Lakeway, Texas, is a magnificent town with outstanding views of nearby Lake Travis and the rolling hills you'd expect from Hill Country. You're guaranteed breathtaking beauty no matter where you are or where you go.
You are minutes from downtown Austin, just 22 miles away, which allows you to have the best of both worlds. It is a popular destination for those hoping to escape the bright city lights and enjoy nature.
If you want to make it your home, you'll never feel separated from the city. There are shopping centers and a variety of other things to do. The town has also broken ground on a City Center project to bring even more to the community.
Before you make your move, you must know a few things about this marvelous area and the land for sale in Lakeway. The Jamie Novak Group wants to help you discover your dream space while ensuring you invest in a property that you'll be proud to call home.
Key details about life in Lakeway
The abundance of nature and natural beauty draws people to the Lakeway area. What once began as a retirement community is now a thriving community with prestigious residents and all the conveniences of governmental offices. It seems like a place that is going to grow as time passes.
According to the U.S. Census, an estimated 19,429 residents call it home. Tourists also come to enjoy all that Lakeway offers. There are high-end resorts, spas, and other luxurious
options for residents and tourists.
The facts regarding Lakeway's real estate market
Lakeway is an upscale neighborhood. Its proximity to Austin and its natural wonders make it a coveted area. You can see Lakeway's amenities reflected in its homes.
The homes for sale in Lakeway have a median value of $673,906, with many selling for $1 million or more. If you're looking for land for sale, you will discover a more affordable price point at approximately $250,000, enabling you to build your dream home.
What to know before buying property in Lakeway
Over the last couple of years, people have moved out of Lakeway at a rate of about 1.2%. This reduction does not mean that the housing market is cooling. This area is a competitive real estate market as more people seek luxury properties and rentable space.
With many hoping to move into Lakeway, it is a seller's market. This encourages a higher cost of property, both as established residences and land sales.
It all depends on what you want from your property, whether you seek something move-in ready or customized to meet your needs. Both are good options and may come with pros and cons for you to consider.
Pros and cons of buying a home in Lakeway
Buying an already established residence may be easier for some people. There are fees associated with the purchase, but most are fees you can plan for. Closing costs, home inspections, and similar expenses may be present. As the buyer, you may be responsible for some, and the seller may be responsible for others.
The biggest concern when buying a home is whether it may meet your long-term needs. Discovering issues during a home inspection can complicate your decision-making process. Although the home seller may fix most of them, you may have to wait for it to happen before you can move in. This is a potential burden you may want to avoid.
Pros and cons of buying land
Buying land will also come with additional costs. You will have the price of the property and closing costs. Additionally, you or your chosen contractor must pull permits, build the home to your expectations, etc. You can do most of it when you're ready. Once you have the land, you have time to tackle the rest.
The benefit of buying land and building your home is having a home you love once it is complete. It will meet your expectations and standards because you and your home builder will have discussed and planned everything. It will have the countertops you love, all the bedrooms and bathrooms you need, and more.
Other considerations
The closing costs are typically the most significant expense when discussing the fees involved in buying a home or property. According to Bankrate, Texas residents pay 1.5% of the home's sale price for closing costs. This proves that land is cheaper than buying a home. However, if you're building a home, you will have permit fees, which can add up quickly. According to Lakeway Texas's Applications, Checklists, and Fees webpage, new base permit fees are $3,000 to start plus $0.30 per square foot. The total covers 14 required inspections and three plan reviews.
Regardless of which way you go, you will also need to pay property taxes when you purchase land. Lakeway's 2023 property tax rate is $0.129 per $100 assessed value — $0.096 for maintenance and operations, and $0.0319 for debt service.
What to look for when buying Lakeway property
Whether buying a pre-built home or a piece of land, buying property is an investment in your future. When purchasing a home, you should look for the things you want and buy based on those necessities.
Buying a property requires more consideration to ensure you're happy with the land you own. Some big things to keep in mind are:
The property's size
Can you do all that you want with that piece of land? Is it large enough to hold your luxury home, a swimming pool, a garage, and other things you need?
Is it in a flood-prone area?
According to Risk Factor, Lakeway is not a flood-prone area. However, it is best to double-check the property by walking over and checking for low spots. You may also ask the county if there has ever been notable flooding near that piece of land.
Does it have a view?
If you're moving to Lakeway to enjoy the beauty of your surroundings, ensure you have a good view from your home. This may be hard to see if the property is overgrown, but you should be able to tell if it's near water or sitting on a hill overlooking something beautiful.
Proximity to other things
Does the property you like have road access? Will the power company be able to get power into your home? Is it close to work, school, shopping, and other things you need? In today's world, cell phone and internet coverage are essential. T-Mobile and AT&T work best in Lakeway. Is that something you're okay with? Each of these things you can check off your list will ensure you become happier in your home faster.
Above all, if you want to purchase property in Lakeway, you must seek the help of a realtor who knows the area. Having someone look out for your best interests will save you some frustration.
We're here to help you find your dream property
Whether you're looking for a home or hoping to discover land for sale in Lakeway, Texas, know that you do not have to go at it alone. The Jamie Novak Group knows the area, and we can help you by answering questions or by finding the property you desire.
*Header photo courtesy of Jamie Novak Group
