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Top 10 Tips For First Time Home Buyers

Get into your first home for as little $1,000. Call (303) 222-0027 or e-mail contact@firsttimehomebuyersdenverco.com for more info and a free list of first time home buyers programs.

Buying your first home can be an exciting, but sometimes intimidating process. Below are tips to guide you and inspire you.

Tip #1: Decide If You’re Ready To Own A Home
Are you ready to own a home? Are you tired of paying rent and/or being forced out of apartments or houses because the rent keeps going up or the landlord wants to sell? Are you prepared to take on the responsibilities of home ownership and maintenance of a property? Will you be staying in the Denver metro area for the next few years? Home ownership can be a big first step, and not everyone is prepared to take it. If you’re sitting on the fence, give us a call, and we’d be happy to talk with you about the pros and cons of home ownership, as they apply to your specific situation.

Tip #2: Contact A Real Estate Agent Who Helps First Time Home Buyers
When it comes to choosing a real estate agent, it helps to have someone on your side who loves to work with first time home buyers. Not only do we love to work with first time home buyers, but we also have the knowledge and experience to help you find the right house or condo in Denver or the surrounding areas, secure the financing, find down payment assistance, and get the deal closed.

Tip #3: Make A List Of What You Want In Your First Home
On your own and/or with our input, you should make a list of what you would like in your first home. Will it be a house, duplex, loft or condo? How many square feet? Which neighborhood? What amenities do you want and need? What style of building do you like? The list is a good starting point, and then we can go out and start looking at properties together, all the while refining the list – until we find your perfect first home!

Tip #4: Figure Out What You Can Afford
Once you have your “wish list” of what you’d like in a home, it’s time to compare that to what you can afford in your first house or condo. You’ll need to figure out how much of a monthly payment you can afford. To do this, you need to factor in: mortgage payment, property taxes, homeowners insurance, and homeowners association fee (if you’re buying a condo, townhouse, or loft). Once you come up with an amount that you’re comfortable paying each month, we can introduce you to a mortgage broker or lender who can tell you how much you’ll be able to borrow, based on current interest rates.

Tip #5: Learn About First Time Home Buyers Programs In Denver
There are dozens of first time home buyers programs available in Denver, including down payment assistance programs. It’s worth the time and effort to investigate the options, to see if you can qualify for any of them based on your income and credit score.

Tip #6: Get Pre-Qualified For A Loan
Once you fall in love with a property, you’ll want to put in an offer immediately. In today’s tight real estate market in Denver, it helps to include a “pre-qualification” letter with your contract. This is a letter that’s provided by a mortgage broker or lender that, essentially, verifies that you make enough money, have enough down payment, and have a good enough credit score to afford the house or condo. This letter helps assure the the seller that you’ll be able to close the deal.

Tip #7: Protect Your Credit Score
While you’re looking for your first home, it’s really important to protect your credit score. Be sure to pay all of your bills on time. Don’t take out any new loans (for a car or furniture, for example). Don’t open any new credit cards. Just sit tight, in a holding pattern, until you have the keys to your new house or condo.

Tip #8: Stay Optimistic
For some first time home buyers, the process of buying a house or condo is easy and fun, over and done with in a matter of weeks. For others, it can take some time. Try to stay optimistic throughout the process, knowing that the house or condo that’s right for you is out there!

Tip #9: Be Willing To Make Some Trade-Offs
Almost every homebuyer – not just first time home buyers – ends up making some type of trade-off during the real estate buying process. You can start with your wish list (see tip #3 above), but if you’re willing to be flexible, you’ll be more likely to find a property. Maybe you have to live in a different neighborhood, maybe you have to buy a one-bedroom condo not a two-bedroom, maybe you have to renovate or fix up the place. Knowing, from the beginning, that you might need to make some trade-offs can make it easier to adapt if the situation arises.

Tip #10: Keep At It
Persistence and resiliency are good traits to have if you’re a first time home buyer. If you hit snags along the way, we’ll be with you, every step of the way, supporting you! Given Denver’s recent pricing trends, it’s not a good idea to give up, thinking you’ll try again in a few years, when prices might be even higher still. If this is what you want to do, make the commitment to see it through to a successful closing. Picture yourself in your highrise condo – watching the sun set over the mountains. Or in your new house, having friends over for a BBQ on your deck. Remembering the importance of your end goal – first time home ownership – can help you if you run into challenges along the way.

Are you ready to start looking for a first home? We’d love to help you, just call (303) 222-0027, or e-mail contact@firsttimehomebuyersdenverco.com.

Please note: If you’re ready to take the first step, just call or e-mail us for a free consultation! We love to work with first time home buyers – in all price ranges, for all types of properties in Denver and the suburbs.