If you’re a long time renter, and starting to examine the purchasing process, here are some helpful tips to ensure that you’re making a smart decision to purchase. It can be surprising how much work and effort goes into buying a home, and a smart decision would be to get qualified by a lender to determine which price range would be the most affordable, and to interview with a few Real Estate agents to find the perfect person to represent you in your first transaction. Once you’ve been qualified, and have a price range to aim towards, you’ll be able to check out different neighborhoods. It is also important to research your agent; have they sold multiple properties in the last year? Make sure your paired with someone knowledgeable in the area you’re looking to live, and someone with an up to date license.
Once you have narrowed down the price range, and right neighborhood, be certain that you’re looking for a property that you can live in for a minimum of five years. If there is nothing in your price range in the neighborhood you desire, it might be worth staying a renter and saving additional funds, so you can afford to buy in the area you want to live. An owner typically does not earn equity on a home until after 5 years, which is generally the breaking even point, according to Zillow statistics. Buying Real Estate can be expensive, risky, and time consuming, so make sure you do your homework, take your time shopping around, and take time to research the real estate market where you’re considering buying.
King County has created a new website geared to help Seattle residents search for housing that fits within their budget, (income based housing, and non-income based housing). HousingSearchNW.org is a free resource where property managers and owners throughout King county can post their apartments or homes for rent anytime, and their updated daily, meaning these listings should always be current. This website is sponsored by the City of Seattle, King County, United Way of King County, Seattle Housing Authority and King County Housing Authority. This website is always free for both landlords and tenants, and along with rental properties also provides useful tools such as a rent checklist, affordability calculator, and even links to other helpful tools. If you’re looking for a place to rent in the Puget Sound Area, this new website is a very useful tool to help you find the right home for the right price. For more details visit HousingNW.org.