Buying a Condo in Austin: Questions to Ask

Condos and townhomes can be a smart way to live closer to the places you love in Austin, often with less maintenance. Buying one is a little different from buying a house, because you are also buying into a building and an association.

Questions about the association

• What are the monthly dues and what do they cover?
• How healthy is the reserve fund?
• Are there any special assessments planned or recently passed?
• Is there any pending litigation?
• What are the rental rules, including short term rentals?

Questions about the building

• How old is the roof, and when are big systems due for replacement?
• What does the association's insurance cover, and what do I need to insure myself?
• Has there been any water intrusion or major repair?
• How is parking assigned?

Questions about the unit

• Which side of the building does it face, and how is the light?
• How is the noise from neighbors, the street, and nearby businesses?
• What is the age and condition of the AC, water heater, and appliances?

Financing can be different

Some loan programs have requirements for the condo project itself, like the share of units that are rented or owner occupied. Talk to your lender early, especially if you are using an FHA or VA loan, so you know whether the building qualifies.

Read the documents during your option period

In Texas, you receive the condominium resale certificate and association documents as part of the contract. Your option period is the time to read them. I like to go through them with buyers and flag anything worth a closer look.

The upside

Condos can offer walkability, amenities, and a lower price point than detached homes in the same area. With the right building, they are a great way to own in Austin. If you are considering one, let's look at the building together.