Invest in Seattle

Tips for choosing a right property in Seattle

1. Mountain view (Mt. Rainier) and water view (Ocean and lake) are always preffered. Homes with those view often sell at a premium above similar homes without a view.

2. If you are buying a condo, higher level and rectangular shape are preffered.

3.Property with yards, patio or garden are more desirable. Remember, it is common to have chicken ranch in backyard in Seattle.

4. 3 or 4 bedroom houses are the most popular among homebuyers. If you can stick in the 3 to 4 bedroom range you will have more potential buyers when it comes time to resell.

5. There should always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.

6. Walk-in closets are extremely desirable for the master bedroom.

7. Garages add to the resale value and you should always make sure to get at least a two-car garage.

8. Larger kitchens are better, and they should be provided with modern appliances.

9. Getting a house inspected before giving offer is common in Seattle.

 

Things to watch out when you buy property in Seattle

1. As of end of 2014, Seattle property market is pretty hot with much less inventory than market needs. This leads multiple offer to happen all the time. Know the maximum budget before you start looking and do house inspection before making an offer (in order to avoid giving over-priced offer)

2. If it’s for investment purpose, avoid buying oversize house. Compare the house size to neighborhood houses and if it’s too bigger, the price may not appreciate as much as you wish for.

3. Traffic in Seattle is pretty bad. If you are planning to work in Seattle, you should check the commune time when its busiest

4. Going from West to East or East to West takes much more time than going north to south or south to north because of how the roads are designed (this can affect your commune time as well).

5. Some old houses have basement and house square feet include the basement area.

6. If you are buying an old house, be extra careful. There may be hidden leaking hole or worn out wire that can cost you a lot of extra to repair.

 

Best neighborhood in Seattle

If you want to live in the hidden gems for wealthy, I mean by the wealthiest neighborhood where Bill Gates and other billionaires live, go east of Seattle. Those rich folks do not actually live in Seattle but they live just outside of the city on to right, such as Medina, Mercer Island and Hunts point. For example, Bill Gate’s mega mansion sits on lake side of Medina.

If you wish to live inside of Seattle with other rich people, go for Laurelhurst where you can have your million dollar boat parking at your private dock on lake Washington.

If you are looking for a bit more affordable but still decent neighborhood in Seattle, look for somewhere around lake Union.

Queen Anne, Magnolia, University District, Bryant, Ravenna, Sunset Hill, Fremont, Phinney Ridge and Ballard are popular among families looking for safe yet convenient location with good schools (most of public elementary schools in the area have school rating of 9 or 10).

According to “Best Neighborhoods in Seattle” by streetadvisor.com, people chose Sunset Hill as #1 neighborhood in Seattle, followed by Magnolia and Fremont as second and third.

 

Worst neighborhood in Seattle

Seattle is the #4 of Safest city in the USA.

I try to look for area where is not safe or too shady for a family to live however, honestly, I could not find that kind of area.

Although, crime rate is higher in downtown area but same thing happens to any big cities in the USA.

Seattle is much safer city compare to other big cities in the USA and there is not really specific area that you should avoid living.

 

How to buy property in the USA

Interested in buying property in the USA?  Click here!

 

About Tax (as of December 2014)

When you buy:

Real Estate Excise Tax

It is a tax on the sale of real estate. The real estate excise tax is typically paid by the seller of the property, although the buyer is liable for the tax if it is not paid.

When you hold:

Property Tax

Property tax is required by county which is King County for Seattle. The rate depends on property value at the time of taxation. Should expect to pay about 1% of the property assesment (as of December 2014).

When you rent out:

There is no income tax in Washington state where Seattle is located.

When you die:

Estate Tax

The American Taxpayer Relief Act of 2012 permanently provides for a federal estate exemption of $5million, indexed for inflation ($5.25 million in 2013). As a result, most taxpayers may have no federal death taxes. However, the Washington state death tax is still in play.

When a Washington state resident or someone who owns Washington property dies with net assets worth more than $2 million, the person is liable for paying Washington estate taxes.
The graduated tax rates range from 10 percent to 19 percent. These state estate taxes are deductible against the federal taxable estate and reduce the federal estate tax payable, if any.