Home Buyer's Guide- Seattle 2021 - Jeffie

PROPERTY TYPES Learning the difference between these three common property types allows you to decide which home style is right for you. It’s important to consider where you want to live, what’s most desirable in a home, how you envision your lifestyle, and what stage in life this home represents for you. Location is everything in the real estate market and it is not uncommon to find small condos in highly sought after areas with much higher price tags than single family homes in outlying areas.

Property Type

Description

Advantages

Disadvantages

HOA dues add to monthly costs Possibility of fiscal irresponsibility Smaller living space Higher price per square foot Lower resale value Higher interest rates Often restrictions on pets, rentals, and certain renovations Possibility of fiscal irresponsibility Rental restrictions Less shared HOA coverage Few to no shared amenities for residents

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Lower entry point Desirable urban locations

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Single unit within a larger building. Condos generally share walls with other units and have community spaces for residents to enjoy.

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Amenities

Low maintenance Cheaper homeowner’s insurance

Condo

Easy lifestyle

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Feels more like a single family home Offered in more locations from the city to the suburbs Larger interior space

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Somewhere in between a condo and single-family home. Often multiple floors and share at least one wall.

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Individual garage Lower HOA dues

Townhome

Personal outdoor space

More overall maintenance

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Greater privacy Personal yard

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All costs for upkeep and repairs fall on the owner Generally higher purchase Increased property taxes, insurance, and utilities

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Fewer limitations on property use May have neighborhood HOA More storage options with individual garage and/or outbuildings

Single home built on a single lot with no shared walls.

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Single Family Home

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Home Buyer’s Guide - Seattle