Buying Your First Home In Colorado Springs
For many, buying their a first home is one of the most exciting moments in life. To make it as satisfying and rewarding as you'd expect, it's important to make sure that you're financially and mentally ready for the responsibilities that come along home ownership.
Some first-time buyers will come to us with this idea in their head that owning a home is like renting, but you can paint the walls, have a man-cave, and adopt a furry, four-legged friend. While these are absolutely some of the biggest perks of owning your own space, there are also a wealth of other responsibilities, like a mortgage, utility bills, property taxes, and home maintenance. We want to make sure that you're home isn't just a 'for now' home, it's a home for keeps. Preparing for home ownership is the most important first step you can take on the path to buying your first home. Our handy guide will walk you through everything that you need to know about the homebuying process, and what you can anticipate as first-time homebuyers.
Think you're already well-versed in how to buy a home? Start your Colorado Springs home search now!
Our First-Time Homebuyer's Guide to the Colorado Springs Real Estate Market
It's important to ask yourself the following questions before you start seriously searching for your first home. Answering all of the following will help you decide if you truly are ready for the responsibilities, requirements, and rewards of being a homeowner.
1. How Much Can You Afford?
Nothing is more upsetting for a home buyer than finding out they can't afford what they thought they could. Some will even try to justify allocating more money to their mortgage each month to be able to afford a more expensive home, but sacrificing a huge portion of your income just to pay for your massive mortgage will soon make the home a drain on your resources rather than something that you can be proud to own. As a real estate team that cares about your prosperity, it's important to us that your expectations are realistic and sustainable. Once you figure out how much you can afford, we'll help you find a home that matches your preferences and budget.
Part of determining how much you can borrow comes down to your debt-to-income ratio. This, in addition to your credit history, is one of the biggest factors that lenders take into consideration when determining how much you can borrow. Between credit cards, car loans, and a mortgage, your overall debt should never account for 40% of your income. Your housing should not accumulate for more than 32%, which would leave 8% for other debts.
2. What Kind Of Home Do You Want?
Depending on the kind of home and the location that you want, that 32% could go a little or a long way. Do you want a new home, or something that's easy to fix up? How do you feel about mowing the lawn and cleaning the gutters? Would you rather pay someone else to take care of the minor maintenance? Would obeying rules about the number of cars you can park outside and trash cans you can have bother you? The answers to these questions and others can help you determine what type of home you really want, even if you don't know it yet.
Military homebuyers can take advantage of special government loans to help make their dreams of home ownership become a reality. Learn more about VA loans and mortgages by browsing our mortgage blog posts.
How The Military Home Search Team Can Help
Hire a Colorado Springs Real Estate Agent
You have advantageous goals, and we have the knowledge, experience, education, and local know-how to make those goals a reality. You need to find a real estate agent that you trust to have your best interests at heart and the confidence to negotiate on your behalf. When you hire the Military Home Search team to represent you as a buyer, we're going to want to know how much you can afford and what's important to you.
Keep Your Priorities in Mind
It's important to keep your priorities in check when touring potential homes. The idea of owning a home can overcome your practical mindset, so to keep your emotions in check, it's a great idea to bring a list of your priorities with you to help steer you on track. Know what you want and need in a home so that you can judge if that home really is or isn't right for you. As your buyer's representative, we'll help keep you on track too while we continue to search for a great abode.
Find a Great Real Estate Lawyer
While everyone hopes that every real estate transaction is seamless, it unfortunately isn't always the case. Ensure your protected by hiring a good lawyer to represent you through the purchase. While it's not very likely that you'll need to use them, you'll be happy that you did if you fall into legal troubles with a seller. Our team would be happy to recommend some of our most trusted real estate lawyers in the area.
Found Your Home? Place an Offer!
This is a dizzying mix of back-and-forth dialogue between the seller's and your agent. We'll work with you to come up with a reasonable offer for the home. After that, or team will take care of everything, from the technical paperwork to countless phone calls with the seller. Keep in mind that the seller could still reject your offer, so it's best not to get too set on a place until after the close.
Have a Home Inspection Done
This is especially important if you're buying a previouely loved home. A professional home inspector knows just where to look for pesky mold, mildew, faulty wiring, asbestos, and other harmful or damaged elements. If you opt to not have a home inspection done, you could be putting yourself at risk of paying to fix the problem yourself.
Give the Home a Final Walkthrough
Your MilitaryHomeSearch.com real estate agent will be happy to join you through the final walkthrough before closing the deal. We'll make sure that everything that all work that was agreed upon has been completed, and that the home is, in fact, ready for you to move in.
From your very first consultation with the Military Home Search team to the closing documents and key exchange, we're with you every step of the way through your journey to buying your first home! Contact us if you have any questions about first-time homebuying in Colorado Springs, or give us a call at 719.373.1906.