Are you thinking about buying a house? Congrats! Owning a home can be a great investment and a rewarding experience. But it's also a big decision, and there are many things to consider. In this video, we'll talk about the most common mistakes people make when buying a house, and how you can avoid them.
Mistake #1: Not having a clear budget
One of the biggest mistakes people make when buying a house is not having a clear budget. It's important to know how much you can afford before you start looking at houses, so you don't waste your time or get your heart set on something you can't afford. To determine your budget, consider your income, debts, and other financial obligations. It's also a good idea to get pre-approved for a mortgage, so...
The real estate market in the Denver area has been booming, and with mortgage rates, at an all-time high, it's important to know what this means for you.
Many expect more increases from Federal Reserve Chairman Powell on the base rate over holidays. The prevailing opinion of most experts is that the Fed will increase rates by another .75%. As I am sure we all know, this is predicated upon the inflation rate and whether on not it has started to decline.
Of course, most people say this isn’t great but it does provide a helpful backdrop as we start this discussion of whether you should buy now or wait till 2023.
Let's start by asking who is buying right now. Lots of first-time homebuyers. This is a surprise to many. There have been a lot of discussions about people being priced out of the market with how crazy the market has been. However, in the first half of 2022, 45% of homebuyers were first-time homebuyers. This percentage is back to where it was over the last...
More than one in five first-time homebuyers report having at least one major regret with their purchase. We don’t want first-time homebuyers in Denver to have to deal with the same dissatisfaction.
Buying a house can be a fun and rewarding experience without disappointment. The best way to avoid any big mistakes that end up costing you frustration or money down the line is to learn from the most common regrets of those who came before you.
Here’s our list of the most common regrets of first-time homebuyers. Listen up, because avoiding these mistakes will go a long way to ensuring that your experience is everything you want it to be.
Common Regrets of First-Time Homebuyers in Denver
Shopping for a new home is an exciting time. Hopefully, your search is inspiring you to envision a bright future for you and your family in the house of your dreams.
It's not a time when you necessarily want to start thinking about things that could go wrong down the line, but that's just a necessary part of being a savvy home shopper and owner.
Securing the right kind of home insurance is absolutely essential to having a good experience with your property investment.
Here are a handful of the key do's and don'ts when it comes to Denver home insurance:
Bundle for convenience -- bundling with other types of insurance MIGHT save you some money, but that doesn't mean it's the right choice....
Unless you're paying entirely in cash upfront, you will need to get a mortgage to buy a new home in Denver.
To qualify for a mortgage, you're going to authenticate the income and tax information in your application by providing a list of documents.
Do you have everything you need? Check out the list of the required documents to double check:
- Signed disclosures
- The social security card belonging to each person involved in the purchase
- A list of home addresses for all properties lived at in the last two years
- Two to three months of bank statements
- Two previous pay stubs
- Proof of down payment
- Previous two years' W-2 forms
- Previous two years' tax...
With the intense competition for existing homes in Denver, more and more buyers are looking to new home builders for a solution.
While building a new construction home in Denver does solve one problem, it also presents a few unique challenges that buyers need to be aware of.
Here are some things you should be aware of before you decide to go the new construction route.
In some cases, new construction homes are part of larger development projects that won't be complete for years. If you're on a short timeframe for moving into a new home, these situations won't work for you. Make sure your new home would be move-in ready within a reasonable amount of time.
There are different definitions...
When you’re in the market for a new home, It’s all too easy to fall in love with a property at first glance and forget about all the potential challenges.
Buying a home, you have to think about the long-haul as well as your first impression. Here’s a list of 10 items that you should check off for every new property you look at in Denver. If you complete this checklist every time, you have a much better chance of ending up with a home that keeps you happy for years to come.
Research to find out whether or not the property has had any work done on it and whether or not it was properly permitted
Determine if the property is part of a home owner's association. If so, research any rules or restrictions...
“What do I need to buy a house?” It’s a simple question that real estate agents hear often from first-time homebuyers.
The question may be simple, but the answer can get confusing quickly. That’s why it’s especially important for home shopping neophytes to work with a seasoned Denver real estate agent when embarking on one of the biggest investments of their lives.
There are several key steps involved in purchasing a home, and it’s easy for first timers home to completely overlook one or more.
In this blog, we’ll quickly recap all of the important items that must be checked off your list before you can close on a new home. Of course, there will be additional requirements from your mortgage lender. But, in this article,...
If you’ve been looking for reasons to buy a home in Denver, the rapidly rising rents in the area should be all the motivation you need.
Multiple reports all agree -- rent is on the rise in Mile High City. One recent report found Denver to have the fastest rising rent rate in the nation, and another found it to have the third fastest rate growth, topped only by Portland and San Francisco. The stats are clear – rent is bad and it’s only getting worse.
The Yardi Matrix report is the latest sign that local renters should be looking to buy. Due to available home mortgage deductions and the long-term sustaining value of local homes, buying would be an attractive option even if rent wasn’t getting so ridiculous.
The word around the industry is that it is very unlikely the Fed will raise interest rates in the near future. If mortgage rates remain low, that’s even more reason to switch from renting to buying.
Congratulations, you have decided to buy a new home. That decision ushers in a flood of emotion ranging from excitement to anxiety.
In order to help with the later, we have created a home buying guide that identifies the steps in purchasing a new home.
Weather you’re a first time home buyer or seasoned owner, we feel our road map helps organize and simplify the process.
There are quite a few steps when purchasing a home. The graph below is a visual representation of the home buying process.
It all starts with hiring a professional real estate broker to guide you through the process. You will want to hire a broker that is an expert in the areas you are considering a purchase. More: Denver Real Estate Broker Duties,...