Interested in buying property on Capitol Hill (Seattle, WA) but can’t find an affordable solution? Have you considered a co-op? Here’s a terrific 1 bed / 1 bath plus den co-op in the vintage Union Terrace Co-op under $300k:
1136 13th Ave #206, Seattle, WA
Only $290,000!
1 bed / 1 bath / den
If affordability is preventing you from being able to buy a condo in urban Seattle, you might want to consider purchasing a co-op. Co-op buildings are a unique form of property ownership that is common in many urban areas, particularly in cities like New York City. Co-ops are less common in Seattle but there is a decent selection in popular, dense neighborhoods like Queen Anne, Capitol Hill, First Hill and Belltown. Here are some benefits and common misconceptions associated with co-op buildings:
Benefits:
- Affordability: Co-op units are often more affordable than condominiums or single-family homes in the same area. This is because buyers purchase shares in a cooperative corporation rather than actual real estate, making the initial purchase price lower.
- Community: Co-op buildings often foster a strong sense of community among residents and residents typically share similar values and lifestyles and a desire to live in urban centers.
- Maintenance and Repairs: The cooperative corporation is responsible for maintaining and repairing the building’s common areas and systems. This can reduce the individual owner’s maintenance burden and costs.
- Control: Co-op owners have a say in the management and decision-making of the building through their voting rights. This can lead to a sense of ownership and control over the property’s future.
- Tax Benefits: Some co-op owners may be eligible for certain tax benefits, such as deductions for mortgage interest and property taxes.
Common Misconceptions:
- Strict Approval Process: While co-op boards do have an approval process for new buyers, the perception of this process being overly strict can be a misconception. It’s designed to protect the community and ensure that potential buyers meet financial and lifestyle requirements, but not all co-op boards are unreasonably stringent. Actually, most boards are welcoming.
- Lack of Investment Value: Some people believe that co-op units do not appreciate in value as much as condominiums or single-family homes. While it’s true that co-op resale values may not rise as rapidly in some markets, they can still appreciate over time, especially in desirable areas.
- Maintenance Costs: Although the cooperative corporation handles common area maintenance, co-op owners are still responsible for their share of these costs through monthly maintenance fees (HOA dues).
Co-op buildings offer several benefits, including affordability, a sense of community, and shared maintenance responsibilities. However, there are common misconceptions, such as the strictness of the approval process and the nature of ownership, that potential buyers should be aware of when considering co-op living. It’s essential to research and understand the specific rules and regulations of any co-op building before making a purchase and a good real estate agent can assist with this.
Kerstin G. Brooks
Brooks & Heinze Real Estate Team at Skyline Properties, Inc.
Cell: 206.276.5827 – Email: kerstin@propertyinseattle.com
Web: www.propertyinseattle.com
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Kerstin G. Brooks, Broker 