Your Seattle Apartment Can Help You Own a Home
Some areas of the country feature competitive real estate markets and housing prices that make it difficult to become a homeowner, particularly if you are searching for your first home. If the time isn’t yet right for you to buy a house and you’re currently enjoying the conveniences of apartment living in Seattle, there are some ways you can improve your chances of finding a great place to live when you do start your home search in the future.
Here are some of the projects you might undertake while living in your Seattle apartment so that you can begin the home buying process in the future with confidence.
It is commonly suggested that owning a home and paying a mortgage is less expensive than paying rent each month. While a mortgage payment may indeed cost less each month than a payment on your Seattle apartment, that’s not the only number you must consider when estimating your bills and budget for your future home.
For example, you might decide to purchase a home in a recently constructed planned community because you want the convenience of a home that doesn’t require a lot of work and maintenance at the start. Many new communities have a homeowner’s association that requires monthly dues paid to the HOA. The amount of money paid for this service tends to vary significantly and may represent a few hundred or even several hundred dollars a month.
If you think about it, your HOA fees could represent an additional $3,600 a year in added costs if the fee is just $300 a month. When you add the HOA fee, your homeowner’s insurance costs, and your property taxes to your mortgage, is the overall amount still less than your rental payment? It’s essential to work with a financial advisor, banker, or another real estate professional if you aren’t already aware of all the added costs that can come with home ownership.
Get in the Habit and Begin Keeping an Accurate Budget Today
You know it’s important to keep a budget, even if you don’t have any problems covering your bills each month and you have a healthy amount of money coming in that you can put into savings or spend on entertainment and travel. Even if your finances remain healthy and owning a house is very affordable for you on your salary, an accurate budget remains a vital part of responsible home ownership.
When many people begin budgeting for the first time, they’re not surprised at the number of different bills paid each month, but of the cash that is spent without a real record, bill, or receipt. The lattes you buy at Starbucks each day might cost $100 a month, but you always pay in cash, and you don’t realize how much you’re spending on coffee until you begin keeping track.
Not only can accurate budgeting help you make sure you have enough income to accommodate the costs of owning a house, but it can also reduce the amount of wasteful spending you have while living in apartments in Seattle. It’s helpful to put a number on the amount of money you spend on entertainment, and your budget can reveal a lot about your spending habits prior to your house hunt and mortgage application.
Not Ready to Own a Home?
Living in an apartment offers many conveniences, and you might not yet feel ready to live in a home of your own with things like a mortgage, maintenance, and yard work. The apartments at Muriel’s Landing are the best way to enjoy an urban lifestyle in Seattle in view of the stunning natural scenery that surrounds the city. We invite you to visit our contemporary and modern property for yourself to see all the conveniences and amenities we can offer you as a resident of Muriel’s Landing.