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  • 2615 Broadway
  • Galveston, TX 77550
  • 409.763.8030
  • 800.765.0576

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Can We Afford a Condo?

Q: We’ve been considering buying a condo, but the monthly fee seems so high!

You really need to do your homework on this one. Consider what the fee covers, and then consider the cost of those covered items for a single family home. Don’t forget the yard work, if you’re paying to have that done. And don’t forget the portion of insurance that the monthly fee possibly covers. It may even cover basic cable cost. Be sure to include what your water bill has been lately…. that’s probably covered by the fee. And what about those amenities…. is there a pool, hot tub, exercise facility? It may be a shocker when you first see that monthly fee…. but add up what you would be paying for those services separately. There’s much to consider when comparing condo living vs. a single family residence. It’s all about your preferences and lifestyle. Do your homework! This is certainly a comparison your Realtor can help you with.

Q: I’m under contract to sell my home in another city. I thought my real estate agent and I were understanding each other, but now I realize there were some misunderstandings. I electronically signed the contract agreeing to something I really didn’t want to do. Can I back out of this deal?

Sounds like you may need to contact a real estate attorney. If you are just asking if the contract allows for the seller to simply back out, because they decided they aren’t happy with the details, then the answer is no. An ‘out’ for both is if both parties agree to terminate and sign a document like Release of Earnest Money that releases both parties from further obligations under the contract. If it’s a minor misunderstanding, you could look for a better way to resolve the issue than trying to get out of it entirely. When trying to decide how to handle the situation, you might want to consider the expense, time, and inconvenience involved in putting the house back on the market and going through the process of finding a new buyer and/or a new agent, if either or both current ones walk away.

Q: My sister is a Realtor in Missouri, and I’m trying to get her to move here. Is there anything she would need to do before she could sell real estate here?

Yes. Texas does not have a reciprocity agreement with any other state, therefore your sister would need to meet all Texas real estate licensing requirements. To obtain a real estate sales agent license, there are qualification requirements and educational requirements of 180 classroom hours, followed by an additional 98 hours to be completed before your first renewal. For more details on the requirements and possible credits, contact TREC (Texas Real Estate Commission). www.trec.texas.gov

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Send me your questions! ***Easy upgrade? Paint the front door (or at least wash it), replace the hardware, get a new doormat, paint the mailbox, plant or pot some colorful flowers near the door.***

Tanya Jones, 2018 President of Galveston Association of Realtors (GAR), is a Realtor with The House Company Real Estate Brokerage and can be reached at Tanya@TheHouseCompany.com or 409 789 7222.