I have nearly 50k in savings and would like to know if its wise to buy a house now than later. TC 160, yoe 5. I prefer houses over condos and apartment and willing to buy a house for not more than 600K. My wife and I both are on visa. I hate paying $2000 per month for rent, but also uncertain whether I will be settling down in Seattle forever. People in Seattle area, whats your opinion on buying a house?
600k budget sounds too low, unless you live very far from office.
My guess is you'd have to go up to shoreline or down to Renton to get something decent at 600k. Maybe parts of West Seattle.
20% is the typical down payment amount. Any less than that and you will be paying PMI on top of your mortgage until you reach 20% in home equity. In addition to that you need money on hand for closing costs, which can run into the thousands at your desired home price. Plus money to move your stuff, and money to do any repairs or repainting. That's at least another $10k if not more like $20-30k, depending on what house you buy. You should talk with a mortgage broker to get a run down of estimated costs before you proceed.
Agreed!
I bought. You don’t need 20%.
I bought for 5% down and paying additional $210 per month for PMI. I'll have to pay this extra amount until I reach 20%...
PMI 🤮
Where did you buy?
I am having same problem. I don’t know if I will be in Seattle for next 3 years!!
50k? Save up more first.
How much is good enough? And what % of that savings should go as down payment?