This summer has been a lot like the Denver market, hot but not smoking. If you're looking to buy your first home, now's the time as the market shifts to being more buyer friendly. Regardless of when you decide to buy, there are a lot of decisions to make and a lot of money changing hands. With the right partner by your side the process will feel much simpler, but in the mean time here are a few helpful tips.
Here are our 5 tips for first time home buyers:
Analyze Your Finances
Before you buy your first home, get up close and personal with all of your finances. Pull together statements from any credit cards, car loans, checking and savings accounts. Not only will your lender need all of the above, it will also help you get a realistic picture of where you sit financially. Are you prepared for the cost of being a homeowner?
Before you go too far down the homebuying path, talk to a mortgage broker to get pre-approved. Having a firm number of what you can afford will help frame your home buying choices and keep you from falling in love with a house outside of your budget. Reach out today for a recommendation for a mortgage broker.
It can be easy to create a mountain of a wishlist, but remember, this is your first home. Be practical with what you add to your wishlist and the budget you have. You may not have granite countertops, but you could still have an open layout. Prioritize your wishlist so you can make quick decisions.
Trust Your Team
You selected your real estate agent and lender for a reason, so trust the advice they give you. Turn to your team with questions you have during the process. This is likely the biggest purchase of your life and there are no stupid questions.
You will only ever be a first time home buyer once, so enjoy the journey! It may feel stressful while you’re in it, but on the other side you’ll have a place to call home for years to come.
With the right team and attitude, buying your first home can be exhilarating and fun. Get in touch today to start the process!
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