Buying a home is probably the biggest investment you will make, and with it comes long-term financial ramifications. Purchasing a property in one of Golden’s townhome or condominium communities, calls for making informed decisions. Working with a Realtor® that specializes in the type of property you are searching for can be very beneficial. They have the knowledge, skill and experience to make your home buying venture a successful one.
Will this be your first real estate investment? Are you looking for a larger home than you currently have? Are you looking to move to a more desirable neighborhood? Downsizing? There are many reasons people purchase real estate. Working with a specialist from the beginning can ensure a smoother, less stressful and successful buying endeavor.
1) Research is the key to discovery. Home sellers won’t call you, offering to sell you a fantastic real estate opportunity. You have to find the gem yourself.
2) Make a plan and get pre-qualified. Every important decision needs to be clearly thought out. Developing a plan will help you focus on the important factors giving you a clear vision of the entire process. Pre-qualifying for a home loan helps you determine what you can afford and lets a seller know that you are a genuine prospect. Planning your actions and getting pre-qualified allows you to take advantage of market opportunities.
3) Create a list of features and neighborhood amenities that are most important to you. Determining your wish list at the beginning of your home search will save time by eliminating properties that do not fit the criteria you established for yourself. Certain desired amenities can always be sacrificed if an outstanding real estate opportunity comes along.
4) Put yourself in the seller’s shoes. If you take time to understand the reasons the seller bought the home, their reasons for selling, and the home improvements they have or have not made, you'll be in a better position to evaluate the home and negotiate the best deal for yourself.
5) Create a list of home loan options. How will you be financing the purchase of your new home? There are many lenders competing for your business. We recommend against applying for a loan over the Internet. It's much wiser to use a mortgage professional with whom your Realtor has had good experience. We like mortgage brokers more than bankers, because they have access to more programs from more lenders. Interview at least three loan officers recommended by your Realtor. Create a list of the different types of loans available to you, including all associated fees.
6) Get a quality home inspection. Hiring an experienced and recommended home inspector upon acceptance of your offer is an essential part of the home buying process. You do not want to spend thousands of dollars for repairs down the road because you neglected to hire a qualified home inspector. Your agent should use the inspection report as a basis for additional price and term negotiation with the seller if warranted.
7) Ask for a Home Protection Plan in your purchase offer. A home warranty, or home protection plan, is a service contract, normally for one year (and renewable thereafter), protects buyers against unexpected repairs or replacement of major systems and appliances due to normal wear and tear. If a property does not currently have a protection plan in place, ask the seller to provide one as part of your purchase offer.
8) Have a Realtor represent you in your home search, offer negotiations and final purchase. It just makes good sense. If you have questions or need assistance before, during and after your home purchase, a dedicated Realtor will always be there for you.
Beginning your search for that perfect property? Feel free to contact us at any time. Best to you, and good luck on this exciting venture!