How To Buy When You Already Own
Do you own your home or condo but want to sell it and buy something with more space, a different location, or perhaps a view?
One option is to take out a HELOC. A Home Equity Line of Credit (ask me for a lender with great programs of these right now) lets you take out a certain percentage of your home’s equity to use as a downpayment on your new home. To find out how much equity you have, contact a Realtor, like myself, to research the value of your home (it changes ALL the time). If you have a certain percentage of equity, you can qualify for a new loan. And if you’re preapproved for your new home loan, I can get the home you want to sell prepped for the market pronto!
Another option is a bridge loan. A bridge loan has some ramifications though. They generally tend to have higher interest rates and need to be paid back in a specified amount of time. It’s like a short term loan on your current property to buy a different property. It’s all about timing with a bridge loan. You can find out more about bridge loans HERE.
You can always make an offer contingent on your home selling. This is perhaps the option offering the least amount of risk. Of course with our current market today, properties are moving fast and a contingent offer isn’t as clean as an offer with a definitive close date, for example. But if are you a homeowner considering the contingent offer option, consider the right list price and a home in tip-top shape, it won’t take long to sell.
molly a. cartwright | seattle realtor
cooper jacobs real estate, llc
“Serving home buyers and sellers in Seattle’s most popular neighborhoods”
If you are looking for ideas for your home and are conveniently close by, say Phinney Ridge, Greenwood or Greenlake; Sunday January 30th is the Phinney Ridge Neighborhood Associations 14th annual Home and Remodeling fair.
The fair will run from 10:00am to 4:00pm. Not only is this a great time to get ideas for your home, but you may meet some new or old neighbors as well. Supporting local can lead to opportunity in building your personal community; whether that be in Phinney Ridge or one of the many other awesome Seattle neighborhoods.
At this years fair there will be over 90 exhibitors, everything from designers, architects, green building experts, consultants, permit experts (that is always a good person to know), home equity loan experts, as well as many others. Door prizes too donated by the exhibitors.
Complete List of Exhibitors
Phinney Neighborhood Center
6532 Phinney Avenue North
Seattle, WA 98103
$6 for PNA members
$9 for general public
Children 12 and under are admitted free
For more information about this event and the Phinney Association, please go to www.phinneycenter.org
I wrote a blog earlier about Backyard Cottages in Seattle or Detatched Dwelling Units. Since then, I’ve had numerous questions about them.
Whether you are considering a Backyard Cottage on your at least 4,000 square foot lot as a rental property, for an elderly family member, or a grown child you need to know the max square footage the structure can be is 800 sq ft. This includes any carport, attached garage, or storage.
You can decide to go through a contractor and architect or get a panelized or modular fabricated design. Fabricated is the fastest, and designed much like building blocks. Panelized takes a little more time and can be more customized.
It’s no secret adding a Backyard Cottage on your property can add extra monthly income. However there are some costs involved. Here is a link to a handy worksheet that breaks down Hard Costs and Soft Costs. Example of a Hard Cost is demolition or site preparation. A Soft Cost is a mortgage, or fees for utility hookups. Which aren’t cheap, by the way! Seattle City Light recommends separate electricity meters. This will save you way more money in the long run.
Make sure you save room for a parking space for your Backyard Cottage – this is a requirement!
For more information regarding Backyard Cottages and self help steps to diagrams, permits, and more – this site wins, hands down.
Check back frequently to www.cooperjacobs.com for our Backyard Cottage listings in Seattle City Limits.
Do you own at least 4,000 square foot lot in Seattle? Then you could have a second dwelling on your property. It’s just one of many dedicated Green Building Projects in Seattle.
DADU are Detatched Accessory Dwelling Units. They’re also called Backyard Cottages which sounds … not so “detatched”. Backyard Cottages is a way to give more BANG for your BUCK by emphasizing the blueprint for your lot. These create minimal waste (since they are prefabricated) as well as a short build time. Super efficient and efficient on the pocket book too. They start at $98,000.
Come see award winning designers and architects for some of the most innovative backyard cottages in the city. Seattle City Planning Commissioner, David Cutler, will also be there.
When: Monday May 24th
Where: 7601 Greenwood Ave. N
Call (206) 790.2852 for more information, sponsored by Method Homes.
Meet over 35 designers in one place!