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.