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Selling a house in Seattle

August 16, 2020 Federal Criminal Attorneys

Selling a house in Seattle isn’t cheap, but sometimes these types of homes really do become museum pieces. For several years, a couple in Seattle used a 6,000-square-foot, 2-bedroom 1930s bungalow to construct a 5-bathroom Victorian-style mansion, as well as a private, three-bedroom guest house.

The mansion sits on a former coal ash pond, with fenced-in yards and windows well above the eaves, but the estimated $100,000 to $200,000 in costs of completion far outweighed that. Last year, the house was listed for sale with a price tag of $1 million.

According to FindABatch, the three-bedroom guest house is estimated to sell for about $120,000 to $150,000. The next step in their plans is to create a small, 3-room rental at the front of the property.

Selling a home for cash and not saving any money sounds like a dumb mistake.

Your local taxpayer should be the one on the hook for the property taxes, not you. And if you have to sell it, you need to do it right. Not right. Quick. That means finding a deal that works out financially for both parties. The local and the state. The seller and the buyer. You’re right that selling is always challenging—there’s no such thing as an “easy sale”—but there are ways to structure a deal that’ll help you make more money and keep your house for a longer time. And maybe save yourself some grief later on. Here’s how.

Treat the home like you own it

This doesn’t mean you should keep your monthly payments low or stick to the lowest payment schedule possible. It means you need to think about the mortgage as if you have to pay it off every month. There’s nothing wrong with increasing the monthly payments over time, but when you pay more than 20 percent of your income each month, there’s no sense in refinancing and taking on more debt.

When you buy a home, you get to decide whether you’ll put your money into long-term cash flow like buying a car or making payments. But the home’s more than just a house—it’s an investment. You’ll eventually be ready to make the permanent investment in it.

Keep a close eye on the property

When you get ready to sell a home, take note of how much it’s appreciating. If you see the home appreciating 10 percent a year, take note and get out of there while the market is still hot. Right now the market is still up and down. The market is about to turn upward in the next few years, as the U.S. economy gets back on its feet. You need to prepare now. Buy at the right time.

Break down the costs

As you weigh your options, a few things you may want to consider are real estate taxes, insurance, down payment costs, and closing costs.

There is a pretty simple formula to figuring out how much money you’re spending on real estate:

All property taxes

All insurance premiums

All closing costs

Down payment cost

Home value appreciation

As a rule of thumb, if you think you’ll be making an annual payment of $50,000 per year, your monthly property taxes and insurance costs add up to $8,000 a year.

If the house you’re considering is cheaper, then your yearly payment will be higher.

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