With the rising costs of rent in Alaska, it is no longer a smart financial decision for area residents to choose renting over buying. Not to mention, mortgage rates are still historically low!
However, if this is your first time purchasing a home in Alaska, you need to be ready to assume the responsibility of homeownership. Here are four questions to ask yourself to determine if now is the right time for you to buy:
Can you afford the costs?
If you have been saving for a downpayment and other costs over the past few years, you'll be in great shape this summer. You should have enough to cover 20% of the home's purchase price to secure the best mortgage rate and avoid private mortgage insurance (PMI).
It is also wise to be prepared to pay closing costs which can typically range from 2 to 5% of the home's purchase...
House-hunting can be a lot of fun for new buyers in the Alaska real estate market, but your judgement can also quickly get away from you. It is easy to focus more on features of the home rather than costs like upkeep and utilities and buyer's remorse can set in after you've signed on the dotted line.
But as your local real estate experts in Anchorage, Fairbanks, Eagle River, Palmer, Wasilla, North Pole and beyond, it is our priority to ensure buyer's remorse never crosses your mind! Madden Real Estate will work with you to determine your wants versus needs as well as what is realistic for you in terms of price and home size.
In the meantime, keep in mind the following four common sources of homebuyer's remorse, especially as you tour available properties in Anchorage, Chugiak, Fairbanks, Eagle...
After months of the snow and cold, it's finally time to welcome the warm weather, green grass, and sunshine back to Alaska! But even though we'll all be headed outdoors this summer, there are still a few projects to check off of your homeowner to-do list to ensure your property is ready to handle the season.
Powerwash your home's exterior
From the driveway to the siding, the winter dirt and grime can take a toll on your Alaskan home's exterior. Consider renting a powerwasher—or purchasing one if you'll get more use out of it—to get your home looking clean and fresh for the new season.
Seal your deck
If you haven't properly sealed your deck, months of moisture have likely been seaping into the wood which can pave the way to rot and a less-than-ideal appearance. Test a patch by...
When you purchase a home in Alaska, you are likely thinking about new home projects, your finances, the mortgage payment. What you might not be thinking about is how much of an impact that home sale has on the local Alaskan economy in places like North Pole, Eagle River, Fairbanks and Anchorage.
The National Association of Realtors recently recorded findings from a Bureau of Economic Analysis & Macroeconomic Advisors study, taking into account the results of a home purchase. As it turns out, the total impact one typical home sale has on the local economy is just over $52,000.
Alaskan homebuyers are often unaware of how much their single home purchase can affect their community...