Deciding to Buy

Purchasing a property is most likely the biggest financial decision you will ever make. Whether this is your first purchase or you are an experienced buyer, this decision must be made carefully

Why Do You Want To Buy?

Are you tired of paying rent? Have you decided to pay your own mortgage and not your landlord’s? Have you outgrown your current home? Are you looking for an investment portfolio? Are you looking for a rental property? Would you like a larger yard? Would you rather live in a different area? Do you want to shorten your commute? Having a clear sense of your reasons for buying will help you choose the right property.

Has Your Income Grown?

Property ownership is an excellent investment; whether you are looking for your dream home, a rental property, or to expand your investment portfolio. Owning real estate is one of the least risky ways to build equity or to obtain a greater return on your initial investment.

Home Buying

Buying a home is a huge financial decision. That’s why it’s crucial to know the entire process from start to finish.

Home buying process

1. Get pre-approved

   Pre-approval is a necessary first step to the home buying process because it qualifies you for a mortgage. During this stage, a lender will agree to loan you a certain amount of money to help you buy your home.

2. Find a good real estate agent
   It’s always a good idea to have a real estate professional by your side because they are crucial to your home buying success. Work with a qualified agent who understands your situation, your needs, and your wants.
3. Do your research

   Research is essential when it comes to shopping for a home. Knowing what you want in your future home, such as the number of rooms, the size, and the style can help greatly in your search.

4. Make an offer

   Once you have decided on a home that you like, it’s time to make an offer. With the help of your real estate agent, you’ll need to come up with an offer and negotiate with the seller.

5. Have your home inspected

   Once the seller accepts your offer, escrow is officially open. During this stage, your future home must be inspected by a professional home inspector in order to detect any problems or issues in the home. A home inspection can also change the terms of your purchase contract based on the home’s current condition.

6. Close the sale

   After both parties are satisfied with the purchase and sales contract, it’s time to close the sale on the agreed closing date. During closing day, both the buyer and seller will be signing final documents and settling any outstanding balances. Once everything is signed and done, your seller will hand over the keys to your new home!

Home buying tips

• Get pre-approved early – It’s best to obtain pre-approval before you start shopping for homes because it shows you the amount you qualify for. It also gives you an advantage over buyers who are not yet pre-approved.
• Check your credit report and credit scores – Your credit score is one of the most important factors that can affect your mortgage application. Before buying a home, make it a priority to periodically check your credit report and fix any errors that may appear.
• Know what you’re paying for – Many first-time homebuyers assume that they will only be paying for the home’s selling price. What they don’t know is that buying a home involves plenty of other costs such as the down payment, the closing costs, and the home inspection fees.
• Choose a local real estate agent – Work with an agent who has first-hand knowledge of the area you’re looking at. A local agent knows everything there is to know about the neighborhood, including the schools, amenities, establishments, and public transportation.
• Be patient – Buying a home is a lengthy process. The process can take up to 3 to 5 months, depending on the home shopping and contract closing.

Still puzzled on how to buy a home in Northern Colorado? Let me be your guide. Give me a call at (970) 889-0307 or send an email to matt(at)welcometonoco(dotted)com