Photo by: Long Bach Nguyen
So, you want to buy a condo in Seattle. Why is this a good or bad investment decision?
The Good
Condos are great buys right now there are tons of them on sale. If you have the cash and want to buy a condo you have tons and tons of inventory out there. Right now the ratio of condo buyers and sellers are 1buyer to 10 sellers. They are practically giving it away. If you are single and don’t like yard work this might be a great decision and say you don’t have plans on moving any time soon condos are great.
The Bad
The market is slipping and right now unfortunately a Seattle condo will not be appreciating any time soon. Its like buying a car the minute you move in the homes value has gone down. It is going to take a few more years to see any growth in the values of condos.
The Ugly
Things to look out for when purchasing a condo. Condos have homeowners assesments/dues this is a payment on top of your mortgage.
Questions to ask:
How much are the monthly condo fees? Tip: Find out what the fees include.
How does the fee compare with other condo complexes in the area?
How does the homeowner’s association handle their finances?
Do they often make special assessments?
Tip: This is important if you find out because they could have a big assessment on a new roof or something that could cost each homeowner thousands of dollars extra. Ask to see the by-laws, rules, latest financial reports and the conditions, covenants and restrictions of the association.
How is the condo association managed?
Tip: a professionally managed association should have a professional property manager unless it is a very small complex.
How many renters reside in the complex in comparison to owners?
Tip: Avoid complexes where there are more than 20% of residents comprised of renters.
Any questions contact us today 206-334-8773
Posted via Seattle Real Estate-Seattle Homes For Sale
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