Renting is getting old. You’ve got money in the bank. You just got married and ready to settle down. You just know it’s the right time for a big investment…but you don’t even know where to begin. Buying a new home when you’re a first time home buyer is scary. Thankfully, you’re not alone.
Buying a home isn’t all fun and games—it’s serious business. Being prepared is key to a smooth first-time home buying experience. If you’re a first-time home buyer you should do these five things before you start your dream home search.
1. Ask yourself: Am I ready?
Being ready to buy a new home is more than just wanting to settle down. Ask yourself: am I ready to be a homeowner? Then, find the proof. Ask yourself the following questions (and if you answer yes, then you may proceed):
- Do I have a steady income?
- How does my credit score look?
- Do I cash for a down payment?
- Do I have the ability to make mortgage payments?
- Will I have enough to cover any extra expenses?
Answered yes to all? You’re good to go! If you didn’t, don’t worry too much. Understanding where you are on your financial journey will help you inch closer to homeownership, too.
2. Review your credit score and report.
Credit score and financial wellness is a big part of becoming a homeowner. Owning a home starts by being pre-approved for a mortgage loan—knowing your credit score and your financial place will help you and your bank determine what type of home you can afford.
3. Start saving now.
Once you know where are you stand financially, you can begin saving even more for your dream home. One of the biggest mistakes homeowners make is spending too much or all of their savings on a down payment. Make sure you have enough money in the bank to cover everything from earnest money to inspections to closing costs and more. And, don’t make the mistake of emptying your savings account to purchase a new home right away.
4. Recognize the responsibilities.
Owning a home takes a lot of work. Unlike renting, when something breaks in your new home, it’s on you to fix it. You’ll also be responsible for things like lawn mowing, roof maintenance, HVAC care, and more. Plus, you’ll be taking on home insurance premiums and property taxes—so keep this in mind when preparing yourself for your first big purchase!
5. Find the best realtor.
Buying a house is a big deal—but it’s much easier when you have someone on your side guiding you through the process! You’ll want to hire a qualified real estate professional ASAP. The housing market has changed considerably over the last few years, so having someone that understands these changes, is familiar with the current Colorado housing market, and has your best interest at heart is key.
Choose 970 Team For Real Estate Services near Loveland & Fort Collins, CO
For any style, budget, or location, the 970 Team is always here to help our fellow Colorado homeowners find the home of their dreams. We proudly serve the entire Northern Colorado region and have extensive experience in the smaller towns dotted around Fort Collins and Loveland. When you’re ready to invest in your very first home, we’re the team you want on your side. To provide you with easy access, we have two office spaces—one in Loveland, CO and one in Fort Collins, CO. Click here to choose the right office for you—and contact our team today!