Bellevue Townhome or Condo at $900K? The Real Monthly Cost

At $900,000, a Bellevue condo buyer is typically in a mid-rise or high-rise unit downtown or near the Spring District, often one or two bedrooms with building amenities included. A townhome buyer at the same price point usually lands in Factoria, Eastgate or a newer attached community closer to I-405, with more square footage and a small private yard or patio.

In my closings this year, the condo buyers at this price are usually trading square footage for location and lock-and-leave convenience. They want to walk to Bellevue Square or the Bellevue Transit Center without thinking about a lawn or a roof.

The townhome buyers I work with at $900K are usually trading some walkability for space: a garage, a third bedroom, sometimes a small yard. They're willing to drive to the light rail station instead of walking to it.

Start by seeing what's actually on the market right now: Bellevue condos for sale and Bellevue townhomes for sale. In my experience, well-priced homes at this level don't sit long, so the inventory you see this week is the real comparison set, not a six-month-old listing photo.

HOA dues are the single biggest monthly difference between these two property types, and they vary building by building, so I never quote a fixed number as if it's universal. What I see in my Bellevue closings: downtown high-rise condo dues run noticeably higher than townhome association fees, because the condo fee funds staffed lobbies, elevators, shared roofs and larger reserve accounts.

A townhome association fee in most Eastside communities covers common-area landscaping, sometimes a shared roof or exterior on attached units, and a smaller reserve fund. It is typically a fraction of what a full-amenity downtown condo building charges, because the building itself carries far less shared infrastructure.

Here's what that means in practice. Two buyers each put $180,000 down on a $900,000 property and finance $720,000 at 7.28%. Their principal and interest payments are identical. Their total monthly outlay is not, because one HOA statement is carrying elevators and concierge staff and the other is carrying a shared stretch of roofline.

Before you write an offer, ask the listing agent for the current HOA budget and the most recent reserve study. I will not estimate what a specific building charges. Verify the exact dues, the reserve balance, and any pending special assessment directly with the association's property manager before you remove contingencies.

On a $900,000 Bellevue purchase with 20% down, you finance $720,000. At the 7.28% Freddie Mac PMMS average, that loan amortizes to roughly $4,924 a month in principal and interest over 30 years, before property tax, homeowner's insurance and HOA dues are added.

That $4,924 figure is the baseline every buyer at this price needs before comparing anything else. It does not move based on whether you choose the condo or the townhome. A $720,000 loan at 7.28% costs the same whether the collateral has a doorman or a driveway.

What does move is everything layered on top. Property tax and insurance both vary by assessed value and building type, and your lender will quote you exact figures once you're under contract on a specific address. I'd rather you get that number from your loan officer than from me.

Run both scenarios with your lender before you tour. Ask for a full payment estimate (principal, interest, tax, insurance and HOA) on one condo listing and one townhome listing at the same price, so you're comparing real total monthly cost instead of just the mortgage line.

Washington's Senate Bill 5129 changed the rules around the resale certificate that HOA and condo associations provide to buyers, per the Hillis Clark Martin & Peterson client alert on the bill. For you, that means the certificate is a document to read closely, especially for reserve funding and pending special assessments.

For a $900,000 Bellevue purchase, that resale certificate is one of the most important documents in your file. It typically shows the association's current reserve balance, whether a reserve study has been done recently, and any special assessment the board has approved or is discussing.

I tell every buyer the same thing on this point: read the resale certificate the day you get it, not the day before closing. If the reserve balance looks thin relative to the building's age, that's a conversation to have with your agent and with escrow before you remove your inspection contingency.

This is general guidance, not a substitute for the document itself. Confirm exactly what SB 5129 requires for your specific building's resale certificate with your closing attorney or escrow officer. The details matter more than any summary of them.

Neither property type is inherently the better investment in Bellevue. Value retention depends on building quality, HOA financial health and location, not on whether the deed says condo or townhome. A well-run building with strong reserves can outperform a poorly managed one of either type.

What I've watched over more than a thousand closings is that buyers underweight the HOA's financial health and overweight the finishes. A condo with a thin reserve fund and a looming special assessment can cost an owner more in year three than the sticker price difference ever saved them.

Townhomes carry a different risk: owners are individually responsible for more of the structure, so a buyer who skips a thorough inspection can inherit a roof or siding problem the association never touches. That's not a knock on townhomes. It's a reminder that due diligence looks different for each property type.

If resale matters to you, ask your agent to pull comparable sales for the specific building or community, not just the Bellevue market as a whole. A building-specific sales history tells you far more than a citywide trend line.

Decide based on your tolerance for the HOA line, not the sticker price. The two are nearly identical at $900,000, so the real choice is lifestyle and ongoing cost. Walk both property types with the same lender preapproval and the same total-payment worksheet before you fall for finishes.

Start with your lifestyle math. If you travel often and want to lock the door and leave, the condo's dues are buying you maintenance you'll never have to coordinate. If you want a garage and a yard and don't mind mowing it or calling a roofer someday, the townhome's lower monthly fee reflects that trade.

Then run the numbers side by side with a buyer's agent who knows both markets. Working with a Bellevue buyer's agent who pulls the resale certificate, the reserve study and comparable sales before you write an offer is how you avoid the surprise that shows up at your first annual HOA meeting.

Finally, get your lender to quote total monthly cost, not just principal and interest, on your top condo and your top townhome this week. At $900,000, the mortgage payment is nearly a wash. The HOA statement is where your real decision lives.