If you been shopping for a home in Seattle, Bellevue, or elsewhere in Washington state, you are probably aware that housing costs have been rising rapidly.
Home values themselves have been soaring, and Washington State mortgage rates have also done some climbing over recent years.
If this has left you wondering how you can afford to purchase a home in today’s market, here are some ideas which can significantly reduce your housing costs and bring the dream of homeownership into an affordable range. With prices continuing to rise, a Washington state home is an excellent financial investment!
1. Buy a foreclosed home.
You can find huge price reductions on homes which have been foreclosed on and which are now for sale by the bank itself.
If you snap up one of these properties quickly, it could feasibly save you a tremendous amount of money. Just be aware that it may require some work (see below).
2. Purchase a home that needs repairs.
One of the reasons why substantial savings are possible when purchasing foreclosed homes is that they frequently are in a distressed state.
Distressed properties in general sell for less than those which are in excellent condition.
Fixing up a home can itself be quite expensive. So before you invest in a home which needs repairs, thoroughly assess the damage and come up with realistic cost estimates. You will probably save the most if you are able to perform some or all of the repairs yourself.
3. Move to a less expensive neighborhood.
Even within a relatively expensive metropolitan area, some neighborhoods will be significantly less pricey to live in than others.
If you are willing to put up with a longer drive to work every day, that could bring homeownership within your price range.
You also might be able to save money by buying a home which is located close to an airport, a noisy overpass, or so forth.
4. Work with the right real estate agent and mortgage company.
Shopping for a good price on a beautiful home in Washington state can entail looking at quite a few houses, so having an experienced and dedicated real estate agent on your side can go a long way.
Likewise, you will need to shop around to find a great mortgage with affordable interest rates and low fees. You can save yourself a considerable amount of time by working with a Seattle mortgage broker that partners with a large network of competitive lenders.
With our network throughout Washington state, we can connect you with an affordable mortgage no matter what your financial situation might be. Please give us a call today at (206) 352-6453 to schedule your consultation.