206-999-1690
larryreichle@remax.net
LOGIN | REGISTER

Larry & Kathy Reichle

Issaquah Real Estate | Call: 206-999-1690

LARRY & KATHY REICHLE, EASTSIDE REAL ESTATE TEAM

Call or Text Us – 206-999-1690

  • Home
  • About
    • About Larry & Kathy Reichle
    • Testimonials
    • Larry and Kathy’s Resume
    • References
  • Home Search
    • Search Options
      • Map Search
      • Advanced Home Search
      • Simple Home Search
      • Search by Address
      • Search by City
    • Search by Communities
      • Bellevue Real Estate
      • Issaquah Real Estate
      • Kirkland Real Estate
      • Maple Valley Real Estate
      • Redmond Real Estate
      • Sammamish Real Estate
  • Buyer
    • Lender
    • Thinking of Buying?
    • Mortgage Calculators
    • My Search Account
  • Seller
    • Thinking of Selling?
    • Our Sold Listings
  • What’s MY Home’s Value
  • Blog
    • Eastside Real Estate Blog
    • Issaquah Community Blog
  • Contact Information

Are you Ready?

November 8, 2016 by Kathy Reichle Leave a Comment

Five signs you’re ready to buy your first home

ready-to-buy

Purchasing a home is one of the biggest decisions of your life. Not just because it’s the place where you’ll lay your head each night, but also because your home is one of the largest purchases you’re likely to make.

As a certified financial planner, I know that purchasing a home, especially for a first-time buyer, can be an extremely stressful, although exciting, time. Over the past few years, as the housing market around Washington has improved, I’ve noticed a few telltale signs that a client is financially prepared to purchase their first home. If you’re thinking about becoming a homeowner, consider these five things.

1. You have positive cash flow.

Positive cash flow means you’re bringing in more income than you’re spending on everyday items and debt payments. The Consumer Financial Protection Bureau puts the debt-to-income ratio at 43 percent. This ratio is one way that lenders measure your ability to repay debt. It can be calculated by dividing your total recurring monthly debt by your gross monthly income. However, just because lenders use this ratio, you may need to take a stricter approach. The debt-to-income ratio uses gross income, which means income before taxes, when really we pay bills with net income after taxes.

If you’re carrying a great deal of consumer debt, paying just the monthly minimums and increasing your balances every month, you need to get your debt in order before taking on additional debt. If you pay off your credit balances monthly and would still have room in your budget after swapping your rent check for a mortgage payment, then you are definitely a candidate for buying a home.

2. You have enough saved for a down payment.

Many home buyers take money out of their 401(k) or Individual Retirement Account to cover the down payment. This is a costly mistake that can negatively impact retirement savings. Taking money from your 401(k) or IRA denies years of compounding interest and has to be paid back with post-tax money. Instead, dedicate a savings account, which is more liquid, to be used for a down payment.

3. You have job security.

Or, you have a steady stream of income with a high degree of predictability. You will need to reliably generate enough income to withstand a monthly mortgage payment.

A monthly rent check in the Washington region may be comparable to the principal and interest payment of a mortgage here, but mortgage payments also include property taxes and higher insurance costs. The upside to a mortgage payment is the tax deduction. As a result of a larger tax deduction, less money may need to be withheld from your paycheck.

4. You’re ready for a commitment.

You’ve probably given a lot of thought to the house itself, but first-time home buyers should also take into account supplementary expenses. Unlike renting, there is no longer a landlord to fix a broken dishwasher. Additional expenses to consider include home maintenance repairs and replacements, and the expense of selling the home if and when you ever do.

You should be prepared to pay these additional expenses, and not be shaken by the possibility that you may eventually have to replace the roof. You should be excited to make the space your own and identify what that means to you. If you want to renovate the kitchen and bathroom on the house, add that cost to your budget.

5. You’re ready to put down roots.

Before you jump into a home or neighborhood, do your due diligence. A home can be viewed as an investment, but that’s not the sole purpose of why you buy. You want the stability it provides and a home that is your own. Depending on how long you plan to live there, your home may or may not appreciate, so you should look at it as more than just a way to build equity.

Filed Under: Issaquah Lifestyle Blog

We look forward to hearing from you Cancel reply

Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

I’ve always been all-in on homeownership. Yet, for the first time in two decades since the beginning … [Read More...]

New Listings Signal Hope Is On The Horizon For Home Buyers

At the midpoint of April, housing markets are reflecting a changing landscape, according to a new … [Read More...]

Upscale Kitchen Features That Can Boost A Home’s Value

Between preparing to host family and friends for Thanksgiving and making gift lists and checking … [Read More...]

Contact Us

Issaquah real estate

Larry & Kathy Reichle

371 NE Gilman Blvd. #160
Issaquah, WA 98027

Phone: 206-999-1690

Contact Us

Digital Millennium Copyright Act Notice (DMCA)

Real Estate Tools

  • Search AccountCreate your Custom Home Search Account
  • Map ViewSearch For Eastside Real Estate With A Map Style Search
  • Email AlertsSign Up To Get New Listings Delivered To You via Email
  • My Home’s ValueCustom Tool To Get the Accurate Price of your Home

Eastside Real Estate Blog

The Cost Of Purchasing A Home In The U.S. Increased 55% Last Year. But It’s Still A Great Time To Buy A House For These Five Reasons

I’ve always been all-in on homeownership. Yet, for the first time in two decades … Read More

New Listings Signal Hope Is On The Horizon For Home Buyers

At the midpoint of April, housing markets are reflecting a changing landscape, … Read More

Real Estate in the Pacific Northwest

Real Estate in the Pacific Northwest

  • Aberdeen, WA Real Estate
  • Acme, WA Real Estate
  • Addy, WA Real Estate
  • Adna, WA Real Estate
  • Airway Heights, WA Real Estate
  • Alger, WA Real Estate
  • Algona, WA Real Estate
  • Allyn, WA Real Estate
  • Aloha, WA Real Estate
  • Amanda Park, WA Real Estate
  • Amboy, WA Real Estate
  • Anacortes, WA Real Estate
  • Anderson Island, WA Real Estate
  • Appleton, WA Real Estate
  • Ardenvoir, WA Real Estate
  • Ariel, WA Real Estate
  • Arlington, WA Real Estate
  • Ashford, WA Real Estate
  • Auburn, WA Real Estate
  • Bainbridge Island, WA Real Estate
  • Baring, WA Real Estate
  • Battle Ground, WA Real Estate
  • Bay Center, WA Real Estate
  • Beaux Arts, WA Real Estate
  • Beaver, WA Real Estate
  • Belfair, WA Real Estate
  • Bellevue, WA Real Estate
  • Bellingham, WA Real Estate
  • Benton City, WA Real Estate
  • Beverly, WA Real Estate
  • Bickleton, WA Real Estate
  • Birch Bay, WA Real Estate
  • Black Diamond, WA Real Estate
  • Blaine, WA Real Estate
  • Blakely Island, WA Real Estate
  • Boistfort, WA Real Estate
  • Bonney Lake, WA Real Estate
  • Bothell, WA Real Estate
  • Bow, WA Real Estate
  • Brady, WA Real Estate
  • Bremerton, WA Real Estate
  • Brewster, WA Real Estate
  • Bridgeport, WA Real Estate
  • Brier, WA Real Estate
  • Brinnon, WA Real Estate
  • Brush Prairie, WA Real Estate
  • Buckley, WA Real Estate
  • Bucoda, WA Real Estate
  • Burien, WA Real Estate
  • Burlington, WA Real Estate
  • Camano Island, WA Real Estate
  • Camas, WA Real Estate
  • Carbonado, WA Real Estate
  • Carlsborg, WA Real Estate
  • Carlton, WA Real Estate
  • Carnation, WA Real Estate
  • Carrolls, WA Real Estate
  • Cashmere, WA Real Estate
  • Castle Rock, WA Real Estate
  • Cathlamet, WA Real Estate
  • Center Island, WA Real Estate
  • Centerville, WA Real Estate
  • Centralia, WA Real Estate
  • Chehalis, WA Real Estate
  • Chelan, WA Real Estate
  • Chelan Falls, WA Real Estate
  • Cheney, WA Real Estate
  • Chimacum, WA Real Estate
  • Chinook, WA Real Estate
  • Cinebar, WA Real Estate
  • Clallam Bay, WA Real Estate
  • Cle Elum, WA Real Estate
  • Clearlake, WA Real Estate
  • Clinton, WA Real Estate
  • Clyde Hill, WA Real Estate
  • College Place, WA Real Estate
  • Colville, WA Real Estate
  • Conconully, WA Real Estate
  • Concrete, WA Real Estate
  • Connell, WA Real Estate
  • Conway, WA Real Estate
  • Copalis Beach, WA Real Estate
  • Copalis Crossing, WA Real Estate
  • Cosmopolis, WA Real Estate
  • Cougar, WA Real Estate
  • Coulee City, WA Real Estate
  • Coulee Dam, WA Real Estate
  • Coupeville, WA Real Estate
  • Covington, WA Real Estate
  • Crane Island, WA Real Estate
  • Creston, WA Real Estate
  • Curlew, WA Real Estate
  • Curtis, WA Real Estate
  • Custer, WA Real Estate
  • Cypress Island, WA Real Estate
  • Danville, WA Real Estate
  • Darrington, WA Real Estate
  • Davenport, WA Real Estate
  • Decatur Island, WA Real Estate
  • Deer Meadows, WA Real Estate
  • Deming, WA Real Estate
  • Des Moines, WA Real Estate
  • Doty, WA Real Estate
  • Dryad, WA Real Estate
  • Dupont, WA Real Estate
  • Duvall, WA Real Estate
  • East Olympia, WA Real Estate
  • East Wenatchee, WA Real Estate
  • Easton, WA Real Estate
  • Eatonville, WA Real Estate
  • Edgewood, WA Real Estate
  • Edison, WA Real Estate
  • Edmonds, WA Real Estate
  • Elbe, WA Real Estate
  • Electric City, WA Real Estate
  • Ellensburg, WA Real Estate
  • Elma, WA Real Estate
  • Elmer City, WA Real Estate
  • Entiat, WA Real Estate
  • Enumclaw, WA Real Estate
  • Ephrata, WA Real Estate
  • Ethel, WA Real Estate
  • Everett, WA Real Estate
  • Everson, WA Real Estate
  • Fall City, WA Real Estate
  • Federal Way, WA Real Estate
  • Ferndale, WA Real Estate
  • Fife, WA Real Estate
  • Fircrest, WA Real Estate
  • Ford, WA Real Estate
  • Forks, WA Real Estate
  • Fox Island, WA Real Estate
  • Freeland, WA Real Estate
  • Fruitland, WA Real Estate
  • Gardiner, WA Real Estate
  • George, WA Real Estate
  • Gig Harbor, WA Real Estate
  • Glacier, WA Real Estate
  • Glenoma, WA Real Estate
  • Gold Bar, WA Real Estate
  • Goldendale, WA Real Estate
  • Goose Prairie, WA Real Estate
  • Graham, WA Real Estate
  • Grand Coulee, WA Real Estate
  • Grand Mound, WA Real Estate
  • Grandview, WA Real Estate
  • Granite Falls, WA Real Estate
  • Grapeview, WA Real Estate
  • Grayland, WA Real Estate
  • Grays River, WA Real Estate
  • Greenbank, WA Real Estate
  • Greenwater, WA Real Estate
  • Guemes Island, WA Real Estate
  • Hansville, WA Real Estate
  • Harrah, WA Real Estate
  • Harrington, WA Real Estate
  • Hartline, WA Real Estate
  • Henry Island, WA Real Estate
  • Hobart, WA Real Estate
  • Hoodsport, WA Real Estate
  • Hoquiam, WA Real Estate
  • Humptulips, WA Real Estate
  • Hunters, WA Real Estate
  • Hunts Point, WA Real Estate
  • Ilwaco, WA Real Estate
  • Index, WA Real Estate
  • Indianola, WA Real Estate
  • Ione, WA Real Estate
  • Issaquah, WA Real Estate
  • Juanita, WA Real Estate
  • Kalama, WA Real Estate
  • Kapowsin, WA Real Estate
  • Keller, WA Real Estate
  • Kelso, WA Real Estate
  • Kendall, WA Real Estate
  • Kenmore, WA Real Estate
  • Kent, WA Real Estate
  • Kettle Falls, WA Real Estate
  • Keyport, WA Real Estate
  • Kingston, WA Real Estate
  • Kirkland, WA Real Estate
  • Kittitas, WA Real Estate
  • La Center, WA Real Estate
  • La Conner, WA Real Estate
  • Lacey, WA Real Estate
  • Lake City, WA Real Estate
  • Lake Forest Park, WA Real Estate
  • Lake Stevens, WA Real Estate
  • Lake Tapps, WA Real Estate
  • Lakebay, WA Real Estate
  • Lakewood, WA Real Estate
  • Langley, WA Real Estate
  • Leavenworth, WA Real Estate
  • Lebam, WA Real Estate
  • Lilliwaup, WA Real Estate
  • Lincoln, WA Real Estate
  • Lind, WA Real Estate
  • Long Beach, WA Real Estate
  • Longbranch, WA Real Estate
  • Longview, WA Real Estate
  • Loomis, WA Real Estate
  • Loon Lake, WA Real Estate
  • Lopez Island, WA Real Estate
  • Lummi Island, WA Real Estate
  • Lyle, WA Real Estate
  • Lyman, WA Real Estate
  • Lynden, WA Real Estate
  • Lynnwood, WA Real Estate
  • Machias, WA Real Estate
  • Malaga, WA Real Estate
  • Malo, WA Real Estate
  • Malone, WA Real Estate
  • Malott, WA Real Estate
  • Manchester, WA Real Estate
  • Mansfield, WA Real Estate
  • Manson, WA Real Estate
  • Maple Falls, WA Real Estate
  • Maple Valley, WA Real Estate
  • Marblemount, WA Real Estate
  • Marlin, WA Real Estate
  • Marysville, WA Real Estate
  • Mattawa, WA Real Estate
  • Mazama, WA Real Estate
  • McCleary, WA Real Estate
  • McKenna, WA Real Estate
  • Medical Lake, WA Real Estate
  • Medina, WA Real Estate
  • Mercer Island, WA Real Estate
  • Metaline Falls, WA Real Estate
  • Methow, WA Real Estate
  • Mill Creek, WA Real Estate
  • Milton, WA Real Estate
  • Mineral, WA Real Estate
  • Moclips, WA Real Estate
  • Monitor, WA Real Estate
  • Monroe, WA Real Estate
  • Montesano, WA Real Estate
  • Morton, WA Real Estate
  • Moses Lake, WA Real Estate
  • Mossyrock, WA Real Estate
  • Mount Vernon, WA Real Estate
  • Mountlake Terrace, WA Real Estate
  • Moxee, WA Real Estate
  • Mukilteo, WA Real Estate
  • Naches, WA Real Estate
  • Nahcotta, WA Real Estate
  • Napavine, WA Real Estate
  • Naselle, WA Real Estate
  • Neilton, WA Real Estate
  • Nespelem, WA Real Estate
  • Newcastle, WA Real Estate
  • Newport, WA Real Estate
  • Nooksack, WA Real Estate
  • Nordland, WA Real Estate
  • Normandy Park, WA Real Estate
  • North Bend, WA Real Estate
  • North Cove, WA Real Estate
  • Northport, WA Real Estate
  • Oak Harbor, WA Real Estate
  • Oakville, WA Real Estate
  • Obstruction Island, WA Real Estate
  • Ocean City, WA Real Estate
  • Ocean Park, WA Real Estate
  • Ocean Shores, WA Real Estate
  • Ocosta, WA Real Estate
  • Odessa, WA Real Estate
  • Okanogan, WA Real Estate
  • Olalla, WA Real Estate
  • Olympia, WA Real Estate
  • Omak, WA Real Estate
  • Onalaska, WA Real Estate
  • Orcas Island, WA Real Estate
  • Orondo, WA Real Estate
  • Oroville, WA Real Estate
  • Orting, WA Real Estate
  • Othello, WA Real Estate
  • Outlook, WA Real Estate
  • Oyhat, WA Real Estate
  • Oysterville, WA Real Estate
  • Pacific, WA Real Estate
  • Pacific Beach, WA Real Estate
  • Packwood, WA Real Estate
  • Parkland, WA Real Estate
  • Pasco, WA Real Estate
  • Pateros, WA Real Estate
  • Pe Ell, WA Real Estate
  • Pearl Island, WA Real Estate
  • Peshastin, WA Real Estate
  • Point Roberts, WA Real Estate
  • Port Angeles, WA Real Estate
  • Port Hadlock, WA Real Estate
  • Port Ludlow, WA Real Estate
  • Port Orchard, WA Real Estate
  • Port Townsend, WA Real Estate
  • Poulsbo, WA Real Estate
  • Preston, WA Real Estate
  • Prosser, WA Real Estate
  • Pullman, WA Real Estate
  • Purdy, WA Real Estate
  • Puyallup, WA Real Estate
  • Quilcene, WA Real Estate
  • Quinault, WA Real Estate
  • Quincy, WA Real Estate
  • Rainier, WA Real Estate
  • Randle, WA Real Estate
  • Ravensdale, WA Real Estate
  • Raymond, WA Real Estate
  • Reardan, WA Real Estate
  • Redmond, WA Real Estate
  • Renton, WA Real Estate
  • Republic, WA Real Estate
  • Rice, WA Real Estate
  • Richland, WA Real Estate
  • Ridgefield, WA Real Estate
  • Ritzville, WA Real Estate
  • Riverside, WA Real Estate
  • Rochester, WA Real Estate
  • Rock Island, WA Real Estate
  • Rockport, WA Real Estate
  • Ronald, WA Real Estate
  • Rosburg, WA Real Estate
  • Roslyn, WA Real Estate
  • Roy, WA Real Estate
  • Royal City, WA Real Estate
  • Ruston, WA Real Estate
  • Ryderwood, WA Real Estate
  • Salkum, WA Real Estate
  • Sammamish, WA Real Estate
  • San Juan Island, WA Real Estate
  • Satsop, WA Real Estate
  • Seabeck, WA Real Estate
  • Seatac, WA Real Estate
  • Seattle, WA Real Estate
  • Seaview, WA Real Estate
  • Sedro Woolley, WA Real Estate
  • Sekiu, WA Real Estate
  • Selah, WA Real Estate
  • Sequim, WA Real Estate
  • Seven Bays, WA Real Estate
  • Shaw Island, WA Real Estate
  • Shelton, WA Real Estate
  • Shoreline, WA Real Estate
  • Silver Creek, WA Real Estate
  • Silverdale, WA Real Estate
  • Silverlake, WA Real Estate
  • Skamokawa, WA Real Estate
  • Skykomish, WA Real Estate
  • Snohomish, WA Real Estate
  • Snoqualmie, WA Real Estate
  • Snoqualmie Pass, WA Real Estate
  • Soap Lake, WA Real Estate
  • South Bend, WA Real Estate
  • South Cle Elum, WA Real Estate
  • South Colby, WA Real Estate
  • South Prairie, WA Real Estate
  • Southworth, WA Real Estate
  • Spanaway, WA Real Estate
  • Spokane, WA Real Estate
  • Spokane Valley, WA Real Estate
  • Springdale, WA Real Estate
  • Stanwood, WA Real Estate
  • Stehekin, WA Real Estate
  • Steilacoom, WA Real Estate
  • Stevenson, WA Real Estate
  • Stuart Island, WA Real Estate
  • Sultan, WA Real Estate
  • Sumas, WA Real Estate
  • Sumner, WA Real Estate
  • Suquamish, WA Real Estate
  • Tacoma, WA Real Estate
  • Taholah, WA Real Estate
  • Tahuya, WA Real Estate
  • Tenino, WA Real Estate
  • Thornton, WA Real Estate
  • Thorp, WA Real Estate
  • Tieton, WA Real Estate
  • Tokeland, WA Real Estate
  • Toledo, WA Real Estate
  • Tonasket, WA Real Estate
  • Toppenish, WA Real Estate
  • Touchet, WA Real Estate
  • Toutle, WA Real Estate
  • Tracyton, WA Real Estate
  • Tukwila, WA Real Estate
  • Tulalip, WA Real Estate
  • Tumtum, WA Real Estate
  • Tumwater, WA Real Estate
  • Twisp, WA Real Estate
  • Union, WA Real Estate
  • University Place, WA Real Estate
  • Usk, WA Real Estate
  • Vader, WA Real Estate
  • Vancouver, WA Real Estate
  • Vantage, WA Real Estate
  • Vashon, WA Real Estate
  • Vaughn, WA Real Estate
  • Waitsburg, WA Real Estate
  • Waldron Island, WA Real Estate
  • Walla Walla, WA Real Estate
  • Wapato, WA Real Estate
  • Warden, WA Real Estate
  • Washougal, WA Real Estate
  • Washtucna, WA Real Estate
  • Waterville, WA Real Estate
  • Wauconda, WA Real Estate
  • Wauna, WA Real Estate
  • Wenatchee, WA Real Estate
  • Westport, WA Real Estate
  • White Pass, WA Real Estate
  • White Salmon, WA Real Estate
  • Wilbur, WA Real Estate
  • Wilkeson, WA Real Estate
  • Wilson Creek, WA Real Estate
  • Winlock, WA Real Estate
  • Winthrop, WA Real Estate
  • Woodinville, WA Real Estate
  • Woodland, WA Real Estate
  • Woodway, WA Real Estate
  • Yacolt, WA Real Estate
  • Yakima, WA Real Estate
  • Yarrow Point, WA Real Estate
  • Yelm, WA Real Estate
  • Zillah, WA Real Estate

CRS logoCRS logoCRS logoCRS logo

Copyright © 2023 | XML Sitemap | Sitemap |Privacy Policy

Designed by Om Spark LLC

Copyright © 2023 · Curb Appeal Evolved on Genesis Framework · WordPress · Log in

 

Loading Comments...