4 Reasons to Buy a Condo in Seattle: Benefits of Seattle Condo Living

Buying a condo in Seattle can be a smart choice for buyers who want a lower purchase price, less maintenance, and access to walkable neighborhoods with great transit. Many Seattle condos also offer amenities like gyms, outdoor spaces, and secure parking, making them an attractive option for first time buyers and urban professionals.

Condos Can Be a Good Investment in Seattle

Potential buyers often ask me; Are condos a good investment? The answer depends on your goals and your lifestyle. Owning a condo is almost always better than paying rent. Instead of paying the mortgage for your landlord every month you are investing back into yourself. Owning a condo also helps stabilize your housing costs. You don't have to worry about rent increases year after year. However, there may be slight increases in your HOA dues, but if you buy into a healthy building those costs should be manageable. 

Financially speaking, the Seattle housing market can be tough to break into. The Seattle condo market offers one of the most affordable ways to enter the Seattle real estate market, especially for first time buyers. For example, the median price for a previously owned, single family home in Seattle is currently $861,000. The median price for a Seattle condo is $515,000. Condos offer lower mortgage payments and a lower downpayment. 

Higher prices and a higher downpayment are huge obstacles that keep buyers from making the leap to homeownership. Buying a condo in Seattle allows you to have more affordable mortgage payments and a smaller downpayment. This combination makes entering the housing market achievable. Owning a condo is one of the best affordable housing options in Seattle. 

Understanding the type of market you are buying and selling in is key. Condos can be more sensitive to sudden market changes and tend to appreciate  at a slower rate than single family homes. When the market shifts, condos are the first to lose value and the last to see value return. It's important to be able to ride out a down market to sell when the market returns. You should take deep considerations as to how long you are planning on holding onto or living in the condo. It is smart to buyer a condo with rental flexibility. 

Buyers also need to consider their lifestyle as a factor for their investment investment. Most people don’t realize until after they buy a home how much time and money goes to maintenance. In condo ownership the HOA takes are of most of the upkeep. If you are not someone that wants to be ultra hands on with their maintenance then Seattle condo living may be for you.

Lower Maintenance Responsibilities 

I know that being part of an HOA is not for everyone. However, I think most people take for granted that most of the heavy lifting will be handled by the HOA. This saves you time and energy that can be spent doing the things you love. As a Seattle real estate professional, one concern I often hear from condo buyers are the monthly dues. I believe those worries are a little short sighted. When you own a home you should put money aside monthly to cover home maintenance and repairs. Most home owners don't do this and are unprepared when a major system needs attention. The benefit of paying HOA dues is the majority of the fees are dedicated to managing the maintenance of the building automatically. The HOA dues usually cover landscaping, common area maintenance, insurance for shared items, reserve funds, garbage and sewer. It’s not uncommon for the HOA dues to also include gas, water, and earthquake insurance. 

The most important thing you can do when buying a condo is review all of the HOA documents to make sure the building is financially sound. Every type of housing structure is going to require maintenance that costs money. In my experience, the key to buying a good condo in Seattle is reviewing the HOA financials carefully and choosing a building with strong reserves and responsible management.

Condo Amenities in Seattle

Amenities are one of the best perks to owning a condo. The most common amenities buyers look for in condos are bike storage, gym, concierge, and outdoor space. In Seattle you will find a healthy mix of condo buildings that offer these perks. It can not only be convenient but save you money by not needing a gym membership. Having communal outdoor space gives you the ability to host large gatherings or just use the space for yourself. In my experience the outdoor spaces in most condo buildings are underutilized so you will likely have them to yourself.

Concierge is a wonderful luxury. Most of the condo buildings in Seattle that have concierge are located in Downtown Seattle and Belltown. The concierge offers luxury services such as package collection, coordinating repairs, and managing guests, adding an extra layer of security for the building. Keep in mind that buildings with concierge typically have higher dues than buildings without. But most people feel it's worth it. 

More Walkable locations

If you're into urban living in Seattle then condos may be just the right fit. Most condo buildings are located in high density areas of the city. If not then they are usually in the busier corridors of Seattle Neighborhoods. Many Seattle condo buyers choose neighborhoods like Capitol Hill, Belltown, Queen Anne, and South Lake Union because of walkability and proximity to major employers. These areas offer some of the best condo living in Seattle with easy access to transit, restaurants, and entertainment. But don't feel like you are pigeonholed in those area. There are condos available in virtually every Seattle neighborhood. 

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Top 4 Reasons to Buy a Condo in Seattle

• Condos Can Be A Good Investment In Seattle
• Lower Maintenance Responsibilities
• Condo Amenities In Seattle
• More Walkable Neighborhoods

Is a Condo Right For You?

That is for you to decide. You really need to consider your financial situation and the type of lifestyle you want to live. If you are considering buying a condo in Seattle and want help understanding the Seattle condo market, reach out to schedule a consultation.

Frequently Asked Questions About Buying a Condo in Seattle:

What is a condo? 

A condo, or condominium, is a type of property where you own the interior of your unit while sharing ownership of common areas like hallways, roofs, and amenities with other residents in the building.

Do condos appreciate in value? 

Yes, but they are more susceptible to sudden changes in the market. They tend to appreciate at a slower pace than single family homes. I would not consider them a short term investment. You want to make sure you will be there with plenty of time for them to appreciate. 

Can condos be rented? 

It depends on the building. You should review the HOA documents and ask your agent. Almost all condos in Seattle have restrictions that don't allow short term rentals such as Airbnb. Most have a minimum 6 month lease term requirement. There are some buildings that either don’t allow rentals at all or they have a rental cap. I most commonly see rental caps set at 20%. This means that only 20% of the units are allowed to be rented at any given time. Often there are waitlists for your turn to rent your unit. If you need flexibility, look for buildings with no rental cap restrictions. 

Are condos cheaper than houses in Seattle?

In most cases, condos are significantly more affordable than single family homes in Seattle. Because of the lower purchase price, condos are often one of the most accessible ways for buyers to enter the Seattle housing market

What is a special assessment?

When you own a condo you own it with others. Buildings require maintenance. Special assessments are usually used for capital improvements such as a new roof or siding. If there is not enough money in the reserve account dedicated to these items the building may special assess each unit to cover the expense of the improvement. That is why it is ultra important to review the HOA documents to make sure the building is financially sound. 

Are Co-Ops Condos?

They have very similar lifestyles but are a different type of ownership. Co-ops they tend to have more restrictions but are less expensive than condos.