Are you considering buying a Denver home? Perhaps you have attended a few open houses and read some ads. Once you get serious, and are done “window-shopping,” there are several important points to consider before making your first offer. Always remember, list price is often called a home seller’s “wish price”, so you should never pay the full price. For most people, buying a Denver home will be their most important purchase. So take your time and do it right.
Before beginning, it’s important to understand the process. Every homebuyer’s journey takes its own particular timeline. No matter how long your search takes, there are some steps every prospective Denver buyer should take.
Understand that the process of buying a Denver home may begin a year or more before your actual purchase. Like everything else, take advantage of technology. Make the internet your friend and view Denver home listings online. This is the best place to discover what types of homes are available in different price ranges. Decide where you want to live and look at homes in your favorite neighborhoods. Then make a list of priorities and decide what is most important about your future home. After this, review statistics and reports on Denver home values. Most buyers will find properties at this point that interest them, and then it is time to move to the next step.
Do Your Mortgage Homework
Most potential home buyers will need a mortgage to purchase a home. Although the process has gotten easier , this can still be challenging if you’re not prepared.
The first thing to determine is what you can afford. Learn about the types of loans that are available to you . This will put a ceiling on what you will be able to pay. From there, pull your credit report. Although it can impact your credit when someone else checks the report, there is no penalty for looking at your own. Understand your financial situation and be prepared to repair your credit score where you can.
Dive into the Market
Once you know what you can afford and where in Denver you want to live, dive right in. Make appointments to see as many houses as possible. Attend some open houses as well as setting up some private tours. The more homes you see, the more you will know about the Denver market. Also be sure “run the comps”, to compare similar homes in the same area. The more information you equip yourself with the better.
If you miss out on a deal, that’s okay. Keep control of the process and don’t allow anyone to rush you. Although the Denver home search may feel like a part-time job, it will be worth the time. As the potential buyer, things must happen on your schedule.
When considering buying a Denver home, make sure you are properly prepared; otherwise you may set yourself up to make a serious (and costly) mistake. Your home will be your most important investment, both financially and emotionally. Take the time do go through the process correctly.