What you NEED to know about buying a condo in Seattle
3 THINGS TO CONSIDER WHEN BUYING A CONDO
If you're considering buying in the Seattle area and a condo is your best bet there are some things you should know. It's a bit different than buying a single family home; from costs, dues, and other fees that could incur. Chris Lord of Caliber Home Loans and I discuss 3 things to consider.
1. HOA Dues (Home Owner Association Dues)
- HOA dues are another cost on top of your mortgage.
- HOA dues typically cover maintenance and upkeep of the condo, sometimes insurance.
- HOA dues can range from less than $100 to a few hundred dollars per month.
- These costs are factored into your monthly payment and can bring your purchasing price down if they're higher.
- Unlike a single family home, when you buy a condo, you're only buying the inside walls.
- The outside walls are controlled by the HOA.
- In the event of repairs, exterior replacement (like a roof), this is a cost that will be added onto your HOA dues in the form of an assessment.
- Don't fret- if you own a single family home, this maintenance also happens, so think of it from that standpoint, and don't let the prospect of an assessment scare you away.
- As agents and lenders; we check the association, look at the resale cert, and ensure that there are funds available and it's a strong association, so you can feel protected.
- In reality, the cost of a condo is over half the cost of a single family home.
- If you're looking to tap into the housing market and be close to the city, a condo could be a great option.
- Financing a condo is JUST as simple as financing a home (in most cases) and there are similar programs available.
Are you thinking about starting your home buying journey?
Reach out, we can help you.