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.
Do you find yourself wondering what your rental cost would have been, had you moved into your basic one bedroom apartment 3 years ago? Me too! The cost of rent in the Greater Seattle area has steadily risen over the past few years without inventory changes, although builders are starting to pick up where they left off, and apartment building construction is now on the rise all over the city. If you were to take a look at the cost of living in your neighborhood, say in 2007, how much do you think your overall cost of living would change? Well we’ve got the results! Seattle Metropolitan has the stats and the changes might make you resent your non waterfront view home. For instance, the average cost of rent in the Ballard neighborhood back in 2007 was $755, and today the same unit costs around $1,188. Ouch! Take a peak at your neighborhood, you might wish you could rent a time machine.