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Should I buy now or is it all a bubble?

As a millennial, my formative experience with housing was the 2008 financial crisis.  I didn’t know much, but I learned not to buy in the middle of a bubble!  With rapidly rising housing prices in Seattle (and many other cities), you may be wondering – is it the right time to buy?

While no one knows the future and home buying is an individual choice, I can give a personal example.  

Continue reading “Should I buy now or is it all a bubble?”

Affordable Homes in Seattle Do Exist – Check Out These Gems

You may be looking at Seattle’s real estate market and think affordable homes don’t exist – but they do! And it’s worth hopping on them now, as prices are rising quickly. Up and coming neighborhoods like Beacon Hill, White Center and Columbia City will provide a lot of bang for your buck.

Check out these homes that recently sold in Seattle under $500,000:

Continue reading “Affordable Homes in Seattle Do Exist – Check Out These Gems”

Buying a Home Takes Longer Than You Think Timeline

One of the biggest surprises for first-time homebuyers is how long the homebuying process can take, especially in Seattle. Even if you’re thinking about buying a home 6 months from now, the reality is you should probably be starting the process now. Here’s an overview of how long the home buying process can take. Continue reading “Buying a Home Takes Longer Than You Think Timeline”

Super efficient cleaning – getting it done in under an hour

After hosting for a period of time we’ve narrowed down our cleaning to-do list so it’s as easy and efficient as possible. We even provide quick-drying linens to reduce the amount of time spent waiting next to the dryer. Should you decide to hire a cleaner, this is a great resource for onboarding them to your Airbnb, too.

Here is our cleaning run-down after a guest checks-out and takes under one hour.

  1. Remove the used linens & toss in washer on fastest setting.Linens to launder: sheets, pillowcases, duvet/comforter cover and towels.  
  2. Put clean linens out while the washer runs the dirty ones.  You don’t have to wait for the washing to finish Loftium because sends you 3 sets of linens – you’ll always have a clean set ready to go!
  3. Vacuum the guest room, bathroom and common areas.
  4. Move the finished, wet sheets and towels to the dryer and run “Quick Dry” dry cycle.
  5. Wipe down the bathroom counter, toilet and shower.
  6. Check bathroom toiletries for fullness, replace/refill anything that’s running low.
  7. Take the bedroom and bathroom trash out.
  8. Take the dry sheets and towels out of the dryer, fold and place them in the closet.

 

Once a month, we recommend a deep cleaning of the bathroom and bedroom. Given you’re doing the above between guests the monthly “deep clean” should be super easy.

Loftium Homebuyer, Laura, Bought Her 1st Home with 5% Down.

We couldn’t be more excited to work with Laura, one of our first Loftium homebuyers. She’s got a can-do, entrepreneurial attitude and was determined to get a house in the city she loves, Seattle.

Working with Loftium helped Laura to realize that dream.  Check out her video to see how.

A few highlights:

  • Laura put 5% down, and still outcompeted offers on a Capitol Hill standalone home with a mother-in-law unit for under $600k!  Well done, Laura, and it just goes to show that you can still find gems in the Seattle market.
  • She thought it would be years before she could buy, and definitely not in the Capitol Hill neighborhood.
  • Laura and her dad are both handy, and bonding over Home Depot trips + some quick, easy remodeling to get her MIL extra Airbnb ready.
  • One of the biggest challenges for Laura was balancing the down payment, remodeling costs, and the monthly payment.  She chose to use Loftium because we helped with all 3 things and gave her financial breathing room as a first-time homebuyer.

Congrats on the new house, Laura!  We can’t wait to see how you transform your space in the next few weeks.

 

Loftium is launched to help with your down payment!

We are so excited to introduce you to Loftium! Loftium provides you with down payment funds in exchange for a share of future Airbnb income. Homebuyers who need Loftium’s down payment help simply agree to rent out a spare bedroom and split the income with us for 12-36 months after buying their new home.

What inspired us to create Loftium? Our team is comprised of millennial first-time and soon-to-be homebuyers who have personally struggled with the down payment, especially in our home city of Seattle. This isn’t a local problem – for over two thirds of renters around the country, the down payment is the biggest hurdle to owning a home.1 We understand intimately the difficulty of saving tens of thousands of dollars in the face of skyrocketing rent and student loan payments. We know not everyone has access to parental down payment gifts, and we feel strongly that this shouldn’t determine who rents and who buys. More than anything, we believe that with an entrepreneurial attitude and Loftium’s help, anyone can tap into the income potential of spare rooms to become a homeowner.

Loftium is working with Umpqua Bank to bring our down payments to Seattle homebuyers.  If you’re looking to buy a primary residence home (not an investment property) in Seattle, Loftium can offer up to $50,000 (not to exceed 10% down) on a conventional Fannie Mae mortgage.2  Best of all, Loftium does not have income limits or home price restrictions.

Here’s how it works:

  • You choose the home, qualify for the loan amount with Umpqua Bank, and put at least 1% toward the down payment.
  • Loftium will estimate the income potential of renting the home’s spare bedroom on Airbnb and will then offer a lump-sum prepayment to use toward the remaining down payment.
  • In exchange, you’ll be required to list a bedroom(s) on Airbnb and manage the rental process for a fixed period of time, ranging 12-36 months.

Benefits to the homebuyer:

  • Only 1% down payment is required by the homebuyer.3
  • Homebuyer will receive approximately 10%-40% of the Airbnb income each month.4
  • Loftium provides a starter supply kit, software, pricing and support to kick off your Airbnb hosting!

This down payment assistance is not a loan, financing, or other extension of credit to the purchaser. The homebuyer must still meet the lending requirements of Umpqua Bank.

Sign up at www.loftium.com to claim one of our first 50 Seattle down payments available this fall!

Have questions?  Come to the Loftium Twitter chat/party from 6-7 PM on 9/19 – join the conversation using #LoftiumLaunch or just join this chatroom.  We’ll be chatting about Loftium and how to afford a home in expensive cities, and giving away prizes to participants!

In Seattle and want to party?  We invite you to come to our Homebuyer Launch Party on Thursday Sept 21 from 6:30-9pm. Meet the Loftium team and receive goodies and prizes, including $100 Airbnb gift cards!

A huge thanks to our investors at DFJ, Founder’s Co-op, Nextview and WTI for believing in our ambitious vision to make home ownership accessible.

 

https://www.zillow.com/research/down-payment-hurdle-zhar-14790/

Eligible properties must be within Seattle city limits and within the home loan limits as defined by Fannie Mae.

3 Homebuyers may also need to cover closing costs for a home purchase.

Expected income received from the Airbnb rental will not be included in the borrower’s debt-to-income ratio/ loan qualification

Homebuyer Highlight: Daniel, 29, Put 5% Down

Daniel, a senior test engineer, is a savvy first-time buyer who decided a little sacrifice was worth saving some cash. We were excited to catch up with Daniel less than a year after he bought because his story intrigued us. He put 5% down, chose to live just outside the city, and found multiple roommates to help with the mortgage.

Continue reading “Homebuyer Highlight: Daniel, 29, Put 5% Down”

I Have No Idea How to Buy A House – A Lifelong Renter’s Perspective

I’ve wanted to own my own home for as long as I can remember. As a long-time renter, more than anything, I want freedom from landlords, the ability to control my space and the tangibility of owning a home- having a place to call my own is a kind of a dream.

 

There’s just something indescribable about being able to point at a house and say, “that’s mine!”

 

But buying my first home feels daunting and super scary.  It’s an overwhelming mystery. On the scale of life mysteries, homebuying is somewhere between setting up my wireless router and understanding quantum physics (see official mystery scale below):

Continue reading “I Have No Idea How to Buy A House – A Lifelong Renter’s Perspective”