October 3-7 | Starting at $500Condo Purchase Considerations
If you’re a first-time home buyer with a bit less disposable income than you might like, it might make sense to consider focusing your purchase on a condo.
Here’s a few things we know:
In a market where we’ve not had nearly enough housing for many years, condo values have been depressed, especially so since Covid when people didn’t want to be too near others.
High HOA fees are a significant driver of this value depression and in many cases, those fees should be a good bit higher than they are due to chronic mismanagement.
When the condo market finally turns, there will be some BIG winners who were able to buy low and sell high.
Some of the most common big-ticket items, and their typical life expectancy, that can drain HOA reserves and cost condo owners additional money:
Roof – 25-30 years
Plumbing – with modern materials like pex / pvc / copper – 40+ years
Parking lot repaving – 15-25 years
So, how can you avoid the ugliest HOA fees enough to be one of those big winners? Purchase a newer condo where everything is in great working condition at the younger stage of its working life. In these cases, typically HOA fees are quite reasonable as they are collected to address future issues when they arise.
For example, you purchase a condo in a building that is 10 years or less old with the plan to keep it for 10 years and then sell. You’ll want to consider not only the current HOA fees, but what they will be 10 years from your purchase. If you plan well, and have a little luck by not encountering too many things that ‘come up’ as they can with any home purchase, you’ll both buy and sell with manageable HOA fees.
THIS is a way to put yourself in position to do really well financially. Like other areas in life, there are few guarantees. Maximizing opportunity with well-considered plans just makes sense.
Currently, we are in the best buyers-market I’ve seen in 10 years. This is ESPECIALLY true with condos.
Getting into the market is usually the toughest part. Maybe it is smart to consider purchasing the right condo, as the perfect entry into the market. Paying your mortgage instead of your landlords just makes sense! Let’s get out and tour some condos that fit your criteria.
Attached is a white paper on some of the changes coming to the condo market that could affect you. I am happy to answer any questions.
Changes are coming!
Buying Into an HOA or Condo in Washington — What's Changing
Washington is in the middle of a multi-year overhaul of the laws governing HOAs and condominiums. If you're considering a home in a community association — especially an older one — here's what's new and why it matters to you.
The Big Picture
● Washington passed a uniform law (WUCIOA) in 2018 for new communities, but older associations were allowed to keep operating under older, looser rules.
● Two follow-up bills changed that: every HOA and condo in the state, regardless of when it was formed, must fully comply by January 1, 2028.
● A 2025 law accelerated the timeline — key governance and financial provisions already became mandatory for all communities as of January 1, 2026.
What's Already in Effect (as of Jan 1, 2026)
● Mandatory reserve studies — nearly every community association in the state must now maintain a funded plan for major future repairs, even ones that were previously exempt.
● Stronger recordkeeping and financial transparency requirements for boards.
● Associations can no longer issue blanket denials on heat pump installations.
● New limits on how boards can invest the community's reserve funds.
What This Means for You as a Buyer
● Resale certificates and HOA disclosure packages should now include more complete financial and reserve information than they did even a year or two ago — worth reading closely, not skimming.
● If the community hasn't completed a reserve study yet, or reserves are underfunded, a special assessment may be more likely in the near future — ask directly.
● Older communities (especially condos formed before 2010-2018) are seeing the most change right now, since they're just now being brought into requirements newer communities already have been following.
● A well-run, transparent association is a good sign; a board still scrambling to catch up on these requirements is worth extra scrutiny before you write an offer.
Bottom Line
These changes are good for buyers in the long run — more transparency and stronger reserve funding mean fewer surprise assessments down the road. But during this transition period, it's worth digging into the HOA documents a little more carefully than usual. I'll help you review them line by line before you commit.
My General Recommendation
When helping my buyers choose a home, I am concerned with what is best for them now, and in the longer term. How is resale likely to be received by buyers in several years’ time? With HOA fees typically rising over time, my best suggestion is to look to newer construction complexes where not enough time has passed to need major funding.