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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: undercover on April 05, 2015, 07:57:16 PM

Title: Talk me out of this condo in Austin, or don't
Post by: undercover on April 05, 2015, 07:57:16 PM
25, looking for software jobs in Austin. If I get one, I'll definitely move, and preferably buy. I may buy anyway.

Condo is $179k with ~$140 in HOA fees. It's a "no frills" community. End unit (only one side neighbor). ~850sqft (1 bed/1 bath). Parking garage. South of downtown just ~10 minutes. I don't think I'd pay full price for it, but I might offer something like $155-160k.

If I paid cash, I'd have total operating costs (estimate) of ~$850/mo. That includes taxes, slight maintenance, HOA, and opportunity costs.

I'd have enough money even not working to pay for everything (roughly $450 not counting opportunity costs) and still support my food and other living expenses.

It's a really nice space. If someone wants to message me, I'll link it to them. The building is pretty new.

Of course, I'd need to do my due diligence with checking out the HOA and asking more questions, but should I or shouldn't I?
Title: Re: Talk me out of this condo in Austin, or don't
Post by: waltworks on April 05, 2015, 08:12:18 PM
If I am understanding this correctly, you are FI. Do whatever the hell you want!

-W

I'd have enough money even not working to pay for everything (roughly $450 not counting opportunity costs) and still support my food and other living expenses.
Title: Re: Talk me out of this condo in Austin, or don't
Post by: bacchi on April 05, 2015, 08:14:37 PM
Is it really 10 minutes from downtown or is that what the developer is claiming?

Property taxes in Austin are near 3%. I think $850/mo all-in is wildly optimistic.

Edit: My mistake. You're paying cash. It's a tight market in Austin. If the seller is asking $179k, they'll probably get that.
Title: Re: Talk me out of this condo in Austin, or don't
Post by: undercover on April 05, 2015, 08:21:20 PM
It's been on the market for 80 days. Last sold in 2009. I'm wondering why it hadn't gone yet really.