Getting your foot in the door as a first time home buyer is proving to be challenge in the Colorado market. Many people either settle for a home that is less than their dream home or decide to continue to rent. This allows people to keep saving and wait until the market gets a little calmer. Unfortunately, however, the housing market is unpredictable and today may be as good of a day as any to buy. So, being a first time home-buyer, knowing what to expect will help arm you with the tools you need to pounce when you find the perfect home.
First off, have a clear idea of what you want in a home. Solidifying why you are buying a home and dividing your wants from your needs is very important. It's not realistic to think that you will be able to find a home that meets ALL of your wants and needs, but it is possible to find something that meets most of them. And it is even more possible to do this with the assistance of a good realtor. A good rule of thumb is to find the home that fits your top most priorities and make a list from the most important to least important of your wants and needs.
Things to Consider:
Now you've found a home that you can get a loan for and that fits the most important of your wants and needs. You're ready to close, right? Before you make any rash decisions, it's a good idea to sit down with your finances and price out all the additional costs that come with buying a home. Know the property taxes, how much insurance you will need, what closing costs will be and what you need to fix up/furnish the home to make it livable.
Also make sure you really break down your monthly expenses. Maybe you have the down payment and qualify for the loan, but the monthly mortgage you are expected to pay is a different story. Break down your expenses to the best of your knowledge. What will you have left over after you pay the mortgage, home insurance, car insurance, medical insurance, gas, food, etc.? Do you have an emergency fund for unexpected expenses such as if your furnace fails and you need a new one? Don't get trapped into a mortgage that will strap you for years. Do know, however, that any mortgage payment can make any first time home buyer uncomfortable until they get used to it. Having an achievable payment that is in line with your revenues and expenses is key.
Don't Take on This Process Alone!
For assistance on your first home purchase, Contact Me
I am a real estate professional, serving Boulder and Denver, Colorado. My extensive knowledge of the market, coupled with my commitment to provide extraordinary service, has resulted in hundreds of successful transactions. Let me help you buy or sell your home.