5 Signs You Are Ready to Buy vs Rent in Seattle

After years of renting or living with parents, you may be thinking it is time to purchase your first home. But how can you know when you are ready? 

Even if you have enough capital to buy a house, it may be better for you to rent. Yet if you are prepared to purchase a home, it will change your life with added responsibility, especially in Seattle, Washington. 

To help folks on the fence over renting or buying, we prepared a list of milestones that might signal you are ready to buy a home in the Emerald City.

Your career is stable 

One of the first signs that you are ready to purchase a property is that you are happy in your career. 

While most associate Silicon Valley with high-profile tech jobs, Seattle offers a comparable amount of career opportunities in tech and other industries. Many people move from all over America to find their careers in Seattle. Many come to Seattle to work at Amazon, yet there are plenty of stellar firms in nearby Kirkland or Redmond as well. Microsoft, Google, Getty Images, and Tableau Software all have offices in the Greater Seattle Area. 

Many folks end up living with roommates when they first start their jobs, but after a few years, you may want space of your own and think about cementing your life in Seattle. And as you begin looking for homes, getting pre-approved for a loan can be a lot easier if you have a stable income history. 

Plus, if you've been renting for years, it will give you a good idea of where you may want to buy property. 

You have a favorite neighborhood

From waterfront escapes in Madison Park with beautiful views of the towering Cascade mountains to high-rise urban apartments near Pike's Place Market, Seattle has attractive neighborhoods for everyone. 

And if you want to experience all that Seattle has to offer, renting for a while can show you the best facets of the Emerald City. You can sign a lease for a year to try out each neighborhood and figure out what you want out of a community. If you plan to buy a home eventually, you will want a local's knowledge of commuting, what the social scene is like, and know that you can easily find all your creature comforts. 

Renting is a great way to discover which neighborhoods place you near Lumen Field and T-Mobile Park, your office, and your favorite Fremont coffee shops. Depending on your career and how often you travel, it might make sense to continue renting and not tie your money up in a home. 

But after years of renting and canceled checks, you might be ready to build your own equity, instead of your landlord’s. 

You are ready to build equity 

Another sign that it may be time to buy a home is if you have a strong base of savings under you and want to see it grow. 

Saving up for a down payment and closing costs can take months, if not years, of diligent savings. While you may want to sit on these funds, you can increase your long-term appreciation potential if you invest the money into the initial equity of a home. Plus, as you pay each monthly mortgage payment, you build additional equity.

Rents are extremely high in Seattle, and chances are that you might spend more money on rent than you would for the price of a home mortgage.

But owning a home is no easy task. It takes a lot of upkeep and care to keep running, so you have to ask if you are ready for that level of responsibility.

You can handle the upkeep

Owning a home will allow you to build equity, but you have to invest time or money into the upkeep of the property. Unlike renting an apartment, you are responsible for the general care and upkeep of the structure and the surrounding property.

You have to maintain the house, refresh coats of paint on the walls and cabinets, and if a plumbing issue arises or an appliance breaks down, you have to fund the fix. This type of upkeep is not for everyone, and if you buy a home with a yard, there is even more work, and that doesn't mean just taking out the trash and recycling. 

You have to cut the lawn, trim hedges, and keep flower beds free of weeds. Managing the inside and outside of a home takes a lot of work, but the results are worth it. 

Each day you come home and see your manicured property, you will feel a lot of pride in your work. While owning a property requires effort, sometimes life events force you to consider an upgrade. 

You housing needs are changing

Nothing in life is set in stone, and the same is true of homeownership. Everyone has a different reason for why they purchase a home.

Some folks need extra space as they grow in their career, and their hobbies require more space. For instance, if you love boating, you will eventually want to consider owning a home in Laurelhurst with a dock. 

Sometimes, your career calls for a change. If you've been living in downtown Seattle for years but commute to Redmond for work, you may want to consider a home closer to the office in Bellevue. 

Of course, if you plan on starting a family one day, a one-bedroom condo might not have the space you need. Choosing to purchase a home is a very personal decision to make. You have to think about your work and life goals and determine if renting or buying fits those dreams.  

Interested in buying a home in Seattle? Browse listings in your favorite neighborhoods and see how much you can save with Prevu’s Smart Buyer Rebate