Buying Property near Lake Travis-Need Advice!! (Austin, Lakeway: renters, HOA fees, condos)

[cmw57]

Hi all,

My boyfriend and I are moving to Austin this winter. His job requires that we be up North half of the year (February-October) and we plan on spending the rest in the Austin area. We are hoping to rent our property for the time we are not there. We like the Lake Travis area, specifically Lakeway, Steiner Ranch, and Bee Cave. We have a budget of 250-450k. We were also considering possibly getting a condo instead of a SF home. Since we will not be home for half the year we would like to be in a community that has a hoa and offers community amenities. Does anyone have any insight on which areas may be best to attract renters as well good neighborhoods to live in? Thank you for your help!!

[TheyCallMeDerek]

Condo's might be easier to lease for 6 months vs a single family home. It just depends on what you and your family want in a home. Condos, in addition to the mortgage have pretty hefty HOA fees for maintenance etc. Single family homes offer more privacy....just depends.

[atxcio]

All the areas you mentioned are good areas. Be sure that you check the rules in any condo property, especially newer ones.. there sometimes are limits to how many units can be made available for rent. You don't want to find out too late that you aren't allowed to rent it out...

Also keep in mind that the re-sale on condos that are far out of the central Austin area can be dismal. SF homes rule the market in these mostly suburban areas. That could work in your favor if looking for a deal on a used condo (and intending to keep for awhile), but you probably should avoid buying new. You will lose money on that deal.

Another place you might consider is NW Austin (city proper). Again, the resale isn't so good but the inventory there is a bit older and pretty cheap for where it is located. You probably won't find the amenities of a newer complex, but you'll be closer to downtown Austin and all the things the city has to offer... which would be your amenities. And you'd be pretty close to Lake Austin, Ladybird Lake, as well as Travis not too far away. You can get some nice, vacation-like hill country views with a NW Austin condo, too. Look around 360/2222, Lakewood, Cat Mountain, etc. The SF homes are very pricey, but you still might be able to find an older semi-detached 2 br Cat Mountain Villa in your price range. And that's practically a million dollar neighborhood, some of the best views and location around.

[ImOnFiya]

Since you've asked, I'm going to tell you this anyway, like I'd tell any friend or family member:

"Put you're name on it!"

Since you're not married, make sure you own an equal share to whatever property you buy. If you guys break up, don't be shocked if the equality of home ownership all of a sudden flies out the window!

[Austin97]

Originally Posted by cmw57

Hi all,

My boyfriend and I are moving to Austin this winter. His job requires that we be up North half of the year (February-October) and we plan on spending the rest in the Austin area. We are hoping to rent our property for the time we are not there. We like the Lake Travis area, specifically Lakeway, Steiner Ranch, and Bee Cave. We have a budget of 250-450k. We were also considering possibly getting a condo instead of a SF home. Since we will not be home for half the year we would like to be in a community that has a hoa and offers community amenities. Does anyone have any insight on which areas may be best to attract renters as well good neighborhoods to live in? Thank you for your help!!

Vacation rentals in austin arent that robust and it will most likely be very hard to rent out for only 6 months.

[CptnRn]

Originally Posted by cmw57
Hi all,

My boyfriend and I are moving to Austin this winter. His job requires that we be up North half of the year (February-October) and we plan on spending the rest in the Austin area. We are hoping to rent our property for the time we are not there. We like the Lake Travis area, specifically Lakeway, Steiner Ranch, and Bee Cave. We have a budget of 250-450k. We were also considering possibly getting a condo instead of a SF home. Since we will not be home for half the year we would like to be in a community that has a hoa and offers community amenities. Does anyone have any insight on which areas may be best to attract renters as well good neighborhoods to live in? Thank you for your help!!

Originally Posted by Austin97

Vacation rentals in austin arent that robust and it will most likely be very hard to rent out for only 6 months.

I agree with Austin97 on the limited vacation rentals, also "(February-October)" is not "half the year" it is 9 months. That leaves Nov-Jan for rentals, during the coldest part of the year in Austin. You might find a few snow birds who want to rent here during that time, but recreational activities at the lake will be minimal, its too cold to swim then. I had a sailboat in-the-water on Lake Travis for years and was lucky if I made it out 1 a month during those colder months. There are some condo's around Lakeway with water views (just East of the Iguana Grill) that might be your best bet for rentals