How is condo ownership a path toward building wealth in Seattle? Owning a home in general is one of the easiest ways to grow wealth and security for your family. In Seattle, one of the most common paths to home ownership is purchasing a condo. I just listed a condo in the Vertigo building in Seattle’s Capitol Hill neighborhood, and it’s a great example of a starter home that can help you build wealth.
What do I mean when I say “building wealth”? To build wealth is to create a stable way to make money for yourself and future generations of your family. Buying real estate can empower you to build wealth through appreciation. You can also benefit from tax deductions, and have possible rental income in the future, for example.
Start Here: Check Out Kim’s Video Tour of This Condo in Capitol Hill
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More Details About the Home in the Video
- MLS: 2286286
- Address: 705 East Republican St, Unit 204, Seattle, WA
- Neighborhood: Capitol Hill
- Price: $549,000
- More Information >
In this video, Kim takes you on a tour of her new listing in the Vertigo condo building in Seattle’s Capitol Hill neighborhood.
How is Condo Ownership a Path Towards Building Wealth in Seattle?
In this post, I’m sharing five of the major reasons why buying a condo can help you build wealth. Condo ownership has been a great stepping stone for many of our clients on their Diva Dweller real estate journey.
Buying a Condo is the Easiest Entry Point to Home Ownership in Seattle
In Seattle, a condo is the most affordable way to become a homeowner. The perfect example of a condo that would be ideal for a first-time buyer is the condo I just listed in Capitol Hill. You can’t buy a townhome or a single-family home in a neighborhood like Capitol Hill for only $550k, but you can buy this condo! You actually can’t even buy a home for that amount in an immediate suburb of Seattle, either.
This condo in the Vertigo building comes with a lot of perks that ensure very comfortable city living, too. It’s a 1-bedroom condo, with the possibility to be converted into a 2-bedroom condo. There’s spacious living areas, a deck, reserved parking, and storage. You’ve also got easy commutes to several popular destinations, and several transit options, for starters.
Owning a Condo Helps You Build Equity to Buy Your Next Home
If you make a smart condo purchase, you will not only be able to build equity by paying your mortgage, but also through your condo appreciating. It’s important to remember that building wealth through homeownership is about holding onto a property for the long-term. It’s not a quick turnaround. How long you need to own your condo to benefit from appreciation will depend on a lot of factors. One challenge with condos in Seattle is that they don’t appreciate as quickly as single-family homes. But if you hold onto it for the right amount of time, you’ll get that appreciation!
A Condo Can Be An Excellent Investment Opportunity
Sometimes when our clients are ready to “move up” from a condo to a bigger home, they keep their condo as a rental. And let me tell you, it is so much easier to be a landlord of a condo than a single-family home! When you’re a landlord of a single-family home, you’re responsible for maintaining the roof, yard, plumbing—everything. If you are the landlord of a condo unit, you’re only responsible for making sure that the interior is maintained. As long as your condo is in a solid building with a great HOA (your building’s HOA should have strong reserves and be well-maintained) then your job as landlord is going to be a lot easier.
This condo listing in Capitol Hill is in the Vertigo building, which conveniently allows rentals. In fact, this specific unit was recently rented out for $2,800/month.
Purchasing a Condo is an Easy Transition From Renting to Home Ownership
Owning a home is like a hobby! There’s a lot of ongoing maintenance involved. Sometimes there are expensive complications. There’s just a lot that most folks don’t know about maintaining their first home. I really believe that owning a condo with a good HOA is a smart first step to becoming a homeowner. Yes, you have to maintain the inside of your condo, but the HOA will handle the rest and you can learn along the way!
My condo listing in the Vertigo is part of an HOA that covers several things, including exterior maintenance, yard maintenance (check out the cute garden and landscaping!), water, sewer, and garbage. You can truly focus on the interior of your home here. Having an HOA is also an easy budgeting tool—every month, your dues are the same, and the HOA takes care of anything outside of your unit. Whereas with owning a single-family home, one month you might spend $200 on a repair, and the next month you might randomly need $800 (or much more) for repairs.
Take Advantage of Condos in a Down Market
Right now, Seattle’s condo market is a little tamped down, and buyers can get a good deal. The specific condo market we’re in right now presents a solid opportunity to “buy low” and benefit from future appreciation. But you can’t just buy any condo—you need to buy a condo that’s going to have appealing features and amenities that will be attractive to new buyers for years to come. You also need to make sure your condo is in a neighborhood that appreciates well.
My listing in Vertigo checks all of the boxes. First of all, it’s in Capitol Hill, which is one of those neighborhoods where value holds in condos. People who live in Capitol Hill generally want to embrace city living and all that goes with it, but it’s always nice to have things like space, parking, and storage. This unit comes with parking and storage (of course!), and while it’s currently a 1-bedroom, it could easily be converted back to a 2-bedroom condo (it used to be a 2-bedroom, but is now a 1-bedroom plus a Murphy bed in the living room). Instead of a second bedroom, you could use this space as-is for your home office.
The neighborhood is also ideal—you can get around the city really easily from here. You can have a car without having to worry about searching for parking, but you could be car-free at this location, too. The Capitol Hill Link Light Rail Station and several bus lines are close by. You’re also surrounded by nightlife, coffeeshops, dining, shopping, gyms, and anything else you might want.
Thanks For Learning About How Condo Ownership is a Path Towards Building Wealth in Seattle!
I love helping my clients make a plan for building wealth throughout their lives. I’ve seen it time and time again—my clients are able to build wealth AND flexibility for themselves and their families through real estate, and oftentimes it begins with owning a condo. If you’d like to get started on your condo buying journey, I’m always happy to answer your questions. You can also check out Team Diva’s “How to Buy a Condo in Seattle” Guide!
Want to see this home in all of its glory?
See It In Person – Call/Text The Diva Desk Phone 206-271-0264.
We are here to help. Our team understands that this process can take a year or two. Give us a call. Our Team loves helping people develop a personalized listing plan for their homes. Feel free to contact us directly at thediva@teamedivarealestate.com or call/text 206-271-0264.
