Condos For Sale UT
The sales market for condos around the UT area has long been one of the most competitive in all of Austin. The market has experienced regular growth exceeding that of greater Austin and has fared particularly well during economic downturns. Since most students want to live as close to campus as possible, most condos for sale are in West, North or East Campus.
When students first enroll at the University of Texas they are confronted with a quick realization: the University of Texas has far less on campus housing than it has newly enrolled students. This leaves most with one of two options: renting an apartment near campus or buying a condo. The advantages of purchasing a condo in and around the UT area are simple: build equity into a property rather than waste dollars paying a landlord for rent. Purchasing also enables you to build equity, create future investment property, maintain a higher standard of living, without “preleasing madness” and reduces monthly expenses of your investment by having roommates rent extra bedrooms.
The second question typically becomes which area of campus. West Campus apartments have traditionally been popular amongst younger, undergraduate students. It has a reputation of being a “busier” area and a much more dense inventory of apartments, along with the vast majority of Greek houses. North Campus, on the other hand, appeals more to the older undergrad student as well as graduate & doctoral students looking for a quieter neighborhood. This area encompasses much of the Hyde Park neighborhood. The revitalization of East Austin has brought additional, often newer, inventory and created a new market not previously utilized much by UT students. East Campus offers close proximity to parking areas near the UT baseball stadium, Disch Falk Field, and a bevy of new restaurants and bars on the bustling Manor Road & MLK Blvd arteries. The unprecedented growth in the area as a whole has provided parties interested in purchasing a condo in the UT area an additional option.
Advantages for out of state clients are great, and hinge on their ability to establish in-state tuition. Often times, out of state clients decide to purchase condos and establish residency for their son/daughter. The reason for this is very simple: in 2016, out-of-state tuition came out to $34,836 compared to in-state rates of $9,830. Over a four year period, this amounts to almost $100,000 in potential savings! In order to establish residency, the following criteria must be met:
- The Deed has to be in student’s name, however, the counselors have not seen an application turned down when the parents names are on there also;
- The utilities need to be in student’s name;
- Student has to reside in the property for 1 year;
- Student has to have a credit score to have the loan approved even if the parent is a borrower on the loan also; the approval is not based on their income, they simply need a credit score; and
- Student has to file an independent Tax Return.
Future investment opportunities are aplenty even after the children have vacated the property. After the student graduates, an opportunity is available to maintain ownership of the condo and rent it out to other students.Tenants would effectively cover mortgage payments and expenses, only building more & more equity and value over time.
The aforementioned point of extending into an investment property is also why condos in the UT area are so incredibly popular amongst investors. The high turnover and consistent influx of new students create great demand for condos. This bodes well for the investor, as they have typically enjoyed an annual appreciation of 4-5% over the last decade.
Purchasing a condo for sale around the UT area provides many benefits and opportunities for the parent putting their first student through college and the seasoned investor. Contact the experienced Realtors at Uptown Realty today to find the perfect property for your needs.