What It Really Costs to Own at Fifth & West

Buying a high-rise condo means budgeting for more than the purchase price. The carrying costs, dues, taxes, and insurance, are what determine your real monthly number, and they are also what a lender looks at when qualifying you. Here is how the full cost of owning at Fifth & West breaks down.

The purchase price

Prices at Fifth & West vary widely by floor plan, floor level, exposure, view, and finish condition. A one bedroom on a lower floor and a three bedroom on an upper floor are very different numbers. The current active listings, with prices and price per square foot, are on the condos for sale page.

HOA dues

Condominium dues are usually assessed by the size of your residence, so a larger home carries higher dues. At a full-service tower they typically fund concierge and staff, the amenity spaces, common area maintenance, the building's master insurance, water and trash, elevators and life-safety systems, and reserve contributions for future repairs. Always review the current budget and reserve study, not just the dues figure. The dues page covers what to check, and I can send the current schedule for any unit.

Property taxes

Your residence is taxed on its assessed value by Travis County and the local taxing entities. If Fifth & West is your primary home, file for the homestead exemption, which lowers your taxable value and caps annual increases. Confirm the current combined tax rate and your assessed value when you budget, since taxes are often the second largest line after the mortgage.

Insurance and financing

The building's master policy covers the structure and common areas, but you carry your own HO-6 policy for your unit's contents and improvements, which is relatively inexpensive. On financing, high-rise condos can have stricter lending requirements than houses: lenders evaluate the HOA budget, reserves, owner-occupancy ratio, and whether the project meets the loan program's condo rules. Work with a lender who knows downtown Austin towers, and factor the HOA dues into your debt-to-income from the start.

Putting it together

• Mortgage principal and interest on the purchase price
• Monthly HOA dues, assessed by square footage
• Travis County property taxes, with a homestead exemption if it is your primary home
• An HO-6 contents and improvements policy
• Utilities billed inside the unit, such as electricity and internet

For a precise, all-in monthly and annual estimate on a specific residence, reach out and I will build it with the actual dues, recent tax figures, and current rates.