For the majority of people, buying a Denver home is not only a significant life event, but also a serious investment. The Denver home buying process requires a good amount of your time, a large portion of it likely to be spent researching your prospective homes themselves. While every Denver homebuyer will have their own unique and individual experience on their quest to find their next Denver home, here are some pointers that every prospective buyer should consider.
Do Your Research
When it comes to embarking on your search for potential homes, the earlier you begin the better. It is very common for prospective homebuyers to begin their search a year or more before they make their actual purchase; obtaining an understanding of the current market is a great place to start. Market behavior can have a significant impact on the quality and quantity of your Denver home options. A sellers’ market, for example, means the supply of available homes is far less than the demand, so sellers have the upper hand in the market and far more purchasing power than their buyers. Over 90 percent of homeowners begin their search online, and it’s for a good reason. You can browse hundreds, even thousands of home listings that are tailored to your specific needs – everything from price, to age, to the number of bedrooms and bathrooms, school district and neighborhood amenities. Put together a list of your needs as well as your wants for your next Denver home, and give yourself plenty of options of homes to go see in person.
Do Your Homework
Most homebuyers rely on a mortgage loan to finance their purchase, and while the loan approval process has become somewhat easier as the economy continues to recover from the subprime mortgage crisis, it is still by no means a given. You’ll need to prepare yourself to meet with potential lenders by coming up with a comprehensive budget inclusive of all the costs you anticipate as a homeowner. Obtain copies of your credit report from the three national credit bureaus and inspect them for errors and misstatements. A year or more before you plan to purchase, it is a good idea to take action to improve your credit score; every point makes a difference and can impact everything from how much you are able to borrow to what type of interest rates you are offered.
Pick Your Team
Having a good partner on your side can make all the difference in the world to your experience and your success as a homebuyer. It’s never too early to start looking for one. Attend open houses, ask friends and coworkers for recommendations, and conduct interviews with multiple agents so you can find the one that will make the most compatible teammate.