My landlord wants to sell the home we are currently renting for a good offer. We have been currently renting it for 2 years and have an option to either extend the lease for another year or buy it (Price is redfin estimate). We are debating whether to buy or continue renting. Location is good for our commutes and schools are excellent. Home was built 6 years ago and is in good condition. I'm thinking we can negotiate the price a little bit (upto 6%) by avoiding seller and buyer agent commissions. Mortgage estimate is 3.6-4K per month including HOA and insurance with 20% down. what would you do?#redmond
Get it U already like living there. Familiar with any problems the house might have etc. Rare opportunity I'd guess.
Buy it. Getting to live in a house and see the weird problems it might have before you buy it is amazingly valuable. I know as a home owner
That's my thinking too. We know all the issues in the house and not going in blind. But another option is to buy a similar new construction home in Sammamish. But commute won't be great. Schools are good there too.
Don’t. Buying condo is a pain in the neck, there’s a good reason your landlord wants to sell. If you really want something to be an asset or make something homely enough to live in buy something like a townhouse when you can afford. Only exception is when you are ok to take a dent for unforeseen maintenance expenses and you are 100% sure you can rent that condo out without much effort.
It depends on how long you plan on living there. $4000/month sounds pretty low for a million dollar house including HOA. You probably have to factor in property tax and home insurance as well, not to mention anything that needs repairs now falls on you. That might work out to $4500-$5000 a month. Over the long run you'll come out ahead, but not for a while.
^ this, there are many costs first time homeowner may not account for, and you won’t come out ahead for many years. If you still have comfortable budget then this should be a good mid-long-term investment
Unfortunately you are in wa. CA just passed a state wise rental control law that you can live there for ever if you want.
What? You mean owners of SFHs are not allowed to sell a home if they have a renter that doesnt want to leave. That seems hard to believe.
Rent control is literally the dumbest liberal agenda ever (I’m a liberal). Every economist agrees that it results in higher rents for everyone resulting from fewer new housing developments.
Given what you're saying here, it is ideal for you to buy the house you're residing in. Make sure you're paying fair price though.
How is the mortgage only 3.6-4k for a million dollar house with 20% down?
Redfin estimates are overpriced so you should just go to some open houses and buy with a fair price.
House next door with exact same dimensions sold for 1.15M couple of months the ago. So price estimate is accurate I think.
For those voting no...would like to hear your reasoning to not buy the single family home?
Layoffs
Yesterday
33471
Google CFO confirms "large-scale" layoffs today (Apr 17)
2024 Tax
5h
962
Biden’s new tax proposal is wild
Health & Wellness
7h
3311
Why are women naked in gym?
Tech Industry
12h
2067
Go woke, go broke: Google fires 28 employees involved in pro-Hamas protest
Tech Industry
2h
1098
Meta is much better than Google now
Buy it. Lake Washington schools are great and the housing prices in Seattle keep going up.