Are you getting ready to buy a home this year? Although it might seem like a pretty lofty resolution, proper planning and saving can make your search easier than you might think. If you’re not sure where to start, our essential tips are here to guide you in the right direction.
Want to make it easier to stick to your goal? You might want to change it altogether. If your New Year’s resolution is to buy a home, you may want to be more specific with what you want. By planning ahead and creating smaller milestones along the way, you’ll establish the consistency you need to reach your real estate aspirations.
Buying a home is one of the biggest investments you can make, which means there’s no such thing as asking too many questions. Be sure to hit the books (or the web) and consult with your agent. The more informed you are, the better.
Investigate Buyer Programs
Did you know that Colorado has plenty of programs to help you buy the home of your dreams? You might be eligible for federal or state assistance programs, so be sure to check out the Department of Housing and Urban Development’s website for more info.
Find an Agent
Finding the right agent is crucial to the buying process. There’s no harm in interviewing a few before settling on “the one,” especially if you’re buying your first home. Make sure they share your goals and are prepared to go the extra mile!
A preapproval letter is the ticket you need to officially start your home search. Essentially, it details how much a bank is willing to loan you and the conditions of your mortgage (if you choose to take it on). Getting preapproved is one of the first things you should do before buying, so plan accordingly!
Choose a Home Type
Are you looking for a townhome or condo? Maybe a conventional home is more your style. No matter what you’re looking for, Broomfield has plenty of homes to choose from. Explore all of your options and be sure to ask your agent for advice—they can help you determine what type of home is best for your needs.
Set Your Budget
Setting your budget is one of the most important parts of the buying process—and you’ll want to do it sooner rather than later. After getting your finances in order, feel free to play around with our mortgage calculator to estimate how much you can really afford.
Attend Open Houses
Although some agents think open houses hurt more than they help, they still offer some surprising advantages for buyers. It’s one of the easiest ways to explore an area you’re interested in, and you can also tour a home at your own pace.
Create a Wants and Needs List
Let’s be honest—do you really need a pool? Sitting down and listing out your wants and needs can help you gauge what to look for in potential homes. Don’t forget to be realistic!
It’s normal to carry some debt, especially if you have student loans or a credit card payments However, before taking on a mortgage, you’ll want to pay off as much as you can to ease your financial burden.
Shop for Mortgages
Let’s face it—nobody likes to talk about mortgages. Although they might seem difficult to understand, you probably have more options than you might think. Check out our in-depth guide to home loans for more details.
Select a Neighborhood
Even if you’ve already settled on moving to Broomfield, you may want to narrow your search a bit further. If you don’t know where to start, your agent will have the 411 on neighborhood that fit your needs and budget.
Getting Ready to Buy a Home?
Buying a home is a momentous occasion, but it’s also a major financial decision. Let the Advantage Realty Team help make the process easy! Check out our buying resources and give us a call—we’re excited to team up with you!