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Buying a home is one of the biggest investments
Buying a home is one of the biggest investments you can make. It can be an exciting and daunting process, but with the right preparation, you can make it a smooth and stress-free experience. Here is a helpful guide to walk you through the process of purchasing a home.
Determine your budget:
First, you’ll need to determine your budget. This includes deciding how much you can afford for a down payment, monthly mortgage payments (see below for loan information), closing costs and other fees associated with buying a home. Getting prequalified with a lender will make the budget question much clearer. Then, you can start searching for the perfect home.
You will need to consider factors such as size and location when looking for a home. Make sure to check the area for any potential problems, such as flooding or traffic, and research the local schools and amenities nearby.
Make an Offer:
Once you have found a home, you will need to make an offer to the seller. This is when you will negotiate the final price. You may want to include contingencies in the offer, such as a home inspection or financing. Having a knowledgeable and helpful real estate agent will help make the process easy.
Once the offer is accepted, you will need to finalize your lender choice. You will want to compare different loan offers to make sure you are getting the best deal. After you have decided on a lender, you will need to arrange for an appraisal and home inspection to make sure the home meets your expectations.
Once all of the paperwork is finalized and the inspection is complete, you can close on the home. This is the point where you will pay the remaining costs associated with buying the home and sign all of the necessary documents. It is then registered with the county and changes ownership.
Buying a home is a major commitment, but it can be a very rewarding experience. With the right preparation and guidance, you can make the process much easier and less stressful. Connect with us today if you would like to start the process of buying your home.
Deception Pass
Deception Pass is a picturesque strait located on the north end of Whidbey Island, connecting Skagit Bay and the Strait of Juan de Fuca. It is a popular destination for both visitors and locals alike, offering breathtaking views and a variety of activities. The pass is known for its dramatic tides and swift currents, so it’s important to stay alert and aware while exploring the area.
The bridge that spans the pass is a stunning feat of engineering, and it offers incredible views of the surrounding landscape. The summer sunsets are breathtaking and are frequently photographed. The waters beneath the bridge are home to a variety of marine life, including sea lions, harbor seals, dolphins, and more. Visitors can also spot a variety of birds, including osprey, bald eagles, and cormorants.
In addition to the stunning views, Deception Pass is also a great spot for outdoor recreation. Hiking trails wind through the nearby forests, and kayaking and stand-up paddle boarding are both popular activities in the area. There are also several spots for fishing, crabbing, and clamming, so anglers of all experience levels can find something to enjoy.
No matter what brings you to Deception Pass, you’re sure to be in for a memorable experience. From the stunning bridge to the diverse wildlife, the area offers something for everyone. Just be sure to take some time to appreciate its beauty and appreciate the power of nature. Also plan to arrive early on those sunny beautiful days as parking can be a challenge.
Hiking Trails
Some of the best hiking trails can be found at Deception Pass. Goose Rock is a beautiful place to take in the almost 360 view. Lighthouse point on Fidalgo Islands side of the park will give you a different view of the bridge and surrounding area. For those of you looking for an easier walk, the trail along West Beach has it’s own unique charm, like the old Douglas Fir that is about 850 years old.
Lakes
Cranberry lake is the larger of the two lakes in the park. It has a dock to fish from on one end and a designated swimming area on the other for those sunny summer days. It is also a great place to kayak or paddle board. There is lots of the lake that you will not see unless you are on the water.
Pass lake is on the Fidalgo Island side of the park and has it own unique beauty. The trees come straight up to the water and many times you will have bald eagles hanging out overhead. It is a catch and release lake but that can be a peaceful pastime. Be careful if you are out kayaking on a windy day it can be extra work to get yourself back to the parking lot.
Kayaking
Along with Kayaking in the two fresh water lakes there are a couple amazing bays to meander around in. My favorite is Bowman’s Bay. It is located on the north end of the park and is protected from the VERY swift current of the strait. I would definitely stay within the bay and out of harms way. Keep your eyes out for the wild life in the area including Eagles, Osprey, Otters, and Sea Lions.
Interpretive Center
The Civilian Conservation Corps interpretive center at Bowman’s Bay is quite interesting. The CCC was created by Roosevelt in 1933 as part of his “New Deal”. It put 18-25 year old men to work in conservation projects and building our state and national parks. It includes photos, artifacts and videos from CCC projects. Those of us with an interest in history would find it fascinating.
If you are new to the island and would like to learn more about some of the best destinations Whidbey has to offer connect with us.
What Will My Payment Be?
Homes are a big investment and people want to know what they will be spending before they make the commitment. So, it comes with no surprise that with nearly every transaction we are asked, “What will my payment be?” To answer depends on these main factors:
1. How much are you financing?
2. How long is the term?
3. What is your interest rate?
4. How much are the property taxes?
5. How much is the insurance?
With all these answers you can go on any of the many sites that offer a free mortgage calculator. Check out ours here. Your lender will also do this for you. If you don’t have a lender yet then just google “mortgage calculator” and your choices will be endless, or connect with us and we can connect you with a few that we have had great successes with.
Here is an example, based on rates being at 6% and a 30 year fixed mortgage. A Conventional loan on a $400,000 home with $80K down would result in a mortgage of $320K =$1919.00 Principal and Interest combined.
Now add on property taxes of $335 and insurance of $100 each month.
So the total expected mortgage per month in this scenario is approx $2354.
Now lets review the same $400,000 home using a VA no money down purchase at 6% and 30 year term.
A $400,000 home with $0 Down means a mortgage of $400K.
Your monthly principal and Interest would be $2398.00. Add in the taxes of $335 and insurance of $100 and your total mortgage payment in this scenario is approx $2833.00.
If you are considering buying and want to discuss the options available to you connect with us.
Is it a Good Time to Buy?
When selling homes we get asked, “Is it a good time to buy?” frequently. It is a very common and good question that has many answers including, YES, NO, MAYBE, PERHAPS and IT DEPENDS.
So let us explain our opinion.
It all depends on “how long you plan to own the home.” If you are planning on keeping the home for a long time then it’s pretty much always a good idea to buy a home. History shows that even with downturns home prices always come back and increase over time. Add in the fact that with time you will be paying down your mortgage your overall return will generally be amazing over the long term.
If you plan on only keeping the home for a year or two then it’s just not a great idea. The costs associated with selling the home will eat up any gains made unless you are lucky enough to have bought right before a huge surge such as the one in 21-22.
On the other hand, if you plan to rent it out when you need to move the same guidelines from #1 apply. This is because the time and mortgage calculations will work in your favor.
Keep in mind that while there are many benefits to being a landlord, there are also some pitfalls to be aware of. Subscribe to my blog so that you don’t miss out on my blog that goes deeper into the pros and cons of renting out your home.
If you are moving to an area where rents are really high, there are limited rentals available, or you have pets/toys/kids that need space then buying will most likely be a good option for you. The benefit is that this investment can help to create wealth if you eventually rent it or hold on to it long enough.
So the “it depends” answer is pretty much a combination of the above scenarios. Spend some time with people you trust…Mom Dad…financial advisor etc to make your decision an educated one.
If you have questions, connect with us and we would happily discuss options for your unique situation with you to help you determine if now is a good time to buy for you.
