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Important Tips for First-time Home Buyers in Colorado

dream home in hands

Figure out what you want

Lessen your home search anxiety by figuring out exactly what you want. What are the features essential to your needs? Make two lists – one of the important amenities you need your home to have and another for the ones you’d like but can live without. During your house hunt, you’ll probably see a vast array of houses so it’s best to be flexible with your expectations.

Know your budget

Once you’ve figured out what type of home you’re looking for, it’s time to look into your finances. It’s a good idea to sit down with a professional and discuss the state of your finances including savings, debt, income, and credit scores. Knowing your price range will allow you to manage your expectations and keep your finances in check during your house hunt. That way, you won’t end up heartbroken over finding your dream home that’s way out of your budget.

Find out all the hidden costs

Make sure you factor in hidden costs when making your overall budget. These include property taxes, the HOA fee, maintenance costs, and closing costs. Take note that property taxes in Colorado differ per county while closing costs in Colorado are usually 3% to 5% of the purchased home’s value.

Research on the location

Remember that when buying a house, you’re also buying into the location. Always take the time to research the area and take into consideration the place’s walkability, access to public transportation, school districts, and recreational activities. It is also worth checking out the climate and the weather in the location of your potential home and see if these are to your liking.

Don’t skip the professional home inspection

With a home inspection, you will be able to find out if the property has any safety concerns or defects. A home inspector checks everything from the foundation to the electrical systems. After you get the report, you can evaluate the severity of the issues and decide whether you’re better off backing out of the sale or if you can re-negotiate with the seller to get a better deal.

Hire a real estate agent

Having a real estate agent guiding you through the process of buying your first home can make the whole experience relatively stress-free and enjoyable. With their expert knowledge of the local market and neighborhoods, a good real estate agent will know which homes and communities have the features you want and they will serve as your advocate at the negotiation table, getting you the best deal possible.

Need more advice about purchasing your first home in Castle Rock, Castle Pines or Parker? Give the property experts at Randa & Co. Properties a call at 720-244-1796 and or send an email to Jodi@RandaCoProperties.com .