Seattle house where to buy
I am new to Seattle/US and single now but plan to get married next year. Bank pre-approved loan for homes upto 1.3 million and they said they could stretch it further if needed. I am feeling a bit lost. So far I was focusing on Bellevue and Kirkland area because I was thinking land will appreciate there more and house sizes/lot sizes are huge and could be helpful in keeping extra tenants etc. But those areas are kinda boring. There are smaller and older homes in Queen Anne/Magnolia/Fremont that I can afford and I like those areas too but I hate old houses. Does lot size/home size matter in terms of appreciation? I checked out some homes on Mercer Island but they were too big or too small. What is a good lot size? Currently living in a 650 Sq ft apartment and the size of homes completely overwhelmed me. If I can afford should I go for maximum 1.3 million home or is it better to buy something cheaper and more functional for me. I am not able to figure out what matters more as a long term investment. I am getting so stressed and redfin haunts my dreams. Any tips from real estate gurus? I feel like I don't have enough saved to remodel if I buy an old home. TC: 270k Net Savings: 400k (cash and stocks)+80k that i gave it to my mom so I don't count it.
Considering you are still single income don't buy what you can't afford
I am worried that I will miss out and real estate will get more expensive/unaffordable in a few years time. Is 1.3 million home too expensive for my TC and net worth?
Bro, Seattle real estate is tanking right now. I'm not kidding. So you won't miss out if you wait a bit
1.3mil? Are you trying to get a mansion? 🤔
Is it too much to spend on house? What is ideal investment for me in your opinion?
Well it depends on your needs and preferences. If you are going to be married in a year, a three bedroom will suffice. Why pay for a big house and maintenance when no one uses it?
Move to Ballard/Fremont/Queen Anne. I lived in Ballard and worked at amazon for 5 years, and it’s great.
Oh thanks. I shall look into this.
they approved 1.3M mortgage amount or house value?
House value
how much down u required to put up?
1.3 seems way too much for that salary. Too high risk.
Thank you. I was thinking of maximum 1.1 too.
My TC and net assets are close to yours... I have been house shopping as well.. My personal opinion is > 1M could be stretching it.. With all the current market uncertainty, it’s better to stay under 1M and if possible stay under 800k... Based on my analysis with respect to median incomes in this area, any house under 700k would either flat line or have a negligible depreciation during a market correction as opposed to > 1M houses that would see a significant depreciation... Check the Redfin estimate historical charts of houses in Bellevue/Kirkland/Seattle/Bothell areas... I could be wrong but am trying to make an informed decision so I wouldn’t regret a purchase.. Ofcourse the depreciation shouldn’t matter if this is your primary residence and you aren’t planning to move out.. However make sure that you account for worst cases such as job loss..
Great..this is wonderful advice because we are in the same boat :)
How many years did you work to have a 400k savings?
5 years. But didn't have this salary earlier.
Buy big and buy now. It will work out fine.
Buy something with an ADU (accessory dwelling unit, ie mother in law apartment). I did that in 2016. The rent pays half the mortgage.
Never heard of that. I was thinking if the lot is big, I can build a little apartment in the yard.
Lol.
TC ? Especially for that pre-approval number.
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