Are you finally thinking about making that dream of buying your first house in Denver become a reality? The transition from renting to buying is one of the most exciting times in your life. You’re building equity. You’ve got freedom to remodel. And you can find a house that fits perfectly with you and your lifestyle.
However, despite the all the beauties of owning your first home, the whole experience can really be quite intimidating. But don’t let this discourage you. With a little help, you’ll be joining the league of Denver homeowners in no time.
Every new real estate purchase comes with its fair share of complexities, and you don’t need to know all of them in and out. In fact, since you’re looking into your first home, there is probably a whole lot that you don’t know. That’s okay. Your real estate agent is going to help you along every step of the way.
That being said, there are plenty of essentials that you can start thinking about now. This guide will take you by the hand and walk you through four of the essential steps you should follow in order to accomplish the goal of buying your first house in Denver.
To ensure you have a smooth purchase, especially in Denver, you want to show a prospective seller that you can afford the house. You will either need to prove that you have enough cash to buy the house (a rarity indeed!), or that you can easily get a mortgage loan.
To do this, you can acquire a letter from your bank confirming that you have enough funds in your account or present a loan pre-approval form from a respected lending agency. This will help you win the confidence of the home seller. It’s also great to know roughly how much house you can afford before you start looking at homes. Wouldn’t it be disappointing if you spent weeks looking at $400,000 homes only to discover that you can only really manage a $250,000 loan?
Brainstorming exactly what type of home you want to live in is perhaps the most important step to buying a home in Denver. You’re making a decision that could last ten, twenty, thirty years, or more—depending on whether you’re looking for a starter home or a forever home.
Prepare a list that points out all those features you would love to have in a new home. Think of the things you didn’t like about past living arrangements (such as a cramped galley kitchen), and all of the elements of your favorite houses. By identifying your likes and dislikes, you can create a clear list of the types of homes you’ll want to look at. Here are a few examples of what might go on your list:
Bringing a list like this to your real estate agent will help them create the perfect line up of viewings customized to your needs.
If you would like to save yourself some money, and quite a few headaches, you should work with a full-time realtor when buying your first home in Denver. Most of the time, the buyer doesn’t pay anything to the realtor. Instead, the real estate agent makes a commission from the seller. So you’ve really got everything to gain and nothing to lose.
An experienced real estate agent has access to databases of homes for sale, and they can typically gather more information than you can find on property listing websites. Furthermore, your real estate agent has been through this process hundreds of times, so they know every step of the process like the back of their hand—from securing a loan to finding any special first time homeowner credits you may be entitled to in the state of Denver.
To ensure that there are no hidden defects in the property, you must invest in a professional inspection of the house. This will turn up potential issues with critical elements like electrical work, mold, plumbing, roofing, and insulation. If there are serious issues, an inspection might help you avoid buying a home that would be more hassle than it’s worth. Oftentimes, though, the inspection might turn up minor repairs that you can ask the seller to take care of before sealing the deal.
The process of searching for your home is full of ups and downs, highs and lows. It’s exciting, intimidating, life changing, and stressful all at the same time. But nothing compares to sitting down at closing. Before you join the ranks of Denver homeowners, you and the seller will sign plenty of documents, and every new signature or initialing brings you one step closer to finally buying your first house in Denver.
By following the essential steps listed in this guide, as well as the sage advice of your professional real estate agent, you’ll be closing on your new home in no time. If you’ve still got questions about the home buying process, or if you’re just looking for the easiest way to get started, feel free to give Walden Novak a call at 720 – 845 – 7400 or fill out our easy online contact form. Consultations are always free, and we are here to help you no matter what stage of the home buying process you are at.