Buying a Denver Colorado home for the first time or anywhere else can be overwhelming if you’re not prepared for it.
When your rent is as high as a potential mortgage, it’s tempting to jump headlong into the Denver Colorado home market. But the buying process—particularly for first-time buyers—can be overwhelming. Are you ready for it?
Here are some ways to know if you’re prepared to tackle the housing market:
You’ve considered the true cost of buying a Denver Colorado home. You should look at buying your first home as an investment in your future. You’re putting your money into something that’s yours and not into the pocket of your landlord. Make understand the total costs of homeownership including down payment and mortgage-related fees before you buy and home maintenance costs when you’re an owner.
You plan to stay in the Denver area for at least five years. Short-term homeownership is not a good idea even in a seller’s market like Denver. That’s why it’s important to make sure you’re in a stable job and have plans to stay in the area for five or more years. You may not be able to recoup your costs if you don’t stay in the home for the long-term.
You have a nest egg (aka money in the bank) for your down payment, emergency fund, home maintenance and costs and moving expenses.
You’re pre-approved for financing. This is one of the first things your real estate is going to ask you about because it’s how she knows how much house you can afford and if you’re ready to buy now or in the future. Contact a mortgage professional to get pre-approved before you start your search in buying a Denver Colorado home.
You’re realistic about your home-buying options. When it’s time to search for a starter home, you may discover your budget won’t cover everything you want in your dream home. Be realistic about what you can afford by separating what you need—a short commute, having room to start a family and an affordable monthly payment—from what you want—granite countertops, a spa tub and wood flooring.
You’re willing to be patient. Buying a home is not like an episode of House Hunters. There’s a lot of work involved and not just for the realtor. Be prepared for any bumps along the way, but if you’re patient, you’ll eventually find your dream home.
How the Right Realtor Can Help
Finding the right agent will help you find a Denver-area home that meets your wants and needs and get the best price and terms for your purchase.
An experienced agent can provide the greatest insight into local market trends, including where to look for your next home, navigate the buying process and make an offer the seller can’t refuse.
Get started on the search for your first home by dowloading your copy of “7 Tips to Help You Navigate the Buying Process.”