Avoid common new buyer scares with these 5 tips

The Denver area market is slowing shifting to be more buyer friendly after years of catering to sellers. However, the market still moves fast and it's easy to get caught up in the competition. No matter how much pressure there is, you need to do your homework so you aren't stuck with a house full of headaches in the future. 

Here are 5 tips to help you avoid common new buyer scares: 
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Get an Inspection
Even if you're trying to cut back on closing costs, do not skip a home inspection. You don't want to be happily sleeping in your new abode when you start getting rained on because your roof needed to be replaced. Home inspections won't catch everything, but they will help you prevent major headaches and big repair bills. A home inspection will point out potential repairs in your home and give you power to negotiate with the seller.

Don’t Borrow More Than You Can Afford 
It’s easy to get caught up in wanting to get as much house as possible. Before buying a home, take a close look at your expenses. Carefully budget out what you will have to pay for after buying a home. Don’t forget about: 

• Insurance
• Maintenance
• Property Taxes
• Major Repairs
• Continued Savings

If you’re buying a home with your partner or spouse, consider getting qualified with just one income to allow plenty of wiggle room. Really crunch the numbers and talk to your real estate agent about expenses you can expect after purchasing. 

Remember Closing Costs
Before you start home shopping you probably got pre-approved so you can make an offer on your dream home right away. This means your finances are in order and are prepared to pay your earnest money deposit and your down payment. But remember, there can be other closing costs you have to pay. Depending on your contract, closing costs can be 3-5% of the cost of your home.

Set Fix-Up Money Aside
When buying a home buyers forget to set money aside for changes they want to make once they move in. If you want to refinish the floors, repaint the walls or update the kitchen, calculate your costs before you buy to make sure you can afford the changes you want to make. Common projects upon a move are: 

• ​New window treatments
• New Furniture
• New / Refinish Floors
• Fresh Paint
• Landscaping
• Remodel Kitchen & Baths
• Other Decoration 

You’ve done your homework and are now ready to find the perfect dream home, without any surprises! Happy house hunting!