We have been looking into buying a home in Seattle. We love renting, but the constant rise in rents makes it difficult. We are hoping home ownership could be a way to stabilize the cost of housing.
Projects
Previous
- 5025 California Ave SW Apt 206 purchase project
- Philadelphia home purchase of 1919 Chestnut St 622 project
Current
Buying Information
Financial
Types
Condos
Pros
- Usually single-level living
- Often have elevators to get to your condo’s floor
- Only individually responsible for walls in
- No lawn to mow
- Insurance is usually cheaper (see homeowner’s insurance for condos; $350/year if covered by a master policy)
- Some utilities are often included
- Sometimes have common areas like rooftops, fitness rooms, etc.
- Security through obscurity – your home usually can’t be accessed directly and is bundled with many others
- Often have secure package drop off areas
Cons
- HOA dues reduce buying power
- Restrictions on what can be changed
- Usually limited to changes to the structure like walls and exterior changes
- Often limited to portable A/C units
- Restrictions on what you can do in the home
- Quiet times
- Some restrict pet ownership (i.e., cats only)
- May restrict flooring types to reduce noise
- Loans are slightly more expensive (1/8 of a percentage point or 0.125%; 450k loan)
- Generally do not include A/C in the Seattle area
- Share walls with neighbors
Townhomes
Pros
- More buying power relative to condos
- Lack of HOA dues means that money can be paid to mortgage instead
- More control over living space relative to condos
- More urban locations than single-family homes
- Newer homes seem relatively affordable
- Good inventory
- Generally include A/C
- Often have outdoor space like balconies or rooftops
- Typically don’t have yards in urban areas
Cons
- All have multiple sets of stairs
- 2 bedroom homes generally have 3 floors
- Many have stairs to access the entryway
- This seems much more common with townhomes than with condos
- Similar square footage to a condo feels much smaller
- Maybe because of the stairs? -May share walls with neighbors
- Difficult to secure packages when receiving deliveries
- Responsible for maintaining everything
- Entrance directly exposed to the street
Single-Family Homes
Pros
- Much greater control over home
- Highly sought after
- No shared walls
Cons
- Very competitive market in Seattle
- Need to be prepared to make above asking price offers, waive all contingencies, put down massive down payments, write letters to current owners… do whatever it takes to gain an advantage in negotiations
- Most are farther from transit than condos and townhomes
- Most are less walkable than condos and townhomes
- Yards
- Must maintain the entire thing
- Difficult to secure packages
- Entrance directly exposed to the street