Home prices in Seattle are stupid high. Condominiums certainly aren't cheap, either, but they can be more accessible for buyers unable (or unwilling) to sell the farm and fight 10+ offers for a house. Condo inventory is relatively healthy and continuing to grow in Seattle and competition is much less fierce. You can potentially buy one for just the asking price! So, what are some pros and cons of condo ownership?
Cons:
HOA Dues - They add hundreds to your monthly living expenses and you should assume they will eventually increase over time.
Noise and Neighbors - Since you'll find most condo buildings near commercial centers and on busier streets, expect noise to be a nuisance at times. And if walls are thin or you move in next to an obnoxious neighbor, you're that much closer to their noises (and odors).
Rules and Restrictions - Building rules may prevent you from using your condo in certain ways. You may not be able to have some pets and you may or may not be able to rent out your condo in the future.
Parking - Your dedicated parking is often limited to one or two spaces (sometimes none!) and there are commonly few or limited options for your guests.
Outdoor Space and Privacy - Though you sometimes get your own balcony or patio, it's harder to find a quiet place to be alone outside of your unit. You'll need to take your dog on walks and there might be an elevator ride required on the way.
Storage - Closet and storage space is often limited in smaller condos but some include storage lockers found elsewhere in the building.
Investment - You don't own any land with a condo and the appreciation of your investment is likely to be more limited, as compared to a traditional home and lot.
Pros:
HOA Dues - They pay for good stuff! Dues almost always cover garbage, water, and sewer utility costs and sometimes even heating and more. Dues cover structural insurance (you'll need additional coverage for everything inside your unit), landscaping, building/roof/siding repairs, exterior painting, and community amenities. If a costly repair is needed, the community shares responsibility and less of the burden falls on your shoulders unexpectedly.
Chores and Living Simply - most building maintenance and landscaping chores are taken care of for condo residents and a smaller space means less stuff and less to clean!
Views and Amenities - Condos can provide impressive views and handy amenities that might be prohibitively expensive in a single-family home. Have you always wanted your own pool? Some buildings offer a concierge, slick game rooms & movie theaters, fitness centers, and view decks with community BBQs.
Location - Close proximity to a city center or commercial district can be convenient and a lot fun. Easy access to diverse dining, nightlife, and entertainment, without needing a car, can be very appealing.
Neighbors - A sense of community and potential new friends are all around you (ever seen the movie, Singles?) and their watchful eyes and general bustle can discourage some mischief and crime.
Property taxes - not owning any land also means significantly lower property taxes.
A condo might not work for everybody but they're a great alternative for some. Some condos are even designed like townhomes that live large, with multiple levels in each unit. Be sure to ask your lender how buying a condo might alter your pre-qualification amount and please don't hesitate to ask if you'd like to talk about condos in more detail.