What happens when you are selling and looking to purchase a home simultaneously? The answer: is a little more complicated than you think.
Size matters when you are buying a new home in Seattle. Whether you plan to expand your family, need more room for your stuff, or are concerned with resale value, you want to get the most space for your money.
Also, if you want to add a feel of luxury to your home, one of the best ways to do it is to create open spaces rather than cramming all your furniture in rooms so tiny you can barely walk around without knocking something over.
In This Article:
- Choose Emerging Neighborhoods
- Fix It Up
- Do Some Finishing
- Consider An Addition
Traditionally speaking, the larger a home is, the more it costs. If there are two newly built houses side by side in a subdivision, the bigger one is likely to cost more. That’s because you are paying for the cost of the extra materials and finishes. However, there are some tricks to finding spacious houses that are affordable, including the following.
Choose Emerging Neighborhoods
One of the first things you should do is look at properties that are located in up-and-coming communities in the Seattle, WA area rather than those that are already established and command high prices. Houses in this year’s trending neighborhood are at their peak prices, which means you’re paying a lot more for the same home as you would in a nearby area that’s not quite as established just yet.
Instead, clever buyers look for neighborhoods that are in the process of being gentrified. That way they can buy at the bottom rather than the top of the market to get more house for their money. Not only can this help save money, but it will also position you in a neighborhood that will increase the value of your home as the area’s value increases.
Fix It Up
Seattle houses in perfect condition that show well sell for a premium. In exchange for a move-in ready home that requires no work to be done, buyers pay more.
But if you want to get more house for your money, choose something that needs a bit of TLC. A house that has pink walls and orange shag carpet might appear just too ugly to consider when you first view it, but it might just need a few coats of paint and some new carpet to become a spacious dream home.
Not only will you be paying less for a home that is not up to par, but improving it after you take possession will give you the chance to instantly add value and equity, leaving you with an asset that is of higher value than when you first purchased it.
This is exactly what expert real estate flippers do. They buy homes at below-average prices, fix them up according to what the local market dictates, add instant value through improvements, and quickly sell for a profit. With the right updates, you can add a lot of value that will bring you a decent ROI if you ever sell in the future.
Do Some Finishing
Unfinished areas in your Seattle home such as attics and basements can be finished to create additional living spaces. This will have the same effect as fixing up a home that requires a little updating by adding more value to it while giving you the opportunity to pay less for the home upfront.
For instance, the basement could become a family room and the attic could become an extra bedroom or study. An unfinished space can become the extra bathroom you need to make mornings more manageable. You can effectively increase the livable space in your home by finishing untouched spaces to your liking.
Consider an Addition
Contractors can add rooms to a house in Seattle, Washington to increase the overall square footage and living space of your home. If you have a large lot, you can build an extra wing. With a one story ranch house, it may be possible to raise the roof and add a second story to provide a separate floor for bedrooms.
Also, you may want to purge some of your belongings, clean up the space, or swap your current furniture and decor with more streamlined pieces that don’t take up as much space. The more stuff you have, the smaller your home appears. Reducing clutter and investing in smaller condo size furniture can give even the smallest home the appearance of spaciousness.
With these tips, you can get yourself a luxury home in Seattle without paying the price for one.
Ready to Apply For a Mortgage in Seattle?
If you’re in need of a mortgage, we can help. Sammamish Mortgage is a mortgage company serving the Pacific Northwest region including Washington, Idaho, Colorado, and Oregon since 1992. We offer a number of mortgage programs with flexible qualification criteria. Please contact us if you have any questions or are ready to apply for a home loan.