Buying a home can be an intimidating prospect, especially in the current Colorado housing market. Most people don’t have a lot of experience buying a home, and sometimes it can be hard to know whether or not you’re doing the right thing. Still, there are a few key principles you can follow to increase the chances you’ll end up with your ideal home.
Remember all your expenses
There are more costs to buying a new home than just the house itself. There’s the cost of closing the mortgage, which generally runs between 2-5 percent of the loan amount. Other closing costs include homeowners insurance, title searches, and home inspections. Some of these can potentially be lessened, possibly by asking the seller to pay part of the closing costs, but it’s important to make sure your budget stretches far enough to accommodate them.
It’s also important to account for move-in expenses. Your new home may not be the same size as your previous place of residence, which might mean you need more furniture. You might also need to update one or more appliances, or get some repainting taken care of before you move the furniture in. Whatever it is, the process will be easier if you have the money set aside now.
Buy for the future
Buying a home in Colorado has long been seen as a good investment, but there’s no way of knowing for certain that you’ll be able to flip it. The smarter option is buying a home that will accommodate your needs for years into the future. If you’re planning on having kids, or are expecting a parent or in-law to move in at some point, make sure you buy a home with the room you’ll need then.
Know the limits of an inspection
Though home inspections are a required part of the home-buying process, they won’t necessarily tell you everything. Some inspections don’t include things like mold or pests, so check in advance what your inspection will include. Even better, attend the inspection so you can watch everything and make sure that the inspector also checks things like the roof and crawl spaces. It’s also the perfect time to ask questions or request that the inspector take a closer look at something.