5 Things You Must Check Off Your List Before Buying a Home

Buying a home, for many people, is a lifetime commitment. For many people, it’s THE biggest investment that one makes in his or her life, and thus takes a lot of thought before doing so. While buying a home is certainly a great way to gain equity and own something meaningful for your family, the decision isn’t for everyone.

So, are you considering buying a home? That’s a good start. But, before you jump the gun too quickly, you need to pump the brakes a bit. Before buying a home, make sure you check these things off your list.

1. Ask Yourself: Are You Ready to Buy?

Buying a home is one of the best financial decisions you’ll make. But are you ready to do so? Chances are, yes! If you’re renting a home right now, then you can also afford to buy; within reason, of course. Mortgage payments can tend to be around the same price as your monthly rent, though with ownership, you’re actually getting something out of it. That being said, you’ll still need enough money for a down payment and good credit to get a nice interest rate. Perhaps you may need to save a little bit longer, and that’s okay, too.

2. Find a Reliable Agent

There are a lot of professionals that must work together when it comes to buying your home. Everyone from the seller, to the escrow officers, to the appraisers, to the lenders, need to somehow coordinate everything. Sounds complicated, right? It doesn’t have to be. When you find a reliable agent to help you find your home, you’ll be in good hands.

As your real estate agent, the Denver Luxe Team will help you from beginning to end, by educating you about the market, finding you a home you’re looking for within your budget, and handling all the paperwork along the way.

3. Secure Financing So You Can Find Your Dream Home

Before you even think about buying a home, you need to secure financing. Meet with a lender to see how much you’re pre-approved for. Once you submit your application and see what you can afford, think about your options. Just because you get pre-approved for $300,000, doesn’t necessarily mean you want to max out your budget. You may want to leave extra room for renovations, landscaping etc.

Once you’ve made that decision, it’s time to go house hunting. Since you now know what your budget is, advise your agent so that your search stays within your means. Also, if you haven’t done so already, let your agent know as to what kind of home you would like. This involves everything from the neighborhood right down to how many bathrooms are in the house. Also, let your agent know if you’re interested in purchasing a fixer-upper or if you prefer something that’s move-in ready.

4. Put in an Offer and Get a Property Inspection

Once you have decided on a home that you love there are 2 steps: Put in an offer, and schedule the home inspection if your offer is accepted! Firstly, as your agent we will help you determine the market value of your dream home, so you’re not losing anything on the offer. Your offer will encompass a lot of questions that we can help you answer such as: what will happen before you can buy, what stays in the house when you buy it from the seller, what the closing costs will be, your home warranty, etc.

Once you buy a home, you can’t return it. You are the owner and it is up to you to take care of your investment. However, when you first buy a home, it’s likely you won’t be able to immediately tell what work needs to be done. This is why it’s so important to get the property/home inspected so you can be sure you’re getting what you pay for. Most of time, there may be little things that need to be fixed up, but that probably won’t be a reason for you to walk away from the purchase.

When your offer is accepted, the inspection has been completed, and all is proceeding well towards closing, you’ll want to make sure you have a homeowner’s property insurance policy lined up too.

5. Close on Your Home and Protect Your Investment

It may take a while before you get to this part of the process. But, once you make it here, it’s the last thing to check off on your list. It’s the final stage in which your agent helps you confirm your home’s worth and legal statute. Make sure that you’re in constant communication with your agent as we help you to ensure that you get all the paperwork you’ll need for the closing table.

Once you’ve gotten the keys though, it doesn’t need to be time to say goodbye to us as your agent, who has helped you through all of this. Keep in touch, because we can help you protect your investment. We can help you with your first tax return, find contractors if you need to do renovations, and keep track of your home’s market value as time goes on.

Are you ready to check everything off your list? Then contact the Denver Luxe Team now at 720-440-2640 to get the ball rolling.

Author: Hana LaRock