Buying your first home might be the biggest and most important financial decision of your life, so you should do everything you can to make sure you’re prepared. After all, preparation could mean the difference between your dream home and a nightmare scenario. Today, let’s go over ten tips that will teach you what to look out for when purchasing your first home.

  • Look Into Colorado Assistance Programs
  • Consider Mortgage Options
  • Decide What You Can Afford in Colorado
  • Keep Your Credit Score Strong
  • Start Saving Up Early
  • Fully Utilize Open Houses
  • Stay Within Your Budget
  • Negotiate With the Seller
  • Buy Quality Home Insurance
  • Pick a Good Real Estate Agent

Look Into Colorado Assistance Programs

Many states offer online and in-person programs designed to help first-time home buyers make the right decisions and get help or advice where it’s needed. These programs exist in different cities and counties, and it might be a great idea to research these if you have questions about buying a home and could benefit from professional advice.

Consider Mortgage Options

Most mortgage plans fall under one of four categories: conventional mortgages, FHA loans, USDA loans, and VA loans. The down payment and timeframe of all these categories will vary, as well as who has access to them. Before you buy your first home, do some research and decide which mortgage plan would be the best fit for you and your needs.

And if you want to get pre-approved fast, we have our very own in-house Mortgage Company, EmpowerHome Mortgage LLC, which can help you move into your dream home stress-free. Visit HERE for more information.

Decide What You Can Afford in Colorado

Budgets are necessary for any large financial decision, especially buying a home. At the start of your home search, you should know exactly what your limit is so you can have a clear idea of your price range and the houses you should be considering. Make sure you also plan to have some money left over in case of unexpected expenses that could come with the home, like any unforeseen repairs or updates.

Fully Utilize Open Houses

When you visit an open house, pay close attention to any potential red flags which might be warning signs of more serious issues with the home. Is there any termite damage? Or water damage? Things like these could lead to costly repairs, and you could spend thousands more than originally anticipated. You’ll want to get a feel for the rooms and think about how the house might suit your needs. And if you have any questions or concerns, don’t hesitate to ask your Real Estate Agent.

Negotiate with the Seller

During the negotiation period, you can ask the seller to make repairs to the house beforehand or even pay a portion of the closing costs for you. Their willingness to do these things will heavily depend on the current state of the housing market in Colorado and the demand for the home, so be sure to discuss any negotiation tactics you have with your real estate agent first.

Keep Your Credit Score Strong

A high credit score could earn you a much lower interest rate on your home and make it easier to navigate loans and mortgages. So, if you’re not already taking steps to track your credit score, start as soon as possible before you purchase a home, and do whatever you can to keep it strong leading up to the purchase.

Start Saving Up Early

It may seem like obvious advice, but it’s always a smart idea to consider setting aside money long before you intend to buy a house at all, and many people put off saving until it’s too late. There are many costs that come with buying a house, so if you’ve already been saving up for a while, you’ll already have a headstart on saving for the various expenses you’ll encounter like closing costs, down payment, and home repairs.

Stay Within Your Budget

Staying within the budget you’ve set for yourself is one of the most important rules to follow when buying a home, especially when you’re bidding against another home buyer. It may be tempting to spend just a little bit more for the home you really want, but in the end, it’s never worth it to end up owing more money than you have to give. If you have to give up on one house because the price gets too high, don’t fret! There are other houses on their way to the market. Don’t let your dream home turn into a nightmare by paying too much for it!

Buy Quality Home Insurance

Look into different homeowner’s insurance plans and make sure you’re prepared for anything that comes your way. The last thing you want to do is not invest in quality insurance and be caught having to pay for costly home repairs out of pocket.

Pick a Good Real Estate Agent

Since they are the avenue through which you find and buy a home, a real estate agent can really make or break your house-hunting experience. You want to make sure you pick an experienced agent who has the knowledge and skill to find you the best deal for your dream home. At EmpowerHome Team, we have decades of Real Estate experience, so you can rest assured that we know just how to find you the perfect house stress-free! Call us today to find out what sets us apart from other realtors!

And if you’re a first-time buyer who still has questions, don’t worry! We’ve got you covered! On the first Tuesday of every month, we hold a FREE virtual First-Time Homebuyer Workshop for people just like you, who are looking to take the next big step in life! Hosted by Sarah Reynolds, EmpowerHome CEO, our workshop will tell you all the helpful insider tips you need to know before you buy your first home, including:

  • How to get pre-approved for a mortgage
  • How to determine what you can afford
  • What types of mortgages are available
  • What to do if you don’t love the home you’ve made an offer on
  • And SO much more!

The next workshop will take place on Tuesday, February 7th, at 7PM Eastern Time! Click HERE to sign up for free!