San Marcos Texas Condos Frequently Asked Questions (FAQs)....

You may also wish to read either/both of the files below to determine how condominiums are viewed by state law in the State of Texas... Texas Condominium Act Texas Uniform Condominium Act

What is a condo?

Condominiums are a type of single family residential home, but that's where the similarity ends. In many cases, residential condominiums appear to be very similar to apartments, but the method of ownership is much different. Although condos are sold as single family residential properties, you generally own only the space located within the walls of your unit, not the walls themselves. Most condo developments are also run by homeowner associations (HOAs), which collect fees for maintenance of building and common areas.

How do I choose between condos and single family homes?

Condos have some specific characteristics which really appeal to those who don't want to be bothered by maintenance of exterior grounds and common areas. Condos are also usually lower-priced than stand along single family homes, but not always. In San Marcos, the average price of a condo will be much less than just about any single family home that's suitable for living, so it's a very easy choice. You either want to take care of a yard and have neighbors that live further away, or you don't. You either desire to pay the amount required to purchase a single family home, or you don't.

The most direct decision-related comparison for those who are contemplating purchasing a condo usually involves one specific comparison: apartments vs condos. If you're going to pay $600/month or more for a suitable apartment for you or your student, it just makes sense to investigate whether to invest in property ownership or not.

How are condos different?

When most people think of a condo, they're thinking about apartment-type living in single family residences with no yard. However, there are many different types of condos that go well beyond the residential market. For our purposes, we'll use the first comparison.

In San Marcos, most of our condo developments were built in the early '80s and are two-story in appearance. Most developments will have common areas that require maintenance, which requires that fees be collected from property owners to cover the cost of maintaining these areas.

What is a Homeowner's Association (HOA)?

An HOA is formed to run the business entity that represents the condo development. A board of directors is installed to monitor & supervise the running of the association for its owners. The HOA can set HOA fees, which are collected to pay for maintenance of common areas, repairs, and insurance for the development. This group of individuals determines policy, enforces covenants and restrictions, and serves as the leadership representing the development once the builder places them in power.

Are condominiums a good investment?

They can be, but that really depends on factors which are beyond the scope of this website. Those other factors may include current market demand, fiscal health of the HOA, an experienced board of directors, enforcement of covenants and restrictions, local economic growth, and current development issues. When considering purchasing a condo, it's very important to do your homework, review all existing documentation which relates to the development and the HOA, and balance the risks associated with property ownership with the risk of pursuing other housing choices. Once your condo development of interest is known, we can assist you with assessing the current market to determine if purchasing a condo for you or your student is right for you.

Property Taxes

Because condos are individually owned, they will appear in the Hays County Central Appraisal District website as individual properties. You can enjoy the same tax benefits for property ownership with condos, as in other single family residential residences.

What insurance is needed?

The structure and grounds of the condo development are usually covered by a blanket insurance policy and is usually covered with the association fee. Contents are not generally not covered. Your association will be able to further advise you on individual differences in their specific community. Once you've talked with them, please consult your insurance company to determine the appropriate level of insurance you need to carry to satisfy your goals.

Are closing costs less for condos than for single family homes?

No, closing costs are generally about the same for condos and other forms of single family residential homes.

How are condominium developments run?

Condo developments are run by the HOA and the board of directors. Covenants and restrictions are enforced by the HOA, and fees are collected on a monthly, quarterly, or annual basis to cover building maintenance and repairs, common area maintenance and repairs, insurance, contingency funds, and property management services. All changes to existing regulations, covenants, and restrictions or applying for variances from these will be handled directly by applying for such through the HOA.

What do common area fees cover?

In general, they cover building maintenance and repairs, common area maintenance and repairs, insurance, contingency funds, and property management services. Maintenance fees are initially established by the developer based on their experience in providing the types of services that will necessary to run the development efficiently and effectively.

Once the development has been in operation for a significant period of time, the HOA can use the historical cost approach to estimate these expenses, combined with estimated future costs of new contracts or services. The most important aspect of purchasing a condo is to determine exactly what it is you're paying for. In most instances, you'll be able to obtain a copy of the operating budget, which shows you exactly what is budgeted for each component of the HOA.

How can I find out what condominiums are currently available?

Great question! You basically have 3 ways of learning what condos are available: real estate agents (best), newspapers (2nd best), and driving around (worst). As your representative, it's our job to show you everything that's available while providing our knowledge, experience, and time. We're the professionals. Our services are usually free of cost to you. We maintain an extensive database of every property that's on the market, and provide a daily update by email that automatically sends all available properties to you that meet your general criteria. This is the most effective way to locate your property and the information you receive is accurate up to the minute.

If you'd like to see all available San Marcos Texas Condos, click here.

Your other two options are newspapers and driving around. Weekend papers are usually best to find the most listings. Of course, many of these listings may not be accurate, depending upon who placed the ad in the paper. You can also drive around to look for available properties, but most developments have barriers and restrictions in place to prevent signs from being posted on individual properties. Therefore, these are the two least effective ways to search for the condo that might be right for you.

Is a home warranty available for any condo I purchase?

Yes, home warranties are generally available for condos, much in the same way they're available to any single family residential property.

What's the best way to compare condo units and developments?

The best way to compare properties is by using a spreadsheet with the factors that are most important for you. For example, here's a very simple table to begin your search:

Community	A	B	C
Builder Reputation
Price
# Bedrooms
# Bathrooms
Square Feet
HOA Fees
Travel Time To Work
Travel Time to Schools
Recreation
Shopping
Design
Kitchen Layout
Living Area
Dining Area
Ceiling Height
Storage Space
Landscaping
Driveway
Covered Parking
Garage

Roof
Furnace

Your Guide to Condos & Condominium Developments in San Marcos Texas