your best way to find a great deal yourself without involving any realtor or agent.
Look for Agents
In condo purchasing, agents are really important in most cases. So, if you still can’t find any condo yourself, then you should look for a good REALTOR or agent so he will find a great fit for you.
There are always different kinds of REALTORS, some are specific for some towers only, and some work only with condos and some are real estate agents also dealing in condos. I personally recommend you to choose the agent or REALTOR who is working only in condos but not specific for a single or two buildings. Because they can give you the best advice along with having a vast selection and comparison features.
Know about HOA Coverage
Once your agent calls you about a condo, he thinks can be a great fit for you. You can plan a visit to that building with that agent. I recommend everyone who is planning to buy a condo that along with listening to the agent, you should also look for yourself.
This will make sure that everything will remain clear and there is no chance of any misunderstanding related to that condo or your deal. Once you go for a visit to that condo, you can ask its authority about the HOA fee. These are called House owners authority fee which is charged to every home owner in that building to maintain the building and provide you basic services like, cable internet, valet etc. There is always different fee structure of HOA for every condo tower.
Compare the HOA Fee’s
I always recommend my customers and clients to adopt the habit of comparing. Once you visit 2-3 or more condos in different buildings you should must compare them with each other but it is also recommended that you should compare the price of HOA fee also. Because the price is what you have to pay onetime, but this fee is the thing you are going to choose for yourself to pay for all the time you live in that condo. So, it worth comparing with the services they are offering.
You can also use the list you have made in the first step. So, you will know which services or features you can leave while choosing the condo and which one are needed badly.
Ask for the View Protection
View of a condo is the most attractive thing in a condo in my view. A Condo with a great view can easily attract you towards it. But, what happens if there is another tower started to build just after some months of the purchase and you lose all that eye-catchy view.
So, I recommend you that if you are going to give priorty to the view of a condo, then you should must ask to the HOA members or any person from the management about the protection of that view. You can ask whether the condo is view protected or not.
A view protected condo is which is assured that there will be nothing to be constructed too long to ruin all the view of your condo.
Ask for anything came to your mind:
At the last, it depends on you. I just want to say that think and brainstorm about your deal and ask any kind of question which comes to your mind according to that deal or your needs. Keep one thing always in your mind that “If you don’t ASK, the Answer is always a quite NO!”
So, if something confuses you, don’t take any kind of risk. Just ask. And why not, because you are going to spend your hard-earned money, then asking question and get them clarified from the dealer or from the owners is your basic right.
So, never hesitate while asking questions. Because questions are never silly!
Have a look on the neighboring areas
Neighboring areas are the areas which are going to stick with you and you’re newly bought home for the most of the time. So, always make sure that your neighborhood is always good. Having a bad neighborhood can affect your living experience as well as the price of that condo too.
Always take your fulltime spending on knowing about which kind of people are living in your neighborhood and also in other condos of the same building.
It have another benefit too, you will also get to know about the owner to renter ratio of your building. More renters and less owners can have a slight effect on your living experience too.
Compare the Prices of neighboring towers
While you are focusing on your neighborhood, one more thing that may help you get the most out of this homework is that always get an idea of what are the prices in the neighboring towers to the condo you are going to buy.
This will give you an idea about what is you going to pay and what you should have to pay. You can estimate the actual price of the condo you are going to purchase if you can compare the services and the features too along with the prices of neighboring towers.
Compare the Features
I must say this that, not only focus only on the prices of condos. There are different features and packages that may raise or drop the prices of the condos. So while you compare the prices, you should compare the features also.
You can give priority to the feature you want badly and can neglect the feature or service you don’t care much. This will help you selecting the best condo for you and your loved ones. As if you are planning to make it your residence then you can’t afford moving again and again into new condos, that’s why you have to make the best possible decision at that time looking every feature and ever single penny you are going to spend.
Look both (Pros & Cons)
It is common human’s psychology that when someone is too much excited to buy something they generally neglect the cons and always focus on the pros of that thing or place. But, once they make the deal, they realize that they have done it wrong, but at that there is no chance to revert that.
That’s why it is my final and the last advice of this article that always be patient. Lack of patience can led you towards a bad deal and you will regret for it. I personally recommend my clients that they will discuss all that stuff with someone who is not in too much hurry. As he will give them the best possible advice neglecting the lack of patience they are showing in that deal.
Most of my clients discuss and get some really good advice from their wife or their girlfriend and it works for them too. Because, women’s generally are much conscious in the case of spending money as compared to men’s. Thus I recommend you too; to talk with your wife or girlfriend about the new condo you are going to buying in downtown Austin.
Thanks for your precious time you have spent reading my tactics about buying a condo in Downtown Austin, Hope it will help you making a great condo deal.
Have some more information to share? Sure! Just write them in comments and let the World know about it!
You can discuss with me always about any new Condo Deal and it will always be a pleasure for me to HELP You!
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