Not make you feel exposed, but let’s talk about your HOA dues:
A fact-of-life when living in a condo is monthly HOA dues. Each condo community is different. Different ages, sizes and levels of amenities. And a WILD swing in average HOA dues. The HOA dues impact both our monthly expenses and our resale value, so they are kind of a big deal.
And let’s talk about the impact of HOA dues on your wallet.
If we assume you lived in a 700 square foot condo, here is what your dues would look like:
Living at the Matae (the lowest dues) = $378 per month
Living at the Parc (average dues) = $518 per month
Living at Bay Vista (the highest dues) = $777 per month
You pay almost $400 MORE per month at Bay Vista than you do Matae. That is $4,788 per year in additional expenses.
HOA dues also impact your resale value.
For every $100 per month in HOA dues, it reduces the buyers purchasing power by 5%. So if a buyer could afford a $500,000 condo at the Matae, they could only afford a $465,000 condo at The Parc or a $400,000 condo at Bay Vista. Condo communities with higher that average HOA dues have a smaller pool of potential buyers and end up selling for less, on average, than similar condos with lower HOA dues.
For all you potential condo owners…
No matter where in the City you buy your condo, plan for dues to increase over time. Check out the growth in average HOA dues over the past 7 years in Belltown:
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