Currently renting in Texas $921 + utilities about $1’024 i might be moving back to Columbia SC and i don’t plan on renting, i found a 2 bed 2 bad condo for $150k. Completely remodeled and looks amazing. https://www.zillow.com/homedetails/1825-Saint-Julian-Pl-Columbia-SC-29204/299806027_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
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500 monthly HOA. Hm no..
Why not? What of other ones older? Second option condo https://www.zillow.com/homedetails/526-Edisto-Ave-APT-30-Columbia-SC-29205/2083214613_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
I'll play devils advocate on the HOA fees. My condo in dallas has $800/month HOA fees but it includes 24 hr front desk service, pool, and gym. Bc I travel so much and live alone the 24 hr front desk was important to me for security. All nearby condos with 24 hr front desk/security had similar HOA fees. I wouldn't automatically dismiss thisbplace just bc fees are high. Also look at rentals for similar apts nearby. If your HOA+tax+mortgage is less than what places are renting out for, it could be a good investment if rent in the area has been trending up. My sis has a house that 4-5 yrs ago they were renting out for 2300/month, now they're renting out for 3000.
Oh and just saw your reply that you may want to airbnb it out later on. Definitely check HOA guidelines if that's what you were planning. Many condos forbid this type of transient rentals.. My condo has the front desk check airbnb, vrbo, etc. occasionally to see if there are any units listed.
That hoa fee is pretty high The zestimate is also pretty low compared to the price. What are comparable units selling for?
About 140-199 tbh it’s very different. This is another in looking at, i May just remodel it tbh https://www.zillow.com/homedetails/526-Edisto-Ave-APT-30-Columbia-SC-29205/2083214613_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
With HOA fees that high as well as the risk of special assessments, I don't see how that will be a good rental property if you ever decide to move.
Remember that unlike your mortgage, HOA fees are permanent.
You’re right, so ideally i should be looking for low to no HOA fees correct?
Opinions? https://www.zillow.com/homedetails/128-Wainscot-Oak-Ln-West-Columbia-SC-29169/145677160_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
https://www.zillow.com/homedetails/412-Canal-Place-Dr-Columbia-SC-29201/71263140_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
My parental advice is to talk to a realtor in the area. Also, make sure you can afford an empty condo if there's a rough patch and you don't have a renter for an extended amount of time.
Very true, if anyone has great realtors in the Carolinas feel free. But I’ll chat with my guy and inform him on what i wanna do