The Real Estate Encyclopedia
How Young Couples Can Afford New Homes in Washington
Category - Home Buying Questions - General Home Buying FAQ's

Ready to own a new home? Want to settle down in Washington and think home ownership is the perfect way to do it? Youíre not alone. 

Yet in todayís trying economic times, many are questioning home ownership. After all, with housing prices skyrocketing, and millennials often having five or even six figure student loans that will take years to pay off, is it even possible for young couples to buy a new home? 

Overwhelmingly, the answer remains yes. 

Decades ago, people knew there were many benefits to home ownership. And they remain real today.

You can customize your space. When you own it, you can modify the space any way you choose. Want to knock down a wall? Combine two rooms? Add a wine cellar? Create the bathroom spa of your dreams? Own several pets and provide them with their own place to stay? Itís possible when you own. You can make any improvements to the property you deem necessary. And in most cases, these improvements will continue to add value to your property as well. 

You are paying to own. If you rent, the money you pay out every month disappears when the new month begins. If you pay on a mortgage, you will eventually be able to pay off your mortgage entirely, essentially living mortgage-free from that point forward. The earlier you start investing in a home, the quicker you can have that payoff date in sight. 

You increase the value. Over time, the value of a home continues to rise. Yes, there will always be bumps in the road, as weíve witnessed over the past decade. But time shows that home values increase consistently in the long run. Which means a new home is a sound investment choice for a young couple starting to build wealth. 
 
You get certain tax benefits. In addition to deducting mortgage interest and property taxes, you also get the added benefit of not being taxed on the money you make from selling your home. While itís necessary to check with your accountant or tax lawyer for details, itís a significant way for a young couple to start investing at an early age. 

With all of these benefits, itís no wonder people still look towards home purchasing for a variety of reasons. Yet what about young couples who want to buy a new home in Washington, yet question affordability in an area where pricing is skyrocketing? 

In some cases, it may take a little creativity to start the dream. 

Begin by budgeting your priorities. Letís face it, living in a popular city is expensive. Housing is expensive because everyone wants to live here; Washington continues to be at the top of the list of places to move to. And where thereís popularity, thereís a booming economy where everything increases accordingly. Dining out, groceries, entertainment, child care and more all increase because of the population. 

That means itís time to prioritize what you truly want to do. If home ownership is important to you, you have to make it a priority. It might mean cutting back on the coffee stops on the way to work, or eating in several times per week. It may also mean looking into areas youíve never considered before. 

Look at your options. As a young couple, youíve always loved your lifestyle in the heart of the action. You met in the city; you love being active. But when it comes to buying a new home, considering your options can often help you get more of what you are looking for. Heading a few miles out of the city center can reveal hidden opportunities. A new home in a new community can offer you the chance to build a future with others just like you. 

Plan for the future. Owning a house isnít something you do for a year or two. Itís something that builds stability over time. What will you be doing ten years from now? A better job? Kids? A family? Buying a house allows you to prepare for the future today while curbing your expenses and fixing them for the future. A three or four bedroom home can give you space you need to expand your family. And by signing on for a thirty-year mortgage, youíll be able to budget your expenses for the foreseeable future. It allows you to build stability into your life the easy way. 

Consider other options. There is no such thing as a traditional lifestyle anymore. You can consistently find people that are breaking the mold and finding ways of getting what they want Ö with a twist. 

As a young couple, you may be ready to settle down. Work the 40+ hours a week to get ahead. Lay down a foundation in a community that you plan on being in for awhile. You may not be alone in your quest. What if you have best friends that want to achieve the same dream? Or your parents are looking for a home on a part time basis? Home ownership may not be a one couple endeavor any longer. Buying a new home on budget often brings together different families in different ways. Thatís why mother-in-law suites are growing in fashion. Larger homes mean more space. And with that space means bringing together different living dynamics can help you achieve your goals in a variety of ways. 

When life happens, youíll be prepared. As a young couple, chances are things are going your way. Great job. Good health. Enjoyable lifestyle. Yet life shows itís always a series of ups and downs. In other words, the amazing life you have today will never be guaranteed to last. Jobs change. People change. Lifestyles change. 

As a young couple, buying a new house can allow you to establish a budget that works for you today. And if you have fixed expenses, it can enable you to plan for the future. Increase your savings. Pay off financial obligations. Establish guidelines that help you grow for the future. 

When youíre looking for a new home in Washington that can help lay the groundwork for the future, there are many ways to approach it. A simple way to start the process is by considering your options. Visit New Tradition Homes today. 


Kelly Helmes, Vice President of New Tradition Homes, has over three decades of experience in the homebuilding and construction industry. Helmes has extensive design and green building construction knowledge, helping propel this company to the leading ENERGY STAR homebuilder in the Northwest region.
 
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Home Buying Questions - General Home Buying FAQ's
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