Buying a Condo in Seattle: What Buyers Need to Know
Buying a condo in Seattle can give you access to neighborhoods, views, amenities, and locations where purchasing a detached house might be considerably more expensive.
Condos can also simplify some parts of homeownership because the association typically maintains certain common areas and building components. But that does not mean condo ownership is financially simple.
I’m Emily Cressey, a Seattle Realtor with HomePro Associates at Keller Williams Greater Seattle. When I help someone evaluate a condo, we are really evaluating two investments: the individual unit and the condominium association behind it.
This article is part of my Types of Homes You Can Buy in Seattle guide. If you are still deciding how much maintenance, privacy, and independence you want, compare condos with buying a single-family home in Seattle and buying a townhouse in Seattle .
How Much Does a Condo Cost in Seattle?
Seattle condo prices vary enormously. A smaller unit in an older building can occupy a completely different price range from a newer two-bedroom condo with parking and views in Downtown Seattle.
When comparing condos, calculate the mortgage, property taxes, HOA dues, insurance, parking costs if separate, and any known or anticipated special assessments. A lower-priced condo with high monthly dues is not necessarily less expensive to own than a higher-priced unit with lower carrying costs.
Neighborhood also matters. Condos are much more prevalent in areas such as Downtown, Belltown, First Hill, Capitol Hill, Queen Anne, and other denser Seattle neighborhoods than in areas dominated by detached housing.
What Is Happening With Seattle Condo Prices?
Before assuming Seattle condos are either a bargain or a poor investment, it helps to understand what the current market data is actually showing. In this video, I walk through Seattle condo pricing and some of the factors buyers should consider.
The HOA Matters Almost as Much as the Condo
One of the biggest differences between buying a condo and buying a detached home is the amount of due diligence that should go into understanding the condominium association.
Pros and Cons of Buying a Seattle Condo
Potential Advantages
- Access to desirable urban locations
- Potentially lower purchase price than nearby detached homes
- Less responsibility for exterior maintenance
- Security features in some buildings
- Possible amenities such as gyms, lounges, concierge service, or rooftop decks
- Some utilities may be included in HOA dues
- Lock-and-leave convenience for frequent travelers
Potential Drawbacks
- Monthly HOA dues
- Potential special assessments
- Rules governing how you use the property
- Shared walls, floors, ceilings, and common spaces
- Less control over major building decisions
- Potential rental restrictions
- Financing can depend partly on the condominium project
Should You Inspect a Condo?
Yes, I generally want buyers to understand the condition of the individual unit even though the association is responsible for some portions of the building.
An inspection may identify issues involving appliances, plumbing fixtures, electrical components, windows, moisture, heating or cooling equipment, and other components associated with the unit.
The condominium documents can reveal building-wide financial and maintenance issues that may be much more expensive than anything found inside the individual unit.
That is why I consider the physical inspection and condominium-document review two different pieces of the buying decision.
Think About Condo Resale Before You Buy
Condo resale is influenced by both your individual unit and the building. Two units with the same square footage can have very different appeal.
I pay particular attention to:
- View and natural light
- Floor level
- Parking
- Functional floor plan
- Outdoor space
- Noise and unit location
- Monthly HOA dues
- Building condition
- Financial health of the association
- Rental restrictions
One of the easiest things to overlook is future competition. If several similar units in your building come on the market simultaneously, buyers can compare them very closely. View, condition, floor, parking, and price become particularly important.
Condo, Townhouse, or House?
The right comparison is not simply which housing type costs less. Look at what the same total monthly budget buys you in the neighborhoods where you actually want to live.
If you want more independence and private space but still prefer a relatively urban location, compare this with buying a townhouse in Seattle .
If yard space, privacy, and control over the property matter more, see what to expect when buying a single-family home in Seattle .
You can also return to the Types of Homes You Can Buy in Seattle guide to compare all of your options.
Buying a Condo in Seattle FAQs
Are condos cheaper than houses in Seattle?
They often have a lower purchase price than detached houses in the same area, but that is not universally true. Compare the total cost of ownership, including HOA dues and possible assessments, rather than purchase price alone.
What do Seattle condo HOA fees cover?
It varies by building. Dues may cover items such as common-area maintenance, building insurance, reserves, management, water, sewer, garbage, amenities, or other shared expenses. Review the specific association budget and documents.
What is a condo special assessment?
A special assessment is an additional charge to owners for an association expense that is not fully covered by regular dues or available funds. Buyers should review condominium documents for approved assessments and indications that major expenses may be under consideration.
Should I review HOA meeting minutes before buying?
Yes. Meeting minutes can provide useful information about maintenance problems, planned projects, owner concerns, financial issues, insurance, assessments, and other matters affecting the association.
Can I rent out my Seattle condo later?
Possibly, but do not assume you can. Review the condominium declaration, bylaws, rules, and other applicable restrictions. Rental policies can affect both your future plans and resale.
Look at the Condo and the Building
When buying a condo in Seattle, the finishes inside the unit are only part of the decision. I want buyers to understand the association, monthly costs, building condition, future expenses, and resale implications before deciding whether a particular condo is a good fit.
Return to my Types of Homes You Can Buy in Seattle guide to compare condos with other Seattle housing options.
Emily Cressey, Seattle Realtor with HomePro Associates at Keller Williams Greater Seattle, can help you compare Seattle condos based on price, location, HOA finances, building condition, monthly ownership costs, and resale considerations.
Talk Through a Seattle Condo Purchase