Buying a New Construction Condo in Seattle

Buying a condo in Seattle is quickly becoming the more affordable option for home buyers interested in the Emerald City. 

Seattle is growing fast, thanks to its developed tech scene and outdoor appeal. The result is a spike in housing prices that has made home buying a challenging process for first-time buyers and seasoned veterans alike. Inventory for single-family homes and multi-family homes is scarce.

But for aspiring homeowners looking to move to one of the Pacific Northwest’s most famous cities, buying a condo might be the way to go. 

Thanks to the rapid development Seattle has enjoyed in the past decade, new condos and townhouses have been on the rise. The question then becomes whether to choose from new construction condos or established buildings with time-proven units. 

A downtown Seattle condo overlooking the Puget Sound with world-class amenities and an open floor plan is a tempting proposition. Yet, new construction condos can come with hefty price tags. On the other hand, an older building might provide similar amenities at a lower price.

Below our team has put together a quick guide for buying a new construction condo in Seattle.

What are condos in Seattle?

Before deciding on new construction or resale condos, it’s essential to understand how exactly condominiums work. The process of buying a condo is distinctly different from buying a home and there are specific things to look out for. 

So what defines a condo in Seattle? Condos, or condominiums, are individually-owned units that make up a condo development where owners share communal spaces. The shared spaces can be an outdoor pool, patio, gym, and lobby. 

As an owner of a condo, you are responsible for the unit’s fixtures, electrical appliances, and general upkeep. The Homeownership Association, or the HOA, will handle the maintenance of the building and its infrastructure and amenities. 

This part is what makes condos so appealing to homebuyers. Condo owners will not experience many of the hassles that come with owning a home in the Seattle area. There are no lawns to mow, windows to clean, or pool to maintain. 

Instead, the HOA handles all of these things while you enjoy your condo and amenities. However, the HOA charges a monthly fee that goes towards this maintenance so it’s not without a catch. The more luxury amenities the building offers, the more they might affect the price range of the condo and the HOA fees.

Keeping this in mind, homebuyers interested in purchasing a condo will have to choose between new construction, pre-construction, or resale condos.

Buying a turn-key condo from the developer

Today’s real estate market is tricky to navigate for aspiring homebuyers. Low inventory and high demand have led to bidding wars that left many hopeful homebuyers shelling out much more than they initially bargained for. 

The same scenario is playing out in condo ownership, where multiple offers are causing delays in paperwork for the condo building management. This results in more time for other buyers to place competitive offers that might force you to outbid them. This plays to the advantage of the condo’s seller, who can field offers and choose the most appealing one. 

But as the buyer, you’re stuck worrying whether your mortgage pre-approval will cover a higher asking price. That is why it helps to buy directly from a developer when purchasing a condo in new construction.  

More predictable pricing and fewer surprises

When a new Seattle condo project is being built, one of the developer’s top priorities is to sell as many units as possible. This means the units will have a fixed price that will follow a planned schedule of pricing. So although there are larger fees and closing costs with new construction, there is the peace of mind that you have a transparent price to consider.

In addition, buying directly from a developer means you’re buying an apartment that’s a blank slate with no previous ownership. When you shop for a condo from a seller, the emotional attachment the seller has to the property might play a role in the price range of that apartment. Dealing with a developer helps avoid that hurdle.

There’s also the question of inspections. Every aspiring homebuyer should do their due diligence and get a thorough inspection done on their potential new home. The older the property the more unpleasant surprises might come up during the inspection. 

New construction virtually eliminates this problem since the developer delivers a complete new condo with brand new infrastructure.

Brand new appliances, infrastructure, and amenities

Probably the most obvious advantage of choosing new construction is that it’s a brand new property. This is a considerable advantage over resale property and can generate serious savings in the long run. That’s because any kind of maintenance or renovation the building needs will have some sort of impact on condo owners’ pockets. 

These are called special assessments, where the HOA will ask unit owners to chip on for the necessary expenses. There is little risk of surprise maintenance charges down the road in new construction since everything is so fresh.

The condos themselves also boast brand new appliances, fixtures, and HVAC systems so that new owners will have peace of mind that everything will most likely be in working order for years to come. 

Condos for sale in Seattle

Interested in buying a condo in Seattle? Browse listings and see how much you can save with Prevu's commission rebate.