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buying in Austin, Tx but living in another state for a while

i'm contemplating a home purchase in Austin Tx, in 78702, a hot area seeing much interest in new home buyers and investors... i think. So, i'm from austin and pretty sure i'll move back in a year or so (currently live in the north east).  My goal: pay cash for a house that is livable and rent it out to my brother until i want to move in. i've never owned a home (i rent my current place) and i have know idea what i might be getting myself into with taxes and ... well i really don't know what i should be thinking about.  what do ya'll think? 
  • May 06 2012 - Austin
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Answers (4)

I certainly agree with the other postings.  However, I would strongly recommend starting with a search of the area (or several areas) of interest. This will famiarlize you with what is available in your desired area, pricing, amenities, what is selling and how long the properties stay on the market. By doing this research first, you'll have a good idea if: 1) pricing in your preferred areas and 2) whether the area will suit your lifestyle and needs (look at amenities offered).  You may find you need to broaden your search initially, then pull it in as you define exactlyy what you can afford.  At the same time, it is essential that you contact a lender to find out exactly what price you will be comfortable with.
  • June 22 2012
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Guy,
its taken me a pretty long time to save up this money. if i did a mortgage i would need to do a low or no doc loan. no i'm not a drug dealer. i get paid very sporadically and save.  also i'm inheriting money. i have no interest getting into risky investments at this time. i really just want to own my home outright first before investing would even be something i'd think about. i'm choosing the area around east 1st but west of pleasant valley because of access to the lake and other stuff going on around there. 

if you have thoughts on that particular part of east austin i'd like to hear more. i feel like there is a lot of potential for growth over there.



  • May 06 2012
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1.  Carefully consider your choice to pay cash for a home as money is cheap and you can get a much greater yield on your available funds than it will cost to use someone else's money.

2.  Carefully consider your choice of locations. 78702 has had it's issues and in my opinion there are much safer real estate bets than this zip code.

3.  Carefully consider what will happen if your plans to return to Austin run awry due to factors beyond your control. Have a Plan B.

4.  Do your homework when choosing an agent to assist you. Asking typical interview questions will yield typical responses and these are seldom helpful in determining the knowledge or skills of a candidate. Not all agents are created equal so don't make the mistake of thinking that is the case.

Best of luck.

  • May 06 2012
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It is important to establish a relationship with an Austin Realtor who will walk you through the home-buying process, step-by-step, so you can understand not only your responsibilities in the transaction, but what your lender will take care of, and what the title company's role is.  All of your questions, including the property tax question, will be addressed. In the interim before you move to Austin, it will be beneficial for you to receive MLS listings based on the criteria you provide.  One of the first steps is for you to consult with a lender who will be able to tell you what price range you qualify for.  As soon as that is established, you may begin your Austin homesearch in earnest. Good luck!

  • May 06 2012
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