Shopping for a condo vs. renting - the hidden costs hit different

I assumed buying would just mean a bigger monthly payment than my $1,200 rent, but after putting an offer on a place near downtown Austin I realized I forgot about property taxes and HOA fees totaling almost $500 more a month. Has anyone else gotten blindsided by these extra costs when they first started looking?

3 comments

3 Comments

the_derek1mo ago

Blew my budget on a fixer upper and then found out the foundation was cracked and needed 15 grand of work.

emery1991mo ago

Wait, aren't Austin property taxes usually way more than that? @the_derek found out the hard way too.

hugomurray27d ago

Derek my condolences. That foundation crack is a nasty surprise. I bought a place in '21 and the appraisal came back way lower than what I offered because the previous owner had done all this unpermitted work. Ended up eating 8 grand just to get a loan on it. Property taxes down here are a beast, but it's the unexpected structural stuff that really gets you. Hope the foundation repair is holding up.