Is it bad to purchase a 1 bedroom condo verses a 2 bedroom condo in seattle

[Sockeye66]

I purchased a 1 bedroom Condo 3 years ago. A 2nd bedroom added at least another $75k and I didn't need anyways.
I just put that Condo on the market, 5 offers after 1st weekend, $20/k over asking price.

[ukiyo-e]

It's not just a matter of how much the monthly condo association fee is; check to see what it covers. I live in Olympia and am a senior who's considering a Seattle or Portland condo where I can walk to most things and not have a yard to deal with anymore, plus be closer to more cultural activities.

Some of the fees I've seen include water, sewer, and garbage, outside maintenance, and building insurance (hopefully with earthquake coverage). I've seen some in older buildings that even include heat. I'm also looking in Portland and saw some there that include property taxes. So be sure to factor in the separate cost for those items if the monthly fee doesn't include them. Often it will because there are no separate meters. The fees that look high might include enough that they're actually quite reasonable. But check closely.

[homesinseattle]

Originally Posted by ukiyo-e

It's not just a matter of how much the monthly condo association fee is; check to see what it covers. I live in Olympia and am a senior who's considering a Seattle or Portland condo where I can walk to most things and not have a yard to deal with anymore, plus be closer to more cultural activities.

Some of the fees I've seen include water, sewer, and garbage, outside maintenance, and building insurance (hopefully with earthquake coverage). I've seen some in older buildings that even include heat. I'm also looking in Portland and saw some there that include property taxes. So be sure to factor in the separate cost for those items if the monthly fee doesn't include them. Often it will because there are no separate meters. The fees that look high might include enough that they're actually quite reasonable. But check closely.

Agreed, you also need to look at the financial health of the older building associations. Sometimes they are excellent, other times not. Also, important to check to see if any large “assessments” are upcoming. Sometimes, depending on the competition for the unit, you can get seller to settle those (or offer a credit toward upcoming ones) at closing.