I live alone and want to finally buy property to live in and stop paying for rent. I grew up in Kirkland and I’ve never left WA so I know I’ll stay here for a long time. I was looking at Bellevue and Seattle and condos are a lot more affordable but also see some townhomes that are in my price range (around $750,000). Any advice? I’m 26 if that matters TC: $230k (counting stock appreciation)
Assuming that this will not be the only home that you will buy in your life. It doesn’t matter condo or townhome. Just make sure that the property is of good quality. As you progress in life you’ll end up buying a home that will fit your needs and lifestyle anyway. So it’s not relevant to fret over one vs the other. Looks for what fits your budget and plan in 5 year increments.
Single Family Home
Makes 0 sense as a single person. Maybe with a family
Sfh have challenges in that their old, townhomes have challenges with builder grade construction, condos just are a bad deal, downtown areas suck. For 750 you will get a 2/2 for 1200 sqft town home. For sfh be ready for a lot of work or 1.2mm in seattle
Yeah I feel a TH makes most sense given budget
Don’t buy anything under 2 bed. Limited buyer pool for resale. Op judging by your responses your not ready for home ownership and your thinking is very short sightedness.
SFHs have a lot of upkeep, especially for a single person, no? care to explain why it’s short sighted?
At some point every one wants a sfh, if you buy condo or TH now you will tie a large chunk of capital aka opportunity cost. I know lot of people are currently stuck with TH because they cannot sell it as it has not appreciated enough and their family has grown. And for upkeep do you mean yard maintenance?
You're a single person; get an apartment and then in the future if you're married and have kids get a SFH and rent the apartment out for income.
With 750k budget you will not even have SFH as an option in WA unless you are fine with a >1hr commute to the city. I recommend either townhome or 2b2b condo with that budget. You can find a good 2b2b condo in downtown in newer constructions in this market for your budget
Would that make sense over just renting? I hear condos don’t appreciate well and can sometimes depreciate
2b2b has decent appreciation, don’t go for studio or 1b1b.
If you grew up in Kirkland, I'm pretty sure the housing situation here must be very distressing for you. I've been here since 2018 and I'm disgusted at how much people are willing to pay for terrible homes.
Oh yeah, my parents bought their home for $275,000 and it’s worth $2M 😭
Won't you just inherit in a few years and not have to worry about needing to buy?
I bought sfh at 26 in seattle with a basement ADU. It’s been paying a good chunk of my mortgage for the past 3 years. This way no room mates and you own an sfh
I had a 3bd 2.5 ba townhome when I was single and in my late 20s. It was great. Over the time I owned it I either lived alone or had roommates who helped pay the mortgage. I had fun parties and I’m glad I did it. It also worked out well when I got married. He also had a house (SFH). I moved into his house and we had wedding guests stay at our house. Then we sold both houses and bought “our house” and kept our overhead low.
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SFH > Townhome > condo
SFH doesn’t make sense for 1 person, no?
Never a bad decision to buy a sfh if you can afford. Rent out the other rooms and let them pay off the mortgage