Buying a new property is always a hugely exciting time – however, to get the best from your investment, you must have considered a few key factors. Whether you’re buying a new home or a property for investment, the following five factors may help influence your decision overall and allow you to choose a property that closely fits your needs.

5  Things You Should Consider When Buying Property in Washington

#1 Is the Property Good Value?

One of the first things you may want to consider when buying a property in Washington State is whether it offers good value. Indeed, some properties may be listed for an unrealistically high price tag in many cases. Fortunately, many sellers may accept offers, so it’s worth considering whether you could get a discount on high-price properties all the same.

#2 How Much Work Does the Property Need?

Regardless of whether you’re buying a property for investments or your next dream home, it’s still worth considering how much work the property needs (if any). This can help you factor repair costs into your final budget, which may help you choose a suitable price to offer.

#3 Does the Property Offer Good Local Amenities

If you’re planning on buying a property in Washington State, it’s still worth considering the local amenities directly around your chosen property. Indeed, while Washington State offers plenty of good amenities, on the whole, not every region is necessarily as generous as others. So, whether you’re buying as an investment or for your next home, you should always consider the local amenities around the property before making an offer.

#4 Can You Get a Mortgage?

Many people assume, especially when buying a house for the first time, that they’ll be able to get a mortgage easily. However, getting a mortgage often isn’t so straightforward. In fact, in many cases, getting a mortgage may come with countless challenges that you may need to face, such as passing credit checks and the like. As such, before committing, make sure you’ve considered whether or not you’ll be able to get a mortgage for the property.

#5 Could Hard Money Loans Be Better Suited?

As a final point of note, it’s well worth considering whether hard money loans could be better suited to your overall property investment efforts. Indeed, while it’s possible to get a short-term mortgage in a handful of cases, the majority of mortgage lenders will focus on durations of twenty to forty years.

With this in mind, approaching short-term hard money lenders in Washington State may be much better in cases where you want a quick turnaround for your property or if you’d prefer lower interest payments at the end of the loan.