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.
The University of Texas at Austin is a jewel in Austin’s crown. The Texas constitution of 1876 called for the creation of a “university of the first class,” and The University of Texas is just that. One of the largest schools in the nation, the university is made up of 18 top-ranked colleges and schools, 17 libraries, and seven museums. It is home to 51,000 students and 3,000 faculty members, making real estate around the university among the hottest in the country, particularly in North Campus and West Campus.
Starting Out Near UT Austin
Whether you’re new to the area or a recent grad determined to build a life here, condos near The University of Texas at Austin are a great option. You have the vibrancy of a college town, even if you’re no longer in school, and access to plenty of clubs, restaurants, and community events. You can cheer on the Horns while soaking in the energy of the neighborhood. Condos for sale near the University of Texas Austin are just right for anyone who wants to own real estate in an always-exciting area of town.
Investing for Your Student
If your child or grandchild plans to attend The University of Texas Austin, now is a good time to help them start life out on solid financial footing by purchasing an investment property. It works like this: we help you find a condo near the University of Texas that will accommodate your student and a number of roommates (the number, of course, depends upon the size of the condo). The roommates pay rent each month and, the rent they pay may be enough to cover the monthly mortgage payment, allowing your student to live rent free. Through this purchase you’ve accomplished two things. Your student has a safe, secure place to live and you begin building equity. Once your student graduates, you can sell the condo and invest the proceeds elsewhere or gift the condo to your student. Any way you look at it, it’s a win/win proposition.
Call us today to find out even more benefits for out of state students at The University of Texas at Austin!
Investing for Yourself
For a very long time, owning real estate has been considered the “American Dream,” and with good reason. It has historically been one of the most successful ways to generate wealth. There are three kinds of real estate investors:
- People who see their primary residence as their single, largest investment
- Those who purchase properties, repair them, and “flip” them for a profit
- Buyers who seek to build wealth by becoming a landlord and letting their tenants pay the mortgage
University of Texas Austin Condos: It’s All About Strategy
Here are 5 smart reasons for an investor to buy a condo near The University of Texas Austin:
- Pre-Leasing. Due to such high demand, pre-leasing starts in October for the upcoming August – students considering renting an apartment or condo near the University of Texas Austin start early which puts the landlord in a great position to make sure that property is leased out for the upcoming year. The location pretty much sells itself. Your condo is going to appeal to students needing a place to stay for the year, young professionals who enjoy the vibrancy of being near a large university, University of Texas Austin staff, and anyone who simply wants to be surrounded by energy and things to do.
- Low rate of vacancy. If you’re smart about it, you’re rarely going to have an empty condo. As soon as one group moves out, another is going to be ready to move in. There is, what seems like, an endless supply of renters in a large college town and owning a condo near The University of Texas Austin will bear the fruit of that.
- Above-average rental rates. Condos for rent near The University of Texas Austin are simply more desirable than condos in less populated areas, meaning you’ll have greater control over how much your condo rents for.
- It’s an equity builder. Buying a property in an area that has a ready-made market, and allows you to charge above-average rental rates are all good signs that you will build equity.
- Condos near University of Texas Austin will always be in demand. Should you ever decide to sell, you have location on your side as buyers flock in to purchase their own piece of Austin real estate. The very qualities that makes your condo attractive to renters will also make it attractive to potential buyers.
Here’s Where We Come In
We are intimately familiar with Austin condos for sale, including the sales history of each neighborhood. We can help you figure out which area is right for you and which will best meet your goals of ownership. We can also help you work through the challenges of owning a condo in a college town and come up with practical, applicable solutions. Here are a few examples:
Problem: Students tear up the property.
Solution: Charge one month’s rent deposit and build in time for cleaning and repairs before the next wave of renters move in. Additionally, require professional cleaning in the lease.
Problem: Some roommates pay on time, others are perpetually late.
Solution: Make it clear in your lease agreement that you will accept one check from the entire group (they can figure out how to get the funds to the person responsible for writing the check). Our managed properties also have the luxury of an online portal for tenants to pay rent.
Problem: Condo is empty during summer months.
Solution: Sign all renters – including students — to a 12-month lease.
Problem: Renters are demanding.
Solution: Hire us to manage your property, and take those small, everyday problems off your plate.
Sure, we are a bit biased, but we can think of few places more alive, more livable than our city. Buying a condo near The University of Texas Austin is a smart way to break into real estate and/or build an investment portfolio. Let us show you how!