Tips For First Time Home Buyers In Colorado

If you’re a first time home buyer wanting to invest in Colorado real estate, there has never been a better time than the present to take the plunge. Historically low interest rates are beckoning first time home buyers across the country to make the transition from home renter to property owner. Even though property buying time is ripe on the real estate market, there are some things you should keep in mind when you begin your search for your first home.

Prep Work

Your prep work to get you ready to buy your first home should start way before you’re actually in the market to do so. The first thing to educate yourself on is your credit score. If it’s not that great, do what you can to repair any negative marks you’ve accumulated onĀ  your report. This will serve you well when applying for a mortgage.

Start A Savings Account

Set aside some savings to be dedicated for your home purchasing ventures only. You’ll need enough money for your down payment in addition to other fees associated with closing on a home. Not having enough money at the signing can be a real deal breaker for some first time home buyers because they did not anticipate the added expenses in advance.

Buy Within Your Means

This piece of advice is akin to ‘live within your means’ and should be heeded at all times. Know what you can afford before you begin your search. When you’re looking for a home, it’s easy to get enamored with a property because of its beauty, its layout or the neighborhood. When you go with your realtor to view available listings of Colorado real estate, always be aware of your budget and remind yourself of it regularly. Knowing what you can spend will deter any surprises later on that could result in you losing your home to foreclosure and other financial hardship-related events.

Take Advantage Of Special Offers

There are a number of financing perks available to first time home buyers that other property buyers aren’t privy to. These special financing programs offer loans and other incentives that greatly reduce the amount of money you need up front in order to get into your home. Do your research with the Federal Housing Administration (FHA) and other government-sponsored buying programs for plans that will make your transition to home owner an easier one.

Stand Your Ground

Falling for high-pressure sales tactics is the easiest way for a home buyer to get in over their heads. First time home buyers are especially susceptible to falling for these tactics because they are anxious and want to make the right decision while getting the best deal. One way that you can avoid this situation is to never agree the same day to purchase a home. Take your time. Sleep on it. Then decide whether it’s such a good deal. True, the home might not be there by then, but neither will the headache of having purchased a home you really didn’t want or really couldn’t afford.

Guest Post by Summit Realty

Comments are closed.

Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.