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. 


SUMMARY: 

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.

2. CONTROL

  • 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.

3. COST

  • 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.



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