Buy or rent?
Several factors to consider for high-rise property
Moving isn’t ever an easy decision, but deciding whether to rent or buy a high-rise can be a totally different experience if you’re the renter or the owner.
Being aware of what to ask, what to look for and what to expect is important to know before making that final choice and investment.
Examine the kind of lifestyle and commitment you’re trying to achieve to narrow down the process.
According to the U.S. News & World Report article, Three Reasons to Buy A Condo and Three Reasons to
Beware, potential highrise residents should take into consideration several factors before making a decision.
These can range from doing home maintenance or paying for amenities as well as analyzing the monthly costs, possibility of assessment fees, fluctuating property values and proximity of neighbors.
Ryan King, a Realtor with Realty Associates, said be aware of HOA fees that can increase over time and affect your budget.
“Most HOA fees will be significantly higher than single-family dwellings,” he said. “These costs are usually higher due to fact that high-rises offer more amenities such as guaranteed parking, a swimming pool, great recreational facilities and wonderful views of the city.”
Still on the fence to rent or buy? King explained that until you learn the area of city you prefer, consider renting, but know the questions to ask before signing anything.
These questions range from what’s included in the lease to the length of the lease, amount of down payment, what happens in the event of a flood, is there a pet deposit, are there available parking spots and what are terms for visitors.
Judy Levin, 2017 Monthly Top Listing and Top Sales Agent for Bernstein Realty, also said that renters need to be aware of all conditions before committing to an agreement.
“Make sure you understand who the homeowner is and if you’re responsible for any additional fees. Also know the rules of the building and make sure everything is working before moving in,” Levin said.
Just like in any rental situation, know the details regarding breaking a lease and what that can mean financially especially if there were “specials” or “concessions” at the time of moving in, Levin added. Also ask about if a diplomatic clause might apply if involved in an ex-pat situation. “Make sure you read everything if you break the lease early,” Levin said. “It’s very, very important. Highrise living is very different. Make sure you’re comfortable with the space, rules and regulations. You’re in a community now. There are a lot of little things to think about.”
If buying is an option, there’s a home to be found in Houston, King said. Be aware that the process is the same, but the benefits are different with instant security, guaranteed parking, no maintenance and location, location, location.
“Being in the heart of the city, you have access to everything,” King said. “Buying or leasing a high-rise is beneficial if you are a med student. Look forward to having access to the city restaurants, night life, sporting events and cutting your commute to work.”
High-rise living is easily accessible and provides a different kind of lifestyle, Levin said.
“It’s easy living, with lock and leave. We have a walkable city. You can call downstairs and have your car pulled up. Factor HOA fees in your budget because some can be high.
“Each building is a little bit different,” she said.