Last Friday, Anthony got a wild hair and suggested we look at moving closer to the city center. I started looking online immediately, and Saturday afternoon we went to look at a condo downtown. We’d view living downtown as temporary, with an end date three to four years from now.
Before seeing the property, we verbally listed pros and cons. And maybe got a little over excited.
Pros: A view of the Frost Bank building. Being in the “big middle” of Austin. Walking/biking distance to Anthony’s work. Saving money monthly. Would only need one car. Potential rental income after we move out.
Cons: We’d have to sell or store at least two rooms worth of furniture. We wouldn’t have a guestroom (but could look at a sleeper sofa?). Losing the suburban comforts of “The Estate” (our two car garage, lots of storage space, room to grow).
Then, our realtor friend from Dinner Club, who took us to see the condo, told us the biggest con of all: the building is on leased property. What that means is that when the lease expires in 2065, if we still owned it, we’d lose our home, just like that. It also means that resale could be difficult, as you near that date banks won’t want to finance it and people are less likely to buy a home as it approaches a zero dollar value . We’d be well into our 70s by then, but we could only hope to break even selling it, or risk paying high HOAs on top of our mortgage if we couldn’t keep renters in it.
A few too many ifs for comfort.
The only other way it’d make (financial) sense for us to move downtown is if we could rent out this place and rent an apartment downtown.
For now, we’re stalling all home projects and asking ourselves questions. Are we cozy staying in our current home with our two-car garage and room to grow? If we don’t experience downtown living, will we look back and wish we had?
All photos came from the listing on Zillow, which I am not linking to for privacy purposes.