Condo Dreams: Your Affordable Path to First-Time Homeownership!

You may be dreaming of a single family home as your first home purchase, but it may feel unaffordable in the Seattle market. When the average purchase price for a residential home is $950,000 in our area, and that price continues to increase while the interest rates are high, it’s not uncommon to feel like it’s out of reach as a first time buyer. 

Sometimes we just have to think bigger though, many buyers are able to afford a single family home, not based on salary, but on equity. The key to getting that beautiful home in the location you want is to build equity in something smaller first, and buy at half the price! 

Condos are an amazing option for first time buyers, not only are they significantly less expensive up front, but enough equity can be built within just a couple years to afford that beautiful single family home – and save significantly on your mortgage!  

• Affordability: Condos typically have lower purchase prices than single-family homes, making them more accessible for first-time buyers. While the average single family home in the Seattle area is pushing a million dollars, the average condo is selling for $558,725. Literally almost half the price, and a monthly cost that is nearly the same as the average rental. In addition, your monthly mortgage stays the same, or even decreases, year over year. You can save money just by not having anymore rent increases!
  
• Maintenance Ease: With shared responsibilities for maintenance and landscaping, condo living allows homeowners to focus on saving for their future home. While in a single family home, the costs of utilities are in addition to the cost of the mortgage, in a condo utility costs are included in the HOA. That means the monthly cost is consistent, and you aren’t spending more on your home than what you can really afford.
  
• Building Equity: Owning a condo helps build equity, which can be leveraged for a down payment on a single-family home later. Consider your monthly mortgage to be like a piggy bank, every payment you make is one you’ll get back. Think of how significant your downpayment would be if you had even 1/3 of the money you spent on rent over the last couple years! In a condo, you actually get that money back for your next home.
  
• Location Benefits: Most condos are in Seattle’s most walkable neighborhoods! You don’t have to move to the suburbs to have the home you want, and you don’t have to leave your community either. You can keep your coffee shop, and keep your commute, while making the best investment in your financial future.
  
• Investment Potential: Many condos can serve as rental properties, providing income that can support the purchase of a single-family home. When you are ready to move, you have options outside of just selling. Not only can you save money month to month, but you can keep your condo as an investment that builds wealth even after you’ve leveled up to your next home!
  
• Trial Run for Single Family Homeownership: Condos keep a property manager on site, many for 24 hours a day, so even if you have unplanned home maintenance, you don’t have to call the handyman yourself. Additionally, the cost of this is included in your HOA, so you spend less money upfront on maintenance costs than you would in a single family home.
  
• Flexible Transition: Many condo owners find it easier to transition to a single-family home when their needs change, thanks to the financial groundwork laid during condo ownership. You would be surprised to see how much you can gain in just a short period of ownership!
  

If you want to know more about condos, and how this first step can lay the ground work for your future, let’s get in touch! Condos can be affordable, and feel luxurious, all while preparing you for your bright, big future home.