Bought a house in Bellevue (Seattle area). Am I stupid?
Our bid won before review date. Good house in West Lake Sammamish community. Our offer was 1.150M (with listing price 1.05M$). Not crazy compare with current market. We have no choice and pay 2500$ monthly rent + utilities (200$) and pay 3400$ mortgage are not so bad. I put >300K down payment (~26%). Closing would add additional 6000-7000. And interest rate 2.625%.
School are 7-8 and second in rating of all Washington state. There is 3 of us and Iโm +40. Wife are not working and stay with son for now.
I know house are not good investment, but I love Seattle area and plan to settle here for next 5-10 year or maybe more. And I have to pay rent anyway which is also throwing money to the lender bucket.
So, I need to open opinion was right or bad decision. Based on current trends I can rent it if market wouldnโt crashed or all of us WFH forever. And there is big plan for Amazon and other it companies like Facebook move to Bellevue.
Update:
- closing cost about 16K$
#seattle #bellevue #mortgage
comments
And for that reason only, besides yourself and your partner no one can tell you if you did a right thing or not.