If you’re planning to buy a home, you’ve probably got a general idea of the floor plan, yard size, and number of bathrooms you want. We’ve pulled together the best advice a Colorado Springs realtor can offer in the current market.
Know Your Budget
Before you start looking at houses, be sure you know the maximum price you’re willing to pay for a house (including all fees). Then look for houses that fit your personal needs and your budget. If you find yourself feeling discontent with your options, start looking at houses well below your budget price to gain appreciation for what you can afford.
Don’t Ignore Hidden Costs
When establishing your budget, you’re not just looking at the price of the house and the monthly mortgage. Remember to include all fees associated with buying and owning a home. These include property taxes, origination fees, appraisals, and home inspections. All of these need to be included in your calculations of how much the house will cost.
When you put an offer on a house, have your pre-approval letter in hand. You want to show the seller that you’re ready just as soon as they pick you. While you’re at it, line up an inspector. In a fast moving market, having these lined up mean you’re prepared when the opportunity arises.
Talk To Your Colorado Springs Realtor About What Perks You Can Offer
In a market where homes are selling quickly, you’ll want to consider what you can offer a seller to attract them to your offer. It’s important to be sure the home is worth fighting for but once you know that, consider what benefits you can offer to sway the seller your way.
You Still Need An Inspection For New Houses
Developers are building houses all over the place. Just because they’re new, doesn’t mean they’re quality. Always have an inspector look over a house. They can spot cheap handiwork and potential problems. It will cost a little now but if they spot a thousand dollar problem, you’ll be glad you paid a few hundred.
Don’t Try To Plan Around A Bubble
Occasionally, you’ll hear stories of people making thousands through buying at the bottom of the market and selling at the top. It would be nice if your life lined up so you can buy and sell in the perfect market. You can play this game if you’re an investor but if you’re a home buyer, you’ve got other considerations. Don’t buy based on what the market might do. Buy based on your personal needs and then be smart about your budget.
Give us a call if you’re looking for a Colorado Springs realtor. We can help you navigate the market to find a home you’ll love.