The Condominium Choice
Why a Phinney Ridge Condominium may be right for you.
Is a Condominium Right For Me?
The reasons for choosing the condo lifestyle vary. Among the most common are:
- Simplicity: Condo living is very much a turnkey style of living. No maintenance and no yard work.
- Downsizing: Many empty nesters have made the switch from single family home to condos. This is a radical change in lifestyle and can be very exciting. Leaving the suburbs for a chic urban condo, and all that the downtown lifestyle has to offer.
- First time buyer: This is a great option for first time buyers. This gives you an opportunity to buy a smaller home at a lower cost and build equity. It beats the heck out of paying rent.
- Second homes: Professionals from out of areas that need a home while working in town. Retirees that live here temporarily during the summer months. Suburbanites wanting an in city retreat for self, friends or family.
- Investment Properties: Condos can make great rental or investment properties. Also, many parents are buying condos and using it to house their college age children while they are in school. Once the child graduates, they can either use the property as a rental, or sell it.
If you fit into one of these categories, a condo may be a great choice for you. If you have never lived in a condo, read on for more information you may find helpful:
A condo is like an apartment, but you own the unit. They say you own the interior air space from the paint in. Condos share walls, ceilings and floors with neighbors and pay a monthly fee for Homeowners Association Dues. Some condos are built in a townhouse style, but if they have association dues and you don't own the land, they are actually a condominium. The association takes care of all exterior maintenance and cleaning.
Historically, single-family homes have been favored as the best real estate investment for buyers wanting to occupy the property. The only common alternative was a condo which didn't appreciate at the same rate as a house. However, Seattle Condos have bucked that trend and have actually out performed single-family houses in recent years. This may be because of the trend towards living in downtown Seattle condos and the desirability of the in-city condo lifestyle. Leave the car in the garage and walk or catch a free Metro bus downtown to work. Eat at any of dozens of restaurants just outside your front door. Nightlife, music, museums and breathtaking views of the Sound are all draws to Belltown condos. This urban condo living has become so popular that demand for Seattle condos has driven appreciation up into double digits.
Along with the location benefits for many condo buyers, come many conveniences that fulfill the needs of today's urban dwellers. No yard to mow or leaves to rake. Virtually no maintenance issues at all, leaving more time for relaxing and other interests. Condo owners are also often people who enjoy traveling and feel safer leaving a condo for an extended absence than a house.
Condos do have their own set of unique challenges that buyers should also be aware of. Research prior to buying is key. All condos have a Homeowner's Association that takes care of the governance issues. There are rules and regulations (called CC&Rs: Covenants, Conditions, and Restrictions) that apply to all co-owners in the complex. And there are homeowner's association dues, usually paid monthly, that provide for such things as insurance for the structure, water, sewer, garbage, and some maintenance. Dues also go toward the day-to-day upkeep of common areas such as any swimming pools, tennis courts, exercise rooms, courtyards, clubhouses, storage areas, parking lots, hallways, etc. You’ll need to decide if you'll use those amenities you're paying to support. The types of amenities will influence the cost of dues which can vary greatly from building to building. You should know that when there are large scale repairs or improvements needed, the association will need to pay for the work with reserves, or an assessment which all owners will have to pay their portion of the costs. Be sure to inspect the condo building and research the association records for any up coming projects. Don't assume that your homeowner's dues will cover all exterior maintenance.
Some other considerations:
- Are there any pet restrictions?
- Do they have enough cash reserves to cover maintenance, etc?
- How do they pay for major improvements - from reserves from monthly fees or from special assessments?
- Are there any plans for any major improvements? What and when was the last major project, and how was it funded?
- Do they allow rentals? If so, are there any restrictions and what percentage of units are currently rentals?
- How is soundproofing between units?
- Is there any ongoing litigation?
- Has there been a building envelope study?
- Are there move in/out fees?
Seattle condos have been built since the 1960s. Today you'll notice a construction site in nearly every part of town as this high-density trend seems to resonate with many buyers. You'll find everything from inexpensive older studio apartment conversions to units in the top floors of a 5-star hotel. For the right price you can have a panoramic city-to-Sound view, 24-hour concierge, and even room service 24 hours a day.
Why would I want to pay Home Owners Dues? Search Phinney Condos Your Personal Buying Plan