Comparison:
Townhouse | Condo | Single Family Home
WHAT SHOULD I BUY?
HOUSE, TOWNHOUSE, CONDO
When considering buying Capitol Hill, Seattle real estate one of the fundamental questions is what type of property to buy? What are the practical differences between owning a single-family house, a townhouse or a condominium? Let's look closer at the advantages and disadvantages of each type of home.
- Option 1: Single-family home
- Option 2: Townhouse
- Option 3: Condoninium
Option 1: Capitol Hill Seattle Single-Family Homes
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The American dream is portrayed as a single-family home with a white picket fence and the Sunday paper on the door step. A single-family home stands alone on a piece of land and is not connected to the neighboring property. Seattle real estate in the single-family home category ranges in price from around $400,000 up to a number that is hard to imagine. When looking for a single-family house to buy, you will see the most variation from property to property, as compared with townhomes or condos.
Owning a house gives the buyer the most freedom. You own the house and the land and you are free to use the home as you wish. Many home owners use this freedom to improve their homes and add value by remodeling, adding an addition, or building a second story. The single family home offers great potential for building equity through careful and thoughtful improvements.
Since homes in Seattle have been built since the 1800s, you will find nearly every style of architecture under the sun. Seattle architectural styles are tied to the era when the neighborhood was originally developed. For example, you can find grand historic homes in neighborhoods like Capitol Hill. One neighborhood was actually named after the common architectural style of the day "Queen Anne". Green Lake, Fremont and Wallingford were developed in the early 1900s, so craftsman style homes are the rule there. Magnolia and Ravenna are known for 1930s tudor style homes. Seattle mid-century homes are wide spread and are recently attracting a strong following.
Many people enjoy the privacy and amount of space that can only be found in a single-family home:
No shared walls
No rules or restrictions on what color you can paint your front door
No homeowner's meetings or dues
But you will be responsible for all maintenance. Yes, the gutters need cleaning again.
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Option 2: The Capitol Hill Seattle Townhouse
A townhome is like a single family home in that you own the land under your feet (unlike with a condo). The main difference between a townhouse and a single family home is that a townhome shares a common wall with another townhouse.
Townhomes are very popular with Seattle area home buyers who want to live in a great neighborhood; such as Capitol Hill Seattle at an affordable price. The two components of real estate pricing are land costs and structure costs. Naturally, a large parcel of land in a desirable neighborhood would make the price unreachable for many buyers. But, if you split the parcel between townhomes, more buyers are able to live in the area.
The demand for affordable housing close to Downtown Seattle makes the option of townhouse living a logical choice. It is also the goal of the City of Seattle to add density to the city core so that traffic can be improved by more people living closer to work. Many buyers shopping for single family homes in Capitol Hill Seattle that are still within an affordable price are a bit shocked to see the lack of bathrooms, outdated kitchens, and often no parking. For considerably less than the price of a single-family home, today’s townhome buyers can get a new construction townhouse with an open kitchen, state-of-the-art systems, a private garage, fashionable appliances and energy efficiency. Townhome buyers appreciate the low maintenance and ease townhome living offers. You won’t be spending your free time with an endless list of home repairs. Your weekends can be spent grilling and not drilling.
Option 3: Capitol Hill Seattle Condominiums
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 Belltown 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 complex common areas 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 through 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 is currently rented?
- How is soundproofing between units?
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.
