Here are our 7 tips for first time home buyers:
As you get ready to buy your first home sit back and imagine yourself 5 years from now. Do you plan on staying in the same area? Are you in a stable job? Will there still be room in your budget to pay off other debt? It’s easy to look at things the way they are now, but buying a home is a commitment and it is important to be sure it’s one you will be able to keep for a while.
Before you buy your first home, get up close and personal with all of your finances. Pull together statements from any debt you carry, your checking and savings accounts. Not only will your lender need all of the above, it will also help you get a realistic picture of where you sit financially. Are you prepared for the cost of being a homeowner?
3. Secure Funding
Before you go too far down the homebuying path, talk to a mortgage broker to get pre-approved. Having a firm number of what you can afford will help frame your home buying choices and keep you from falling in love with a house outside of your budget. Talk to your real estate agent today to get a recommendation for a mortgage broker.
4. Be Practical With Wishes
It can be easy to create a wishlist as long as Colfax (longest commercial street in the U.S.A.), but remember, this is your first home. Be practical with what you add to your wishlist and the budget you have. You may not have granite countertops, but you could still have an open layout. Prioritize your wishlist so you can make quick decisions.
5. Trust Your Team
You selected you real estate agent and lender for a reason, so trust the advice they give you. Turn to your team with questions you have during the process. This is likely the biggest purchase of your life and there are no stupid questions.
6. TV Shows Lie
Many home buyer TV shows show new buyers looking at three homes and picking one to purchase. Spoiler alert! Those buyers are under contract or closed on one of those homes and tour two others to make TV interesting. Chances are you will be looking at more than three homes and might not close on the first house you put an offer on.
7. Have Fun
You will only ever be a first time home buyer once, so enjoy the journey! It may feel stressful while you’re in it, but on the other side you’ll have a place to call home for years to come.
With the right team and attitude, buying your first home can be exhilarating and fun. The Denver market moves fast, so strap in and get ready for the ride of your life.