Home Buying in 21215>Question Details

Tanefa Walla…, Other/Just Looking in 21209

I want to buy a condo. Should I check re-sale value?

Asked by Tanefa Wallace, 21209 Wed Nov 28, 2007

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If your looking for one in Jonestown, I am thinking about offering ours up soon. Its a 3 bedroom, fully furnished (by interior designer) and on Lake Travis. Has a gorgeous view, and only a year old. Let me know if you would like to see photos. We had it appraised recently at $390K, but would take reduce it significatly. I rented it out and in the summer was making over $6K a month.
0 votes Thank Flag Link Mon Dec 3, 2007
One think to consider in the currrent market is the occupancy rate of the condominium. Some newer condo communities are struggling because they are not sold out, and some of the buyers have defaulted, so the expenses are spread among fewer owners. Also, people in trouble will stop paying the condo fee before they stop paying the mortgage.

A big advantate to a condo is the common maintenance. People complain about condo fees, but try paying for a new roof! Also, if you plan to travel, work long hours, etc., the freedom to leave and do nothing but lock the door behind you can be a great feature. For resale, there is usually quite a step in value with the 2nd bedroom and bathroom, so if you can afford that, try. Good luck!
0 votes Thank Flag Link Sat Dec 1, 2007
A condo is a great place to start if you are a first-time home-buyer. How long you plan on staying in it is something to consider with resale value. Realistically plan on holding onto for at least a five year period. If you decided to move during that time, you may consider holding onto it as an investment property.
There are some great buys out there now!
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Wed Nov 28, 2007
The condo market varies from location to location - I was in a market where agents did not like the condos, but I had one agent that lived in one, and I made her the "condo queen" of the market - so anyone who had one to sell or wanted to buy, contacted her - try to find such an agent - call the brokers or office managers and ask if they have someone that "really knows the condo market". The duty agent may or may not be the right one - but good brokers and office managers will give you the right one, or if they do not have one they will tell you!
Good Luck in your search! And, yes a good condo agent can guide you in what the resale of the one you are wanting to buy will likely in the future - remember, real estate in any form is a GREAT INVESTMENT!

Bill Wootan - Leader of Team One
Century 21 H T Brown
Web Reference: http://www.billwootan.com
0 votes Thank Flag Link Wed Nov 28, 2007
You can get the resale value of properties in your area by contacting a REALTOR. You best bet would be to hire an Accredited Buyer's Representative who will be working for you and looking out for your best interests. Find an ABR in your area by visiting http://www.rebac.net. Good Luck!
0 votes Thank Flag Link Wed Nov 28, 2007
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