For most people, buying a home is likely to be the largest purchase they will ever make in their life. Without a doubt, homeownership is a huge step in someone’s life and therefore it is important to prepare properly before embarking in this process. We created a list of 5 easy steps that will insure your transition from renter to homeowner goes smoothly.
1- Meet with mortgage lenders
A common mistake that a lot of first time homebuyers make, is not taking the time to get prequalified. Since everyone has a different financial situation, it is a good idea to shop around to make sure you find the best mortgage for you. Don’t forget to ask many questions so that you fully understand the mortgage process. The BSW Real Estate Group is happy to refer you to one of our trusted mortgage professionals.
2- Make sure you are ready to move
Since Denver has a low inventory of homes for sales right now, it is essential that you are ready to make a move quickly. If you don’t want to miss out on the home of your dreams, you have to be prepared to pull the trigger rapidly.
3- Decide on where you want to live
Create a list of the top 3 neighborhoods you’d like to live in, taking into consideration nearby schools, safety, lifestyle, area expansion plans, etc.
4- Make an offer they can’t refuse
Denver’s tight housing market also oblige for you to make a decent offer. Realistically your offer is not likely to be the only one on the table, so do what you can to guarantee the seller accepts it.
5- Plan repair costs into your buying budget
It is very rare to find a home that is 100% what you are looking for. Indeed, you might want to modify or renovate the house a little. Keep in mind that even a brand new home might require some work. Don’t leave yourself short and let your home depreciate.
6- Think into the future
When buying a house it is easy to get caught up with your present needs but the reality is you never know when you might want to sell your house. You should always think about reselling the home before you buy. According to the National Association of REALTORS®’ 2013 Profile of Home Buyers and Sellers the average first-time buyer expects to stay in a home for around 10 years.
The BSW Real Estate Group is here to walk you through every step of the buying process. Give us a call today!