26 yr old looking to buy first house (Seattle, Bothell: rentals, HOA)

[surfbus]

I’m looking at buying my first house this July. I've been living very frugal the last two years. Working really hard and spending/saving my money since graduating college at a resourceful pace.

I have paid off all my student loans from my undergrad degree and have excellent credit, now need some advice on places to live. My current living arrangement situation is with my parents at their house in Bothell. The age demographics here tend to be on the older side.

Where do most 25-28 year old young professionals live in Seattle? I'd like a small modest house 2 bedrooms and 1 bath max. Areas I’ve been looking at are Ballard, Queen Anne, UW district and Capitol Hill.

Any other places you recommend? Age demographics are most important to me as I’d like to expand my social circle. I’ve also zoned in on these spots since I want to attend UW eventually for my Master Degree.

Thank you.

[Inkpoe]

You forgot to mention your budget, that's the essential information.

Otherwise, to add to your list: Fremont/Wallingford, South Lake Union, maybe even Ravenna

[surfbus]

I omitted my budget for personal privacy reasons. At the pace I’m saving up I will have adequate % down for the small starter homes I seek. I’ve done online listings research in the areas I mentioned in my first post.

I'd like this thread to be specifically driven towards advice from locals for suggestion of neighborhoods to live that are urban with young professionals with demographics around 25-28 years of age.

[Ira500]

Wedgwood is another neighborhood to throw into the mix. The neighborhood is more a mix of age groups, unlike Capitol Hill which is younger, but there's plenty of places to hang out and eat or have a beer. It's close enough to the UW, and has more of the smaller starter homes than some of the other neighborhoods mentioned.

[isaackko]

Instead of making a new topic...

Is it worth it to buy a condo in the Seattle market with the intent of using it as a rental down the road (after living in it).

I'm planning on moving to Seattle, and if I do, I'll probably eventually be in a position to buy a small condo. I already own one in my current state.

[matt_windermere]

Isaackko -- from a landlord's standpoint, it's much easier to manage a condo over a single family home. The Seattle market is still seeing quite a demand for in city housing so I would imagine having an easier time finding a qualified tenant for a condo as well. Moderator cut: see note

[Ira500]

Originally Posted by isaackko

Instead of making a new topic...

Is it worth it to buy a condo in the Seattle market with the intent of using it as a rental down the road (after living in it).

I'm planning on moving to Seattle, and if I do, I'll probably eventually be in a position to buy a small condo. I already own one in my current state.

There are pluses and minuses. The minuses? Some condos only allow a certain percentage of the units to be rentals, so if you buy the place and live in but the percentage of units reaches it's allowable maximum when you're ready o rent it out, you could be S.O.L.
Also, in the newer buildings in the more desirable areas, the mortgage payments and homeowner dues will often exceed what you can collect in rent, so you'd be out of pocketing money every month.
On the plus side, condos have come down in price, and if you find a place which allows you to rent it out, the HOA dues aren't a killer, the building's in good shape, the HOA has adequate reserves, and it's still in a place where people want to live, it can be cash flow positive, and that's what you want. If you have to subsidize it every month, then you're gambling that the value of the place is going to appreciate more than the amount you'd be subsidizing. That's a big risk.

[noexcuseforignorance]

Originally Posted by surfbus

I omitted my budget for personal privacy reasons. At the pace I’m saving up I will have adequate % down for the small starter homes I seek. I’ve done online listings research in the areas I mentioned in my first post.

I'd like this thread to be specifically driven towards advice from locals for suggestion of neighborhoods to live that are urban with young professionals with demographics around 25-28 years of age.

Oh, yes, cause we all know who you are and obviously it's important to hide how much you're looking to spend. Are sure you're in your 20's and not 12.

I'd offer advice, but sorry, I'm not going to bother if you're too immature to post rationally here.

Isaackko -- from a landlord's standpoint, it's much easier to manage a condo over a single family home. The Seattle market is still seeing quite a demand for in city housing so I would imagine having an easier time finding a qualified tenant for a condo as well. If you want to discuss more details on the Seattle market, please let me know and I would love to be a resource to you!

That's true except you get better continuation of rent in a SFH. A condo can also be restricted from being rented. Ask people at buildings like Mosler where their units are sitting empty as they moved for work and aren't allowed to rent out the unit. To boot, a condo can throw a special assessment at you. Ask Site 17 owners about that. That's not to mention that the HOA dues get her out of living frugally really quick.

[Driverside]

What an idiotic post. How are we supposed to help the OP make any decision without any information on what he can afford.

Good luck with your saving and hopefully you can figure it out on your own.

[Hemlock140]

The cheapest older, small single family home I have seen in most of the areas mentioned is well above $400,000, and that would be on a busy street. Figure $500,000 or above for Ballard and Queen Anne. Assuming that fits the budget, Greenlake,
near the lake, or Capital Hill are most likely to fit your demographics. Ballard is more young families with babies in the single family homes, Queen Anne is mostly older.