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Denver Real Estate Tips for First-Time Home Buyers

October 5, 2016

Buying a home is an exciting, yet nerve wracking time for buyers, especially if it’s your first time purchasing a home. Because it’s such a huge financial investment, it’s important you take the process seriously and keep these Denver real estate tips for first-time buyers in mind:

Talk to a lender first

If you are one of the many homebuyers who will need financing to purchase a home, it is essential you speak with a lender before beginning to search for a home. A lender will take a look at your financial situation to determine how much you are eligible to borrow. The lender will most likely run your credit, verify your employment information and ask about your debts. Figuring out how much you are eligible to receive will help you set a budget before you begin your home search. Get help understanding the pre-approval process here.

Look at all expenses
It’s recommended you sit down and calculate how much you can afford to spend every month before you agree to buy a house. But when calculating monthly expenses, first-time homebuyers often make the mistake of just thinking about the mortgage. It’s important to remember you will have a lot of other expenses you need to budget for, so include everything in your estimation. You will need to factor in HOA fees, insurance, taxes, and utilities on top of your mortgage, otherwise you may be under the impression your dream home is within your budget, when in reality, it is not.

Read the fine print
Is the home you have your eye on in a community with a homeowners’ association? If so, you need to make sure you read the fine print of the HOA contract. Homeowners’ associations can control what you are and are not allowed to do with your property, so you have to be certain you are fine with the rules before you agree to buy a property.

Consider the neighborhood

Don’t fall in love with a home and forget to think about the neighborhood. Remember, this is the neighborhood you will be living in with your significant other, pets and kids—so make sure it provides everything you need. It may be wise to talk to your real estate agent to discuss the future of the neighborhood as well. Real estate agents should have the inside scoop on what’s expected to come to the neighborhood, and if there have been any signs of trouble in the area. Tap into your agent’s wealth of knowledge to make sure you can find not just your dream home, but your dream neighborhood, too.

Now that you have the knowledge you need to buy your first home, contact the Giving Back Group to start your search! At the Giving Back Group, we are committed to providing exceptional real estate services. Whether it’s helping a buyer or a seller, our commitment remains the same – to provide exceptional service that exceeds our client’s expectations. We are also committed to our community and helping those in need, which is why our brokers give back to charity after every real estate transaction!