Home Buying in San Antonio>Question Details

Kristal Sedl…, Renter in San Antonio, TX

why would people buy condos in a community that is now being rented out as apartments? It seems like a losing proposition (Devonshire)

Asked by Kristal Sedlak, San Antonio, TX Tue Feb 5, 2013

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Its been my experience that San Antonio is not really a very strong market for Condos. The monthly HOA fees seem to be the biggest drawback. Who wants to spend between $250 and $450 per month on average just in HOA Fees? Not when you can spend the same amount of money on a home that is much nicer than the condo.. But, to each His/Her own I say..

But I would have to agree with you... It's not where I would put my money.

0 votes Thank Flag Link Tue Feb 5, 2013
Location, price, convenience, etc, etc.
You can find your next Home at http://www.JoseSellsSanAntonio.com
0 votes Thank Flag Link Tue Feb 5, 2013

I guess there will always be a little of that anywhere. Are you looking at Devoshire off Braesview? Would you consider others if suggested?

0 votes Thank Flag Link Tue Feb 5, 2013
1, the price is good? and they hope the community will turn into a more traditional condo when the market improves.
2. they intend on renting it out anyway.
0 votes Thank Flag Link Tue Feb 5, 2013
Many reasons why... could be they want purchase as an investment lease the condos.

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
Multimillion Dollar Sales Producer

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0 votes Thank Flag Link Tue Feb 5, 2013
This is a great question. It can be a terribel idea, especially when planning to sell anytime in the future. On another note, once there are too many renters, the likelihood of a buyer being able to buy goes down tremendously, as most will be seeking FHA financing, and FHA will not back a loan ona complex that is more than 51% occupied by renters. If you plan to hold the investment and earn money on your rental froma tenant, then it could be ok. If you need help or have anymore questions, please feel free to contact me. Thanks

Patrick Hammonds
Axis Realty Group/Apartment Hunters
0 votes Thank Flag Link Tue Feb 5, 2013
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