To Buy or Not to Buy a Home For Sale In Spokane
We have all said at some point when we look around at our apartments “I wish I had a house”.
In reality besides cost; owning a house for sale in Spokane, or anywhere, can be a nerve wrecking prospect.
Buying a home for sale in Spokane, is not a realistic prospect for everyone.
Besides cost there is responsibilities with owning a home.
It is always better to sit down and take a serious evaluation of your situation
before signing a contract on a home you may not be able to handle in the long run.
Unless you are rolling in cash, you will have to get a loan from some kind of lender to get a mortgage.
Whether you qualify for a loan or not is based on several factors, and your credit is a big one.
So, the first assessment for you to decide if you can take on the responsibility of a home
is that you have to see if you are credit worthy to own a home.
If your credit rating is 620 or less, rest assured that your interest rates on a home will not be good.
In fact,they will run extremely high compared to rates of people with outstanding credit.
In a case like this it is better to fix your credit first before you even consider looking for
houses for sale in Spokane WA.
If you decide you want a home anyway with bad credit then you have to be careful.
Some of the lenders will come out of the wood work to prey on you because of your situation.
You want to make sure that you do your homework on current rates, and get estimates from several
If you are working with a Mortgage Broker, they should be able to provide you with several options, and go over the pros and cons of each.
We recommend New Global Home Mortgage, as a reputable company to work with.
Your job situation is another factor in deciding whether to rent or to own a house for sale in Spokane.
If you do not have a secure job, that will become a problem when it comes time for you to make your mortgage payments.
This is something that lenders take into consideration before approving you for a loan.
Make sure to be honest about how much you make and how much debt you have.
The lender will ask for proof of income before your loan closes, and if they cannot find proof, you will not get the home.
It is best to have your debt to income ratio below 50% before applying for a home loan.
Beside mortgage payments there is upkeep and maintenance issues you face to maintain a house, and all those things cost money too.
What you have to do if you are thinking about buying a home is to sit down with a paper and pencil and seriously analyze your finances. You have to make sure that you can afford a home on your budget.
For example if you are renting a home for $2,000 dollars why would you decide to buy the same home for $6,000 dollars a month.
If you do the math to own the same home you would be renting would end up costing you $48,000 dollars more a year.
To top that off if you are in a 30% tax bracket you will never recoup what you are putting out. Just food for thought.
In addition to the mortgage there is other costs that have to be considered when you become a home owner.
These costs include utilities, heat, property taxes, repairs, insurance, service costs for things like trash or snow removal,
landscaping and assessments and replacement for appliances when needed.
This does not include your food, clothing and other things you need to survive with.
All these things have to be looked at closely to see if you really want to take the plunge from renting
to buying a home for sale in Spokane, or anywhere else.
This may sound like we are trying to talk you out of buying a house for sale in Spokane,
but the truth is, we want you to be prepared for everything that comes with home ownership.
The last thing that we at Synergy Properties want, is for you to regret buying a home.
Granted, there are a lot of things to consider before buying, or even looking for Spokane real estate,
but assuming you are ready to tackle the challenges, it is the best investment you will ever make.
We hope you found this article helpful.
If you are looking to buy a home for sale in Spokane, or the Greater Spokane area,
or you know someone who is, we would love to help you find what you are looking for.
Thank you for considering Synergy Properties as a possible solution.
Please contact us at the number above to schedule a conversation.